Pakistan on alert as heavy monsoon rains raise flood risk

People make their way through a waterlogged road after a heavy rainfall in Lahore on June 26, 2023. (AFP)
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Updated 04 July 2023
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Pakistan on alert as heavy monsoon rains raise flood risk

  • National Disaster Management Authority says northern areas may experience landslides, low-lying areas may face floods
  • Pakistan’s weather office has forecast heavy rainfall from July 3-8 in Rawalpindi, Lahore, Islamabad, Peshawar and other cities

ISLAMABAD: The National Disaster Management Authority (NDMA) alerted its relevant departments to ensure provision of emergency machinery and staff to deal with possible floods, the state-run Radio Pakistan said on Tuesday, as Pakistan braces for floods in low-lying areas yet again with monsoon rains forecast in several cities of the country from this week.

Pakistan’s weather office forecast heavy thunder and rain from Monday evening in the capital, Islamabad, and in the cities of Lahore and Peshawar, adding that it would spread to other areas until Saturday. The Pakistan Meteorological Department warned that flooding was possible in low-lying areas of Islamabad, Rawalpindi, Peshawar, Gujranwala, and Lahore, with the risk of flash floods in hilly western areas late this week.

Large swathes of the South Asian country were submerged last year due to extremely heavy monsoon rains and melting glaciers, a phenomenon linked to climate change that damaged crops and infrastructure and killed at least 1,700 people.

“National Disaster Management Authority has directed all relevant departments to remain alert in view of the rain spell from Monday till July 8,” Radio Pakistan said in a report.

In its alert, the NDMA warned that intense rainfall may cause Pakistan’s northern areas to experience landslides, adding that heavy rains may also trigger floods in the country’s low-lying areas. The NDMA urged relevant departments — including the district administration — to ensure the provision of medical staff, emergency machinery and staff to respond to the situation.

“Tourists and travelers should be aware of the weather conditions before traveling,” the NDMA said in a Twitter post, urging farmers and owners of livestock to take relevant precautions. It called on Pakistan’s institutions to notify residents who were living in flood-prone areas of the country about the possibility of floods.

Pakistan estimates damages from last year’s monsoon rains and the ensuing floods to be around $30 billion. The South Asian country, whose economy has already taken a battering over the past year, has been reeling from economic problems that was exacerbated by the cataclysmic floods, putting the country on the brink of default.

Pakistan has received commitments of more than $9 billion from international donors to help recover from the 2022 floods with rebuilding efforts estimated to cost about $16.3 billion.


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

Updated 22 January 2026
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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.