Pakistan’s first non-life Shariah-compliant takaful operator plans share sale in January

Officials ring the bell at the Pakistan Stock Exchange (PSX) for Pak-Qatar Family Takaful Limited’s first day of trading in Karachi on December 31, 2025. (PQFTL)
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Updated 13 January 2026
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Pakistan’s first non-life Shariah-compliant takaful operator plans share sale in January

  • Pak-Qatar General Takaful Limited plans to raise up to $1.5 million through initial public offering
  • Institutional investors will get 75% of shares, while the remaining 25% will go to retail investors

KARACHI: Pakistan’s first dedicated non-life Shariah-compliant takaful operator said on Monday it will launch an initial public offering this month, seeking to raise up to Rs 420 million ($1.5 million) as Islamic finance gains traction in the country’s capital markets.

The company, Pak-Qatar General Takaful Limited, said it would issue 30 million shares, with a floor price of Rs 10 and a ceiling price of Rs 14 per share. Institutional investors will receive 75% of the shares on offer, while the remaining 25% will be allocated to retail investors.

“Arif Habib Limited has been mandated by Pak-Qatar General Takaful Limited to act as the consultant and book runner for raising funds through the initial public offering,” it announced in a statement.

The book-building process for the offering will take place on Jan. 21-22, it added, with investor registration opening on Jan. 16, while public subscriptions are scheduled for Jan. 28-29.

The offering follows the recent listing of Pak-Qatar Family Takaful Limited, which raised Rs 901 million ($3.23 million) last month in Pakistan’s first Islamic insurance sector IPO, an issue that was oversubscribed several times.

Proceeds from the IPO will be used to strengthen the company’s capital base and support investments in technology, infrastructure and branch expansion, said the statement.

Pak-Qatar General Takaful Limited is part of Pakistan’s pioneer Islamic financial services group and is backed by Qatar-based financial institutions.


Death toll in Karachi mall fire rises to 73 after two more bodies recovered — rescue service

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Death toll in Karachi mall fire rises to 73 after two more bodies recovered — rescue service

  • Authorities have yet to confirm the cause of the fire at Gul Plaza which housed around 1,200 shops
  • The identification process has been slowed by the condition of the remains recovered from the site

KARACHI: The death toll from a devastating fire at a shopping mall in Pakistan’s largest city of Karachi climbed to 73 on Sunday, the Edhi rescue service said, following the recovery of the remains of two more persons.

The development came as rescuers and volunteers continued to comb through the debris at Gul Plaza, a densely packed commercial complex in the heart of Karachi where a deadly fire erupted on Jan. 17, for remains of the victims.

Over the past week, family members of more than a dozen missing persons have stayed near the destroyed plaza and hospital even after providing their DNA samples for testing, with some relatives also criticizing authorities for the slow pace of rescue efforts.

“The death toll in the Gul Plaza tragedy has reached 73,” the Edhi rescue service said in a statement on Sunday night. “The remains of two more bodies were shifted to the Edhi morgue today.”

There was no official comment on the increase in death toll.

“We have processed 71 sets of remains, of which 20 have been identified,” Chief Police Surgeon Dr. Summaiya Syed said on Friday.

The identification process has been significantly slowed by the condition of the remains recovered from the site, according to Syed. Many bodies were found in fragments, complicating DNA analysis and prolonging the process for families waiting for confirmation.

Authorities have yet to confirm the cause of the fire at the building, which housed around 1,200 shops. Traders say the blaze caused more than $53 million losses.

Fires are common in Karachi’s markets and factories, which are known for their poor infrastructure, but a blaze on such a scale is rare.

The provincial government has announced that it will give Rs10 million ($35,720) to each family of the deceased. All 1,200 shopkeepers will also be compensated.