Pakistan’s anti-graft agency summons Imran Khan for questioning

Pakistan policemen patrol outside the office of National Accountability Bureau in Lahore on October 5, 2018. (AFP/File)
Short Url
Updated 18 May 2023
Follow

Pakistan’s anti-graft agency summons Imran Khan for questioning

  • National Accountability Bureau has investigated, put on trial and jailed prime ministers in the past
  • It Is not clear if Khan, who denies the corruption charges against him, will heed the NAB summons

ISLAMABAD: Pakistan’s powerful anti-corruption agency has summoned former Prime Minister Imran Khan for questioning on Thursday into the graft charges that led to his arrest on May 9.

A spokesman for the National Accountability Bureau (NAB), which has in the past investigated, put on trial and jailed all those who served as prime minister since 2008, said Khan was expected at the agency’s Rawalpindi headquarters, near Islamabad.

It was not clear if Khan, who denies the charges, would heed the summons. A spokesman for Khan’s party, the Pakistan Tehreek-e-Insaf, was not immediately available for a comment.

Khan’s May 9 arrest by paramilitary troops triggered a wave of violence that deepened political instability in the South Asian nation of 220 million. Pakistan has also been facing its worst ever economic crisis, with a long delay in securing critical IMF funding.

The Supreme Court ordered Khan’s release on bail last Friday, and another court on Wednesday extended his protective bail until May 31.

His wife Bushra Khan, commonly known as Bushra Bibi, is also on bail until May 23.

On Wednesday, Khan said that police had surrounded his house in Lahore, in Punjab province, and that he expected to be re-arrested soon, after the government warned him to hand over supporters who it blamed for attacks on the army.

Punjab’s information minister Amir Mir said the government did not have any plans to arrest Khan as he had been given bail by court. “All we want him to hand over the terrorists hiding at his home,” he said.

Mir said intelligence and law enforcement agencies had identified that up to 40 people accused of attacking military installations were hiding at Khan’s home. He said Khan had 24 hours to surrender the suspects or face a “police operation.”

Khan has said authorities could search his home but only with legal warrants from a court, and has denied sheltering anyone involved in the violence.


Pakistan’s Pak-Qatar Family Takaful to raise $3.9 million in Islamic insurance IPO

Updated 5 sec ago
Follow

Pakistan’s Pak-Qatar Family Takaful to raise $3.9 million in Islamic insurance IPO

  • Company to offer 50 million shares with a price band of $0.05–0.07 per share
  • Proceeds to support capital needs, digital expansion, new customer-focused products

ISLAMABAD: Pak-Qatar Family Takaful Limited, Pakistan’s largest dedicated Islamic insurance provider, will launch an initial public offering this month to raise about Rs1.1 billion ($3.9 million), with book-building scheduled for Dec. 11–12 and registration opening Dec. 8, the company said in a statement on Friday.

The offer will make Pak-Qatar the first dedicated family takaful operator to list on the Pakistan Stock Exchange, marking a notable development for the country’s insurance landscape, where penetration remains low by global standards. The IPO comes as the company looks to scale operations, strengthen technology channels and widen product distribution in a market where Shariah-compliant savings and protection instruments have grown steadily.

“Pak Qatar Family Takaful Limited is all set to list itself at Pakistan Stock Exchange through an IPO with registration starting 08th December. Through this IPO PQFTL is aiming to raise approx. Rs. 1.1 billion,” the statement said.

The company will 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.

Lead manager Shahid Ali Habib of Arif Habib Ltd. said investor response has been strong as the offering represents a sector first. According to the statement, proceeds will be used to meet capital requirements, develop new products and accelerate digital outreach.

Pak-Qatar Family Takaful 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.

Despite Pakistan’s population size, insurance penetration stood at just 0.7 percent in 2024, the company noted, adding that rising awareness and economic shifts leave room for growth compared with advanced markets where penetration has crossed 10%.