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SECP publishes Consultation Paper on adoption of AAOIFIs standards for Islamic finance

By
Zaka Ullah Ch
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SECP
ISLAMABAD, Feb 6 (APP): The Securities and Exchange Commission of Pakistan (SECP) has published a consultation paper to seek comments and feedback of stakeholders on the implementation of a new strategy for the adoption of AAOIFI’s Shariah, accounting, auditing and governance standards.
The proposed new strategy aims to enhance the adoption of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards by introducing a more comprehensive and interactive approach, with a phased implementation of all standards to ensure effective compliance, said a press release issued here.
By considering the maturity level of the industry and practical difficulties in adopting all standards at once, the proposed strategy suggests a staggered approach to implementation.
Presently, only 7 Shariah standards have been adopted, whereas the adoption of 10 more Shariah standards is in process.
However, the existing approach, which includes picking standards based on necessity, produces an inadequate framework since many significant and consequential features offered in accounting, auditing, governance, and other Shariah-related standards may be missed.
Therefore, a new strategy has been envisaged emphasizing comprehensiveness, integration, interaction, feedback, and preparedness for global and domestic Islamic finance growth.
All of AAOIFI’s standards shall be adopted as non-binding guidelines, and institutions will be encouraged to voluntarily adopt them while conducting Islamic financial transactions.
After a period of general sensitization, compliance will shift to a “comply or explain” approach with penal action for non-compliance (not less than three years; the period will be announced later).
The final phase mandates full compliance with notified standards, and it is believed that the gradual implementation aims to better equip the industry for smooth compliance.
It is expected that the new strategy will increase the quality of Islamic financial services being offered in regulated sectors and greatly assist in enhancing transparency and compliance in Islamic financial transactions, thereby enhancing stakeholder confidence.

UAJK seminar highlights significance of Kashmir solidarity Day

By
Zaka Ullah Ch
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0
kashmir
MUZAFFARABAD, Feb 06 (APP): Speakers at a landmark seminar held in commemoration of Kashmir Solidarity Day at the University of Azad Jammu and Kashmir (UAJK) underscored the profound significance of February 5 as a beacon of hope for the oppressed Kashmiris enduring the harsh realities of Indian oppression across the Line of Control.
Addressing the seminar titled “The Importance of Solidarity Day in the Current Context of Kashmir Freedom Movement” on Tuesday, the speakers reaffirmed unwavering support for the Kashmiri people in their struggle for self-determination, echoing the sentiments of solidarity from the governments of Pakistan and AJK, alongside the resolute backing of the Pakistani populace and just nations worldwide.
Former Chief Justice, Justice (R) Syed Manzoor Hussain Gillani, alongside esteemed dignitaries including Vice Chancellor Prof. Dr. Muhammad Kaleem Abbasi, and Chief Jamaat-e-Islami Azad Jammu and Kashmir and Gilgit-Baltistan Dr. Muhammad Mushtaq, Additional Chief Secretary, GoAJK, Ms. Mudhat Shahzad, Executive Director of the Center for International Strategic Studies (CISS) AJK, Dr. Asma Shakir Khawaja, Additional Registrar Sardar Zaffar Iqbal were among the prominent speakers lauding the relentless spirit of Kashmiris in their pursuit of freedom from the shackles of Indian occupation.
Justice (R) Syed Manzoor Hussain Gilani emphasized the enduring nature of the Kashmir Freedom Movement, drawing parallels to global freedom struggles while highlighting the continued resonance of Solidarity Day.
He commended the courage and resilience of Kashmiris in the face of coercive Indian tactics, urging concerted efforts to amplify their voices through modern strategies and education.
Vice Chancellor Prof. Dr. Muhammad Kaleem Abbasi underscored the historical context of Kashmir’s struggle, emphasizing the indomitable spirit of its people and the imperative of nurturing the flame of freedom through engagement and awareness.
He proposed collaborative efforts to empower youth in advocating for Kashmir’s just cause, offering the university’s platform for dialogue and action.
JI Chief AJK and GB, Dr. Mushtaq Ahmed reiterated the message of solidarity, urging sustained support for Kashmiris’ right to self-determination.
Additional Chief Secretary Ms. Mudhat Shahzad, drawing from personal experience, highlighted the intimate ties between Kashmir and Pakistan, emphasizing the shared identity and responsibility.
Dr. Asma Shakir Khawaja condemned the ongoing atrocities in Indian Illegally Occupied Jammu and Kashmir (IIOJK), calling for a unified pledge to amplify the voices of the oppressed through social media and advocacy.
The seminar concluded with a documentary presentation on IIOJK, garnering appreciation from attendees comprising principal officers, deans, faculty, and students.

CJCSC officially visits KSA

By
Zaka Ullah Ch
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0
CJCSC
RAWALPINDI, Feb 06 (APP): Chairman Joint Chiefs of Staff Committee (CJCSC) General Sahir Shamshad Mirza, while on official visit to Kingdom of Saudi Arabia (KSA), in connection with 2nd World Defence Show called on Minister of Defence, KSA, Prince Khalid Bin Salman Bin Abdulaziz Al-Saud and discussed strategic, security issues and opportunities to enhance defence cooperation between the two brotherly countries.
According to the Inter Services Public Relations (ISPR) on Tuesday, the CJCSC also visited stalls of different organizations from Pakistan and inaugurated Al-Fatah-II Missile stall at World Defence Show.
The Chairman  also held meetings with the Chief of General Staff KSA, General Fayyadh bin Hamed Al-Ruwaili and Chief of Royal Saudi Land Forces, KSA, Lieutenant General Fahad bin Abdullah AL-Muter.

Zong 4G holds Annual Business Conference to set strategic roadmap for 2024

By
Zaka Ullah Ch
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0
Zong 4G
ISLAMABAD, Feb 6 (APP): During the Annual Business Conference, focused on the theme “Elevate Core Capabilities, Strive for Excellence,” Zong 4G celebrated its notable accomplishments in 2023 and revealed its strategic roadmap for 2024.
The Chairman and CEO, Huo Junli praised the employees for their exceptional efforts that resulted in the company’s positive growth, creating over 47 million satisfied and happy customers.
 Huo Junli reaffirmed that Zong 4G’s industry success is attributed to the unwavering commitment and resilience of its employees, propelling the company to greater heights. Even in challenging times, Zong’s dedication to placing its employees at the forefront of its operations was strengthened, accompanied by various initiatives for their well-being.
“Furthermore, he said that in 2024, the company must sustain the momentum of digital and intelligent transformation to achieve the vision of a Digital Pakistan.
The commitment extends to actively contributing to the high-quality joint development of the ‘Belt and Road’ and the ‘China-Pakistan Economic Corridor’.
He also emphasized Zong 4G’s crucial role in providing top-notch network services, dedicated to ensuring an exceptional customer experience nationwide.
Moreover, while sharing Zong’s sustainability contributions, he stressed that the company remains committed to reducing the digital divide and improving the livelihood of people in Pakistan.
Highlighting the company’s vision for 2024, Huo shared, “Our primary focus persists on introducing advanced and cutting-edge technologies that elevate the quality of life for individuals and businesses across Pakistan.
We are committed to fortifying partnerships with local businesses and communities, concurrently broadening our product portfolio to adeptly address the requirements of enterprises and SMEs. Our objective is to empower them to realize their ambitions by improving operational efficiencies and propelling business growth.
He affirmed, “As we move forward, our commitment remains steadfast—to actively contribute to creating a Digital Pakistan where everyone is included, and social divides are diminished.”

PSX stays bullish, gains 796 more points

By
Muhammad Ashraf Wani
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PSX

ISLAMABAD, Feb 6 (APP):The 100-index of the Pakistan Stock Exchange (PSX) witnessed bullish trend on Tuesday, gaining 796.10 points, a positive change of 1.26 per cent, closing at 63,799.02 points against 63,002.92 points the previous trading day.

A total of 330,921,598 shares valuing Rs 15.195 billion were traded during the day as compared to 263,547,879 shares valuing Rs. 10.730 billion the last day.

Some 336 companies transacted their shares in the stock market; 230 of them recorded gains and 79 sustained losses, whereas the share prices of 27 remained unchanged.

The three top-trading companies were PIAC(A) with 47,061,500 shares at Rs.10.84 per share, Oil and Gas Development with 23,123,662 shares at Rs.155.57 per share and Cnergyico PK with 21,272,911 shares at Rs.4.15 per share.

Mari Petroleum Company Limited witnessed a maximum increase of Rs.77.73 per share price, closing at Rs.2,316.57, whereas the runner-up was Pakistan Services Limited with a Rs.39.00 rise in its per share price to Rs.879.00.

Attock Petroleum Limited witnessed a maximum decrease of Rs.11.88 per share closing at Rs.397.85, followed by Baluchistan Wheel Limited with a Rs.10.87 decline to close at Rs.171.13.

President Alvi directs Postal Life to pay Rs 5 mln to heirs of insurance policyholder

By
Ishtiaq Rao
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0
President
ISLAMABAD, Feb 6 (APP): President Dr Arif Alvi has directed Postal Life Insurance to pay the death insurance claim of Rs 5 million to the legal heirs of the deceased policyholder within 30 days.
He gave these directions while deciding upon a representation filed by the Postal Life Insurance (PLI) against the decision of Wafaqi Mohtasib directing it to pay the death insurance claim, a President Secretariat press release said on Tuesday.
As per details, complainant Abdul Aziz’s deceased father had obtained an insurance policy from PLI for the sum assured of Rs 5 million against an annual premium of Rs 448,600 in 2010.
After his father died in 2015, PLI refused to pay the death insurance claim on the pretext that the deceased had concealed material facts about his date of birth and the pre-insurance ailment of diabetes at the time of obtaining the insurance policy.
Feeling aggrieved, the son (complainant) filed a complaint with the Wafaqi Mohtasib to seek relief. Wafaqi Mohtasib held that the deceased had purchased the insurance policy as per his date of birth mentioned on CNIC and that PLI had issued the insurance policy after accepting the requisite information.
The Mohtasib held that the denial by the insurance agency to honour the claim of the complainant amounted to maladministration.
Afterward, PLI filed a representation against this decision with the president.
President Dr Arif Alvi, in his decision, observed that as per Section 80 of the Insurance Ordinance, 2000 no policy of life insurance effected after the commencement date shall, after the expiry of two years from the date on which it was affected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer was inaccurate or false.
He also referred to Lahore High Court’s decision wherein it had been held that concealment of ailments, such as diabetes and hypertension, could not be termed as done fraudulently as most people having such ailments, by remaining more careful in their lifetime, lived either for decades or longer than people not having such diseases.
Keeping in view the facts, the President directed Postal Life Insurance to pay the death insurance to the heirs of the deceased within 30 days in compliance with the earlier decision of the Wafaqi Mohtasib.

Pakistan strongly condemns terrorist attack in Istanbul

By
Ishtiaq Rao
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0

ISLAMABAD, Feb 6 (APP): Pakistan on Tuesday strongly condemned the terrorist attack targeting the Courthouse complex in Istanbul.

“We extend our heartfelt condolences to the brotherly people and government of Turkiye and pray for the swift and complete recovery of those injured in this heinous attack. Our thoughts and prayers are with the bereaved families,” the Foreign Office spokesperson said in a statement.

According to Turkish media, two shooters attempting to attack a checkpoint outside a courthouse in Istanbul were captured dead.

“Today, there has been an attempted terrorist attack at the security checkpoint in front of the C Gate of Caglayan Courthouse,” Interior Minister Ali Yerlikaya said on X after the attack that left six people injured, including three police officers.

The Foreign Office spokesperson also reaffirmed Pakistan’s resolute solidarity with Turkiye in its fight against the scourge of terrorism.

Power suspension for Mansehra, Besham, Mingora notified

By
AHMD Raja
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0
PESHAWAR, Feb 06 (APP):Peshawar Electric Supply Company (PESCO) on Tuesday notified that due to maintenance work power supply will remain suspended from Mansehra grid station on 7th and 10th February from 9 a.mt o 3 p.m. resultantly, consumers of Shinkiari feeders will face inconvenience.
Likewise, it said that power supply will remain suspended from Besham Grid Station on 10th and 13th February from 9 a.m. to 3 p.m. resultantly, consumers of Besham 2 and 33 KV Pattan and Tehkal grid connected feeders will face inconvenience. The power supply will also remain suspended from Mingora Grid Station on 10th and 13th February from 9 a.m. to 3 p.m. resultantly, consumers of Malam Jabba, Express Saidu Hospital, Bandai, Mingora 1, 2, 3, 4, 5, Kabal, Nawa Kali, Saidu Sharif, Barikot 2, Odigram, Kabal 4,Matta 2, Faiza Ghat, Kabal 2, Gulda, Marghazar, Saidu Hospital, Kabal 3, Gogdara, Takhta Band, Qambar, Singar, MES, Haji Baba,Shin, Saidu Baba, Bara Bandai, Shah Dara, Hospital Express feeders will face inconvenience.

275 women to contest upcoming elections on general seats

By
AHMD Raja
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0
ecp
ISLAMABAD, Feb 6 (APP):In the upcoming general elections, 275 women from various political parties will be contesting on the general seats.
“111 political parties have nominated 275 women candidates to contest the upcoming elections on general seats, making up for 4.6 percent of the total of 6,037 candidates they have fielded”,  Free and Fair Election Network (FAFEN) said in a statement.
According to Section 206 of the Elections Act, 2017 (Selection for Elective Offices), each political party is required to ensure at least five percent representation of women candidates while selecting candidates for general seats for elective offices, including membership of the Majlis-e-Shoora (Parliament) and Provincial Assemblies, through a transparent and democratic procedure.
FAFEN analysis is based on the List of Contesting Candidates (Form-33) for National and Provincial Assemblies.
Out of 111 political parties, 30 parties have fielded five or more than five percent women on general seats, while four political parties have fielded between 4.50 and 4.99 percent of women candidates on general seats (that is statistically rounded-up to five percent), and the remaining 77 have fielded up to 4.50 percent women candidates on general seats.
The parties fielding less than 4.50 percent women candidates on general seats is higher since the applicability of this provision is technically effective only on political parties which field at least 20 candidates on general seats (as the five percent provision requires them to allocate ticket to at least one woman candidate).
Only 35 political parties have fielded more than 20 candidates on general seats.
According to FAFEN, the level of adherence to the five-percent provision varies across the elective houses.
For the National Assembly, 94 parties have allocated tickets for general seats to a total of 1,872 candidates, that included 92 women, making up 4.91 percent of women out of the total candidates fielded.
For the Punjab Assembly, 70 parties have allocated tickets to a total of 1,878 candidates, including 58 women (3.09 percent of the total). For the Sindh Assembly, 50 parties have allocated tickets to a total of 948 candidates, out of which 59 are women (6.22 percent of the total).
For the Balochistan Assembly, 37 parties have allocated tickets to a total of 533 candidates, out of which 19 are women (3.56 percent of the total). For the Khyber Pakhtunkhwa Assembly, 44 parties have allocated tickets to 806 candidates, out of which 47 are women (5.83 percent of the total.

Scientists declare Hindu Kush Himalaya, a biosphere on the brink

By
AHMD Raja
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0
Himalaya
PESHAWAR, Feb 06 (APP):Scientists have declared the Hindu Kush Himalaya, one of the most biodiverse regions on Earth, a ‘biosphere on the brink’.
According to a press release issued here on Tuesday by The International Centre for Integrated Mountain Development (ICIMOD), the call by scientists was made during a major global meeting of biodiversity experts in the Nepalese capital, Kathmandu.
ICIMOD has called over 130 global experts for the Third Lead Authors meeting of the IPBES nexus assessment, which examines the linkages between food and water security, health, biodiversity, and climate change.
The Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) is an independent intergovernmental body, with 143 member states, established to strengthen the science-policy interface for biodiversity and ecosystem services, adds the press release.
During the meeting, ICIMOD experts call for bold action and urgent finance to prevent the collapse of nature in High Mountain Asia.
Scientists sound alarm as experts meet to finalise crucial report on nature, human health, food, and climate change at ICIMOD’s headquarters in Kathmandu Researchers urge special focus and investment to reverse ecological losses in the world’s mountains, which hold 85% of earth’s species of amphibians, birds, and mammals.
Halting and reversing biodiversity loss is deemed critical for the survival of hundreds of millions of people in Asia’s mountains.
 “The declines in nature across this region,” says IPBES author and ICIMOD Ecosystems Specialist Sunita Chaudhary, “are so advanced and accelerating so fast they now pose a threat to the lives of not just animal and plant life, but also human societies.”
241 million people live in the Hindu Kush Himalaya region: 31% of whom are food insecure and half of whom face some form of malnutrition.
“This is a region that must be urgently prioritised for investment – to fund the fight to reverse nature loss and species extinction.
Worldwide we’re seeing a huge uptick in investments in ecosystem restoration and a growing recognition of the role that nature plays in human survival. We must ensure that funding to the Hindu Kush Himalaya rises at an exponential rate before these fragile and crucial ecosystems collapse, by building nature into all investment and action. And we must accelerate policy, institutional and market reforms to make this happen.
“We are honoured that IPBES has chosen ICIMOD as the host for its first lead authors meeting in South Asia,” commented Izabella Koziell, Deputy Director General.
“We see this as recognition of the organisation’s sustained commitment to science diplomacy about this extraordinarily rich and fragile zone over the past 40 years.
But more importantly, of the outsized contribution mountains in general and the Hindu Kush Himalaya in particular play as refuges of biodiversity, and the unprecedented risks now posed to these places and species.”
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