Over 62,140 Pakistani pilgrims arrive in Saudi Arabia for this year’s Hajj

A bus awaits for Hajj pilgrims in Makkah, Saudi Arabia on June 2, 2024. (SPA)
Short Url
Updated 02 June 2024
Follow

Over 62,140 Pakistani pilgrims arrive in Saudi Arabia for this year’s Hajj

  • Pakistan welcomes 46,648 pilgrims under government scheme, 15,500 under private scheme
  • This year 179,210 Pakistani pilgrims are expected to perform annual Islamic pilgrimage 

ISLAMABAD: The Pakistan Hajj Mission (PHM) has so far welcomed 62,148 pilgrims in the cities of Makkah and Madinah under both government and private schemes since May 9, an official of the country’s religion ministry said this week. 

Hajj is one of the five pillars of Islam and requires every adult Muslim to undertake the journey to the holy Islamic sites in Makkah at least once in their lifetime if they are financially and physically able.
Pakistan has a Hajj quota of 179,210 pilgrims this year, of which around 70,000 people will perform the pilgrimage under the government scheme, while the rest will use private tour operators.

This year’s pilgrimage is expected to run from June 14 till June 19.

“So far, 46,648 pilgrims have arrived via 185 flights under the government scheme, while 15,500 have arrived under the private scheme,” Muhammad Umar Butt, a spokesperson for Pakistan’s Ministry of Religious Affairs (MoRA) said on Saturday. 

An additional 22,090 Pakistani pilgrims are expected to arrive in Makkah over the next nine days, Butt said. This year, the PHM will host over 70,105 pilgrims under the government scheme and more than 80,000 under the private scheme. 

He said the PHM is making use of two toll-free helplines and four WhatsApp numbers to address pilgrims’ complaints.

“Additionally, the spokesman said two central hospitals and a dozen dispensaries in the Haram are providing medical facilities to pilgrims, with 322 doctors and medical staff on duty,” the state-run Associated Press of Pakistan (APP) said. 

A total of 511 Hajj Moavineen or facilitators, including Pakistani civilians and uniformed personnel, are working to provide pilgrims with travel, accommodation, and food facilities.


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

Updated 9 sec ago
Follow

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.