Pakistan tells Denmark to prevent religious hatred following Qur’an burning incidents

Activists of the right-wing religious Jamaat-e-Islami (JI) party hold copies of the Koran during an anti-Sweden demonstration in Karachi on July 5, 2023, following the burning of the Koran outside a Stockholm mosque that outraged Muslims around the world. (AFP/File)
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Updated 27 July 2023
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Pakistan tells Denmark to prevent religious hatred following Qur’an burning incidents

  • The foreign office says the intent behind the desecration of the holy book is to insult Muslims worldwide
  • It points out such acts do not constitute freedom of expression, adding there is no justification for them

ISLAMABAD: Pakistan on Thursday condemned the desecration of the Holy Qur’an and dishonoring of its flag outside the country’s embassy in Denmark’s capital, Copenhagen, while urging the authorities in the Scandinavian country to “stop such act of hatred and incitement.”

The foreign office issued the condemnation amid a series of anti-Islam demonstrations in Sweden and Denmark in recent weeks wherein people set copies of the scripture on fire. The incidents enraged Muslims across the world and prompted the 57-member Organization of Islamic Cooperation (OIC) to call for the prevention and prosecution of such acts.

Pakistan’s foreign minister Bilawal Bhutto Zardari also raised the issue with the United Nations Secretary-General António Guterres a day earlier, seeking a comprehensive UN strategy to tackle Islamophobia.

“A strong protest has been lodged with the Government of Denmark and we expect the Danish authorities to take all measures necessary to stop such acts of hatred and incitement,” the foreign office said in a statement.

It added the intent of such “evil acts” was to insult two billion Muslims around the world and create friction among communities, cultures, and countries.

“These acts, by any definition, do not constitute freedom of expression nor can the permission to carry out provocative acts of religious hatred be justified under the pretext of freedom of expression, opinion, and protest,” it added.

The foreign office noted that Pakistan had always maintained that freedom of expression came with certain responsibilities. It maintained it was the responsibility of national governments, regional organizations, and the international community at large to call out, condemn, and proactively prevent the vile acts of Islamophobia and religious hatred.

“As urged by the UN Human Rights Council, the relevant countries must address, prevent, and prosecute such acts of religious hatred, and the international community must raise its collective voice against Islamophobia and work together to promote inter-faith harmony and peaceful co-existence.”

Earlier this week, Prime Minister Shehbaz Sharif condemned the latest incidents of Qur’an burning, saying these acts had left Muslims around the world “deeply anguished” and those in Pakistan in “deep pain and distress.”

“The recurring pattern of these abominable and Satanic incidents has a sinister design: to hurt the inter-faith relations, damage peace and harmony and promote religious hatred and Islamophobia,” he wrote on Twitter.
 


Pakistan capital market transitions to T+1 settlement cycle ahead of multiple advanced markets

Updated 10 February 2026
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Pakistan capital market transitions to T+1 settlement cycle ahead of multiple advanced markets

  • A T+1 settlement cycle means that securities transactions are finalized and settled one business day after trade date
  • Effective from Feb. 9, all eligible trades at the PSX are now settled on a T+1 basis, replacing the previous T+2 cycle

KARACHI: Pakistan’s capital market has officially transitioned to the Trade plus one (T+1) settlement cycle, a landmark reform that strengthens efficiency, reduces risk and aligns the country with international best practices, the Pakistan Stock Exchange (PSX) said on Tuesday.

A T+1 settlement cycle means that securities transactions are finalized and settled one business day after the trade date, which reduces counterparty risk and improves capital efficiency in the exchange of funds and securities. 

Effective from Feb. 9, all eligible trades at the PSX are now settled on a T+1 basis, replacing the previous T+2 cycle. The transition was implemented under the guidance of the Securities and Exchange Commission of Pakistan (SECP) through close collaboration among all stakeholders, according to the PSX.

It aligns Pakistan’s capital market with leading markets such as the United States, Canada, Mexico, Argentina, Jamaica and China, which have already adopted shorter settlement cycles. Europe, the UK and Switzerland are set to follow by 2027. By moving early, Pakistan has demonstrated its commitment to modernization and investor protection.

“The transition to the T+1 settlement cycle brings important advantages for Pakistan’s capital market. It enables faster access to funds and securities, improving liquidity, while reducing settlement and counterparty risk through shorter exposure periods,” the PSX said.

“Quicker trade finalization enhances efficiency and the reform strengthens investor confidence, particularly among institutional and foreign investors. Together, these benefits support a stronger and more resilient market aligned with global best practices.”

Pakistan’s stock market has touched historic highs in recent months as broad institutional buying boosted investor confidence amid ongoing economic reforms under international lending programs. Pakistani state media reported in Jan. around 135,000 new investors had joined the PSX over the last 18 months.

SECP Chairman Dr. Kabir Ahmed Sidhu commended the PSX, the Central Depository Company and the National Clearing Company of Pakistan for the successful implementation of the T+1 settlement system.

“The reform brings Pakistan’s capital market at par with modern jurisdictions by accelerating trade settlement, reducing counterparty and market risks, and enhancing liquidity,” he was quoted as saying by the PSX.

“The adoption of T+1 will strengthen investor confidence and align Pakistan’s capital market with evolving international standards and global best practices.”