Pakistan PM reaffirms commitment to ceasefire with India in meeting with Azerbaijani envoy

Prime Minister Shehbaz Sharif meeting with Azerbaijani Ambassador Khazar Farhadov in Islamabad, Pakistan, on May 15, 2025. (PMO)
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Updated 15 May 2025
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Pakistan PM reaffirms commitment to ceasefire with India in meeting with Azerbaijani envoy

  • Shehbaz Sharif calls Pakistan a ‘peace-loving nation’ that is ready to defend its sovereignty
  • He says Azerbaijan’s support during the standoff reflected its ‘enduring friendship’ with Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday reaffirmed Pakistan’s commitment to a ceasefire understanding with India during a meeting with Azerbaijani Ambassador Khazar Farhadov, while also warning that the country remained ready to defend its sovereignty in case of future aggression.

The meeting came days after cross-border hostilities between Pakistan and India were brought to a halt under a ceasefire agreement announced by US President Donald Trump.

According to state media, Sharif described the development as consistent with Pakistan’s peaceful posture.

“Pakistan is a peace-loving nation and in this spirit, agreed to accept the ceasefire understanding with India,” Sharif said, according to the Associated Press of Pakistan (APP).

He also praised the armed forces for the successful conduct of Operation Bunyanum Marsoos, calling it a “historic victory” for the nation.

The prime minister also thanked Azerbaijani President Ilham Aliyev and the people of Azerbaijan for their “unwavering solidarity” during the recent tensions, calling it a reflection of the “enduring friendship” between the two countries.

Pakistan and Azerbaijan maintain close political and defense ties, with expanding cooperation in energy, trade and investment.

Sharif described Aliyev’s visit to Islamabad in July 2024 as a key milestone, followed by his own visit to Baku in February, which helped open new avenues of bilateral collaboration.

Ambassador Farhadov congratulated the prime minister and the Pakistani nation on the success of the military operation and reaffirmed his country’s support for regional peace.

He said President Aliyev placed high importance on bilateral relations and expressed commitment to enhancing cooperation across all areas of mutual interest.


Pakistan issues over $7 billion sukuk in 2025, nears 20 percent Shariah-compliant debt target

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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.