Pakistan PM meets Muslim World League chief, lauds him for promoting Islam’s true image

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Updated 13 April 2024
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Pakistan PM meets Muslim World League chief, lauds him for promoting Islam’s true image

Pakistan PM meets Muslim World League chief, lauds him for promoting Islam’s true image
  • MWL Secretary-General Dr. Mohammad bin Abdulkarim Al-Issa arrived in Islamabad on April 7 on a nine-day trip
  • The visit is aimed at fostering interfaith harmony and strengthening Saudi Arabia-Pakistan bilateral relations

ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Saturday met with Muslim World League (MWL) Secretary-General Dr. Mohammad bin Abdulkarim Al-Issa and lauded him for his valuable contributions for the promotion of true image of Islam around the world, PM Sharif’s office said.
Dr. Al-Issa arrived in Islamabad on April 7 on a nine-day trip aimed at fostering interfaith harmony and strengthening Saudi Arabia’s bilateral relations with Pakistan. The MWL is a Makkah-based non-governmental organization that represents followers of Islam around the world.
In his meeting with the MWL secretary-general in Islamabad, PM Sharif thanked Dr. Al-Issa for visiting Pakistan on the occasion of Eid Al-Fitr and conveyed his best wishes for King Salman and Crown Prince Mohammed bin Salman.
“He [Sharif’s] also acknowledged the critical role of Muslim World League in developing unity among the Muslim Ummah, advocating for Muslim causes around the world and in spreading the message of peace, tolerance and inter-faith harmony,” the PM’s office said in a statement.
“Extending his best wishes to the Secretary General for the success of his ongoing visit, the Prime Minister assured him of Pakistan’s continued support and partnership with the Muslim World League.”
Sharif underscored that Pakistan attached utmost importance to its strong fraternal ties with Saudi Arabia that were rooted in common faith, shared values and culture, according to the statement. The MWL secretary-general praised the prime minister for his commitment and efforts to further strengthen ties between the two countries.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top destination for remittances to the cash-strapped South Asian country.
Saudi Arabia has also often come to cash-strapped Pakistan’s aid by regularly providing the South Asian country oil on deferred payment facilities and offering direct financial support to help stabilize its economy and shore up its foreign exchange reserves.
During his ongoing visit to Pakistan, Dr. Al-Issa has delivered the Eid Al-Fitr sermon at the Shah Faisal Mosque in Islamabad and visited an orphanage in the Pakistani capital, where he shared the joy of Eid Al-Fitr with orphaned children.
In his sermon, Al-Issa called on Muslims to keep Palestinians close to their hearts and in their prayers as they celebrated Eid. He also spoke about the responsibility of Muslims to use their actions to project Islam in its true light.


Pakistani capital intensifies crackdown against wholesalers over Ramadan price hikes

Pakistani capital intensifies crackdown against wholesalers over Ramadan price hikes
Updated 14 sec ago
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Pakistani capital intensifies crackdown against wholesalers over Ramadan price hikes

Pakistani capital intensifies crackdown against wholesalers over Ramadan price hikes
  • 3,786 operations conducted in first ten days of Ramadan, 11 shops sealed, 605 wholesalers arrested
  • Food prices in Pakistan surge during Ramadan mainly due to hoarding and speculative pricing

ISLAMABAD: Islamabad Deputy Commissioner Irfan Memon on Wednesday directed authorities to intensify an ongoing crackdown on wholesalers who were hiking prices of essential commodities during Ramadan, with 605 arrested in the first ten days of the holy month for violating a government price list.

Food prices in Pakistan typically surge during Ramadan due to increased demand and supply chain inefficiencies. A significant factor contributing to this rise is hoarding and speculative pricing by traders, who artificially inflate market rates to maximize profits.

On Wednesday, the Islamabad Capital Territory administration released the district administration’s ten-day performance report for Ramadan, which said 3,786 operations had been conducted against wholesalers, 11 shops sealed and 605 arrested for price list violations and hoarding.

“Strict actions will be taken against shopkeepers charging excessive prices,” Memon said. “Price control magistrates must ensure immediate action on the spot.”

On Tuesday, Prime Minister Shehbaz Sharif instructed authorities to take stern action against profiteers and directed the district administration to intensify monitoring of relief measures. He also instructed federal ministers and public representatives to personally visit Ramadan markets, utility stores and other designated locations to oversee the availability of subsidized goods.

Last month, Finance Minister Muhammad Aurangzeb also issued a warning against hoarders whose actions contribute to annual spikes in the cost of essential commodities during the holy month.
 


Pakistan denounces five-year ban on two Kashmiri organizations

Pakistan denounces five-year ban on two Kashmiri organizations
Updated 13 min ago
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Pakistan denounces five-year ban on two Kashmiri organizations

Pakistan denounces five-year ban on two Kashmiri organizations
  • India declares Awami Action Committee and Jammu and Kashmir Ittihad-ul-Muslimeen ‘unlawful associations’
  • Pakistan says move an attempt to suppress political activities and stifle dissent, shows disregard of democratic norms

ISLAMABAD: Pakistan on Wednesday denounced a five-year ban on the Awami Action Committee and Jammu and Kashmir Ittihad-ul-Muslimeen organizations in Indian-administered Kashmir, calling it an attempt to “suppress political activities and stifle dissent.”

In a notification on Tuesday, the Indian Union Ministry of Home Affairs said both organizations were “unlawful” associations engaged in activities that were prejudicial to the integrity, sovereignty and security of the country.

The Awami Action Committee is led by political and religious leader Mirwaiz Umar Farooq, the chairman of the moderate faction of Kashmir’s main separatist political alliance. The Jammu and Kashmir Ittihad-ul-Muslimeen is led by Shia leader Masroor Abbas Ansari, who is also a senior leader of Farooq’s All Parties Hurriyat Conference.

Farooq’s family and aides are part of more than three decades of separatist activity by some Muslim politicians who have long resented what they see as heavy-handed New Delhi rule. Some want to join Pakistan, while others have called for complete independence for Kashmir.

“The recent decision increases the total number of outlawed Kashmiri political parties and organizations to 16,” the foreign office said, calling it a manifestation of India’s “iron-fisted” approach toward Kashmir. 

“It reflects a desire to suppress the political activities and stifle dissent. It also shows sheer disregard of democratic norms and international human rights law.”

The FO urged the government of India to remove the curbs on Kashmiri political parties, release all political prisoners and implement UN Security Council resolutions.

The Himalayan region of Jammu and Kashmir has long been a flashpoint between nuclear-armed neighbors India and Pakistan, with both claiming Kashmir in full but ruling it in part. UN peacekeepers have been deployed since 1949 to observe a ceasefire between India and Pakistan in Jammu and Kashmir.

The UN Security Council adopted several resolutions in 1948 and in the 1950s on the dispute between India and Pakistan over the region, including one which says a plebiscite should be held to determine the future of the mostly Muslim Kashmir.

Another resolution also calls upon both sides to “refrain from making any statements and from doing or causing to be done or permitting any acts which might aggravate the situation.”


At UN event, Pakistani legislator calls for inclusion of Gaza women in reconstruction, peace efforts

At UN event, Pakistani legislator calls for inclusion of Gaza women in reconstruction, peace efforts
Updated 12 min 44 sec ago
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At UN event, Pakistani legislator calls for inclusion of Gaza women in reconstruction, peace efforts

At UN event, Pakistani legislator calls for inclusion of Gaza women in reconstruction, peace efforts
  • Nafisa Shah pays tribute to the ‘valiant struggles’ of women in Gaza as they face violence and homelessness
  • She asks the world to unite in support of the Palestinian cause by advocating for their rights and dignity

ISLAMABAD: A prominent Pakistani female legislator called for the inclusion of Gazan women in the reconstruction and peace-building efforts of their homeland while addressing an event at the United Nations on Tuesday.
Nafisa Shah, a member of Pakistan’s National Assembly and chairperson of its Gender Mainstreaming Committee, participated in an event focusing on the struggles of women in Gaza for freedom and dignity, which was organized by the League of Arab States and the Arab Women’s Committee in partnership with UN Women.
The conflict in Gaza has resulted in over 48,500 Palestinian deaths, with a significant number being women and children.
Women have also lost their homes in the Palestinian enclave, where hospitals, schools and much of the infrastructure have been completely destroyed by Israeli military actions.
“As a woman’s voice from my country, I pay tribute to the valiant struggles of women [in Gaza] as they face displacement, violence and homelessness,” Shah said while addressing the event. “To [these] women, let me say that I want you to know that pain does not present you as victims, but each tear, each drop of blood and every mark and scar inflicted by the occupier counts as a testimony to your historical and stellar struggle for justice and for freedom.”
“Our empathy is not only an expression of sympathy but a statement of solidarity,” the Pakistani legislator continued.
Shah reiterated her country’s position on the establishment of a sovereign Palestinian state, with East Jerusalem as its capital, terming it a fundamental step toward achieving peace and stability in the region.
She urged the global community to unite in support of the Palestinian cause by advocating for their rights and dignity.
“Together, we can work toward a future where peace prevails and the voices of women are heard and respected in the pursuit of justice for all Palestinians,” she added.
Experts note that women in conflict zones endure unique challenges, including heightened vulnerability to violence and limited access to resources, underscoring the importance of amplifying their voices in peace initiatives.


Pakistani tech entrepreneur hopes to capitalize on Middle East interest in AI solutions

Pakistani tech entrepreneur hopes to capitalize on Middle East interest in AI solutions
Updated 20 min 13 sec ago
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Pakistani tech entrepreneur hopes to capitalize on Middle East interest in AI solutions

Pakistani tech entrepreneur hopes to capitalize on Middle East interest in AI solutions
  • Mehwish Salman Ali represented Pakistan at International Digital Cooperation Forum in Jordan in February this year
  • Ali is CEO of Data Vault, Pakistan’s first women-led, solar -powered quantum-encrypted data center

KARACHI: A Pakistani tech entrepreneur who represented her country at the recent International Digital Cooperation Forum (IDCF) in Jordan said this week the event served as a crucial platform for highlighting Pakistan’s progress in artificial intelligence (AI), attracting potential investors and facilitating foreign direct investment (FDI), especially from the Middle East.

Mehwish Salman Ali, born and raised in Karachi, earned a degree in genetics from the University of Karachi in 2007. However, due to limited job opportunities in the field, she shifted gears and entered Pakistan’s information technology sector in 2008.

After gaining four years of experience, she got married and moved to Dubai in 2012 and launched her own company, 3wOgle Group of Companies, providing web-based IT services and solutions. Since then, Ali has primarily operated in the Middle Eastern market, though she has remained engaged in Pakistan, where she established the country’s first woman-led solar-powered quantum-encrypted data center, Data Vault, specializing in AI systems designed to operate autonomously.

Ali said she was thrilled to represent Pakistan at the IDCF in Jordan alongside the country’s Minister for Information Technology Shaza Fatima Khawaja, which allowed her to discuss future possibilities with leading figures in the global AI industry.

“One of the propositions I raised there was borderless technology,” she told Arab News during a conversation on Monday. “When it comes to the AI space, everything is broad spectrum. When we work toward borderless technology, that’s what can bridge the gap between us and the investors.”

“CRAZY AMOUNTS”

AI is predicted to significantly boost the global economy primarily through increased productivity and new consumption opportunities, while also impacting employment and requiring strategic adaptation. 

Ali said AI was estimated to contribute about $15.7 trillion to the world economy by 2030 — more than the current output of China and India combined — and Pakistan’s ambition to raise up to $20 billion from it was almost negligible in that context.

Asked how that number could be increased, Ali said it was important to adopt more AI-friendly policies, something she also highlighted at the conference in Jordan.

“It was a very big market to project what Pakistan is doing in the AI space and to invite investors into our country and to basically pave ways for foreign direct investment as well,” she said, referring to the IDCF event.

Ali said IT was one of the best options available to help Pakistan achieve its target of becoming a $1 trillion economy by 2035.

She said that she decided to spend time in Riyadh in 2022 since it was an emerging advanced technology market but had now decided to move back to Pakistan to help expand the AI space and prepare “good solutions” for the Gulf market.

“The Middle East is spending crazy amounts in the AI space, be it the United Arab Emirates, Kingdom of Saudi Arabia, Qatar or others,” she added. “They are spending billions of dollars, specifically in the AI space, and all they need are good solutions.”

But Pakistani firms in the field needed to understand the broader market dynamics.

“When startups from Pakistan go [to the Middle East] and pitch their ideas, they are asking [for] very small amounts,” she said. “They are asking for $100,000 or $200,000 [even when] they want to invest in a bigger vision.”

Ali has recently been inducted as an official member of the Forbes Technology Council, which had only four Pakistani members, with Ali the only woman among them. She has also recently announced the launch of an AI innovation lab in Pakistan.

“It may become a center of excellence for AI and that is very big news,” the IT executive said. “We are in talks with a few people and a few investors who are going to help in achieving that dream.”


Pakistan pauses rate cuts, but likely not for long

Pakistan pauses rate cuts, but likely not for long
Updated 12 March 2025
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Pakistan pauses rate cuts, but likely not for long

Pakistan pauses rate cuts, but likely not for long
  • Experts say rate cuts alone cannot help meet growth targets, must be complemented by other measures
  • They believe Pakistan will wait for more clarity on the external front before gradually resuming rate cuts

KARACHI: With inflation cooling, Pakistan’s central bank hit pause on its multiple rounds of monetary easing that might have risked destabilising its currency or worsening the trade deficit.
Economists said the government should shift its focus to implementing economic reforms as interest rate cuts are not the elixir for growth, after the country’s central bank on Monday unexpectedly kept interest rates unchanged at 12 percent.
“The rate cuts alone may not meet growth targets,” said Vaqar Ahmed, economist and team lead with Oxford Policy Management. “They need to be complemented by prudent fiscal measures, such as tax reforms, energy sector viability and privatization of state-owned enterprises, to encourage private sector investment and prevent crowding out.”
The central bank’s rate hold snapped the largest easing cycle in the country’s history, disappointing some businesses burdened by high borrowing costs.
Economists had expected a cut on Monday, following a series of cuts totalling 1,000 basis points from a record high of 22 percent in June last year to revive the economy.
The economy, which grew 0.9 percent in the first quarter, is expected to gain momentum for the rest of the fiscal year, according to central bank chief Jameel Ahmad. Though first-quarter growth is well below its 2.5 percent-3.5 percent target for the year, the economy is not stalling.
However, Pakistan’s energy tariffs and the need for fiscal austerity measures under the International Monetary Fund program pose significant challenges to reviving demand.
Most economists expect the central bank to resume cuts soon, either later this fiscal year or at the start of the next one despite concerns around the trade deficit and impact on the currency. Pakistan’s trade deficit in January increased 18 percent year on year to $2.313 billion.
The central bank is “likely to wait for more clarity on the external front or until they are confident about achieving their medium-term inflation target of 5-7 percent,” said Saad Hanif, head of research at Ismail Iqbal Securities.
“Once that happens, I expect them to resume rate cuts, though at a slower pace.”
Ehsan Malik, CEO of Pakistan Business Council (PBC), warned that cutting rates on Monday would have necessitated a reversal soon, as monetary easing raises imports and trade deficits, which put pressure on the exchange rate, fueling inflation.
The cash-tight nation is navigating reforms under a $7 billion IMF program approved in September. The first instalment of the loan is under review, and if successful, Pakistan will receive a tranche of $1 billion.

REVIVE DEMAND AND INVESTMENTS

Inflation in Pakistan soared to around 40 percent in May 2023, driven by currency devaluation and subsidy removals for IMF approvals. But inflation dropped to a near-decade low of 1.5 percent in February, providing room for the central bank to boost growth.
Economists also warn of the risk of the government taking advantage of lower interest rates to increase borrowing for an expansionary budget. That would potentially destabilize the progress made under the IMF program and crowd out the private sector.
Pakistan’s central bank reported government borrowing has rebounded, while private sector credit jumped 9.4 percent in the second quarter of the current fiscal year.
However, purchasing power constraints were expected to remain a deterrent to revived borrowing and investment.
“Consumer purchasing power will take time to recover from the 75 percent+ price surge between 2021-2024,” said Mustafa Pasha, executive director at Lakson Investments.
Asfandyar Farrukh, chairman of the Chainstore Association of Pakistan, said stagnant incomes and increased taxes have reduced consumer spending power.
Retail volumes of renowned brands fell 10-15 percent over the past year and a half, with “razor-thin profit margins” due to frequent discounts, he said, adding that medium and large retailers were consolidating to cope, or were shutting down, leaving only a few “deep-pocketed players” investing in growth.

HIGH DEBT
Pakistan’s banking sector holds the world’s largest proportion of government securities relative to its total assets, according to an October 2024 IMF report.
The high domestic debt, mainly financed by banks, crowds out private sector credit, hindering policy transmission, reducing the impact of interest rate changes on the private sector, the IMF said in its report.
Reza Baqir, former chief of the State Bank of Pakistan, stressed the importance of foreign exchange stability for sustaining economic growth in Pakistan, given its history of current account issues after periods of high consumption and import-led growth.
Pakistan usually sets its budget for the year in June, with the fiscal new year running July 1 to June 30.
“Where there is fiscal dominance, there is relatively little that monetary policy will be able to do to prevent a current account deficit blow-out” if political or other developments lead to populist budgetary policies,” he warned.