Sindh regulator gives Karachi builders three days to fix fire risks after mall inferno

A firefighter works next to the smoldering remains, following a massive fire that broke out in the Gul Plaza Shopping Mall in Karachi, Pakistan, January 19, 2026. (REUTERS)
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Updated 21 January 2026
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Sindh regulator gives Karachi builders three days to fix fire risks after mall inferno

  • Sindh Building Control Authority issues the warning after Gul Plaza fire death toll rises to 28
  • The building regulator partially closes an adjacent mall after damage caused by falling debris

KARACHI: Sindh’s building regulator on Tuesday gave owners and builders three days to address fire safety deficiencies in commercial and residential buildings, after a devastating blaze at a multistory shopping plaza in Karachi killed at least 28 people, with dozens still unaccounted for.

The Sindh Building Control Authority (SBCA) issued the ultimatum in a letter to the Association of Builders and Developers (ABAD), a leading body representing construction firms, citing fire safety audit reports by the Karachi Metropolitan Corporation and warning that failure to comply would trigger legal action under provincial building laws.

The move comes as rescue teams continue to search the wreckage of Gul Plaza, where a fire broke out late on Saturday and burned for more than 24 hours before being brought under control.

Large sections of the building collapsed during the blaze, complicating rescue efforts and forcing authorities to deploy heavy machinery to clear debris. Officials say dozens of people, mostly shop owners and customers, remain missing.

“Since SBCA will not be able to achieve the desired objectives [of strengthening fire protection mechanisms] without the cooperation of your members in this matter, you are therefore requested to direct your members to immediately comply with the fire safety deficiencies highlighted in the audit reports within three (03) days, as this is an urgent matter requiring immediate compliance,” the authority said in the letter shared by Karachi Mayor Murtaza Wahab on social media.

Rescuers recovered five more bodies on Tuesday, taking the confirmed death toll to 28, while DNA testing is being used to identify victims burned beyond recognition, police and medical officials said.

The SBCA has also issued a separate notice declaring Rimpa Plaza, another commercial building in the city’s District South, unsafe after damage caused by falling debris during the Gul Plaza fire. Authorities ordered its partial closure until repairs and structural strengthening are carried out under expert supervision.

Karachi, Pakistan’s largest city and commercial hub, has a long history of deadly fires, often blamed on poor safety standards, illegal construction and weak enforcement.

In November 2023, a shopping mall fire killed 10 people, while one of the country’s deadliest industrial disasters occurred in 2012, when a blaze at a garment factory killed at least 260 workers.

Provincial officials say inspections and enforcement will be stepped up in the coming days, but safety advocates argue lasting change will depend on sustained oversight and accountability beyond emergency directives.


Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times

Updated 22 January 2026
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Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times

  • Pak-Qatar General Takaful Limited offered 30 million shares to investors with ceiling price of Rs14 per share
  • Company says IPO proceeds will be used for investments in software, infrastructure, setting up new branches

ISLAMABAD: Pakistan’s first non-life Shariah-compliant takaful operator announced on Thursday that its initial public offering (IPO) was oversubscribed 21 times at the country’s stock exchange, saying the development reflected strong investor confidence in the Islamic insurance system. 

The Pak-Qatar General Takaful Limited said earlier this month 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 percent of the shares on offer, while the remaining 25 percent will be allocated to retail investors, it added. 

“Pak-Qatar General Takaful Limited’s (PQGTL) IPO book-building has concluded with a historic oversubscription of [21x] times, marking the first-ever IPO of a dedicated General Takaful company at PSX,” the company said in a statement. 

It said investors responded “strongly” as the strike price closed at Rs 14 per share, compared to the floor price of Rs 10. Total demand reached Rs 4.74 billion [$17 million].

The company said successful bidders will be provisionally allotted 22.5 million shares while the remaining 7.5 million shares will be offered to retail investors on Jan. 28-29. 

Shahid Ali Habib, CEO of Arif Habib Ltd., which was the lead manager for the IPO, said that country’s first-ever IPO of any dedicated general takaful company, has made a historic debut at PSX.

Habib said this reflects investor confidence in Pakistan’s fast-growing takaful sector and PQGTL’s strong market position.

The statement further said proceeds from the IPO will be utilized to fund strategic initiatives, such as investments in software and other intangible assets, hardware and infrastructure, marketing and brand development and human resource enhancement. 

Proceeds will also be used to establish new branches and transform existing ones to improve operational efficiency and customer experience, it added. 

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