ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Saturday met with Muslim World League (MWL) Secretary-General Dr. Mohammad bin Abdulkarim Al-Issa and lauded him for his valuable contributions for the promotion of true image of Islam around the world, PM Sharif’s office said.
Dr. Al-Issa arrived in Islamabad on April 7 on a nine-day trip aimed at fostering interfaith harmony and strengthening Saudi Arabia’s bilateral relations with Pakistan. The MWL is a Makkah-based non-governmental organization that represents followers of Islam around the world.
In his meeting with the MWL secretary-general in Islamabad, PM Sharif thanked Dr. Al-Issa for visiting Pakistan on the occasion of Eid Al-Fitr and conveyed his best wishes for King Salman and Crown Prince Mohammed bin Salman.
“He [Sharif’s] also acknowledged the critical role of Muslim World League in developing unity among the Muslim Ummah, advocating for Muslim causes around the world and in spreading the message of peace, tolerance and inter-faith harmony,” the PM’s office said in a statement.
“Extending his best wishes to the Secretary General for the success of his ongoing visit, the Prime Minister assured him of Pakistan’s continued support and partnership with the Muslim World League.”
Sharif underscored that Pakistan attached utmost importance to its strong fraternal ties with Saudi Arabia that were rooted in common faith, shared values and culture, according to the statement. The MWL secretary-general praised the prime minister for his commitment and efforts to further strengthen ties between the two countries.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top destination for remittances to the cash-strapped South Asian country.
Saudi Arabia has also often come to cash-strapped Pakistan’s aid by regularly providing the South Asian country oil on deferred payment facilities and offering direct financial support to help stabilize its economy and shore up its foreign exchange reserves.
During his ongoing visit to Pakistan, Dr. Al-Issa has delivered the Eid Al-Fitr sermon at the Shah Faisal Mosque in Islamabad and visited an orphanage in the Pakistani capital, where he shared the joy of Eid Al-Fitr with orphaned children.
In his sermon, Al-Issa called on Muslims to keep Palestinians close to their hearts and in their prayers as they celebrated Eid. He also spoke about the responsibility of Muslims to use their actions to project Islam in its true light.
Pakistan PM meets Muslim World League chief, lauds him for promoting Islam’s true image
https://arab.news/8ywf6
Pakistan PM meets Muslim World League chief, lauds him for promoting Islam’s true image
- MWL Secretary-General Dr. Mohammad bin Abdulkarim Al-Issa arrived in Islamabad on April 7 on a nine-day trip
- The visit is aimed at fostering interfaith harmony and strengthening Saudi Arabia-Pakistan bilateral relations
Pakistan stocks close at record high over current account surplus, falling bond yields
- KSE-100 index gains 1,646.79 points or 0.97% to close at new high of 171,960.64 points
- Pakistan’s central bank posted a current account surplus of $100 million in November
KARACHI: Pakistani stocks closed at an all-time high of 171,960.4 points on Thursday, with financial analysts attributing the surge to increasing investor confidence stemming from a current account surplus reported in November and a drop in government bond yields.
The benchmark KSE-100 index gained 1,646.79 points or 0.97% to close at an all-time high of 171,960.64 points on Thursday. The previous day, Pakistani stocks surged to 170,313.85 points at close of business.
Ahsan Mehanti, chief executive officer at Arif Habib Commodities, said the optimistic mood at the stock exchange was fueled by the $100 million current account surplus reported by the central bank in November.
“Speculations ahead of year-end close and fall in government bond yields up to 70 basis points after the SBP (State Bank of Pakistan) policy easing played the catalyst role in bullish activity at PSX,” Mehanti told Arab News.
The surplus was a welcome development for Islamabad as Pakistan’s central bank reported a $291 million deficit in October.
Topline Securities, a Pakistani brokerage firm, said in its daily market review that strong buying by local funds followed a drop in Pakistan Investment Bond (PIB) yields, which boosted investor confidence.
PIB yields are the returns on bonds or government-backed securities that pay fixed semi-annual interest, with rates influenced by market demand and SBP auctions.
“Strength in ENGRO (Engro Corporation), FFC (Fauji Fertilizer Company), UBL (United Bank Limited), LUCK (Lucky Cement) and BAHL (Bank AL Habib) underpinned positive momentum, collectively contributing 1,504 points to the index,” the brokerage firm wrote on X.
“This upside was partly offset by declines in PIOC (Pakistan International Oil Company), DHPL (D.H. Corporation Limited) and MLCF (Millat Tractor Limited), which together subtracted 176 points.”
The sustained rise in equities comes amid improving liquidity conditions and continued investor participation, with market participants focusing on corporate earnings, sector-specific developments and broader macroeconomic signals.
Earlier on Monday, Pakistan’s central bank cut its key policy interest rate by 50 basis points to 10.5%, a move that surprised analysts and followed four consecutive policy meetings where rates were held unchanged.
The cut came despite an International Monetary Fund staff report earlier this month cautioning against premature monetary easing.
Inflation eased to 6.1% in November, remaining within the SBP’s target band, though analysts have warned that price pressures could resurface later in the fiscal year as base effects fade and food and transport costs remain volatile.
