Wind, heavy rains kill at least 27 in Pakistan's northwest 

An injured victim of rain storm is treated at a hospital in Bannu, a town of Pakistan's Khyber Pakhtunkhwa province, on June 10, 2023. (AP)
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Updated 11 June 2023
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Wind, heavy rains kill at least 27 in Pakistan's northwest 

  • The storms hit four districts of Khyber Pakhtunkhwa province late Saturday
  • More than 140 people were injured and over 200 livestock died, official says

PESHAWAR: Heavy rains followed by strong winds killed at least 27 people, including eight children, in northwest Pakistan, officials said Sunday. 

"At least 12 people were buried alive after the roofs and walls of their houses collapsed," Taimur Ali Khan, a spokesman for the provincial disaster management authority told AFP. 

The storms hit four districts of Khyber Pakhtunkhwa province late Saturday, with 15 people killed in Bannu district, including five siblings aged between two and 11. 

More than 140 people were injured and more than 200 livestock died, he said. 

Authorities have declared an emergency in all four of the districts. 

Last year, Pakistan was lashed by unprecedented monsoon rains over the summer that put a third of the country under water, damaging two million homes and killing more than 1,700 people. 

Meanwhile, in the south of the country, authorities said on Sunday that a cyclone was approaching Pakistan and India from the Arabian Sea. 

A statement by the provincial disaster management authority in Sindh province warned of extremely heavy rainfall and winds of up to 100 kilometres an hour later this week. 

"Fishermen are advised not to venture into the open sea till the system is over by June 17," it said. 


Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times

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Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times

  • Pak-Qatar General Takaful Limited offered 30 million shares to investors with ceiling price of Rs14 per share
  • Company says IPO proceeds will be used for investments in software, infrastructure, setting up new branches

ISLAMABAD: Pakistan’s first non-life Shariah-compliant takaful operator announced on Thursday that its initial public offering (IPO) was oversubscribed 21 times at the country’s stock exchange, saying the development reflected strong investor confidence in the Islamic insurance system. 

The Pak-Qatar General Takaful Limited said earlier this month it would issue 30 million shares with a floor price of Rs 10 and a ceiling price of Rs 14 per share. Institutional investors will receive 75 percent of the shares on offer, while the remaining 25 percent will be allocated to retail investors, it added. 

“Pak-Qatar General Takaful Limited’s (PQGTL) IPO book-building has concluded with a historic oversubscription of [21x] times, marking the first-ever IPO of a dedicated General Takaful company at PSX,” the company said in a statement. 

It said investors responded “strongly” as the strike price closed at Rs 14 per share, compared to the floor price of Rs 10. Total demand reached Rs 4.74 billion [$17 million].

The company said successful bidders will be provisionally allotted 22.5 million shares while the remaining 7.5 million shares will be offered to retail investors on Jan. 28-29. 

Shahid Ali Habib, CEO of Arif Habib Ltd., which was the lead manager for the IPO, said that country’s first-ever IPO of any dedicated general takaful company, has made a historic debut at PSX.

Habib said this reflects investor confidence in Pakistan’s fast-growing takaful sector and PQGTL’s strong market position.

The statement further said proceeds from the IPO will be utilized to fund strategic initiatives, such as investments in software and other intangible assets, hardware and infrastructure, marketing and brand development and human resource enhancement. 

Proceeds will also be used to establish new branches and transform existing ones to improve operational efficiency and customer experience, it added. 

Pak-Qatar General Takaful Limited is part of Pakistan’s pioneer Islamic financial services group and is backed by Qatar-based financial institutions.