Wasim Akram urges India, Pakistan dialogue for ICC Champions Trophy participation

Wasim Akram urges India, Pakistan dialogue for ICC Champions Trophy participation
Pakistan and Indian fans wave their national flags during the ICC men's Twenty20 World Cup 2022 cricket match between India and Pakistan at Melbourne Cricket Ground (MCG) in Melbourne on October 23, 2022. (AFP/File)
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Wasim Akram urges India, Pakistan dialogue for ICC Champions Trophy participation

Wasim Akram urges India, Pakistan dialogue for ICC Champions Trophy participation
  • Former Pakistan captain hopes Indian team will visit Pakistan and experience its hospitality
  • Pakistan is scheduled to host the ICC Champions Trophy in February and March next year

ISLAMABAD: Former Pakistan cricket team captain Wasim Akram on Thursday urged the Pakistani and Indian governments to engage in dialogue to ensure the Indian team’s participation in the International Cricket Council (ICC) Champions Trophy tournament, slated to be held in Pakistan next year.
The tournament is scheduled from February to March 2025. The last time Pakistan hosted this cricket event on its home turf was in 1996, when it co-hosted the 50-over World Cup, which Sri Lanka won. However, Pakistan’s role as host has sparked considerable debate this time, as arch-rival India’s participation remains uncertain.
India has not played an international match in Pakistan since 2008 and declined to tour Pakistan last year for the Asia Cup, resulting in a “hybrid” model in which India’s matches were held in Sri Lanka. Pakistan, however, traveled to India to participate in the One Day International (ODI) World Cup last year.
“It does not depend on the Indian government or the Board of Control for Cricket in India as much as the Indian government,” Akram said while speaking about India’s participation in the tournament in an interview with Cricket Pakistan.
“I think, at that level, the Pakistani government and Indian government can have a chat that, look, differences apart, people-to-people contact is very important.”
The left arm reverse swing bowler highlighted how the people of both countries want cricket to take place between India and Pakistan. He hoped that the Indian team visits Pakistan for the tournament and witnesses the hospitality bestowed on them.
Commenting on Pakistan’s forthcoming T20 and ODI series in Australia, Akram advised all young Pakistani cricketers including pacers Shaheen Shah Afridi and Naseem Shah to focus on cricket and “forget what’s happening behind the scenes.”
“At times it’s difficult and next to impossible,” he added. “You got to have a tunnel vision, look straight and stick to your performance.”
He strictly told Pakistan cricketers to not get involved into “politics and X (Twitter),” emphasizing that the Pakistan team was right on track after defeating England in the Test series.
The Champions Trophy was originally known as the ICC Knockout when it was staged in 1998 in Dhaka, Bangladesh, and in 2000 in Nairobi, Kenya. The event was renamed the ICC Champions Trophy in 2002 and was held every two years until 2009, when it was held in South Africa after the scheduled event in 2008 in Pakistan had to be canceled.
Subsequently, the event moved to a four-year cycle and features the top eight teams in the ICC ODI rankings. The first round comprises two groups of four with the top two in each group progressing to the semifinals and the winners contesting the final. The competing teams are: Afghanistan, Australia, Bangladesh, England, India, New Zealand, Pakistan and South Africa.
Pakistan won the last Champions Trophy tournament held in England in 2017, beating arch-rivals India by 180 runs in a one-sided final.


Pakistani social commerce platform launches Islamic interest-free nano-finance

Pakistani social commerce platform launches Islamic interest-free nano-finance
Updated 29 sec ago
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Pakistani social commerce platform launches Islamic interest-free nano-finance

Pakistani social commerce platform launches Islamic interest-free nano-finance
  • The product is based on a model wherein customers participate in a commodity trade process to secure financing
  • It ensures all transactions are free from ‘riba,’ or interest, and align with the principles of fairness and transparency

ISLAMABAD: Walee Financial Services Pvt Ltd, a Pakistani influencer marketing and social commerce platform, has launched the country’s “first ever” Islamic interest-free, nano-finance through a commodity-based trade structure, it said on Friday.
The Islamic nano-financing product is based on a model, wherein customers participate in a commodity trade process to secure financing without the involvement of interest, according to the platform.
It says the innovative product ensures that all transactions are free from ‘riba,’ or interest, and align with the principles of fairness and transparency advocated by Islam.
“This is a momentous achievement in rolling out Islamic nano-finance. It has been made possible through the grit, passion, and unwavering faith of our founding team in Islamic finance, highlighting the benefits to society at large,” Dr. Rashid Mansoor, head of Shariah-compliance at Walee Financial Services Pvt Ltd, said in a statement.
“True Shariah-compliance has been achieved through cutting-edge technology, supported by esteemed Muftis [Muslim experts on religious matters] and Shariah scholars.”
Walee Financial Services is offering the Islamic nano-finance under its fintech brand Hakeem.
“By offering Shariah-compliant financing facilities, Walee Financial Services is actively contributing to the country’s mission to transition toward a Shariah-compliant economy,” the platform said.
“This aligns with the Federal Shariat Court’s ruling that abolishing riba is fundamental for an Islamic financial system, and supports the State Bank of Pakistan’s efforts to promote Islamic finance across the country.”
The platform said the launch of this Islamic nano-financing product aligned Walee Financial Services Pvt Ltd. with the religious obligations of the Muslim community and the national agenda to eradicate interest-based financial practices.
Pakistan’s parliament last month also approved a constitutional amendment, setting a clear deadline of January 1, 2028 for complete elimination of riba in Pakistan’s financial system among other constitutional changes.


Pakistan October CPI up 7.2% y/y, statistics bureau says

Pakistan October CPI up 7.2% y/y, statistics bureau says
Updated 01 November 2024
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Pakistan October CPI up 7.2% y/y, statistics bureau says

Pakistan October CPI up 7.2% y/y, statistics bureau says
  • The reading reinforced a month of easing inflation which hit a historic high of 38% last year
  • The central bank is expected to cut its key interest rate further at its meeting on Monday

KARACHI: Pakistan’s annual consumer price index inflation rate was 7.2% in October, the Pakistan Bureau of Statistics said on Friday, up from 6.9% the preceding month.

The reading reinforced a month of easing inflation — which hit a historic high of 38% last year, and was at 26.8% October 2023 — ahead of a meeting of the country’s central bank next week to review the policy rate, which stands at 17.5%.

A Reuters poll showed the central bank is expected to cut its key interest rate further at the meeting on Monday, with policymakers continuing their efforts to revive a fragile economy as inflation eases.

The October reading was up 1.2% month on month, the statistics bureau said, adding that the fiscal year’s average inflation, from July to October, stands at 8.7%, which is below the 9.5% projected by the International Monetary Fund.
 


Pakistan central bank set to deliver fourth consecutive rate cut to revive economy

Pakistan central bank set to deliver fourth consecutive rate cut to revive economy
Updated 01 November 2024
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Pakistan central bank set to deliver fourth consecutive rate cut to revive economy

Pakistan central bank set to deliver fourth consecutive rate cut to revive economy
  • All 15 investors and analysts surveyed by Reuters expect the central bank to cut rates next week
  • Policymakers continue efforts to revive a fragile economy as inflation eases off recent record highs

KARACHI: Pakistan’s central bank is expected to cut its key interest rate further at its policy meeting on Monday, with policymakers continuing their efforts to revive a fragile economy as inflation eases off recent record highs.
The central bank, the State Bank of Pakistan, has slashed the benchmark policy rate to 17.5% from an all time-high of 22% in three consecutive policy meetings since June, having last reduced it by 200 basis points in September.
All 15 investors and analysts surveyed by Reuters expect the central bank to cut rates next week. Two expect a 150 bps cut, twelve predict a 200 bps reduction, and one forecasts a 250 bps cut.
Economic activity has stabilized since last summer when the country came close to a default before an eleventh hour bailout by the International Monetary Fund (IMF).
The IMF, which in September gave a boost to Pakistan’s struggling economy by approving a long-awaited $7 billion facility, said that the South Asian nation had taken key steps to restore economic stability with consistent policy implementation under the 2023-24 standby arrangement.
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While the economy has started to gradually recover, and inflation has moved sharply down from a multi-decade high of nearly 40% in May 2023, analysts say further rate cuts are needed to bolster growth.
Mustafa Pasha, Chief Investment Officer at Lakson Investments, said rates must drop under 15% and hold below that for six months to have a material impact.
The IMF in its latest October report forecast Pakistan’s gross domestic product growth at 3.2% for the fiscal year ending June 2025, up from 2.4% in fiscal 2024.
The government expects annual inflation to have come in at 6-7% last month and slow further to 5.5-6.5% in November.
However, inflation could pick up again in 2025, driven by electricity and gas tariff hikes under the new $7 billion IMF bailout, and the potential impact of taxes on the retail and wholesale sector proposed in the June budget.
Ahmad Mobeen, senior economist at S&P Global Market Intelligence, said that while lower rates will offer some relief to the manufacturing sector, the benefits may be limited due to “elevated input costs, driven by high electricity and gas tariffs, combined with global supply and shipping constraints.”
The survey responses on Monday’s policy rate decision are listed below:


Pakistan party protests increase in petroleum prices despite slump in international market

Pakistan party protests increase in petroleum prices despite slump in international market
Updated 01 November 2024
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Pakistan party protests increase in petroleum prices despite slump in international market

Pakistan party protests increase in petroleum prices despite slump in international market
  • Global oil prices are likely to remain ‘too cheap’ in the near term, analysts say
  • Jamaat-e-Islami demands the government provide relief to inflation-hit Pakistanis

ISLAMABAD: The Jamaat-e-Islami (JI) religious party on Thursday criticized the Pakistani government for increasing the prices of petroleum products, despite a decline in rates in the international market.
On Tuesday, US crude oil prices fell by 1 percent to below $67 per barrel, adding to Monday’s losses of more than 4 percent. This price level was the lowest since the beginning of October as market participants reassessed the risks of escalating Israeli attacks in the Middle East and potential disruptions in the oil sector.
Oil prices were likely to remain “too cheap” in the near term compared with fundamentals, Goldman Sachs analyst Daan Struyven told CNBC, citing demand from refilling the US Strategic Petroleum Reserve as well as from the airline industry.
But Pakistani authorities on Thursday respectively increased the prices of petrol and high-speed diesel by Rs1.35 and Rs3.85 per liter for the next fortnight, according to the country’s oil and gas regulator.
“The government is not ready to give relief to the people and the industry, then how will the country move forward,” JI chief Hafiz Naeem-ur-Rehman asked in his post on X late Thursday.
“Prices are decreasing in the international market and increasing in Pakistan.”
Rehman said the government increased the prices instead of announcing a major cut, demanding it to provide relief to the masses.
Pakistan revises petroleum prices every fortnight.
Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers in Pakistan, while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.
This is not the first that the JI has called on the government to provide relief to inflation-stricken people.
In August this year, Rehman had led thousands of his JI party supporters to the garrison city of Rawalpindi, where they had staged a weeks-long anti-inflation protest. Demonstrations were also occasionally held in other Pakistani cities during the month.


Pakistani PM pitches energy, infrastructure, technology investments in meeting with Qatari businessmen

Pakistani PM pitches energy, infrastructure, technology investments in meeting with Qatari businessmen
Updated 01 November 2024
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Pakistani PM pitches energy, infrastructure, technology investments in meeting with Qatari businessmen

Pakistani PM pitches energy, infrastructure, technology investments in meeting with Qatari businessmen
  • Shehbaz Sharif’s visit to Qatar seeks to bolster economic cooperation as Pakistan eyes foreign investment
  • The prime minister highlighted numerous opportunities that make Pakistan an attractive investment destination

ISLAMABAD: Prime Minister Shehbaz Sharif met a delegation of the Qatar Businessmen Association (QBA) and invited them to invest in Pakistan’s energy, infrastructure and technology sectors, Sharif’s office said on Friday, during his visit to the Gulf nation.

Sharif’s visit to Qatar, which began Wednesday, seeks to bolster economic cooperation as Pakistan eyes foreign investment to stabilize its frail $350 billion economy.

The QBA delegation, led by Sheikh Faisal Bin Qassim Al-Thani, comprised leading Qatari business figures, each representing influential sectors within Qatar’s economy.

PM Sharif highlighted numerous opportunities in sectors such as energy, infrastructure and finance that made Pakistan an attractive investment destination, according to his office.

“Delegates expressed interest in Pakistan’s economic landscape and, in particular, in upcoming projects in energy, technology, and infrastructure development,” it said in a statement.

“During the meeting, both sides explored potential collaborations that could drive job creation, innovation, and sustainable development in both countries.”

The meeting brought together key representatives from Pakistan and influential members of Qatar’s business community, emphasizing shared goals for strengthening trade, investment and economic partnerships, according to Sharif’s office.

The QBA members responded positively to the prime minister’s invitation and indicated their interest in expanding their investments into Pakistan.

On Thursday, Sharif separately met with Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani and his counterpart from the oil-rich Arab state, with both sides discussing the importance of strengthening bilateral collaboration in trade, investment, energy and other sectors.

Sharif led delegation-level talks with the Qatari emir before holding a separate meeting with him to discuss a wide array of issues.

“The leaders reviewed the entire spectrum of Pakistan-Qatar relations, exploring potential avenues for enhanced cooperation in trade, potential areas of investment, energy, and culture,” Sharif’s office said.

Sharif’s meetings in Doha are primarily focused on trade and investment and regional discussions, according to the Pakistani foreign office.

Before arriving in Doha, Sharif attended the Future Investment Initiative in Riyadh, Saudi Arabia, where he discussed trade and investment with Saudi Crown Prince Mohammed bin Salman.

The talks built on recent agreements worth $2.8 billion, including investments in agriculture, semiconductor manufacturing, and energy, aimed at strengthening Pakistan’s economy and deepening ties between the two nations.