Pakistan’s Shariah-compliant real estate trust IMAGE to raise $3.3 million in IPO

A labour carries water bottles on a hand cart past the Pakistan Stock Exchange (PSX) building as index plummeted amid a global market crash, in Karachi on April 7, 2025. (AFP/File)
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Updated 03 September 2025
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Pakistan’s Shariah-compliant real estate trust IMAGE to raise $3.3 million in IPO

  • The company says it generates income through two prime real-estate projects in Karachi
  • The IPO, comprising 92,015,467 units, will be conducted through 100% Book Building method

KARACHI: IMAGE, a Pakistani Shariah-compliant real estate trust, is set to raise Rs920 million ($3.3 million) through an initial public offering (IPO) at the Pakistan Stock Exchange (PSX), it said on Tuesday.

The company says it generates income through two prime projects in Karachi: an 8-floor, fully occupied commercial building on Shahrah-e-Faisal and a residential-cum-commercial project, which is expected to generate both sales and rental income.

The IPO, consisting of 92,015,467 units of the Real Estate Investment Trust (REIT) scheme, will be conducted through a 100 percent Book Building method, with a floor price of PKR 10 per unit, and a price band of up to 40 percent (i.e., PKR 14 per unit), according to the firm.

“Proceeds from the IPO will be utilized for the completion and marketing of 11 residential floors of the Developmental REIT project,” IMAGE said in a statement. “The Central Depository Company of Pakistan Limited (CDC) has been appointed as the Trustee of IMAGE REIT.”

The retail portion will comprise 25 percent of the total issue size and will be offered to the general public at the strike price determined post-Book Building, IMAGE said, describing it as an opportunity for investors to capitalize on “recovering” real estate market.

The IMAGE REIT scheme is managed by Sinolink REIT Management Company Limited, a licensed firm dedicated to developing innovative, Shariah-compliant investment opportunities in Pakistan’s real estate sector, providing both institutional and retail investors with access to professionally managed real estate portfolios.

“Topline Securities and Growth Securities are joint Consultants and Book Runner for this IPO,” IMAGE added.


Pakistani court sentences TLP leader for 35 years over incitement against ex-chief justice

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Pakistani court sentences TLP leader for 35 years over incitement against ex-chief justice

  • The case stems from a 2024 speech targeting former Chief Justice of Pakistan Qazi Faez Isa over a blasphemy ruling
  • Conviction follows the government’s move to proscribe Tehreek-e-Labbaik Pakistan after clashes with police this year

ISLAMABAD: A Pakistani court this week sentenced a leader of the religio-political party Tehreek-i-Labbaik Pakistan (TLP) to 35 years’ imprisonment on multiple charges for inciting hate against former Chief Justice of Pakistan Qazi Faez Isa.

Peer Zaheer ul Hasan Bukhari made the remarks in a 2024 speech at the Lahore Press Club against the former chief justice for issuing a judgment in a case involving a man named Mubarak Sani under the blasphemy laws, a member of a minority religious community whose death sentence was overturned.

Authorities said Bukhari’s comments amounted to incitement to violence, after which police registered a case against him under various terrorism-related provisions as well as charges of inciting hatred.

The cleric was handed multiple jail terms on a range of charges, with the longest being 10 years of rigorous imprisonment, amounting to a total of 35 years.

“All the sections of imprisonment awarded to the convict shall run concurrently,” Anti-Terrorism Court Judge Arshad Javed said in a letter to the Kot Lakhpat Central Jail superintendent.

A collective fine of Rs600,000 ($,150) was also imposed on the TLP party leader under the provisions of the Anti-Terrorism Act.

The move follows Pakistan’s decision in October to ban the TLP and designate it a proscribed organization under the Anti-Terrorism Act after violent clashes between its supporters and law enforcement in Punjab.

The unrest erupted as demonstrators attempted to travel from Lahore to Islamabad, saying they wanted to stage a pro-Palestine rally outside the US Embassy.

However, officials said TLP supporters were armed with bricks and batons, arguing their intention was to stir violence similar to earlier marches toward the federal capital.

The clashes between TLP supporters and police resulted in the deaths of five people, including two policemen, and injured more than 100 officers and dozens of protesters.

Led by Saad Hussain Rizvi, the TLP is known for its confrontational street politics and mass mobilizations.

Since its emergence in 2017, the party has repeatedly organized sit-ins and marches toward Islamabad, often triggering violent confrontations and prolonged disruptions on major routes to the capital.