ISLAMABAD: Foreign Secretary Muhammad Syrus Sajjad Qazi will lead Pakistan’s delegation at the 50th session of the Council of Foreign Ministers (CFM) of the Organization of Islamic Cooperation (OIC) in Cameroon from Aug 29-30 to discuss the Gaza war and the situation in Kashmir, an official statement said on Monday.
Pakistan actively participates in CFM meetings to address issues affecting the Muslim world, including Palestine, Kashmir and counter-terrorism, while promoting regional cooperation, economic development and Islamic solidarity, and fostering collaboration with other member states to tackle common challenges and opportunities.
“Foreign Secretary Muhammad Syrus Sajjad Qazi will lead the Pakistan delegation at the 50th Session of Council of Foreign Ministers (CFM) being held from 29-30 August 2024 in Yaoundé, Cameroon,” the foreign office announced in the statement.
It added the foreign secretary will share Pakistan’s perspective over on the killings of Palestinians in Gaza, raise concern over Israel’s policy in the region and how it can threaten peace in the Middle East and highlight the plight of the people of Indian-administered Kashmir.
The statement informed Qazi will also talk about the solidarity and unity among Muslims, discuss rising Islamophobia and xenophobia in different parts of the world and highlight climate change and other global challenges.
“On the sidelines, the Foreign Secretary will hold bilateral interactions with his counterparts from participating OIC member states,” it added.
Pakistan to discuss Israel’s war in Gaza at OIC meeting in Cameroon this week
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Pakistan to discuss Israel’s war in Gaza at OIC meeting in Cameroon this week
- Foreign Secretary Muhammad Syrus Qazi will lead the country’s delegation at the OIC’s CFM conference
- Pakistani official will also discuss pressing issues like Islamophobia, climate change and other challenges
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.
