Pakistan extends deadline for ‘sponsorship’ Hajj applications for overseas nationals

In this file photo, taken on July 9, 2022, thousands of Muslim pilgrims make their way across the valley of Mina, near Mecca in western Saudi Arabia. (Photo courtesy: AFP/File)
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Updated 31 March 2023
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Pakistan extends deadline for ‘sponsorship’ Hajj applications for overseas nationals

  • Under new Sponsorship Hajj Scheme, overseas Pakistanis can apply for Hajj, sponsor someone in Pakistan
  • Pakistan hopes scheme will generate $194 million of $284 million needed for smooth Hajj Operation 2023

ISLAMABAD: The Pakistani ministry of religious affairs said on Friday it was extending the application deadline by one week for the ‘Sponsorship Hajj Scheme,’ a new scheme introduced this year in which overseas Pakistanis can apply for Hajj or sponsor someone in Pakistan to make the pilgrimage.

Minister for Religious Affairs and Interfaith Harmony, Mufti Abdul Shakoor, this month said the Sponsorship Hajj Scheme would help generate $194 million of the total $284 million required for the 2023 Hajj Operation. The scheme is considered important at a time when Pakistan is going through a severe dollar crunch.

“The decision to extend [the application deadline] was taken after difficulties in remittances to overseas Pakistanis,” a spokesperson for the religious affairs ministry said on Friday. “Overseas Pakistanis will be able to remit funds in Sponsorship Hajj Scheme until next week, April 9.”

The spokesperson said funds should be sent to the dollar account of the ministry through Telegraphic Transfer or wire transfer.

The receipt of applications in the regular Hajj scheme has also been extended till April 2, he added.

Last year, Saudi Arabia, home to Islam's holiest sites in Makkah and Madinah, allowed back foreign travellers to perform the Hajj. Only a few thousand Saudi citizens and residents attended the annual pilgrimage in 2020 and 2021 as COVID-19 wreaked havoc across the global economy and curtailed travel.

Around one million people joined the 2022 Hajj season, less than half of pre-pandemic levels, with access restricted to pilgrims aged 18 to 65 who were fully vaccinated or immunised against the virus and did not suffer from chronic diseases.


Pakistan regulator amends law to facilitate capital raising by listed companies

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Pakistan regulator amends law to facilitate capital raising by listed companies

  • The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue
  • Previously, listed companies were prohibited from announcing a rights issue if the company, officials or shareholders had any overdue amounts

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Companies (Further Issue of Shares) Regulations 2020 to facilitate capital raising by listed companies while maintaining adequate disclosure requirements for investors, it announced on Monday,

The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue. Previously, listed companies were prohibited from announcing a rights issue if the company, its sponsors, promoters, substantial shareholders, or directors had any overdue amounts or defaults appearing in their Credit Information Bureau (CIB) report.

This restriction constrained financially stressed yet viable companies from raising capital, even in circumstances where existing shareholders were willing to support revival, restructuring, or continuation of operations, according to the SECP.

“Under the amended framework, the requirement for a clean CIB report will not apply if the relevant persons provide a No Objection Certificate (NOC) regarding the proposed rights issue from the concerned financial institution(s),” the regulator said.

The notification of the amendments follows a consultative process in which the SECP sought feedback from market stakeholders, including listed companies, issue consultants, professional bodies, industry associations, law firms, and capital market institutions.

The amendments are expected to enhance market confidence, improve access to capital for listed companies, and strengthen transparency within the rights issue framework, according to the SECP.

“To ensure transparency and protect investors’ interests, companies in such cases must make comprehensive disclosures in the rights offer document,” the regulator said.

“These disclosures must include details of any defaults or overdue amounts, ongoing recovery proceedings, and the status of any debt restructuring.”

The revised regulations strike an “appropriate balance” between facilitating corporate rehabilitation and enabling investors to make informed investment decisions, the SECP added.