‘No formal meeting’ held between Pakistan and India at SCO summit, says foreign office

This handout photograph taken on October 16, 2024 and released by Pakistan's Press Information Department (PID) shows Pakistan's Prime Minister Shehbaz Sharif (R) shaking hands with India's Foreign Minister Subrahmanyam Jaishankar during the Shanghai Cooperation Organisation (SCO) summit, in Islamabad. (AFP via PID)
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Updated 24 October 2024
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‘No formal meeting’ held between Pakistan and India at SCO summit, says foreign office

  • Foreign office spokesperson says the deputy PM only exchanged ‘pleasantries’ with Indian minister
  • India’s Subramanyam Jaishankar was the first senior official from Delhi to visit Pakistan after a decade

ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar did not hold a formal meeting with Indian External Affairs Minister Subrahmanyam Jaishankar at the Shanghai Cooperation Organization Summit (SCO), the foreign office clarified Thursday, saying that viral images of the two officials seated together at a luncheon were simply an exchange of pleasantries.

Nuclear-armed India and Pakistan are bitter adversaries with longstanding political tensions, having fought three wars and numerous skirmishes since they were carved out of the subcontinent’s partition in 1947.

The Indian minister was the first top official from New Delhi to visit Pakistan after nearly a decade. During the visit, a picture of Dar and Jaishankar was shared by media outlets, where the two ministers could be seen engaged in a conversation while sharing a seat next to each other at the official SCO lunch.

This led to speculations and conjectures by political analysts, with some saying the two officials were discussing cricket and trying to break the ice between the arch-rival neighbors.

“There has been no formal meeting between Pakistan and India at the foreign minister’s level including at the SCO,” foreign office spokesperson Mumtaz Zahra Baloch said on Thursday.

She said it was common for delegations in multilateral settings to “exchange pleasantries” and hold informal conversations over lunch and dinner, especially between the hosts and participating guests.

Relations between India and Pakistan have been particularly sour since 2019 when Indian Prime Minister Narendra Modi revoked the limited autonomy of Indian-administered Kashmir. The move was celebrated across India but led Pakistan to suspend bilateral trade and downgrade diplomatic ties with New Delhi.

Kashmir is divided between India and Pakistan but claimed by both in full.

Before departing Pakistan, Jaishankar thanked Prime Minister Shehbaz Sharif, Deputy PM Dar and the Pakistan government for the “hospitalities and courtesies” extended to him during the visit.

Pakistan’s Information Minister Ataullah Tarar said that none of the two countries requested a bilateral meeting, though he termed the Indian minister’s presence at the SCO as an “ice breaker.”


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

Updated 22 January 2026
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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.