Pakistan temporarily reopens Torkham border for pedestrians, keeps it closed for trade

The closed Torkham gate is seen from the zero point at the Torkham border crossing between Afghanistan and Pakistan, in Nangarhar province on February 23, 2023. (AFP)
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Updated 24 February 2023
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Pakistan temporarily reopens Torkham border for pedestrians, keeps it closed for trade

  • Pakistani official says the border was reopened after a meeting between government functionaries on both sides
  • Customs clearing agents say border closure has brought suffering to traders who have incurred significanf losses

PESHAWAR: Pakistan temporarily reopened a busy border crossing on its frontier with Afghanistan in the northwest on Friday following a clash between the security forces on the two sides to facilitate pedestrian movement, confirmed officials and customs clearing agents.
Afghanistan’s Taliban regime shut down the Torkham border, the main trade link between the two neighboring countries, last weekend while blaming Islamabad for not abiding by an agreement to let Afghan patients and their caretakers cross over without travel documents for medical care. The Afghan Taliban and Pakistani border guards exchanged fire on Monday which wounded a Pakistani soldier.
A high-level Pakistani delegation, led by the country’s defense minister Khawaja Muhammad Asif, visited Kabul to hold talks on security issues with the top Taliban leadership at a time when relations between the two states have come under tremendous strain. Following the talks, Torkham was reopened by the Taliban forces on Thursday but was closed again due to “administrative issues.”
Ghuncha Gul, an official in Khyber tribal district, told Arab News a meeting between the border officials of both countries was held on Friday to sort out differences and remove any misunderstandings.
“Today at 3pm, pedestrians were allowed to cross the border from both sides,” he said. “A meeting of a 10-member committee, five from each side, lasted for about three hours and reached an agreement to reopen the border temporarily to minimize the woes of travelers.”
Gul informed the border was only reopened for pedestrians but remained closed for trade. He added a sequel of the meeting was also likely tomorrow, Saturday, to discuss all outstanding border issues.
Asghar Ali, a Pakistani custom clearing agent at Torkham, told Arab News thousands of men and women, including patients, had been stranded at the border for days while truckloads of fruits and vegetables had also been perishing due to delay on both sides to reopen the trade route.
“The closure of Torkham has inflicted heavy financial losses on traders as hundreds of loaded trucks are still stranded on both sides,” he continued. “Passengers, especially women and children, have also been suffering.”
A similar situation was also described on the other side of the frontier by an Afghan custom official.
“Heavy trucks and containers loaded with fresh fruits, vegetables, and juices remained parked along the roadside and ultimately perished,” Ghulam Nabi Toor, who deals with the trade movement on the Afghan side of the border, told Arab News over the phone. “We are really fed up of this frequent border tussle that leads to its closure and reopening.”
“Both countries need to find a permanent solution to the problems, but it seems impossible,” he continued.
Pakistan has not recognized the Taliban government in Kabul since it took control of the neighboring country in August 2021, though it has allowed Afghan patients to get medical treatment in its hospitals while also trying to enhance bilateral trade.


Pak-Qatar becomes Pakistan’s first dedicated family takaful operator to list on PSX

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Pak-Qatar becomes Pakistan’s first dedicated family takaful operator to list on PSX

  • Pak-Qatar Family Takaful Limited’s initial public offering raises $3.2 million, says company
  • Company says remains committed to strengthening Pakistan’s Islamic financial eco-system

KARACHI: The Pak-Qatar Family Takaful Limited (PQFTL) became the first dedicated family Takaful operator to be listed on the Pakistan Stock Exchange (PSX), the company announced on Thursday, saying the development would strengthen the ecosystem for Islamic financial products and services in the stock market. 

PQFTL is the country’s first and largest dedicated shariah-compliant family risk-protection provider, holding 44 percent of the total family takaful market and more than 90 percent of the fully dedicated segment, with a nationwide presence of 73 branches and 1,971 field representatives.

The company announced in a statement last month it would offer 50 million shares, starting at a floor price of Rs14 per share ($0.05), with a ceiling of Rs21 per share ($0.07). Of the total issue, 37.5 million shares will be allocated to institutional investors, while 12.5 million shares will be offered to the general public.

In its latest statement, the PQTFL said the book building and public subscription portions of its Initial Public Offering (IPO) were oversubscribed by 3.2 times and 3.8 times, respectively, reflecting strong investor confidence in the company and Pakistan’s Islamic financial ecosystem.

“The IPO raised Rs901 million [$3.2 million], achieving a 29 percent premium, reflecting strong investor interest and positive market perception,” the statement said. 

“This historic milestone and response from investors underscore PQFTL’s exceptional financial resilience, strategic foresight, and unwavering commitment to Shariah-compliant excellence,” it added. 

The company said over 8,200 investors participated in the IPO, making it one of the highest investor turnouts in Pakistan’s insurance and Takaful sector. 

“The offering attracted a diverse mix of institutional investors, insurance companies, family offices, corporate investors, and a significant number of individual investors,” it said. 

Muhammad Kamran Saleem, a member of the board of directors of the PQFTL, said the company’s listing on the stock exchange was a “historic achievement.”

“The overwhelming response from investors demonstrates deep trust in our business fundamentals, Shariah governance standards and strategic vision,” he said. 

“We are grateful to Allah Almighty for this historic achievement and we remain committed to strengthening the Islamic financial eco-system and long-term sustainable value creation to all our stakeholders.”

PQFTL said the IPO proceeds will help it in meeting regulatory capital requirements, expand digital distribution channels, enhance product innovation and drive customer-centric growth initiatives.