First Pakistani online gold trading company targets $8 billion revenue in 5 years

Pakistani women check gold jewellery at a shop in Lahore on October 11, 2018. (AFP/File)
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Updated 31 January 2024
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First Pakistani online gold trading company targets $8 billion revenue in 5 years

  • In Pakistan, gold buying and selling is not regulated, rates are released by various trade bodies
  • This results in speculative trading, under and over invoicing, tax evasion and black marketing

KARACHI: The first formal Pakistani company for the online and physical trading of gold was inaugurated in Karachi on Tuesday with the aim to generate about Rs2.5 trillion ($8 billion) revenue for the national exchequer in five years.

In Pakistan, gold buying and selling is not fully regulated, giving way to speculative trading, under and over invoicing, tax evasion, and black marketing. 

“The buying and selling will be integrated with the system of Federal Board of Revenue (FBR) and the process will be monitored with a tracking system,” Muhammad Shahid Zakariya, Chairman of Zakariya Gold Commodities, told journalists at the company’s inauguration.

“We are planning to set up 2,300 gold labs and 820 franchises across Pakistan. Our calculation shows that Rs2,500 billion can be generated from this market within five years.”

The company will release a centralized gold rate on a daily basis through the Pakistan Mercantile Exchange Company (PMEX) as compared to the current practice of rates being released by various trade bodies.

The establishment has been approved by the Securities and Exchange Commission of Pakistan and PMEX.


Ramadan moon sighted in Pakistan, first fast to be observed on Thursday

Updated 18 February 2026
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Ramadan moon sighted in Pakistan, first fast to be observed on Thursday

  • Pakistan moon sighting committee receives testimonies of moon being sighted from several cities
  • Muslims fast from dawn till sunset during holy month of Ramadan, which is followed by Eid Al Fitr

ISLAMABAD: Pakistan’s central moon sighting committee has announced that the Ramadan moon has been sighted in the country and the first fast of the holy month will be observed on Thursday. 

Pakistan’s Ruet-e-Hilal Committee (RHC) determines the dates for new Islamic months and Eid festivals by sighting the moon every year. Committee members announce the dates for the Islamic months after visually observing the crescent and receiving testimonies of its sighting from several parts of the country.

Speaking to reporters after the RHC’s meeting in Peshawar, the committee’s chairman Maulana Abdul Khabir Azad said testimonies of the moon sighting were received from several parts of the country, including Quetta, Islamabad, Waziristan, Dir, Karachi, Buner, Mardan and Tando Allahyar. 

“Therefore, it was decided with consensus that the first day of Ramadan would be on Thursday, Feb. 19, 2026,” Azad said in a televised press conference.

Pakistan’s national space agency announced last week that the Ramadan crescent is likely to be visible in the country on Feb. 18 and consequently, the first date of Ramadan is likely to be on Feb. 19.

Muslims fast from dawn till sunset during Ramadan. This is followed by Eid Al Fitr, a religious holiday and celebration to mark the end of Ramadan which is observed by Muslims worldwide.