In a first, Pakistani fintech firm issues $7.1 million Islamic bonds in MENAP region 

The undated photo, shows the team of Pakistani Fintech firm Abhi. (Photo courtesy: @abhikaropk/Facebook)
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Updated 12 May 2023
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In a first, Pakistani fintech firm issues $7.1 million Islamic bonds in MENAP region 

  • ’ABHI’ says demand for Sukuk bond exceeded expectations, subscriptions reached twice the anticipated amount 
  • Sukuk is a financial instrument that is structured to ensure Shariah compliance, making it attractive to investors 

KARACHI: Pakistani fintech firm ‘ABHI’ has issued Islamic bonds worth Rs2 billion ($7.1 million), it said on Friday, becoming the first financial company in the Middle East, North Africa, Afghanistan and Pakistan (MENAP) region to achieve the feat. 

In a first for a non-banking financial company (NBFC) in Pakistan, the Pakistan Credit Rating Agency (PACRA) had assigned ABHI a long-term instrument rating of ‘AA’ and a short-term rating of ‘A1+’ in 2022. The ratings enabled ABHI to issue the Islamic bonds. 

The fintech firm said the bond’s issuance was a “significant milestone” for both Abhi and the region, adding the demand for the Sukuk Islamic bond exceeded expectations and the firm’s subscriptions reached twice the anticipated amount due to its strong credit ratings and profitability. 

“We are honored to have the support of PACRA and all the investors to launch this first-of-a-kind Sukuk. This is a testament to our team’s hard work and dedication, and our commitment to supporting businesses and their employees in Pakistan,” Omair Ansari, CEO and co-founder of ABHI, said in a statement. 

“With this new funding, we can help ease the financial burden on struggling companies and provide much-needed relief through working capital financing during these challenging times.” 

Sukuk is a financial instrument that is structured in a way ensuring Shariah compliance. This makes the bond attractive to investors who want to support businesses aligned with their Islamic values. 

The successful issuance of Sukuk represents a new era of financial innovation in the country and is expected to have a positive impact on the economy, according to the Pakistani fintech firm. 

The bond issuance immediately follows ABHI’s qualification for the international selection panel (ISP) by Endeavor, a high-impact entrepreneur movement which works to sustain economic growth by selecting, mentoring, and accelerating entrepreneurs worldwide, and its selection by Abu Dhabi-based global tech ecosystem Hub71 to boost expansion into the Middle East. 
 


Pakistan top court appoints senior lawyer to inspect Imran Khan’s jail conditions

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Pakistan top court appoints senior lawyer to inspect Imran Khan’s jail conditions

  • Top court names ‘friend of the court’ amid renewed concerns over ex-PM’s health
  • Move follows dispute over jail access to Khan, questions over his treatment in custody

ISLAMABAD: Pakistan’s Supreme Court on Tuesday appointed a senior lawyer as a “friend of the court” to visit jailed former prime minister Imran Khan and submit a report on his current living conditions, following renewed concerns raised by his family and party about his health and treatment in prison.

The decision came a day after the court declined a request by Latif Khosa, a lawyer affiliated with Khan’s Pakistan Tehreek-e-Insaf (PTI) party, to meet the former premier without prior notice to the government. The court later issued a notice to the government and resumed hearings on the matter on Tuesday.

According to a copy of the court order seen by Arab News, the Supreme Court appointed Barrister Salman Safdar, Advocate Supreme Court, to carry out the inspection.

“Barrister Salman Safdar, ASC, is appointed as a friend of the Court to visit the petitioner at the Central Prison, Rawalpindi today and submit a written report regarding the ‘living conditions of the petitioner in jail,’” the order said.

The court noted that a report on Khan’s prison conditions had already been submitted in response to an earlier order, but that it related to his detention in 2023 at Attock jail and did not reflect his current incarceration.

“In this regard, a report regarding the present living conditions of the petitioner shall be submitted,” the order said.

The attorney general assured the court that Safdar would be granted full access to meet Khan and inspect his detention conditions.

“Barrister Salman Safdar, ASC, shall be provided full access to meet the petitioner and inspect his living conditions,” the order added, directing that the report be submitted by Wednesday.

Speaking to reporters after the hearing, Safdar, who has represented Khan in the past, said the court had entrusted him with an independent responsibility.

“The court has assigned me a duty as a friend of the court, which we refer to as amicus, in which the court places its trust and confidence in you,” he said.

He added that he would visit Khan at 2pm on Tuesday at Rawalpindi’s Adiala Prison.

Khan, who was removed from office through a parliamentary vote of no confidence in April 2022, has been in custody since August 2023 in a series of cases that he and his party say are politically motivated, an allegation the government denies.

Concerns over Khan’s health resurfaced last month after the government confirmed that he had been briefly taken from prison to a hospital in Islamabad for an eye procedure. Authorities said his condition was stable, while PTI leaders said they were not informed in advance and demanded greater transparency.

Khan and his wife, Bushra Bibi, have been convicted in multiple corruption cases. In January 2025, an accountability court sentenced Khan to 14 years in prison in the Al-Qadir Trust land corruption case. In December 2025, a special court handed Khan and Bibi 17-year sentences each in the Toshakhana-2 case involving alleged misuse of state gifts. Appeals in both cases are ongoing.

Khan insists all cases are political motivated and aimed at keeping him and his party out of power. The government rejects the allegation.