China’s Xi, Pakistan’s Dar pledge unity as SCO faces regional strains

Pakistan's Deputy Prime Minister and Foreign Minister, Ishaq Dar (left) shaking hand with President of China, Xi Jinping, on the sidelines of the SCO Council of Foreign Ministers meeting in China. (@MIshaqDar50/X)
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Updated 15 July 2025
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China’s Xi, Pakistan’s Dar pledge unity as SCO faces regional strains

  • President Xi Jinping emphasizes importance of the regional cooperation under the SCO framework
  • Dar also meets Russia’s Sergei Lavrov, Iran’s Abbas Araghchi on the sidelines of the conference

ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar on Tuesday highlighted his country’s commitment to strengthening ties with China and reaffirmed a shared vision for regional peace and development during an interaction with Chinese President Xi Jinping at the joint call of the Shanghai Cooperation Organization (SCO) Foreign Ministers in Beijing.

The interaction took place on the sidelines of the SCO Council of Foreign Ministers (CFM) meeting, a key diplomatic gathering aimed at preparing the groundwork for the upcoming SCO Leaders’ Summit later this year. The CFM convened to review progress on multilateral cooperation and set the agenda for endorsement by heads of state.

“Delighted to meet earlier today with President Xi Jinping at the Great Hall of the People in Beijing,” Dar said in a post on social media platform X. “Conveyed the warm greetings of the leadership, government and people of Pakistan. As iron-clad brothers and All-Weather Strategic Cooperative Partners, we remain committed to deepening Pak-China enduring friendship and advancing shared regional goals.”

Islamabad and Beijing are long-time allies and have been jointly working on multibillion-dollar infrastructure, energy and connectivity initiatives under the China-Pakistan Economic Corridor (CPEC), a flagship project of China’s Belt and Road Initiative. The corridor provides China direct access to the Arabian Sea through Pakistan’s Gwadar port, while enabling Pakistan to modernize its infrastructure and strengthen regional trade links.

The foreign office of Pakistan said in a statement released earlier today that President Xi emphasized the importance of regional cooperation under the SCO framework, an organization spanning the Eurasian landmass and representing a significant portion of the global population.

BILATERAL MEETINGS

On the sidelines of the conference, the Pakistani deputy prime minister also met Russian Foreign Minister Sergei Lavrov.

The two officials expressed satisfaction over the positive trajectory of bilateral ties and agreed to further enhance cooperation in trade, energy, agriculture and defense, according to an official statement.

It added Dar also invited Lavrov to visit Pakistan.

Their meeting came at a time when Pakistan and Russia are seeking to deepen their partnership through plans to build a new steel mill in southern Sindh and launch a pilot cargo train project in August.

The deputy PM also met with Iranian Foreign Minister Seyyed Abbas Araghchi, with the two leaders reviewing bilateral cooperation and discussing the evolving regional situation following Israel’s war against Iran.

Dar reaffirmed Pakistan’s “unwavering solidarity with the people and Government of Iran,” and emphasized that dialogue and diplomacy remain the only viable path to de-escalation and lasting peace, according to the foreign office.

The SCO conference is also being attended by India’s External Affairs Minister Subrahmanyam Jaishankar, though no meeting is scheduled between Pakistani and Indian officials.

The CFM takes place nearly two months after a tense four-day military standoff between Pakistan and India, during which both sides exchanged missiles, drones and artillery fire before agreeing to a US-brokered ceasefire.


Pakistan’s Pak-Qatar Family Takaful to raise $3.9 million in Islamic insurance IPO

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Pakistan’s Pak-Qatar Family Takaful to raise $3.9 million in Islamic insurance IPO

  • Company to offer 50 million shares with a price band of $0.05–0.07 per share
  • Proceeds to support capital needs, digital expansion, new customer-focused products

ISLAMABAD: Pak-Qatar Family Takaful Limited, Pakistan’s largest dedicated Islamic insurance provider, will launch an initial public offering this month to raise about Rs1.1 billion ($3.9 million), with book-building scheduled for Dec. 11–12 and registration opening Dec. 8, the company said in a statement on Friday.

The offer will make Pak-Qatar the first dedicated family takaful operator to list on the Pakistan Stock Exchange, marking a notable development for the country’s insurance landscape, where penetration remains low by global standards. The IPO comes as the company looks to scale operations, strengthen technology channels and widen product distribution in a market where Shariah-compliant savings and protection instruments have grown steadily.

“Pak Qatar Family Takaful Limited is all set to list itself at Pakistan Stock Exchange through an IPO with registration starting 08th December. Through this IPO PQFTL is aiming to raise approx. Rs. 1.1 billion,” the statement said.

The company will offer 50 million shares, starting at a floor price of Rs14 per share ($0.05), with a ceiling of Rs21 per share ($0.07). Of the total issue, 37.5 million shares will be allocated to institutional investors, while 12.5 million shares will be offered to the general public.

Lead manager Shahid Ali Habib of Arif Habib Ltd. said investor response has been strong as the offering represents a sector first. According to the statement, proceeds will be used to meet capital requirements, develop new products and accelerate digital outreach.

Pak-Qatar Family Takaful is the country’s first and largest dedicated shariah-compliant family risk-protection provider, holding 44 percent of the total family takaful market and more than 90 percent of the fully dedicated segment, with a nationwide presence of 73 branches and 1,971 field representatives.

Despite Pakistan’s population size, insurance penetration stood at just 0.7 percent in 2024, the company noted, adding that rising awareness and economic shifts leave room for growth compared with advanced markets where penetration has crossed 10%.