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$170 million raised in Pakistan’s largest-ever IPO for Lucky Islamic Money Market Fund

$170 million raised in Pakistan’s largest-ever IPO for Lucky Islamic Money Market Fund
A man counts Pakistani rupee notes at a currency exchange shop in Peshawar, Pakistan September 12, 2023. (REUTERS/File)
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Updated 09 April 2025
Hassan Ali Khan
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$170 million raised in Pakistan’s largest-ever IPO for Lucky Islamic Money Market Fund

$170 million raised in Pakistan’s largest-ever IPO for Lucky Islamic Money Market Fund
  • Lucky Investments says investors demonstrated “overwhelming confidence” in its first Shariah-compliant offering
  • State Bank of Pakistan has set the target to increase the share of Islamic banking system to 35 percent by 2025
Updated 09 April 2025
Hassan Ali Khan
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ISLAMABAD: Lucky Investments Limited said on Wednesday it had successfully raised Rs50 billion ($170 million) during the Initial Public Offering (IPO) of its debut fund, the Lucky Islamic Money Market Fund, the largest ever mutual fund launch in Pakistan.
The Fund had declared the launch of its IPO for April 9, inviting all interested investors to become part of a historic interest-free, Shariah-compliant Pakistan initiative, as per a notice issued by the company.
“This landmark achievement marks an extraordinary milestone in Pakistan’s financial sector, where investors nationwide demonstrated overwhelming confidence in the company’s first Shariah-compliant offering,” Lucky Investments said in a statement. 
“The record-breaking subscription underscores robust demand for Islamic financial products and firmly positions Lucky Investments’ place as a promising new player in Pakistan’s Asset Management Industry.”
Lucky Investments, a subsidiary of Pakistan’s Lucky Group, focuses on investment and portfolio management across sectors like energy, real estate and manufacturing. Originally known as Interloop Asset Management Limited, the company was acquired by Yunus Brothers Group in December 2024 and rebranded as Lucky Investments Limited.
The company listed Lucky Islamic Money Market Fund as the first in a planned series of Shariah-compliant mutual funds set to be introduced by the company.
“We are profoundly grateful for the extraordinary trust placed in us by investors across Pakistan,” Lucky Investments Chief Executive Officer Mohammad Shoaib was quoted as saying in the statement.
“Breaking the national record with a Rs50 billion subscription in a single day is not just a milestone for Lucky Investments, but a testament to the growing strength of Islamic finance in our market.”
Shariah-compliant investments are gaining traction in Pakistan as investors seek ethical, faith-based financial solutions. Supported by a growing Islamic finance sector and regulatory backing from the Securities and Exchange Commission of Pakistan and the State Bank, the market continues to expand through mutual funds, sukuk, and Islamic banking products.
In 2024, Islamic banking in Pakistan held a significant market share, with assets and deposits accounting for approximately 19 percent and 24 percent of the overall banking industry, respectively, by the end of September. 
The State Bank has set the target to increase the share of the Islamic banking system to 35 percent by 2025.

Pakistan, Turkiye demand immediate ceasefire in Gaza, separate state for Palestinians 

Pakistan, Turkiye demand immediate ceasefire in Gaza, separate state for Palestinians 
Updated 22 April 2025
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Pakistan, Turkiye demand immediate ceasefire in Gaza, separate state for Palestinians 

Pakistan, Turkiye demand immediate ceasefire in Gaza, separate state for Palestinians 
  • Prime Minister Shehbaz Sharif meets Turkish President Recep Tayyip Erdogan in Ankara
  • Both leaders discuss cooperation in energy, mining, military and defense, says Sharif’s office
Updated 22 April 2025
Arab News Pakistan

ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif and Turkish President Recep Tayyip Erdoğan on Tuesday called for an immediate ceasefire in Gaza, reiterating their demand for the establishment of a separate and independent state for the people of Palestine. 

Sharif is in Ankara on a two-day official visit to discuss bilateral ties between the two states, the regional situation and economic opportunities. 

Pakistan and Turkiye have both repeatedly condemned Israel for its military campaign in Gaza, which has claimed the lives of over 51,000 Palestinians since October 2023. 

“We strongly condemn the brutal killings of over 50,000 innocent Palestinians, including women and children,” Sharif said during a joint press conference with Erdogan.

“We have called for an immediate ceasefire and unhindered flow of humanitarian assistance for the Palestinian people. We renewed our call for a viable, independent and contiguous Palestinian state with pre-1967 borders and Al-Quds Al-Sharif as its capital,” he added.

Erdogan praised Pakistan for always adopting a “resolute” stance on the Palestinian issue, noting that Islamabad had given one of the strongest reactions to the ongoing “genocide” in Gaza. 

“We will continue to work together toward the establishment of an independent and sovereign Palestinian state on the basis of 1967 borders with East Jerusalem as its capital and on the basis of its territorial integrity,” the Turkish president said. 

Erdogan urged Turkish investors to develop joint business projects in Pakistan, saying that he discussed promoting mutual investments in Pakistan with Sharif and the allocation of a free economic zone for Turkish companies in the South Asian country. 

“We wish to further develop our relations in the fields of military and defense industry through joint projects,” he said. 

In a separate statement, Sharif’s office said he discussed the importance of enhancing economic collaboration with Turkiye, especially through joint ventures and bilateral investments, with Erdogan. 

The Prime Minister’s Office said Sharif highlighted opportunities for cooperation in the fields of energy and mining, joint ventures in defense and agri production. 

The PMO said Sharif also spoke about enhancing regional and bilateral connectivity to boost trade and deepen cooperation in emerging technologies such as artificial intelligence and cybersecurity.

Pakistan and Turkiye enjoy close cultural, historical and military relations which they are now expanding into the realms of trade, economy and investment as both countries seek to develop their economies.

As long-standing allies and strategic partners, Pakistan and Turkiye maintain a tradition of regular exchanges and have institutionalized leadership-level mechanisms such as the High-Level Strategic Cooperation Council (HLSCC).

The 7th session of the HLSCC was held in Islamabad on Feb 12-13 this year, and co-chaired by Sharif and Erdogan.

Topics: Pakistan Turkey Ties

Pakistan stresses importance of trade corridors to increase investment at G-24 moot

Pakistan stresses importance of trade corridors to increase investment at G-24 moot
Updated 22 April 2025
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Pakistan stresses importance of trade corridors to increase investment at G-24 moot

Pakistan stresses importance of trade corridors to increase investment at G-24 moot
  • Muhammad Aurangzeb attends G-24 Finance Ministers and Central Bank Governors’ Meeting in Washington
  • Finance minister stresses importance of greater financial and technical support among developing countries
Updated 22 April 2025
Ismail Dilawar

KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb on Wednesday stressed the importance of regional trade corridors and enhanced connectivity to ensure increased investment and cooperation among nations, the Finance Division said.

Aurangzeb was speaking at the G-24 Finance Ministers and Central Bank Governors’ Meeting in Washington. The Pakistani finance minister is currently on a visit to Washington to attend the 2025 spring meetings of the IMF and the World Bank Group, where he has held a series of high-level engagements on the sidelines.

Pakistan has increased the importance of regional connectivity in its economic policy in recent years. The South Asian country is part of the China-Pakistan-Economic Corridor (CPEC), a multi-billion-dollar project that connects both countries via an infrastructure network of roads, railways and energy projects. Islamabad is also pushing for greater connectivity for trade and investment with Central Asian countries, Afghanistan, Turkiye and the Middle East.

“He [Aurangzeb] underscored the importance of regional trade corridors, enhanced connectivity and South-South cooperation as key drivers for increasing investment and trade flows,” the Finance Division said.

“He also stressed the need for greater financial and technical support among developing countries to navigate global economic challenges effectively.”

The minister highlighted the recent financial reforms undertaken by his government, pointing out the macroeconomic stability achieved by Pakistan. He lauded the “strong resilience” of the country’s banking system and the government’s ongoing structural reforms, the Finance Division said.

“Minister Aurangzeb emphasized the need to maintain the reform trajectory in view of evolving geopolitical dynamics, demand fragmentation, rising protectionism, and the risks of spillovers and exogenous shocks, including trade tariffs,” it added.

Earlier on Tuesday, Aurangzeb met IMF Managing Director Kristalina Georgieva, reassuring her that Islamabad would stay the reform course mandated by the global lender.

His engagements also included a meeting with World Bank Group President Ajay Banga. Aurangzeb commended the World Bank’s leadership in developing a transformative Country Partnership Framework (CPF) — a decade-long strategic roadmap centered around measurable impacts and outcomes.

During his visit to Washington, Aurangzeb is expected to meet finance ministers from China, the United States, United Kingdom, Saudi Arabia and Turkiye, as well as officials of global credit rating agencies, commercial and investment banks.

Topics: Pakistan Finance Minister G-24 finance ministers’ moot

Pakistani Catholics hold vigils, praise Pope Francis for raising voice for Gaza

Pakistani Catholics hold vigils, praise Pope Francis for raising voice for Gaza
Updated 22 April 2025
AFP
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Pakistani Catholics hold vigils, praise Pope Francis for raising voice for Gaza

Pakistani Catholics hold vigils, praise Pope Francis for raising voice for Gaza
  • Pontiff had reiterated call for Gaza ceasefire during last public appearance on Easter Sunday
  • Pope remembered as revered advocate for peace, interfaith dialogue, and rights of the poor
Updated 22 April 2025
AFP

LAHORE: Catholics in Pakistan have been holding prayers and vigils for Pope Francis, the first Latin American leader of the Roman Catholic Church who died on Monday, remembering him as an advocate for peace and praising him for speaking up for the “oppressed” in Gaza. 

The pope was 88 and had suffered a serious bout of double pneumonia this year, but his death came as a shock after he had been driven around St. Peter’s Square in an open-air popemobile to greet cheering crowds on Easter Sunday.

In the eastern Pakistani city of Lahore, a small number of Catholics in the Muslim-majority country held prayers and a candlelight vigil for Pope Francis at the Cathedral Church of the Resurrection.

Church leaders and worshippers described the pope as a revered advocate for peace, interfaith dialogue, and the rights of the poor. The pontiff had reiterated his call for an immediate ceasefire in Gaza during his brief appearance before thousands of Catholic pilgrims gathered in St. Peter’s Square for the Vatican’s open-air Easter Sunday mass. 

“Pope Francis was a personality who spoke above all for humanity. All his services conveyed a message of peace and harmony. Even his last words, which we can call his final will, were a prayer to God for peace,” priest Irfan Fiaz, 34, said. 

“Pope Francis always prayed for the people, for our country, and constantly carried the message of brotherhood, peace, and security. And this message was not just limited to words, he practiced what he preached. There was harmony between his words and actions.”

Syed Mehmood, 50, chairman of a local peace committee, appreciated the pope for speaking up for the rights of Muslims and the “oppressed in Palestine and Gaza.”

“Wherever there was oppression against humanity, whenever there was injustice, the voice of Pope Francis was the first and the loudest to be heard, and his strong voice made a real impact,” Mehmood told AFP. 

Topics: Pope Francis

OIC urges member states to implement science, technology agenda during Islamabad meeting

OIC urges member states to implement science, technology agenda during Islamabad meeting
Updated 22 April 2025
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OIC urges member states to implement science, technology agenda during Islamabad meeting

OIC urges member states to implement science, technology agenda during Islamabad meeting
  • COMSTECH is holding three-day summit to discuss agenda to promote science and technology among member states
  • Representatives from 15 OIC institutions, including those from Saudi Arabia, Malaysia, Türkiye, Bangladesh participate
Updated 22 April 2025
SAIMA SHABBIR

Islamabad: An Organization of Islamic Cooperation (OIC) official on Tuesday urged member states to intensify their efforts in implementing the OIC’s Science, Technology and Innovation (STI) Agenda 2026 to ensure sustainable development. 

The Ministerial Standing Committee of the Organization of Islamic Cooperation for Scientific and Technological Cooperation (COMSTECH) is organizing the sixth meeting of the OIC steering committee for the implementation of the organization’s Science, Technology and Innovation (STI) Agenda 2026 from Apr. 22-24 in Islamabad. 

The OIC’s STI Agenda 2026, launched at the First OIC Summit on Science and Technology in Astana, Kazakhstan in 2017, is a strategic framework to advance science and technology by fostering collaboration, promoting sustainable development and enhancing the scientific capabilities of member states. 

“I stress the utter importance of intensifying our efforts in implementing the OIC STI Agenda 2026 until it expires,” Ambassador Aftab Ahmed Khokhar, the OIC’s assistant secretary general for science and technology, said in his address during the meeting’s inaugural session.

This high-level meeting is being attended by the heads and representatives of 15 OIC institutions from Saudi Arabia, Kazakhstan, Türkiye, Jordan, Uganda, Bangladesh, Malaysia, and Pakistan. 

The STI agenda’s progress is reviewed through regular meetings of the OIC Steering Committee. These meetings assess achievements, identify challenges and set future directions for the agenda’s implementation.

Khokhar highlighted the urgency of reviewing the STI Agenda, addressing associated challenges and outlining a way forward to ensure impactful outcomes.

“The OIC STI agenda, which is expiring in 2026, may be extended for another 10 years from 2027 to 2037, splitting into several shorter time frames with measurable and realistic actions to be executed,” he said. 

COMSTECH Coordinator General Prof. Dr. M. Iqbal Choudhary said that with a population of 2 billion people across 57 countries, the OIC is focused on equipping its youth with science and technology to drive socioeconomic change.

“The OIC STI Agenda 2026 focuses on 12 priorities including ensuring quality education for all, enhancing youth employability through skills and training, and securing access to food, water, and energy as essential foundations for sustainable development,” Choudhary told Arab News.

He said it was very important to understand climate change and its impact on human life, highlighting it as one of the key areas where member states were working together under the STI agenda.

The COMSTECH official said Pakistan and Saudi Arabia could lead the Muslim world in this field. He noted that in recent years, the Kingdom under Crown Prince Mohammed bin Salman’s leadership, has achieved major milestones in science and technology-driven socio-economic development.

“I think Pakistan and Saudi Arabia can work together not only for bilateral benefit and cooperation but also to benefit other countries in the Muslim world,” Chaudhary explained. 

He said Saudi Arabia had a leader’s role to play in developing an economically inclusive Muslim world through the use of science, technology and industry.

Topics: OIC Ministerial Standing Committee of the Organization of Islamic Cooperation for Scientific and Technological Cooperation (COMSTECH)

Pakistan, Russia resolve to strengthen cooperation amid surging ‘terrorism’ in Afghanistan

Pakistan, Russia resolve to strengthen cooperation amid surging ‘terrorism’ in Afghanistan
Updated 22 April 2025
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Pakistan, Russia resolve to strengthen cooperation amid surging ‘terrorism’ in Afghanistan

Pakistan, Russia resolve to strengthen cooperation amid surging ‘terrorism’ in Afghanistan
  • Pakistan, Russia joint working group to counter international “terrorism” meets in Moscow
  • Discussions revolved around growing need for adaptive strategies, says Pakistan foreign ministry
Updated 22 April 2025
Shahjahan Khurram

ISLAMABAD: Senior officials from Pakistan and Russia on Tuesday agreed to strengthen cooperation in the face of evolving “terrorism” in Afghanistan and the region, Pakistan’s foreign ministry said in a statement. 

Pakistan and Russia have both struggled with threats from armed militant groups. Islamabad complains about increasing “cross-border” attacks by the banned Tehreek-e-Taliban Pakistan (TTP) that it says originate from Afghanistan, allegations denied by Kabul. 

Russia also faces threats from Daesh militants. On Mar. 22, 2024, a deadly attack at the Crocus City Hall concert venue near Moscow killed over 140 people and injured several. The attack, claimed by Daesh militants, was one of the deadliest in Russia in recent years.

Both sides discussed counter-terror strategies during the 11th meeting of the Pakistan-Russia Joint Working Group to Counter International Terrorism in Moscow on Tuesday. Pakistan’s delegation was led by Special Secretary (United Nations) Nabeel Munir, while the Russian side was led by Deputy Foreign Minister, Sergey Vershinin, for talks that will go on till Wednesday. 

“The two sides held an in-depth exchange of views on the global and regional terrorism landscape, with particular attention to the evolving threat posed by terrorism in Afghanistan and the region,” Pakistan’s foreign affairs ministry said. 

“The discussions focused around the increasingly transnational nature of terrorism and the growing need for adaptive and cooperative strategies.”

The meeting concluded with both sides reaffirming their resolve to strengthen cooperation amid shared challenges posed by militants. The two delegations also recognized that collective efforts remain essential to maintaining regional and global stability, the Pakistani foreign ministry said. 

Both sides decided to hold the working group’s next meeting in 2026. 

Pakistan and Russia held the last meeting of the working group on Nov. 16, 2023, during which Moscow and Islamabad discussed national strategies and measures in combating “terrorism.”

The platform provides both sides an opportunity to share their experiences and best practices in battling militancy.

Topics: Pakistan Russia Ties

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