Security forces kill two militants in northwestern Pakistan

A policeman (R) and army soldiers (L) stand guard along a road in Bannu on December 21, 2022, a day after the seize of a Pakistan police station ended. (AFP/File)
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Updated 04 June 2023
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Security forces kill two militants in northwestern Pakistan

  • The firefight took place in Bannu district which was once a militant stronghold
  • Security forces vows to eliminate ‘menace of terrorism’ after losing two soldiers

ISLAMABAD: Security forces killed two militants in the northwestern region of the country, said a statement issued by the military’s media wing, ISPR, late Saturday, after a heavy exchange of fire between Pakistani troops and members of an armed faction.

Pakistan has witnessed a surge in militant attacks after a conglomerate of local militant groups, Tehreek-e-Taliban Pakistan (TTP), unilaterally called off a cease-fire with the government last November.

Since then, TTP fighters have targeted civilians and security forces in different parts of the country, though the intensity of these attacks has somewhat decreased in recent weeks.

The recent firefight took place in the Jani Khel area of Bannu district which was once a militant stronghold before launched a military operation in June 2014.

“On 03 Jun 23, fire exchange took place between own troops and terrorists in general area Jani Khel, Bannu District,” the ISPR said in the statement, adding the gunbattle resulted in the killing of two militants.

During intense exchange of fire, it added, two Pakistani soldiers also lost their lives.

“Sanitization of the area is being carried out to eliminate any other terrorists found in the area,” the ISPR said. “Armed forces of Pakistan are determined to eliminate the menace of terrorism and such sacrifices of our brave soldiers further strengthen our resolve.”


Kuwait-backed digital bank to enter Pakistan with $100 million investment

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Kuwait-backed digital bank to enter Pakistan with $100 million investment

  • Finance adviser Khurram Schehzad describes the development as sign of rising investor confidence
  • It comes as Pakistan seeks foreign investment particularly from Gulf nations to bolster its economy

ISLAMABAD: Pakistan’s Finance Adviser Khurram Shehzad on Friday said Kuwait Investment Authority–backed Raqqami Islamic Digital Bank (RIDB) was set to invest $100 million in the South Asian country by launching operations in February this year.

The bank will be Pakistan’s first fully digital Shariah-compliant bank, according to its website. It offers online financing, savings, and payments to individuals and small-medium enterprises, with a focus on financial inclusion for underserved segments.

The development comes as Pakistan seeks foreign investment, particularly from Gulf nations, to bolster its economy and stabilize its finances. In 2024, the State Bank of Pakistan had issued a no-objection certificate to RIDB.

“Kuwait Investment Authority–backed Raqqami Bank set to launch in Pakistan with a $100 million investment,” Schehzad said in a post on X. “This is a strong vote of confidence in Pakistan’s improving economic outlook and reform momentum.”

Schehzad said Raqqami was backed by the State of Kuwait’s sovereign wealth fund, a development he described as a sign of rising investor confidence in Pakistan.

It also underscores strengthening investment ties between Pakistan and Kuwait, particularly in the financial and digital economy sectors, he added.

Earlier in January, Bank Islami launched Pakistan’s first Shariah-compliant QR payment gateway enabling real-time online payments allowing customers to pay instantly from their bank accounts and enabling merchants to receive payments securely through a smooth checkout experience.