Pakistani politicians condemn Israeli violence at Al-Aqsa Mosque, urge multilateral action

Israeli security forces remove Palestinian Muslim worshippers sitting on the grounds of the Al-Aqsa mosque compound in Jerusalem on April 5, 2023. (Photo courtesy: AFP)
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Updated 08 April 2023
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Pakistani politicians condemn Israeli violence at Al-Aqsa Mosque, urge multilateral action

  • Tensions escalated as Israeli forces ramped up raids on Al-Aqsa Mosque compound in Ramadan, using stun grenades 
  • Pakistani politicians urge the government to utilize its foreign missions and multilateral forums to safeguard Palestine

ISLAMABAD: Pakistani political leaders on Saturday condemned the violence perpetrated by Israeli forces against worshippers at the Al-Aqsa Mosque during the holy month of Ramadan, urging the government to play an active role in safeguarding Palestine through the Pakistani foreign missions and multilateral forums.

Tensions have been high in the region with Israeli forces ramping up raids on the Al-Aqsa Mosque compound in occupied East Jerusalem throughout the week. Stun grenades were fired by the Israeli police, prompting young Palestinians to retaliate with firecrackers. Scores of people, including women and children, have been injured, while hundreds of others have been arrested during these raids.

The violence has led to widespread condemnation from political leaders both within Pakistan and around the world, with many calling for Israel to respect the sanctity of the Al-Aqsa Mosque compound, one of the holiest sites for Muslims across the world. As the situation remains tense, concerns have been raised that further escalation could lead to more bloodshed in the region.

“We strongly condemned the heinous violence carried out by Israeli apartheid forces against worshippers at Al-Aqsa Mosque, including women and children, over the past few days, and the sanctity of the mosque has been violated, with grenades thrown at worshippers,” Senator Mushtaq Ahmad Khan, who hails from the Jamaat-e-Islami party, told Arab News.

“It is a matter of great sadness and regret that 60 Muslim countries, which possess abundant natural resources and have over 8 million regular armies with all kinds of weapons, are unable to guarantee the protection of their holiest site and the worshippers there from a terrorist state.”

Khan said Israel was carrying out “ethnic cleansing” of Muslims in Palestine and had been involved in war crimes, adding that condemnations and resolutions would not suffice.

“I call upon the government of Pakistan to activate foreign missions and Muslim world organizations, particularly the OIC (Organization of Islamic Cooperation) and the United Nations, to play an active role in safeguarding Palestine,” he added.

Faisal Karim Kundi, special assistant to Pakistan’s prime minister who is also information secretary of the Pakistan Peoples Party (PPP), said the Israeli aggression was absolutely unacceptable and the Muslim world should collectively raise this issue before the world powers.

“We demand action from the OIC because the silence of Muslim countries is a question mark,” he told Arab News.

“Muslim states should all raise their voices together so that this collective voice could wake international human rights organizations and force world powers to speak up.”

Raja Zafarul Haq, a senior member of the ruling Pakistan Muslim League-Nawaz (PML-N) party, said Israel did not consider the Palestinians human beings and engaged in actions that were “shameful for the humanity.”

“Israelis have no sense of this and the same is true for their leadership and those outside countries who sympathize with them,” he told Arab News.

“Therefore, the rest of the Islamic world should not only rely on condemnations but also establish a permanent mechanism to deal with this situation.”

Haq said Muslim leaders needed to act like the late Saudi King Abdulaziz.

“When ex-US President Harry Truman asked King Abdulaziz to help settle Jews who suffered persecution in Europe, the king had responded by saying that ‘if anyone had committed atrocities against Jews in Europe, then Palestinian Muslims could not be punished for it’,” he said.

“We cannot tolerate this, and a similar behavior of Muslim leaders is needed today.”

Farrukh Habib, information secretary of Pakistan Tehreek-e-Insaf (PTI), said his party and its chairman, Imran Khan, strongly condemned this attack on worshippers in Al-Aqsa Mosque.

“It is the OIC’s responsibility to inform UN Security Council and the international community that such barbaric acts cause immense hurt to Muslims across the world,” he said.


Pakistani companies likely to raise over $89 million in new stock listings this year

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Pakistani companies likely to raise over $89 million in new stock listings this year

  • Farrukh H. Sabzwari says approvals for two listings already granted while 10 more Initial Public Offerings are expected over next 12 months
  • Economists expect KSE-100 index to reach 208,000 points by Dec., reflecting pent-up demand, strategic expansions and broader investor appetite

KARACHI: The Pakistan Stock Exchange (PSX) expects at least a dozen new listings this year, the PSX chief executive officer said on Monday, with the new entrants likely to raise as much as Rs25 billion ($89.3 million) in funding through the equity market.

Pakistan’s benchmark KSE-100 index has rallied to new highs and recorded returns of around 50 percent in Calendar Year (CY) 2025. The market closed at 182,384 points on Monday.

Around 135,000 new investors have also joined the PSX over the last 18 months, according to Pakistani state media.

“Continuing with the momentum, in CY2026, approvals for two Main Board listings have been granted,” PSX CEO Farrukh H. Sabzwari, who has previously served as a local partner of BoA Merrill Lynch and country head of CLSA Emerging Markets in Pakistan, told Arab News.

“PSX is expecting 10 more IPOs (Initial Public Offerings) over next 12 months across various sectors.”

Pakistan’s growing stocks mirror the country’s stabilizing economy which Prime Minister Shehbaz Sharif’s government expects would expand 3.9 percent this fiscal year through June with the help of the International Monetary Fund’s reforms-oriented $7 billion loan program.

The new IPOs would cover food, pharmaceutical, real estate investment trust (REIT), engineering, technology, oil and gas marketing, insurance, auto parts, manufacturing and energy sectors of the economy, according to Sabzwari.

Last year, the PSX listed Zarea Limited, Barkat Frisian Agro Limited, Image REIT, Pak Qatar Family Takaful, Blue-Ex Limited, Nets International Communication Limited and the Pakistan Credit Rating Agency Limited. These listings helped companies raise Rs4.3 billion ($15.4 million) of funding.

In addition, the PSX debt market witnessed seven issuances, valuing Rs10.5 billion ($37.5 million). Pakistan’s finance ministry raises funds through PSX by selling borrowing instruments like Islamic sukuk.

The PSX recorded the highest eight IPOs in a single year in 2021, according to Shankar Talreja, head of research at Topline Securities Ltd. It would be a record if the market lists 12 new entrants this year.

Sana Tawfiq, an economist at Karachi-based brokerage research firm AHL, described the market performance last year as “exceptional.”

“With projected fundraising of up to Rs25 billion ($89.3 million), the upcoming pipeline reflects pent-up demand, strategic expansions, and a broader investor appetite,” she said.

Tawfiq expects the KSE-100 index to reach 208,000 points by Dec. this year.

“As we look toward 2026, Pakistan’s equity market is entering a phase defined by stability, depth, and sustainable growth,” the economist said.

“The market is now transitioning toward a more measured trajectory.”

Key drivers in 2026 would likely include sustained domestic liquidity in equities, strengthening foreign reserves and a contained current account deficit, successful completion of the Pakistan International Airlines (PIA) privatization alongside accelerating progress on privatization and restructuring of power distribution companies (DISCOs), continued efforts to resolve circular debt in both power and gas sectors, and supportive global commodity prices, according to Tawfiq.

In a recent note to its clients, Topline Securities said the current IPO momentum was driven by macroeconomic stability under the IMF program, improving investor confidence and a declining interest rate environment.

Pakistan’s central bank last month cut its interest rate by 50 basis points to 10.5 percent in a surprising move aimed at boosting economic growth in the inflation-hit country.

“Despite ongoing geopolitical and macroeconomic uncertainties, investor sentiment continues to improve,” it said.