Saudi Hajj minister to visit Pakistan next week to discuss bilateral ties, religious tourism

Saudi Arabia’s ambassador to Pakistan, Nawaf bin Said Al-Malki (center), meets Caretaker Religious Affairs Minister Aneeq Ahmed (second left) at the Saudi embassy in Islamabad on August 19, 2023. (Photo courtesy: Saudi embassy)
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Updated 19 August 2023
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Saudi Hajj minister to visit Pakistan next week to discuss bilateral ties, religious tourism

  • Pakistan’s religious affairs minister calls the Saudi official’s visit ‘significant’ for the South Asian country
  • The two sides are expected to sign several MoUs for enhanced cooperation within the religious domain

ISLAMABAD: Saudi Minister for Hajj and Umrah, Dr. Tawfig Al-Rabiah, is set to visit Pakistan in the coming week to discuss matters concerning pilgrimage to Makkah and the promotion of religious tourism between the two countries, said an official statement circulated in Islamabad on Saturday.

The statement was issued after a meeting between Pakistan’s caretaker religious affairs minister, Aneeq Ahmed, and the kingdom’s envoy to Pakistan, Nawaf bin Said Al-Malki, ahead of the Saudi delegation visit.

“The Saudi delegation will engage in discussions regarding Hajj, Umrah, the Makkah Route initiative, and the promotion of religious tourism,” the statement informed.

“Memoranda of understanding (MoUs) will also be signed to enhance future Hajj arrangements during the delegation’s visit,” it added.

Ahmed said during the meeting that the Saudi official’s visit would hold “immense significance” for Pakistan, given his role as the chairman of the managing authority of Masjid al-Haram and Masjid al-Nabawi.

In response, Ambassador Al-Malki noted the relationship between Saudi Arabia and Pakistan had always been of great importance to the kingdom and its top leaders.

In a separate development, the Saudi envoy met with Pakistan’s caretaker interior minister, Sarfraz Ahmed Bugti, on Saturday to deliberate on the Pakistan-Saudi relations. Bugti lauded Al-Malki’s efforts to bolster bilateral ties between the two nations.

Saudi Arabia and Pakistan share strong relations encompassing cultural, religious, economic, and historical dimensions.

In 2019, Saudi Arabia introduced the Makkah Route Initiative in Pakistan and four other countries, streamlining Hajj pilgrims’ visas, customs, and health requirements at their departure airports, thus saving them substantial time upon arrival in the kingdom.

Saudi Arabia is also home to over 2.5 million Pakistani expatriates and plays a pivotal role in providing remittances and oil supplies to the South Asian country.

In June of this year, Saudi Arabia extended assistance to Pakistan by depositing $3 billion in its central bank, helping Islamabad avert a sovereign default and secure an International Monetary Fund (IMF) bailout deal.


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.