Pakistan’s army chief warns of ‘perils of fake news’ in meeting with Harvard students

The group photo shows a delegation of 44 students from Harvard Business School Trek-2024, with the Pakistan army chief, General Syed Asim Munir, at the General Headquarters in Rawalpindi, Pakistan on August 22, 2024. (Photo courtesy: Military's media wing)
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Updated 22 August 2024
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Pakistan’s army chief warns of ‘perils of fake news’ in meeting with Harvard students

  • Pakistan army chief discusses regional peace, stability and country’s efforts against militancy, says military’s media wing
  • Rights activists accuse Pakistani authorities of censoring digital media, including a move to install firewall to monitor online content

ISLAMABAD: Pakistan Army Chief General Syed Asim Munir met a delegation of Harvard Business School (HBS) students on Thursday to discuss militancy and Pakistan’s efforts in battling it, warning them against the “perils of misinformation and fake news” in today’s digital age, the military’s media wing said. 

Pakistan’s powerful army has toughened its stance against criticism on digital media, with its military spokesperson this month accusing “digital terrorists” of attempting to politicize its efforts against militancy. The term was a veiled reference to the party of former prime minister Imran Khan, whose leaders and supporters have attacked the military on digital media platforms since Khan’s ouster from office in a parliamentary vote in April 2022. 

Digital rights activists this month also spoke out against the government’s move to install a firewall that would allow it to monitor malicious content on social media, protect government networks from attacks, and allow authorities to identify IP addresses associated with what it calls “anti-state propaganda.” Rights activists have also criticized the government for its ban on social media platform X since February, which authorities say they imposed due to “national security” reasons. 

Munir met a delegation of 44 students of the HBS from nine countries at the army headquarters in Rawalpindi, the Inter-Services Public Relations (ISPR) said in a statement. It said discussions revolved around regional peace and stability, and Pakistan’s efforts to battle militancy. 

“The COAS also cautioned against the perils of misinformation and fake news in the digital age, urging the students to navigate this landscape with discernment,” the military’s media wing said. 

The army chief stressed the significance of education, critical thinking, and innovation in addressing contemporary security challenges during his interaction with the students, the ISPR said. 

“He highlighted Pakistan’s vast potential and encouraged the attendees to form their own opinions based on personal experiences,” the military’s media wing said. 

The ISPR said that the interactive session provided a platform for the army to share perspectives on Pakistan’s pivotal role in promoting regional peace and stability, its unwavering efforts against terrorism, and its commitment to upholding democratic values.

The students expressed their gratitude to the army chief for facilitating a “constructive and enlightening interaction,” the ISPR said. 

The government’s attempts to muzzle social media have also been sharply criticized by Khan’s political party. The former cricketer-turned-politician’s popularity, which persists even from behind bars, has been fueled by social media, including driving Pakistan’s young people to turn out to vote in Feb. 8 elections. 

Khan-backed candidates won the greatest number of seats in the polls despite having to contest as independents after the PTI was deprived of its iconic bat symbol by the election commission. 


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

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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.