ISLAMABAD: The prayer leader of the Prophet’s Mosque in Madinah, Sheikh Dr. Salah bin Muhammad Al-Budair, arrived on a seven-day visit to Pakistan on Thursday, where he is scheduled to meet top government officials and lead the Friday prayers in the federal capital.
The mosque, more popularly known as Al-Masjid an-Nabawi, holds profound historical and spiritual significance in Islam, having been built by the first Muslim community under the supervision of Prophet Muhammad (PBUH).
It is also his last resting place, making the imams of this sacred mosque deeply respected across the Muslim world and widely viewed as embodiments of religious devotion and scholarly wisdom.
“The Imam of Masjid Al-Nabawi, Sheikh Dr. Salah bin Muhammad Al-Budair, has arrived in Pakistan on a seven-day goodwill visit,” Pakistan’s religious affairs ministry announced in a statement. “Minister for Religious Affairs Chaudhry Salik Hussain, Saudi Ambassador Nawaf Saeed Al-Maliki and Secretary of Religious Affairs Zulfiqar Haider welcomed the distinguished guest.”
“The Imam of Masjid Al-Nabawi will lead the Friday prayers at Faisal Mosque,” the statement added. “Dr. Salah bin Muhammad Al-Budair will also meet with the president, prime minister and other leaders in the country.”
Pakistan has been frequently visited by the prayer leader of the Grand Mosque in Makkah in the past.
These visits, along with high-level official exchanges, have played a significant role in strengthening the relations between the two countries.
Saudi religious scholars, such as the prayer leaders of the two holy mosques, have fostered closer ties between the two countries, with many of them often taking a special interest in Islamic education and religious institutions in Pakistan.
Sheikh Al-Budair is also scheduled to meet prominent Pakistani scholars and visit universities.
His stay in the country is also expected to further strengthen religious and cultural connections between the two nations.
Imam of Prophet’s Mosque arrives in Pakistan on seven-day visit
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Imam of Prophet’s Mosque arrives in Pakistan on seven-day visit
- Al-Masjid an-Nabawi holds profound historical significance in Islam, with its prayer leaders deeply respected
- Sheikh Al-Budair will lead the Friday prayers at Faisal Mosque, meet top government functionaries
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.”
