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Pakistan PM to attend Arab-Islamic Summit meeting on Gaza and Lebanon today

Update Pakistan PM to attend Arab-Islamic Summit meeting on Gaza and Lebanon today
A displaced Palestinian woman walks near tents in the al-Bureij refugee camp in the central Gaza Strip on November 10, 2024, amid the ongoing war between Israel and the Hamas group. (AFP)
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Updated 11 November 2024
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Pakistan PM to attend Arab-Islamic Summit meeting on Gaza and Lebanon today

Pakistan PM to attend Arab-Islamic Summit meeting on Gaza and Lebanon today
  • PM Sharif to meet Muslim World League secretary-general, Saudi investment minister on sidelines of summit
  • Pakistan has consistently criticized Israel for killing over 43,000 Palestinians in Gaza since October last year
Updated 11 November 2024
SAIMA SHABBIR
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ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif will participate in the extraordinary Arab–Islamic summit meeting between the Arab League and the Organization of Islamic Cooperation (OIC) scheduled to be held today, Monday, in the Saudi capital Riyadh to discuss Israel’s ongoing wars in Gaza, Lebanon and escalating tensions in the Middle East. 
Sharif arrived in Riyadh on Sunday night to join various Muslim leaders in the Saudi capital who will attend the summit. Israel has waged war in Gaza since October last year, killing over 43,000 people and rendering the strip of land almost uninhabitable. Last month, it also invaded Lebanon, killing 3,000 people there since.
“Prime Minister Muhammad Shehbaz Sharif will attend the extraordinary summit meeting of the Arab-Islamic countries today,” a statement from Sharif’s office said. 
It added that the prime minister is expected to meet Saudi Arabia’s investment minister and the secretary-general of the Muslim World League on the sidelines of the summit. 




In this handout photo, taken and released by Pakistan’s Press Information Department on November 11, 2024, Pakistan Prime Minister Shehbaz Sharif speaks during a meeting with Saudi Arabia’s Deputy Governor of Riyadh Region Prince Mohammed bin Abdulrahman bin Abdulaziz at the Royal terminal of Riyadh International Airport in Riyad on November 10, 2024, ahead of the Arab–Islamic summit in Saudi capital to discuss Israel's ongoing wars in Gaza, Lebanon and the Middle East situation. (Photo courtesy: PMO)

The summit today will be a follow-up to the Joint Arab-Islamic Extraordinary Summit held in November 2023 in Riyadh, according to the Pakistani foreign ministry. Sharif will reiterate Pakistan’s full support to the Palestinian cause in his address at the gathering.
On Sunday, Pakistan’s Deputy Prime Minister and Foreign Minister, Ishaq Dar, attended a meeting of the OIC’s Council of Foreign Ministers (CFM) in Riyadh, wherein he called on the world to hold Israel accountable for its “war crimes” in Gaza.
“[Dar] expressed alarm at Israeli adventurism in the Middle East that is endangering peace and security in the region,” the Pakistani foreign ministry said in a statement. “[He] called on the international community to bring an end to Gaza genocide.”
Pakistan does not recognize nor have diplomatic relations with Israel and calls for an independent Palestinian state based on “internationally agreed parameters.”
Islamabad has also dispatched more than 1,300 tons of relief goods for Gaza and Lebanon, besides establishing the ‘Prime Minister’s Relief Fund for Gaza and Lebanon’ that aims to collect public donations for the war-affected people.
After attending the summit on Monday, the Pakistani prime minister will visit Baku, Azerbaijan on Tuesday to participate in a two-day World Leaders Climate Action Summit being held as part of the 29th UN Climate Change Conference.
“The prime minister will make a robust call for climate solidarity and climate justice, based on the established principles of equity,” state broadcaster Radio Pakistan reported.

Topics: Arab-Islamic summit War on Gaza

Combatting smog, air pollution at center of discussions as Punjab chief minister visits China

Combatting smog, air pollution at center of discussions as Punjab chief minister visits China
Updated 18 sec ago
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Combatting smog, air pollution at center of discussions as Punjab chief minister visits China

Combatting smog, air pollution at center of discussions as Punjab chief minister visits China
  • CM Maryam Nawaz Sharif on China visit from Dec. 8-15, meets China’s Ecology and Environment Minister 
  • Almost two million people from Pakistan fell sick when smog choked Punjab for over two weeks last month
Updated 18 sec ago
Hasaan Ali Khan

ISLAMABAD: Combatting smog and air pollution has remained at the center of discussions this week as the chief minister of Pakistan’s most populous Punjab province, Maryam Nawaz Sharif, visits China on a week-long trip.

Smog had choked Pakistan’s eastern Punjab province for weeks last month, sickening nearly two million people and shrouding vast swathes of the province in a toxic haze. 

On Thursday, Lahore, the capital of Punjab, was listed as the world’s third most polluted city by Swiss air monitor IQAir, and its PM2.5 concentration, which comprises air particles that damage lungs, was 20.5 times the World Health Organization annual guideline value. Last month, the province had closed down schools and offices, banned outdoor activities and shortened timings for restaurants, shops and markets in a bid to control smog.

China has taken significant steps to combat its worsening air quality, declaring a “war on pollution” in 2015. Key measures include reducing coal consumption, increasing renewable energy capacity, and improving air quality monitoring systems. However, the Helsinki-based Center for Research on Energy and Clean Air (CREA) said last month in its annual assessment China’s emissions of carbon dioxide were on course to rise slightly this year, despite rapid progress on renewables and electric vehicles, putting a key 2025 climate target further out of reach.

“China is also a miracle in curbing pollution, smog mitigation, smog eradication and the steps that China has taken is not only an inspiration for us to learn from but also commend them,” CM Sharif said in televised comments during a meeting with Chinese Ecology and Environment Minister Huang Runqiu on Wednesday. 

“I am also completely and absolutely committed to making Punjab into a climate resilient Punjab.”

Briefing Chinese officials on Pakistan’s short-, medium- and long-term plans to combat air pollution, Sharif said:

“There is a complete plan that is in place which is environment conservation, biodiversity conservation, sustainable development and, most critical areas where we are working on daily basis, is air pollution, improving air quality standards and eradicating smog.”

Sharif said Pakistan would adopt the Chinese model of shifting industries out of cities to give people cleaner air to breathe.

Earlier this week, Sharif’s office said Punjab would develop an advanced air quality management system with the help of China and had set up a Beijing-Punjab Clean Air Joint Working Group.

“I suggest we form a working group where we can sit together on taking some tangible measures for smog mitigation, smog eradication and improving the air quality in Pakistan,” Sharif added. “We can exchange technologies, ideas, success stories and follow in China’s footsteps.”

She urged the working group to adopt a knowledge sharing policy regarding policy formulation, technology transfer, data, sharing, emission reduction strategies and e-transport.

On Thursday, the Punjab CM also invited a Chinese solar company to establish a manufacturing plan in Pakistan during her visit to the Jinko Solar Company in Shanghai, state broadcaster Radio Pakistan reported.

“The CM directed the concerned authorities of Punjab government to take necessary steps for setting up the solar manufacturing plant in the province,” the report said.

Topics: Pakistan China Ties Maryam Nawaz Sharif

Pakistan’s second consignment of flood relief items for Malaysia arrives in Kuala Lumpur

Pakistan’s second consignment of flood relief items for Malaysia arrives in Kuala Lumpur
Updated 12 December 2024
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Pakistan’s second consignment of flood relief items for Malaysia arrives in Kuala Lumpur

Pakistan’s second consignment of flood relief items for Malaysia arrives in Kuala Lumpur
  • Pakistan dispatched 40 tons of essential items such as lifejackets, tents, blankets and sleeping bags
  • Torrential rains and floods in Malaysia and Thailand this month killed at least 30, displaced thousands
Updated 12 December 2024
Shahjahan Khurram

ISLAMABAD: Pakistan’s second consignment of humanitarian assistance for the flood-hit people of Malaysia arrived in Kuala Lumpur on Thursday, the National Disaster Management Authority (NDMA) said. 

Pakistan dispatched a consignment of 40 tons of relief items from Islamabad on Wednesday night for the flood-hit people of Malaysia. Torrential rains and floods killed over 30 in Malaysia and Thailand and displaced tens of thousands in the two countries this month. 

“Upon arrival, the consignment was received by representatives of the Pakistan Embassy in Malaysia and the Malaysian National Disaster Management Agency (NADMA),” the NDMA said. 

It said the consignment featured essential supplies such as tents, blankets, quilts, mats, sleeping bags and life jackets.

The anti-disaster authority said it remains steadfast in its commitment to providing humanitarian assistance to Malaysia’s flood affectees. 

Pakistan sent its first shipment of 40 tons of relief items to Malaysia on Dec. 8.

Pakistan is one of the worst affected countries due to climate change impact, suffering cataclysmic floods in 2022 that killed over 1,700 people and destroyed critical infrastructure inflicting losses worth Rs33 billion.

Topics: Pakistan Malaysia ties Flood in Malaysia

Polio officer in northwestern Pakistan says receiving deaths threats for vaccinating children

Polio officer in northwestern Pakistan says receiving deaths threats for vaccinating children
Updated 30 min 54 sec ago
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Polio officer in northwestern Pakistan says receiving deaths threats for vaccinating children

Polio officer in northwestern Pakistan says receiving deaths threats for vaccinating children
  • Mirzali Khan, a polio officer in Jamrud, says masked men threatened to shoot him if he continued vaccinating children
  • Pakistan has witnessed surge in polio cases and attacks on vaccinators in recent months by religiously motivated militants
Updated 30 min 54 sec ago
WASIM SAJJAD

PESHAWAR: A polio officer from Pakistan’s northwestern Jamrud town said on Thursday that unidentified armed men recently threatened to shoot him dead if he did not stop vaccinating children, amid a surge in polio infections and attacks on vaccinators in the country.

Religiously motivated militants, including the Tehreek-e-Taliban Pakistan, have frequently launched attacks on polio vaccination teams in Pakistan in the past. These groups accuse polio vaccination teams of using inoculation campaigns to sterilize Pakistani children based on a Western conspiracy.

Two policemen guarding a polio vaccination team were killed on Oct. 29 in the northwestern Orakzai district while in another attack, a polio worker and a police constable were killed when militants attacked a polio team in northwest Pakistan’s Bajaur district on Oct. 12.

“On Dec. 7, I was on the way in Gudar area when two masked men, one of whom was carrying a pistol, intercepted and told me what I was doing was improper and I should stop it,” Mirzali Khan, the operational officer in Jamrud for Pakistan’s anti-polio program, told Arab News over the phone.

Khan said the masked men threatened to shoot him if he “continued vaccinating children,” adding that he had immediately registered a police complaint at the nearby police station.

Khan said the incident had left him depressed, saying that he wanted safety and security for his family.

Jamrud Police Station’s Station House Officer (SHO) Shah Khalid confirmed that Khan had filed a complaint over the incident.

“The details were processed to the Counter-Terrorism Department (CTD) for further details to look into the matter,” Khalild told Arab News.

Ihtisham Ali, adviser to the Khyber Pakhtunkhwa chief minister on health, told Arab News several polio volunteers and police officials guarding them have been killed by militants during anti-polio campaigns in the past.

He said the government plays its role in ensuring the safety of polio volunteers and that their safety was the provincial government’s top priority. 

“We will tackle the case with concerned authorities after investigation,” Ali said.

Pakistan, along with neighboring Afghanistan, remains the last polio-endemic country in the world. It has so far reported 59 cases of the infection this year.

Pakistan’s efforts to contain polio have been hit hard with repeated militant attacks against vaccinators and law enforcers guarding them.

The masses’ doubts regarding polio campaigns were exacerbated in 2011 when the US Central Intelligence Agency set up a fake vaccination program to gather intelligence on former Al-Qaeda chief Osama bin Laden.

Topics: anti-polio program Attack on polio team Polio Campaign attacked polio campaign in Pakistan

Pakistan hosts Islamic Capital Markets Conference in push to make financial system Shariah-compliant

Pakistan hosts Islamic Capital Markets Conference in push to make financial system Shariah-compliant
Updated 12 December 2024
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Pakistan hosts Islamic Capital Markets Conference in push to make financial system Shariah-compliant

Pakistan hosts Islamic Capital Markets Conference in push to make financial system Shariah-compliant
  • Islamic Capital Markets promote Shariah-compliant securities and instruments as alternatives to conventional ones
  • Finance minister says 56 percent of market capitalization at the Pakistan Stock Exchange comprises Shariah-compliant securities
Updated 12 December 2024
SAIMA SHABBIR

ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb highlighted the importance of Islamic capital markets in helping the country remain on the road to economic stability, as the South Asian nation hosted the second International Islamic Capital Markets Conference & Expo in Karachi on Thursday. 

Islamic Capital Markets are a sub-sector of capital markets that promote Shariah-compliant securities and instruments as alternatives to conventional ones.

The minister was addressing the inaugural session of the conference that opened on Thursday in Karachi, Pakistan’s financial hub, where senior officials such as Dr. Sami Al-Suwailem, acting director general of the Islamic Development Bank Institute, Akif Saeed, chairman of the Securities Exchange Commission of Pakistan, Saleemullah, deputy governor of the State Bank of Pakistan, and other senior delegates were in attendance. 

The minister noted that Islamic finance, specifically Islamic capital markets, can play a pivotal role in Pakistan’s economic progress as instruments such as sukuk, equity funds, and Shariah-compliant investment vehicles not only attracted investment but also reduced reliance on interest-based borrowing.

“In his keynote address to the session, the finance minister described the conference as reflective of Pakistan’s growing commitment to fostering a robust Islamic capital market, highlighting the country’s dedication to transforming its financial ecosystem in line with Shariah principles,” Pakistan’s Finance Division said in a press release. 

 Aurangzeb revealed that as of June 30, 2024, 56 percent of market capitalization at the Pakistan Stock Exchange comprises Shariah-compliant securities.

“In the collective investment segment, 48 percent of assets under management of mutual funds, 66 percent of assets under management of voluntary pension funds, and 95 percent of assets under management of REITs are already Shariah-compliant,” the press release said.

“These statistics deflect the progress that we have made over a year.”

 Aurangzeb said that a growing interest in Shariah-compliant investment products was a testament to the increasing global demand for ethical and sustainable financial solutions. 

“The steady and healthy growth of Islamic finance, both in Pakistan and internationally, reflects the shifting preferences of investors toward value-based financial systems,” he said.

The minister noted that the full realization of Islamic finance’s potential was not possible without the collaborative efforts of scholars, financial institutions, regulatory bodies, and industry practitioners. 

They, he said, can address existing challenges, develop innovative Shariah-compliant financial products and build public trust. 

“We must ensure that Islamic finance is not only rooted in Shariah principles but also practical, transparent, and capable of meeting the evolving needs of our people,” Aurangzeb said.

Topics: Pakistan economy Islamic Capital Markets Finance Minister Muhammad Aurangzeb

Pakistan stocks smash 113,000 mark on strong performance by energy, fertilizer sectors

Pakistan stocks smash 113,000 mark on strong performance by energy, fertilizer sectors
Updated 12 December 2024
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Pakistan stocks smash 113,000 mark on strong performance by energy, fertilizer sectors

Pakistan stocks smash 113,000 mark on strong performance by energy, fertilizer sectors
  • KSE-100 index climbed 2784.61, or 2.51 percent, to stand at 113,594.82 points at 2:48pm
  • Investors confident of significant interest rate cut at next monetary policy meeting on Dec. 16
Updated 12 December 2024
Hasaan Ali Khan

ISLAMABAD: Pakistani stocks continued their record-breaking streak on Thursday, crossing the 113,000-point mark for the first time during intra-day trading, with the strong performance of energy and fertilizer shares contributing to the gains. 

The benchmark KSE-100 index climbed 2784.61, or 2.51 percent, to stand at 113,594.82 points at 2:48 pm, from the previous close of 110,810.21 points. 

“Lower T-Bill yields, leading up to next week’s monetary policy, are driving investor enthusiasm,” Head of Equities at Intermarket Securities Raza Jafri told Arab News. “Index heavyweight energy and fertilizer contribute most to today’s rise.”

Arif Habib Corporation Chief Executive Officer Ahsan Mehanti attributed the record-breaking streak to surging global crude oil prices, upbeat Pakistan Oil Fields sales, car sales, cement dispatches data for November 2024 and the Asian Development Bank raising the growth forecast to three percent for FY25.

“These factors played the role of a catalyst in the record surge,” he told Arab News. “Stocks showed record bullish activity after government bonds yields fell by up to 100bps in the State Bank of Pakistan auction expected to bring significant policy easing next week.”

Stocks have been performing well this week on the back of investor confidence of a significant interest rate cut by the central bank at the next monetary policy meeting on Dec. 16.

Pakistan’s central bank has already slashed interest rates by 700 basis points (bps) in four consecutive meetings since June, bringing it to 15 percent.

According to a poll by Topline Securities, 71 percent of participants expect the central bank to announce a minimum rate cut of 200bps next week. 

Pakistan’s annual consumer inflation also slowed to 4.9 percent in November, lower than the government’s forecast and the lowest in nearly six years. This is down from 38 percent last year.

Trade data released by the Pakistan Bureau of Statistics also supports positive investor sentiment as the trade deficit narrowed by 7.39 percent during the first five months (July-November) of the current fiscal year, standing at $8.651 billion, compared to $9.341 billion during the same period last year.

Exports rose by 12.57 percent to hit $13.69 billion, while imports increased by 3.90 percent to $22.342 billion during this period. November’s trade deficit narrowed even further, dropping by 18.60 percent year-on-year to $1.589 billion compared to $1.952 billion in November 2023.

Topics: Pakistan Pakistan Stock Exchange trade

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