KARACHI: US tech firm Spectreco LLC and AlBaraka Forum, a Saudi think-tank, would launch an Environmental, Social and Governance (ESG) Index in June to develop a robust benchmark for sustainable investments that align with the Islamic law and global regulations, the Spectreco chief executive officer told Arab News.
The two partners announced the launch of the Artificial Intelligence-led Shariah-compliant ESG index at the 45th AlBaraka Islamic Economics Symposium which was held last week in the Saudi city of Madinah.
“The actual launch of this index will happen in Istanbul in June,” said Faraz Khan, the winner of UK’s prestigious Order of the British Empire who was born in Pakistan’s southwestern city of Quetta.
“In the next three to five years, we hope to make this index [will be] the most widely used index in the MENA [Middle East and North Africa] region, starting with Saudi Arabia and led by it.”
The index is designed to be a “game changer” and a smart, technology-driven solution that will integrate the faith-based financial system with global ESG regulations. It will have the fundamentals of both the global ESG regulations and Shariah-compliant financial systems, and will be binding them through technology, according to Khan.
Spectreco and AlBaraka are currently looking for users, asset managers, banks and funds for the index that would help the Islamic economy and the wider world to integrate in a more value proposition-oriented way. The initiative would serve stakeholders, including investors, regulators and Islamic finance institutions seeking to align faith-based investment practices with modern sustainability goals, as the reporting of their compliance with ESG regulations is becoming mandatory for companies from Europe, the United Kingdom, Asia Pacific, and parts of North America.
“Now your trade and FDI both have embedded the sustainability and ESG and carbon footprint mechanisms across their space,” Khan told Arab News in an interview.
He said Islamic economies from the Middle East and North Africa region, including Qatar, the United Arab Emirates (UAE) and Saudi Arabia, were moving toward mandatory ESG compliance reporting, while Oman had already made it mandatory.
“A huge Islamic economy is moving toward mandatory reporting,” said Khan, whose firm aims to simplify sustainability reporting, compliance and performance tracking across multiple jurisdictions.
Speaking of the leverage his company has over others in terms of entering Saudi Arabia and other gulf markets, Khan said they have a technology that has an end-to-end mechanism and is driven by data, evidence and AI in the space of ESG and sustainability.
“We have on-ground expertise of the built environment and financial services and investor paradigm,” he said.
Yousef Hassan Khalawi, secretary-general at the Albaraka Forum that aims to advance Islamic economy, said the global Islamic economy was attracting more and more people and its size was expected to increase to $7 trillion by 2028.
“This is yet not that number which can represent the capacity of Muslims which are as a population now almost around 25 percent” of the world population, Khalawi told Arab News in a separate interview from Bahrain.
At $2 trillion, he said, the Islamic finance industry is still less than five percent of the global finance industry. He said the Shariah-compliant index would encourage bankers and business developers to develop more products that would meet global sustainability standards.
“It is, it should be a global index which means it should cover banks from Indonesia till Nigeria till even South Africa,” Khalawi said.
Around 65 percent of Islamic banking assets were concentrated in the Gulf Cooperation Council (GCC) region as well as Malaysia, according to the Albaraka official. In Saudi Arabia, the size of retail Islamic banking stood more than 95 percent while the corporate size was over 70 percent.
“Here, you are focusing on the major markets and then the rest of the world will come easier,” he added.
Khalawi called Pakistan a “very important nation,” with one of the “fiercest creators” of the Shariah-compliant economy.
Pakistan’s Islamic banking is growing at more than 20 percent every year and its government is trying to fully make its interest-based financial system Shariah-compliant by Dec. 2027, a deadline set by Pakistan’s Shariah court in April 2022.
“Many initiatives also will come in Pakistan,” Khalawi said. “For sure, we are considering Pakistan, as I said, in every single initiative we have.”
US tech giant joins hands with Saudi think-tank to launch AI-led, Shariah-compliant global ESG Index
https://arab.news/gu494
US tech giant joins hands with Saudi think-tank to launch AI-led, Shariah-compliant global ESG Index
- The new index aims to bridge $2 trillion Islamic economy with global ESG standards, says CEO of US tech firm
- Saudi think-tank Albaraka Forum says the index will help grow the Islamic economy to $7 trillion in three years
Pakistan inaugurates pavilion at GETEX Dubai 2025 to showcase educational potential
- GETEX is considered region’s most established student recruitment platform
- This year annual event is taking place in Dubai from April 30 to May 2
ISLAMABAD: Pakistan’s Consul General in Dubai Hussain Muhammad inaugurated the country’s first-ever pavilion at the Global Education and Training Exhibition (GETEX) 2025 in Dubai on Wednesday to showcase the country’s educational potential, Pakistan’s Consulate General in Dubai said.
GETEX is considered the region’s most established student recruitment platform. This year it is taking place from April 30 to May 2 at the Dubai World Trade Center.
The pavilion was formally inaugurated by Muhammad alongside Dr. Chaudhry Abdul Rehman, the chairman of the Association of Private Sector Universities of Pakistan (APSUP).
“The Global Education and Training Exhibition (GETEX) 2025 is currently underway in Dubai, where, for the first time, a dedicated Pakistan Pavilion has been established, marking a significant milestone in the country’s academic outreach on the global stage,” the Consulate General of Pakistan in Dubai said.
The statement said Dr. Rehman is leading a 35-member delegation of vice chancellors and senior academic leaders from across Pakistan at the event.
Muhammad commended the participation of Pakistan’s private universities at GETEX, noting that their presence reflects the country’s growing academic excellence and innovation.
“He lauded APSUP’s leadership in bringing together a strong delegation and highlighted the importance of showcasing Pakistan’s educational potential in international forums,” the statement said.
During the exhibition, UAE Minister of Tolerance and Coexistence Sheikh Nahayan Mabarak Al Nahyan also visited the Pakistan Pavilion.
“He was warmly received and briefed by Prof. Dr. Rehman and praised the initiative as a valuable step forward in strengthening academic cooperation between the UAE and Pakistan, assuring full support for future engagements,” the Consulate General of Pakistan in Dubai said.
Pakistan and the UAE enjoy cordial ties rooted in shared faith and culture. The UAE is home to over a million Pakistani expatriates — the second-largest overseas Pakistani community globally — and a major source of remittance inflows to Pakistan.
Policymakers in Islamabad view the UAE as an ideal export destination due to its geographic proximity, which lowers freight costs and facilitates smoother trade.
In recent months, the two countries have signed a series of agreements to boost economic ties.
Pakistan urges US to ask India to ‘act responsibly’ amid threat of war
- US Secretary of State Marco Rubio calls Prime Minister Shehbaz Sharif to discuss tensions with India
- Sharif says India’s “deeply worrisome” behavior will distract Pakistan from battling militants based in Afghanistan
ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday urged US Secretary of State Marco Rubio to impress upon New Delhi to “act responsibly” amid fears of a military confrontation breaking out between nuclear-armed neighbors India and Pakistan.
Tensions have surged between the two countries following a deadly attack on tourists in Indian-administered Kashmir on Apr. 22 that New Delhi has said Pakistan was involved in. Islamabad denies the charges and has said it will participate in any credible and transparent investigation of the assault.
Several countries such as China, Saudi Arabia, Iran, UK, US and others have called upon both India and Pakistan to exercise restraint and avoid a military confrontation. Pakistan has vowed to give a “strong” response to any aggression after Indian Prime Minister Narendra Modi gave the military freedom to respond to the Kashmir attack during a closed-door meeting on Tuesday.
Sharif received a call from Rubio during which he offered the American official Pakistan’s perspective on the recent developments after the Apr. 22 attack, the Prime Minister’s Office (PMO) said in a statement.
“He [Sharif] categorically rejected Indian attempts to link Pakistan to the incident and pointed to his call for a transparent, credible, and neutral investigation to bring out the facts,” the PMO said.
“He urged the US to impress upon India to dial down the rhetoric and act responsibly.”
Sharif condemned “terrorism” in all its forms and manifestations and underscored Pakistan’s leading role in the “war against terror,” the statement said.
He described India’s recent behavior as “deeply disappointing and worrisome,” saying it would only serve to distract Pakistan from its ongoing efforts to defeat militants, particularly those based in Afghanistan.
India and Pakistan have fought two out of three wars since 1947 over the issue of the disputed Himalayan territory of Kashmir. Both countries claim Kashmir in full but administer only parts of it.
“The Prime Minister emphasized that peaceful resolution of the Jammu & Kashmir dispute was the only way to ensure lasting peace in South Asia,” the PMO said.
On bilateral cooperation, Sharif told Rubio there were several areas where both sides could cooperate. He cited counterterrorism and enhanced economic cooperation, “particularly the minerals sector.”
“Secretary of State Rubio thanked the Prime Minister for the detailed conversation and emphasized the need for both sides to continue working together for peace and stability in South Asia,” the statement said.
Earlier on Wednesday, fears of a military conflict were reignited when the state-run Pakistan Television (PTV) reported India had carried out “unprovoked” firing in the Kayani and Mandal sectors of the Line of Control on Tuesday night.
The LoC runs 742km (460 miles) dividing the parts of Kashmir governed by India and Pakistan, and acts as part of the de facto border between the two countries.
Small arms were used by the Indian forces, prompting Pakistan to respond, PTV said.
“There are also reports that multiple enemy posts were destroyed by the Pakistan Army’s effective response,” PTV said, naming one of them as the Chakpathra post.
Earlier on Wednesday, the state-run Associated Press of Pakistan reported that a “timely” response by the Pakistan Air Force (PAF) had “forced” four Indian Rafale jets to retreat after payrolling near the two nations’ de facto border.
“On the night of April 29/30, four Indian Rafale jets conducted patrolling within Indian geographical boundaries” near the LoC, APP reported, saying PAF “immediately” detected the jets.
“A timely and swift response by the Pakistan Air Force forced four Indian Rafale jets to retreat … The Pakistani armed forces remain fully prepared and alert to give a befitting response to any aggression from India.”
Pakistan says alert armed forces will respond ‘very strongly’ to any Indian escalation
- Nation will respond to India in a “decisive manner” at time and place of its choosing, says Pakistan deputy premier
- Fears of military conflict have increased after New Delhi blamed Islamabad for attack in Indian-administered Kashmir
ISLAMABAD: Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar warned India on Wednesday that the country’s armed forces are alert and would respond “very strongly” to any escalation by New Delhi, amid fears of an all-out war breaking out between the nuclear-armed neighbors.
Tensions have surged between India and Pakistan following a deadly attack on tourists in Indian-administered Kashmir on Apr. 22 that New Delhi has said Islamabad was involved in. Pakistan denies the charges and has said it will participate in any credible and transparent investigation of the assault.
Fears have risen since that India may retaliate by conducting limited airstrikes or special forces raids near the Line of Control (LoC), which runs 742km (460 miles) dividing the parts of Kashmir governed by India and Pakistan and acts as part of the de facto border between the two countries.
Speaking to reporters at a news conference with Pakistan’s military spokesperson by his side, Dar said the world leaders he has spoken to in the past few days have urged Islamabad to exercise restraint.
“I have been making it very clear on behalf of our government, on behalf of the nation, Pakistan will not be the first one to resort to any escalatory move,” the deputy prime minister said.
“However, in case of any escalatory move by the Indian side, we will respond very strongly.”
He said Pakistan’s government and armed forces are alert to the possibility of any Indian military aggression.
“We are vigilant, our armed forces are vigilant and the nation will thwart any misadventure responding in a befitting and decisive manner at the time and place of our choosing,” he said.
Pakistan military spokesperson Lt. Gen. Ahmad Sharif Chaudhry agreed with Dar. He said the military is monitoring the situation carefully and that its countermeasures and responses “in all domains are ready.”
“We are ready, do not test it,” Chaudhry warned.
PAKISTAN SAYS DESTROYED INDIAN POSTS
Fears of a military confrontation between the two sides heightened further after Pakistan’s state media reported on Wednesday that Pakistan army troops responded to “unprovoked” Indian shelling on Tuesday night across the de facto border that divides the disputed Kashmir region between the two nations.
PTV said India had carried out “unprovoked” firing in the Kayani and Mandal sectors of the Line of Control on Tuesday night. Small arms were used by the Indian forces, prompting Pakistan to respond.
“There are also reports that multiple enemy posts were destroyed by the Pakistan Army’s effective response,” PTV said, naming one of them as the Chakpathra post.
Earlier, the state-run Associated Press of Pakistan reported that the Pakistan Air Force (PAF) had “forced” four Indian Rafale jets to retreat after patrolling near the two nations’ de facto border.
“On the night of April 29/30, four Indian Rafale jets conducted patrolling within Indian geographical boundaries” near the LoC, APP reported, saying PAF “immediately” detected the jets.
“A timely and swift response by the Pakistan Air Force forced four Indian Rafale jets to retreat … The Pakistani armed forces remain fully prepared and alert to give a befitting response to any aggression from India.”
Since last Tuesday’s attack, in addition to shooting over the Line of Control frontier, India and Pakistan have announced tit-for-tat diplomatic measures that included the cancelation of visas and a recall of diplomats.
New Delhi also suspended a crucial water-sharing treaty with Islamabad and ordered its border shut with Pakistan. In response, Pakistan has closed its airspace to Indian airlines.
Late on Tuesday night, Pakistan’s Information Minister Ataullah Tarar said Pakistan had “credible intelligence” India was planning military action against it in the “next 24-36 hours on the pretext of baseless and concocted allegations of involvement in the Pahalgam incident.”
Pakistan among top five nations with most people living in poverty — UN report
- Around 38.3 percent of Pakistanis live in multidimensional poverty, says United Nations’ annual report on Pakistan
- Pakistan ranks 142 out of 146 on Global Gender Gap Index, highlighting disparities in women’s and girls’ economic participation
ISLAMABAD: Pakistan ranks among the top five countries with the highest number of people living in poverty, the United Nations Development Programme said in its annual report recently, stating that 38.3 percent of the nation’s population experiences multidimensional poverty.
Poverty in Pakistan remains a complex challenge, exacerbated by a prolonged macroeconomic crisis that Islamabad is desperately trying to escape. Poor people in Pakistan have to face challenges in the form of lack of social protection and economic benefits, especially in informal jobs.
“According to the latest Multidimensional Poverty Index, Pakistan is among the five countries with the highest number of people living in poverty,” the UNDP said in its 2024 report on Pakistan, released on March 14.
“Around 38.3 percent of the population lives in multidimensional poverty, while 12.9 percent are vulnerable to falling into this category.”
Multidimensional poverty is a way of measuring poverty beyond income alone. It recognizes that people can experience multiple, overlapping deprivations that affect their well-being and quality of life.
These deprivations can include limited access to basic services such as access to clean water, electricity, health and sanitation facilities.
Separately, the report ranked Pakistan 142 out of 146 on the Global Gender Gap Index, highlighting significant disparities in economic participation, political representation, and access to opportunities for women and girls.
“Ahead of Pakistan’s general elections, UNDP’s voter education campaign reached 85 million people, including 31 million women,” it added.
“This effort contributed to the registration of over 100,000 new voters, primarily women, raising women’s voter turnout to 43 percent in 2024, up from 39.7 percent in 2018.”
The Index is a benchmark tool developed by the World Economic Forum to measure gender-based disparities across countries. It evaluates how equitably resources and opportunities are distributed between men and women, regardless of overall income levels or development.
Gender disparity is a significant issue in Pakistan, characterized by unequal opportunities, wage gaps and underrepresentation of women in leadership and decision-making roles.
Cultural norms and traditional gender roles often limit women’s participation in various sectors mostly dominated by men.
Temperatures in Pakistan may hit 50°C this week, a global record — report
- Wednesday and Thursday might be the hottest April days for Pakistan, says report
- Says Pakistan recorded temperatures over 4 degrees above average so far this month
ISLAMABAD: Temperatures in central and southern Pakistan may surge to 50°C this week, nearing the global record for the highest temperature ever recorded in April, as per a report by American newspaper The Washington Post.
The warning comes amid increasingly unpredictable climate patterns across South Asia, with several cities in Pakistan’s southern Sindh province such as Karachi experiencing more frequent and intense heatwaves in recent years— a trend that climate experts attribute to broader shifts caused by global warming.
The situation underscores rising concerns over Pakistan’s preparedness for extreme weather events amid growing calls for stronger climate adaptation policies, increased tree cover in urban areas and more effective public awareness campaigns.
“Temperatures in central and southern Pakistan rose to 118 degrees Fahrenheit (47.8°C) last weekend and are forecast to climb through Wednesday, possibly nearing the global April record of 122 degrees Fahrenheit (50°C),” The Washington Post said in a report.
“Heat will build across the Middle East and South Asia through the week, with Wednesday and Thursday looking like the hottest days for Pakistan.”
It added that Sindh’s Nawabshah city had reached the 50°C mark back in April 2018 and could repeat the same this week. Nawabshah recorded a temperature of 50.2°C back then and set a new global record for the highest temperature ever observed in April.
The report said “a sprawling dome of high pressure like a heavy lid trapping heat in a pot” was causing the current heat wave, stretching from the Middle East to South Asia. It noted that this area experiences the Earth’s most unusually warm temperatures during April.
It quoted the European Center for Medium-Range Weather Forecasts as predicting the maximum temperature to remain around 50°C in central Pakistan on Wednesday and Thursday.
“Temperatures have been more than 4 degrees above average in Pakistan so far this April, even before the arrival of this week’s potentially record-breaking heat,” it added.
Pakistan ranks among the top ten countries most vulnerable to climate change, grappling with increasingly frequent extreme weather events from deadly heatwaves to devastating floods.
The 2015 heatwave claimed over 2,000 lives in Karachi alone while the 2022 floods left more than 1,700 dead and over 33 million displaced nationwide.
