3 dead in grenade attack on store selling Pakistan flags in southwestern Quetta city

The photo taken on August 12, 2024, shows a view of a market in Quetta city. (AN Photo)
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Updated 14 August 2024
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3 dead in grenade attack on store selling Pakistan flags in southwestern Quetta city

  • Separatist Balochistan Liberation Army takes responsibility for attack that also injured six people 
  • Balochistan has been the scene of a long-running insurgency launched by ethnic Baloch separatists

QUETTA: Suspected militants hurled hand grenades at a house and a store selling Pakistani national flags in the restive southwestern Balochistan province on Tuesday, killing three people and wounding six others ahead of Pakistan’s 77th independence day.

The separatist Balochistan Liberation Army group claimed responsibility for the attacks in the provincial capital of Quetta, days after the group asked shop owners not to sell the flags. It also warned people not to celebrate the holiday on Wednesday, marking the Aug. 14, 1947, date of Pakistan’s independence from British colonial rule.

Wasim Baig, a spokesperson at a government hospital, said the facility had received six injured people and three bodies following the attacks.

Pakistan’s army chief Gen. Asim Munir vowed to defeat militancy in a televised speech at an event that took place at a military academy in the country’s northeast on the eve of Independence Day.

Munir sought cooperation from neighboring Afghanistan against the Pakistani Taliban, a militant group that operates from Afghan soil and that has stepped up attacks across the border in the northwest.

The group also operates in southwestern Balochistan alongside the long-running insurgency in that region, which also shares a border with Afghanistan.

In the latest violence in the northwest, a group of militants killed four security forces in South Waziristan, a district in the northwestern Khyber Pakhtunkhwa province, the military said. In a statement, it said troops returned fire, killing six insurgents.


Pakistan’s Pak-Qatar Family Takaful to raise $3.9 million in Islamic insurance IPO

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Pakistan’s Pak-Qatar Family Takaful to raise $3.9 million in Islamic insurance IPO

  • Company to offer 50 million shares with a price band of $0.05–0.07 per share
  • Proceeds to support capital needs, digital expansion, new customer-focused products

ISLAMABAD: Pak-Qatar Family Takaful Limited, Pakistan’s largest dedicated Islamic insurance provider, will launch an initial public offering this month to raise about Rs1.1 billion ($3.9 million), with book-building scheduled for Dec. 11–12 and registration opening Dec. 8, the company said in a statement on Friday.

The offer will make Pak-Qatar the first dedicated family takaful operator to list on the Pakistan Stock Exchange, marking a notable development for the country’s insurance landscape, where penetration remains low by global standards. The IPO comes as the company looks to scale operations, strengthen technology channels and widen product distribution in a market where Shariah-compliant savings and protection instruments have grown steadily.

“Pak Qatar Family Takaful Limited is all set to list itself at Pakistan Stock Exchange through an IPO with registration starting 08th December. Through this IPO PQFTL is aiming to raise approx. Rs. 1.1 billion,” the statement said.

The company will offer 50 million shares, starting at a floor price of Rs14 per share ($0.05), with a ceiling of Rs21 per share ($0.07). Of the total issue, 37.5 million shares will be allocated to institutional investors, while 12.5 million shares will be offered to the general public.

Lead manager Shahid Ali Habib of Arif Habib Ltd. said investor response has been strong as the offering represents a sector first. According to the statement, proceeds will be used to meet capital requirements, develop new products and accelerate digital outreach.

Pak-Qatar Family Takaful is the country’s first and largest dedicated shariah-compliant family risk-protection provider, holding 44 percent of the total family takaful market and more than 90 percent of the fully dedicated segment, with a nationwide presence of 73 branches and 1,971 field representatives.

Despite Pakistan’s population size, insurance penetration stood at just 0.7 percent in 2024, the company noted, adding that rising awareness and economic shifts leave room for growth compared with advanced markets where penetration has crossed 10%.