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Pakistan regulator unveils new measures to strengthen Shariah-compliant market intermediaries

Pakistan regulator unveils new measures to strengthen Shariah-compliant market intermediaries
This photo taken on July 17, 2018 shows a Pakistani currency dealer counting US dollars banknotes at a currency exchange shop in Karachi. (AFP/File)
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Updated 20 May 2025
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Pakistan regulator unveils new measures to strengthen Shariah-compliant market intermediaries

Pakistan regulator unveils new measures to strengthen Shariah-compliant market intermediaries
  • SECP has outlined phased approach encouraging institutional investors to engage with Shariah-compliant brokers
  • Islamic financial institutions being urged to channel takaful, investment activities through specialized intermediaries
Updated 20 May 2025
Ismail Dilawar
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KARACHI: The Securities and Exchange Commission of Pakistan (SECP) is proposing new measures aimed at strengthening the presence and operations of Shariah-compliant intermediaries within the capital market, the regulator said in a statement this week.

Pakistan’s Federal Shariat Court (FSC) directed the government in April 2022 to eliminate interest and align the country’s entire banking system with Islamic principles by 2027. Following the order, the government and the State Bank have taken several measures ranging from changing laws to issuing sukuk bonds to replace interest-based treasury bills and investment bonds.

However, documents seen by Arab News earlier this year showed Pakistan’s government had failed to achieve a target set by the central bank to increase the share of Islamic banking deposits in the country by 50 percent by January this year.

“The paper proposes a phase-wise approach for Shariah-compliant institutional investors to route their business through Shariah-compliant brokers based on a plan to be prepared by their respective boards of directors,” the SECP said about the latest proposal. 

“The paper encourages Islamic financial institutions, including providers of Islamic window services, to utilize Shariah-compliant intermediaries for takaful and investment purposes in situations where they are not obligated to do so.”
 
Other proposed measures include creating a specific category for Shariah-compliant intermediaries for greater visibility on the Centralized Gateway Portal and a dedicated list of Shariah-compliant asset management companies on EMLAAK Financials, Pakistan’s first digital mutual fund aggregator. The platform brings together multiple Asset Management Companies (AMCs) and their mutual funds under one roof. It is a venture of ITMinds Limited, a wholly owned subsidiary of the Central Depository Company of Pakistan (CDC).

In order to facilitate Roshan Digital Account (RDA) clients, creating a separate category of Shariah-compliant intermediaries on the websites and mobile apps of Islamic banks would also be explored in coordination with relevant stakeholders, the SECP said.

Topics: #pakistan Securities and Exchange Commission of Pakistan Federal Shariat Court

Pakistan’s climate minister orders action over black bear killing in northern region

Pakistan’s climate minister orders action over black bear killing in northern region
Updated 12 July 2025
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Pakistan’s climate minister orders action over black bear killing in northern region

Pakistan’s climate minister orders action over black bear killing in northern region
  • Video of the incident shows men pushing an unconscious bear down a rocky slope
  • Dr. Musadik Malik calls such acts of violence against wildlife ‘utterly unacceptable’
Updated 12 July 2025
Arab News Pakistan

ISLAMABAD: Federal Minister for Climate Change Dr. Musadik Malik on Saturday ordered strict action against a group of people who killed a black bear in the northern region of Gilgit-Baltistan, according to an official statement, saying such brutality cannot be overlooked under any circumstances.

A video of the incident circulating on social media shows three individuals pushing the unconscious bear down a rocky mountainside. Authorities have already lodged a police complaint and are working with the local community to ensure the accused are brought to justice.

“Such acts of violence against wildlife are utterly unacceptable and will not be allowed to continue under any circumstances,” an official statement quoted Malik as saying.

This screengrab from a viral video shows a Himalayan black bear being thrown off a cliff after reportedly being tortured and killed in Gilgit-Baltistan, Pakistan. (APP/Screengrab)

It added he had “directed the Wildlife Management Boards to take strict and immediate action against those responsible.”

The minister also stressed his commitment to protecting Pakistan’s wildlife and enforcing conservation laws across all regions, adding that community engagement was critical to prevent such incidents.

Acts of animal cruelty are not rare in Pakistan. In June 2024, a landlord in Sanghar district, Sindh, ordered the brutal amputation of a camel’s leg for straying into his fields. Days later, another mutilated camel was found dead in the region with its legs amputated.

Animal rights activists have also condemned practices like bear dancing, where the animals are trained by being forced to stand on hot metal plates, and bear baiting, a blood sport in which the chained bear is attacked by dogs for public spectacle.

Though officially banned, both practices have been reported in parts of the country over the years.

Topics: animal cruelty Gilgit Baltistan black bear

Pakistan PM defends tough structural reforms, says country can’t afford ‘business as usual’

Pakistan PM defends tough structural reforms, says country can’t afford ‘business as usual’
Updated 12 July 2025
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Pakistan PM defends tough structural reforms, says country can’t afford ‘business as usual’

Pakistan PM defends tough structural reforms, says country can’t afford ‘business as usual’
  • Shehbaz Sharif describes Pakistan’s economic stabilization efforts as ‘a long and thorny journey’
  • He says merit is central to his governance model as his administration works to fix the economy
Updated 12 July 2025
Muhammad Ibrahim

ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday strongly defended his government’s structural reform agenda, particularly in tax administration, saying that difficult and often unpopular decisions were necessary to rebuild national institutions, as the country could no longer afford “business as usual.”

Speaking at an orientation session for participants of the Uraan Pakistan youth program, Sharif recalled the fragile economic conditions he inherited after assuming power following last year’s general elections.

He noted that Pakistan had narrowly avoided a sovereign default in mid-2023, when inflation surged to nearly 38 percent, before securing a critical bailout package from the International Monetary Fund (IMF).

The prime minister said his administration took on the “onerous task” of stabilizing the economy under immense pressure, choosing to pursue long-delayed reforms rather than temporary fixes.

“Pakistan had to undertake these long-overdue, deep structural changes if we had to find our lost place in the comity of nations through hard and untiring efforts,” he said.

Sharif pointed to a set of key reforms aligned with IMF recommendations, including the digitization of the Federal Board of Revenue (FBR).

He noted the transition from paper-based tax systems to digital and AI-led processes was already bearing fruit.

“Faceless interactions — these terminologies were unknown in FBR,” he said, adding that one previously underperforming sector saw its tax contribution rise from Rs12 billion to over Rs50 billion within a year due to improved enforcement.

The prime minister said his administration had prioritized accountability, removing senior FBR officials accused of corruption and resisting political pressure in doing so.

“It’s a long and thorny journey,” he continued. “We are facing bumps on the way and mountain-like impediments. But I can assure you, we will not shy away from discharging our responsibility.”

Sharif maintained that merit would remain the cornerstone of his governance model.

“Delivery is the name of the game,” he said. “Performance is the name of the game.”

Topics: Uraan Pakistan Pakistan Prime Minister Shehbaz Sharif

Pakistan won’t send hockey teams to India — official sources

Pakistan won’t send hockey teams to India — official sources
Updated 12 July 2025
AFP
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Pakistan won’t send hockey teams to India — official sources

Pakistan won’t send hockey teams to India — official sources
  • The two nuclear-armed states had a four-day military standoff in May that left 70 people dead
  • Pakistan’s refusal to participate in the Asia Cup can cost the team a place in next year’s World Cup
Updated 12 July 2025
AFP

KARACHI: Pakistan will not travel to India for upcoming hockey tournaments over “security” concerns, government sources told AFP on Saturday, potentially jeopardizing their place in next year’s World Cup.

The nuclear-armed neighbors traded the worst violence in decades during a four-day conflict in May that killed 70 people.

Pakistan was due to participate in the Men’s Asia Cup for field hockey to be hosted by India in August and September, for which the federation had sought the government’s clearance.

“After the recent war the security and safety of our hockey players will be at risk,” said a sports ministry source, who asked not to be identified.

Pakistan will also not participate in the Junior World Cup in India in November, the source said.

Once a force in international hockey, with three Olympic gold medals and four world titles, Pakistan has slumped to 15th in the rankings.

Not featuring in the Asia Cup will likely cost Pakistan a place in next year’s senior World Cup to be held in the Netherlands and Belgium.

A second government source also confirmed the decision to AFP.

Pakistan’s foreign office has not responded to AFP’s request for comment.

India stalled all bilateral sporting ties with Pakistan in the wake of the 2008 Mumbai attacks, which it blamed on militants based across the border.

Cricket has been the most affected sport, with the two countries only meeting each other in multinational events abroad.

India refused to visit Pakistan this year when it hosted the Champions Trophy, forcing the final to be staged on neutral ground in Dubai.

In a tit-for-tat move, Pakistan will also not send its women’s cricket team to India for the 50-over World Cup later this year and the T20 World Cup in 2026.

They agreed instead to play their matches in Sri Lanka.

Pakistan’s hockey team last toured India for the 2023 Asian Champions Trophy, finishing fifth among six teams.

Topics: Pakistan vs India Pakistan Hockey Pakistan hockey team Pakistan India Ties

Pakistan seeks closer security ties with Bahrain to curb drugs, human smuggling

Pakistan seeks closer security ties with Bahrain to curb drugs, human smuggling
Updated 12 July 2025
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Pakistan seeks closer security ties with Bahrain to curb drugs, human smuggling

Pakistan seeks closer security ties with Bahrain to curb drugs, human smuggling
  • Both countries share a longstanding partnership spanning diplomacy, security and people-to-people ties
  • Mohsin Naqvi emphasizes enhanced cooperation in counterterrorism during his visit to the Gulf country
Updated 12 July 2025
Arab News Pakistan

ISLAMABAD: Pakistan’s Interior Minister Mohsin Naqvi on Saturday called for deeper cooperation with Bahrain to combat narcotics trafficking and human smuggling, as both countries reaffirmed their commitment to strengthening bilateral security ties during his official visit to the Gulf state.

Pakistan and Bahrain share a longstanding relationship encompassing diplomacy, security, economic exchange and people-to-people links. Since the establishment of diplomatic ties in 1971, the two nations have developed close political and military cooperation, including defense training, joint security initiatives and regular high-level engagements.

In recent years, with rising concerns over drug trafficking and human smuggling, both countries have intensified efforts to coordinate through formal channels to facilitate intelligence sharing and law enforcement collaboration.

“Enhanced cooperation between the interior ministries of Pakistan and Bahrain to counter narcotics and human smuggling is the need of the hour,” Naqvi said, according to an official statement issued after his meeting with his Bahraini counterpart, General Shaikh Rashid bin Abdullah Al Khalifa.

The ministers discussed issues of mutual interest and emphasized the importance of strengthening bilateral cooperation in counterterrorism.

The discussion also emphasized the need to enhance the effectiveness of the Pakistan–Bahrain Joint Security Committee, a formal mechanism for coordinating on counterterrorism and related issues, while exploring ways to jointly address broader regional and global security challenges.

Bahrain’s interior minister welcomed the visit as an opportunity to deepen existing ties, describing the security cooperation and coordination between the two countries as “valued and constructive.”

He also expressed appreciation for Pakistan’s continued engagement across a range of sectors, with particular emphasis on security.

Topics: Pakistan Bahrain Ties Interior Minister Mohsin Naqvi

Ex-PM Khan aides rally to Lahore to discuss party’s strategy, upcoming protest movement

Ex-PM Khan aides rally to Lahore to discuss party’s strategy, upcoming protest movement
Updated 12 July 2025
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Ex-PM Khan aides rally to Lahore to discuss party’s strategy, upcoming protest movement

Ex-PM Khan aides rally to Lahore to discuss party’s strategy, upcoming protest movement
  • The development comes days after Punjab Assembly speaker suspended 26 PTI Punjab lawmakers for 15 sittings following a ruckus in House
  • Last week, the party announced it would launch a nationwide protest movement against the government after the Islamic month of Muharram
Updated 12 July 2025
Muhammad Ibrahim

ISLAMABAD: Former prime minister Imran Khan’s top aides left for the eastern city of Lahore from the northwestern Khyber Pakhtunkhwa (KP) province and other parts to discuss the party’s political strategy and shape its protest movement against the government.

The development comes days after PTI provincial lawmakers protested in the Punjab Assembly during Chief Minister Maryam Nawaz Sharif’s speech on June 27, wherein she highlighted her government’s achievements and budget priorities, prompting the speaker to suspend 26 PTI members of the provincial assembly (MPAs) for 15 sessions.

However, members of the PTI, which plans to launch an anti-government protest movement later this month, maintained on their way to Lahore that the objective of their gathering in the eastern city was to express solidarity with the party’s suspended lawmakers, shape their future strategy and discuss matters relating to their upcoming movement.

“We have to take this [movement] up to the maximum till August 5 and for that, this is our first meeting being held in Lahore,” Ali Amin Gandapur, the KP chief minister and a top Khan aide, told reporters in Jhelum.

Gandapur didn’t offer further details and said their future course of action will be shared in due course.

Gohar Khan, another senior PTI member, said they had informed the Punjab government about their meeting in Lahore through a formal letter.

“We will go there today, and tomorrow brief discussion will take place there. But this is not a rally, we are going for a meeting,” he said. “Our 26 parliamentarians, MPAs, have been suspended... and we have summoned a parliamentary party meeting over there to finalize a future strategy.”

The PTI last week announced it would launch a nationwide protest movement against the government after the Islamic month of Muharram, days after Pakistan’s top court denied the party reserved parliamentary seats for minorities and women.

The party has frequently held protests in recent years, demanding a probe into Feb. 2024 election results and the release of Khan, who has been jailed for nearly two years. Pakistani authorities deny the allegations and accuse the ex-premier and his party of leading violent anti-government protests in the past, particularly in May 2023 and Nov. 2024.

The PTI announced the latest round of protests after the Supreme Court’s constitutional bench on June 27 ruled that the party was not entitled to reserved seats in the national and provincial assemblies, upholding an earlier verdict by the Peshawar High Court. The dispute arose after the PTI lost its electoral symbol ahead of the February 8, 2024 national polls and its candidates contested as independents.

Despite PTI-backed candidates winning the most general seats, the party was denied reserved seats for women and minorities, which are allocated to political parties based on proportional representation, by the Election Commission of Pakistan (ECP).

Topics: Imran Khan Pakistan Tehreek-e-Insaf (PTI) party

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