KARACHI: On a sandy tract of land along Karachi’s coastline, hundreds of Pakistani cricket fans gathered in front of a big screen to watch their cricket team battle arch-rivals India in the Champions Trophy on Sunday.
Encounters between the two countries bear the scars of four wars and rank among the most-watched sporting events in the world.
Those watching in Karachi expressed disappointment because the game was originally meant to be played in Pakistan until India refused to travel across the border, citing government advice.
“My dad is a fan of cricket. He’s obsessed... ever since he found out he said he wanted to watch so I found this screen,” said Awal Khan, 40, who works as a cook and paid nearly $2 to travel to the venue, a high cost for most Pakistanis.
“I don’t like that India didn’t come... I’ve never been to the stadium but if India comes to Pakistan I will definitely go.”
For more than a decade, Pakistan and India have played only in multi-team events because of a strained political relationship. Pakistan went to India for the 2023 ODI Cup and expected India to return the favor by touring for the Champions Trophy.
Their once closely contested rivalry has grown more one-sided over the years. India have prevailed in seven of the eight completed ODIs in the last decade against Pakistan, with their last loss coming in the final of the previous Champions Trophy in 2017.
“We’re excited about the Champions Trophy but double excited for the Pakistan-India match,” said Raheel Sayeed, a 28-year-old engineer.
“I don’t think I’ll see Pakistan versus India in Pakistan any time soon. Both governments don’t want peace, especially India.”
Along another stretch of the Arabian Sea on an upscale promenade, hundreds more were slowly growing dejected as India took control of the match.
“If Pakistan loses I’ll be sad. But we have to have hope and we have to pray. But prayers aren’t enough,” said Zakira Bilal, 26, who came to watch the broadcast with her three young children.
“On our way here in the rickshaw, we discussed how Pakistan shouldn’t go to India to play when they don’t come here. Self-respect should be there.”
Pakistanis gather to watch India clash on big screen
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Pakistanis gather to watch India clash on big screen
- Encounters between the two countries bear the scars of four wars and rank among the most-watched sporting events
- Those watching in Karachi expressed disappointment because the game was originally meant to be played in Pakistan
Pakistan issues over $7 billion sukuk in 2025, nears 20 percent Shariah-compliant debt target
- Finance Adviser Khurram Schehzad says this was the highest-ever Sukuk issuance in a single calendar year since 2008
- Pakistan’s Federal Shariat Court ordered in 2022 the entire banking system to transition to Islamic principles by 2027
ISLAMABAD: Pakistan’s Finance Adviser Khurram Schehzad on Monday said the country achieved a landmark breakthrough in Islamic finance by issuing over Rs2 trillion ($7 billion) sukuk this year, bringing it closer to its 20 percent Shariah-compliant debt target by Fiscal Year 2027-28.
A sukuk is an Islamic financial certificate, similar to a bond, but it complies with Shariah law, which forbids interest. Pakistan’s Federal Shariat Court (FSC) had directed the government in April 2022 to eliminate interest and align the country’s entire banking system with Islamic principles by 2027.
Following the ruling, the government and the State Bank of Pakistan (SBP) have undertaken a series of measures, including legal reforms and the issuance of sukuk to replace interest-based treasury bills and investment bonds.
“In 2025, the Ministry of Finance (MoF) through its Debt Management Office, together with its Joint Financial Advisers (JFAs), successfully issued over PKR 2 trillion in Sukuk,” Schehzad said on X, describing it as “the highest-ever Sukuk issuance in a single calendar year since 2008 by Pakistan.”
Pakistan made a total of 61 issuances across one-, three-, five- and 10-year tenors, according to the finance adviser. The country also successfully launched its first Green Sukuk, a Shariah-compliant bond designed to fund environment-friendly projects.
He said the Green Sukuk was 5.4 times oversubscribed, indicating investor demand was more than five times higher than the amount the government planned to raise, which showed strong market confidence.
“The rising share of Islamic instruments in the government’s domestic securities portfolio (domestic debt) underscores strong momentum, growing from 12.6 percent in June 2025 to around 14.5 percent by December 2025, clearly positioning the MoF to achieve its 20 percent Shariah-compliant debt target by FY28,” Schehzad said.
“This milestone also reflects the structural deepening of Pakistan’s Islamic capital market, sustained investor confidence, and the strengthening of sovereign debt management.”
He said Pakistan was strengthening its government securities market by making it more resilient, diversified, and future-ready, supported by a stabilizing macroeconomic environment, a disciplined debt strategy, and a clear roadmap for Islamic finance.
