KARACHI: Malaysian Foreign Minister Mohamad bin Hajji Hasan has met with Bilal bin Saqib, head of the Pakistan Crypto Council (PCC), and discussed with him collaborative opportunities in blockchain technology, digital assets and Shariah-compliant finance, the Pakistani finance ministry said on Tuesday.
The development comes more than a week after Pakistan introduced its first-ever policy framework to regulate virtual assets and service providers, aligning with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF).
The move followed the establishment of the Pakistan Crypto Council last month to create a legal framework to create a legal framework for cryptocurrency trading in a bid to lure international investment.
The meeting between the Malaysian FM and PCC chief in Kuala Lumpur focused on laying the groundwork for a Pakistan-Malaysia Digital Finance Partnership, aimed at co-developing FATF-compliant, Shariah-aligned digital asset frameworks.
“Malaysia’s leadership in Islamic finance and Pakistan’s momentum in crypto regulation form a natural alliance,” Saqib was quoted as saying by the Pakistani finance ministry.
“Together, we have a historic opportunity to set global standards for ethical innovation in digital finance — from halal stablecoins and tokenized sukuks to compliant regulatory sandboxes and youth empowerment.”
Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are also not illegal or banned. As of Jan. 16, 2021, the State Bank of Pakistan has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of virtual currencies, coins, and tokens.
Pakistan’s new policy for virtual assets and service providers, created by a special government group under the Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) authority, is meant to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan.
The finance ministry said the PCC is leading efforts to design a passportable crypto regulatory framework tailored to emerging markets that fosters innovation while ensuring full compliance with international standards.
During Saqib’s meeting with the Malaysian FM, both sides expressed strong alignment on key areas of cooperation, including regulatory coordination between financial authorities and cross-border talent development and education initiatives.
“This milestone engagement signals the beginning of a deeper economic and technological partnership between Pakistan and Malaysia — driven by a shared vision to build the future of finance through values-based innovation and strategic collaboration,” the Pakistani finance ministry said.
Pakistan, Malaysia join forces to develop Shariah-aligned digital assets framework
https://arab.news/vwmh8
Pakistan, Malaysia join forces to develop Shariah-aligned digital assets framework
- The development comes more than a week after Pakistan introduced its first-ever policy framework to regulate virtual assets and service providers
- Pakistan Crypto Council chief says Malaysia’s leadership in Islamic finance and Pakistan’s momentum in crypto regulation form a ‘natural alliance’
In a first, Pakistani corporate dairy farm to make $8.9 million market debut next month
- Ghani Dairies to issue 104.2 million new shares, with most offered via book building
- Company supplies milk to large processors including Nestlé Pakistan and Fauji Foods
KARACHI: Ghani Dairies Limited, a Pakistani corporate dairy farming company, plans to raise about Rs 2.5 billion ($8.9 million) through an initial public offering, in what would be the country’s first listing by a large-scale, automated dairy farm, its advisers said on Tuesday.
The company will issue 104.2 million new shares, representing 24.28 percent of its post-IPO paid-up capital, with 75 percent of the offering allocated through book building and the remainder offered to retail investors, according to a statement by JS Global Capital, the consultant to the issue.
The floor price has been set at Rs 24 per share, and the issue will be fully underwritten.
“This is not just a dairy farm, but a vision for Pakistan’s dairy future,” said Hafiz Avais Ghani, chief executive officer of Ghani Dairies, adding that the company aimed to expand capacity to better serve industrial clients and the broader market.
Ghani Dairies operates a fully automated dairy farm using imported high-yielding cattle and digital herd-management systems, supplying milk primarily to large food and dairy processors.
Its expansion plan includes the import of 1,250 dairy cows, construction of additional milking and heifer sheds, storage facilities and the installation of modern feeding and milking systems.
The company’s customers include Nestlé Pakistan, IRC Dairy, and Fauji Foods, according to the statement.
Khalil Usmani, chief executive of JS Global Capital, said the IPO would give investors exposure to a modern, corporate dairy operation at a time when demand for higher-quality milk and value-added dairy products was rising.
Book building for the offering is scheduled for Feb. 2–3, with the public offering expected to follow on Feb. 9–10, the statement said.
