Pakistan’s BankIslami recognized as ‘Best Islamic Banking Brand’ at global finance awards

Pakistan’s BankIslami recognized as ‘Best Islamic Banking Brand’ at global finance awards
CEO and President of BankIslami Pakistan, Rizwan Ata (left), receives the“Best Islamic Banking Brand” at the Global Islamic Finance Awards (GIFA) 2025 in Kuala Lumpur, Malaysia, on September 11, 2025. (BankIslami)
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Pakistan’s BankIslami recognized as ‘Best Islamic Banking Brand’ at global finance awards

Pakistan’s BankIslami recognized as ‘Best Islamic Banking Brand’ at global finance awards
  • The development comes months after Pakistan said Islamic banking assets had reached for the first time $40.7 billion by the end of March 2025
  • BankIslami says it remains committed to rolling out new Shariah-compliant tools, reaching more households through technology-driven solutions

KARACHI: Pakistan’s BankIslami has been named the ‘Best Islamic Banking Brand’ at the Global Islamic Finance Awards (GIFA) 2025 in Kuala Lumpur, Malaysia, the bank said on Monday, earning international recognition for innovation, customer-centric services and contribution to the growth of Islamic finance in the country.

GIFA is a globally recognized platform that honors institutions and individuals for contributions to Islamic banking and finance, according to a BankIslami statement.

It recognized BankIslami’s efforts to advance Islamic banking through awareness and access initiatives, interest-free financial solutions, and programs to expand financial inclusion.

The bank has played a pioneering role in developing Pakistan’s Islamic finance landscape, from deploying biometric ATMs to introducing Islamic digital banking solutions.

“Advancing Riba-free (interest-free) banking in Pakistan is a national cause, and as a financial institution, we see it as our responsibility to join hands and contribute,” BankIslami President Rizwan Ata was quoted as saying.

“We remain dedicated to our mission of Saving Humanity from Riba by expanding access, keeping products simple and transparent, and delivering service that earns trust.”

In May this year, the Pakistani central bank said Islamic banking assets had for the first time reached Rs11.5 trillion ($40.7 billion) by the end of March 2025 as the country actively moved toward implementing a fully Shariah-compliant financial system.

Pakistan’s Federal Shariat Court (FSC) directed the government in April 2022 to eliminate interest and align the country’s entire banking system with Islamic principles by 2027. Following the order, the government and the State Bank have taken several measures ranging from changing laws to issuing sukuk Islamic bonds to replace interest-based treasury bills and investment bonds.

With a network of more than 500 branches in over 210 cities, it offers Shariah-compliant financial products for individuals and businesses, including Hajj savings plans and small-media enterprise (SME) financing.

“BankIslami remains committed to advancing its mission by rolling out new Shariah-compliant financial tools, extending reach to more Pakistani households through technology-driven solutions, building partnerships with community-based organizations, and promoting financial literacy for inclusive and ethical banking,” it said.


Pakistan assures Shanghai Electric of resolving issues ‘amicably’ after Chinese giant terminates K-Electric deal

Pakistan assures Shanghai Electric of resolving issues ‘amicably’ after Chinese giant terminates K-Electric deal
Updated 16 September 2025

Pakistan assures Shanghai Electric of resolving issues ‘amicably’ after Chinese giant terminates K-Electric deal

Pakistan assures Shanghai Electric of resolving issues ‘amicably’ after Chinese giant terminates K-Electric deal
  • Shanghai Electric last week terminated $1.8 billion deal to acquire majority shares in Pakistan’s K-Electric power utility company
  • Zardari visits Shanghai Electric’s office, witnesses signing of agreement to establish coal gasification plant in Tharparkar district 

ISLAMABAD: President Asif Ali Zardari this week assured Chinese company Shanghai Electric of resolving all of its outstanding issues “amicably,” days after it terminated a $1.8 billion deal to acquire Pakistan’s K-Electric. 

Shanghai Electric’s board of directors decided to terminate the deal to acquire the Pakistani power utility company on Sept. 9, citing Pakistan’s changing business conditions and K-Electric’s failure to meet conditions. The Chinese company was in talks to acquire the majority stake in KE since 2016, delayed due to regulatory approvals and liquidity constraints as a consequence of mounting circular debt plaguing the country’s power sector.

Zardari arrived in China last Friday for a ten-day official visit to the country, which comes on the heels of Prime Minister Shehbaz Sharif’s trip to China last week. The Pakistani president met Shanghai Electric’s Chairman Wu Lei at the company’s office in Shanghai.

He was accompanied by his daughter and First Lady Aseefa Bhutto Zardari and his son, former foreign minister Bilawal Bhutto Zardari. 

“The President thanked him for the contribution of Shanghai Electric in meeting Pakistan’s energy needs, generating employment and supporting socio-economic development,” state broadcaster Radio Pakistan reported on Monday. 

“He assured Shanghai Electric that any outstanding issues would be resolved amicably and in a spirit of mutual cooperation.”

The state broadcaster said Lei expressed gratitude to the Pakistani government for providing security arrangements to Shanghai Electric employees working in Pakistan. In response, Zardari reaffirmed Pakistan’s commitment to enhancing security measures for Chinese nationals in the country.

Chinese nationals working on various projects in Pakistan have been targeted in attacks conducted by separatist militants in the country. These attacks have worried Beijing, which has pressed Islamabad to provide adequate security to its nationals. 

During his visit, Zardari witnessed the signing of a memorandum of understanding for the establishment of a coal gasification plant in Sindh’s Tharparkar district. The Pakistani president invited Shanghai Electric to explore further investment opportunities to modernize Pakistan’s power transmission and distribution network.

Pakistan’s power sector is riddled with challenges which include frequent and lengthy power outages, high transmission losses, dependence on expensive imported fuels, limited renewable energy sources and most of all, a massive circular debt. The circular debt is a cascade of unpaid government subsidies that results in accumulation of debt on distribution companies.

Pakistan has sought help from international partners to improve its energy infrastructure by modernizing its transmission system and promoting renewable energy projects.


Pakistan’s River Indus to remain in ‘high flood level’ at Sukkur as monsoon toll reaches 992

Pakistan’s River Indus to remain in ‘high flood level’ at Sukkur as monsoon toll reaches 992
Updated 16 September 2025

Pakistan’s River Indus to remain in ‘high flood level’ at Sukkur as monsoon toll reaches 992

Pakistan’s River Indus to remain in ‘high flood level’ at Sukkur as monsoon toll reaches 992
  • Water levels at Punjab’s Ravi, Chenab and Sutlej rivers recorded at “steady levels” as floods move downstream
  • Pakistan warns of dengue outbreaks in Karachi, Lahore, Peshawar, Islamabad, Sukkur, Hyderabad and Multan

KARACHI: The Provincial Disaster Management Authority (PDMA) in Pakistan’s southern Sindh province has warned that the River Indus at Sukkur will remain in “high flood” level for the next few days, as the countrywide death toll from monsoon rains surged to nearly 1,000. 

Sindh has been bracing for floods as water levels rise at the Guddu and Sukkur barrages in southern Pakistan. Devastating floods in Punjab, which have killed 104 people, forced over 2.5 million people to evacuate and affected more than 4.5 million since late August, are now making their way toward Sindh. 

The National Disaster Management Authority (NDMA) reported on Monday that the water inflows at Guddu Barrage in Kashmore district was recorded at 624,456 cusecs while the outflow was recorded at 594,936 cusecs. The NDMA said the water inflows at Sukkur Barrage were recorded at 556,217 cusecs while the outflows were recorded at 502,667 cusecs. 

“River Indus at Sukkur is expected to remain in high flood level during next few days,” PDMA Sindh said in its report on Monday. 

The PDMA Punjab reported that water levels in Punjab’s Ravi, Chenab and Sutlej rivers were recorded at “stable” levels, indicating that water levels were receding in the province and flowing downstream. 

Separately, the NDMA said in its latest situation report on Sept. 15 that the death toll from rain-related incidents since Jun. 26 had surged to 992, with the highest deaths reported in Khyber Pakhtunkhwa (KP), 504, followed by Punjab with 290, Sindh with 80, northern Gilgit-Baltistan (GB) with 41, Azad Kashmir with 38, Balochistan with 30 and Islamabad with nine casualties. 

DENGUE OUTBREAKS

As Punjab’s swollen rivers inundate thousands of villages and settlements in the province, Pakistani authorities have warned of dengue outbreaks in the country’s major cities and other flood-affected areas. 

Dengue is a viral infection caused by the dengue virus, which is transmitted to humans through the bite of infected mosquitoes. While many dengue infections are asymptomatic or produce only mild illness, the virus can occasionally cause more severe cases, and even death.

In an alert issued on Sept. 15, the meteorological department warned that floods have left behind stagnant water and poor drainage, creating conducive environmental conditions for mosquito breeding and transmission of dengue.

“The combined impact of favorable weather thresholds and flood-related waterlogging has made condition conducive from 20th September 2025 for the dengue onset,” the Met Department said. “It is predicted that this season poses an unprecedentedly high-risk of a severe dengue outbreak, particularly in ten major cities of Pakistan i.e., Karachi, Lahore, Islamabad, Faisalabad, Sialkot, Rawalpindi, Peshawar, Sukkur, Hyderabad and Multan as well as in flood affected areas across the country.”

Despite contributing only 1 percent to global greenhouse gas emissions, Pakistan is consistently ranked among countries affected the most by climate change. Devastating floods in 2022 left nearly 1,700 people dead, one-third of the country submerged at one point in time and inflicted damages of over $30 billion, Pakistan estimated.


IED explosion kills five soldiers in southwestern Pakistan, says military

IED explosion kills five soldiers in southwestern Pakistan, says military
Updated 16 September 2025

IED explosion kills five soldiers in southwestern Pakistan, says military

IED explosion kills five soldiers in southwestern Pakistan, says military
  • Blast took place as security forces were on the move for sanitization operation in Balochistan’s Kech district, says military
  • Five militants killed during follow-up sanitization operation as Pakistan military vows to eliminate “Indian-sponsored terrorism”

ISLAMABAD: Five soldiers, including a captain, were killed in an Improvised Explosive Device (IED) blast in Pakistan’s southwestern Balochistan province this week, the military’s media wing said, as Islamabad struggles to contain surging militancy. 

The IED blast took place when security forces were moving for a sanitization operation in Sher Bandi area of the southwestern Kech district on Sept. 15, the Inter-Services Public Relations (ISPR) said in a statement on Monday. The ISPR said the casualties included Captain Waqar Ahmed, 25, Naik Amat Ullah, 35, Lance Naik Junaid Ahmed, 29, Lance Naik Khan Muhammad, 29 and Sepoy Muhammad Zahor, 28. 

“During follow up sanitization operation five terrorists of Indian proxy, Fitna Al Hindustan, were sent to hell,” the ISPR said. 

The military’s media wing commonly uses the term “Fitna Al Hindustan,” meaning “India’s mischief,” in the local language to establish a link between separatist militants in Balochistan with the Indian state. 

India denies it is involved in fanning militant activities in Pakistan’s Balochistan and northwestern Khyber Pakhtunkhwa (KP) provinces. 

“The sacrifices of brave officers and soldiers further strengthen our resolve, as the security forces of Pakistan in step with the nation remain steadfast to eradicate Indian sponsored terrorism from the country,” the ISPR said. 

The attack takes place as Pakistan struggles to contain surging militancy in Balochistan, which borders Iran and Afghanistan. The province, considered Pakistan’s most backward one by almost all social and economic indicators, has been the plagued by a low-level insurgency for years. 

Islamabad-based think tank Pakistan Institute for Conflict and Security Studies (PICSS) said in a report last month that the country witnessed a sharp escalation in militant violence in August, with attacks reaching their highest monthly level in more than a decade. 

The report said Balochistan saw 28 attacks in August that killed 52 people, including 23 security personnel and 21 civilians. Militants kidnapped at least five people, while security operations killed 50 fighters, the highest number in Balochistan since June 2015, when 60 militants were reported killed. Security officials said those targeted included members of separatist groups such as the Baloch Liberation Army (BLA) and Balochistan Liberation Front (BLF).

Separatist militant groups such as the BLA and the BLF accuse Islamabad of depriving the province’s locals of a share in its natural resources, allegations which Islamabad denies. The civilian government and military point to several health, education and social initiatives in Balochistan that they saw are designed to reduce unemployment and provide benefits to people.


Pakistan raises diesel prices, keeps petrol unchanged

Pakistan raises diesel prices, keeps petrol unchanged
Updated 16 September 2025

Pakistan raises diesel prices, keeps petrol unchanged

Pakistan raises diesel prices, keeps petrol unchanged
  • Diesel price increased by Rs2.78 per liter to Rs272.77, petrol steady at Rs264.61
  • Changes follow regulator’s recommendations, diesel hike likely to hit transport, farm costs

ISLAMABAD: Pakistan on Tuesday increased the price of high-speed diesel by Rs2.78 per liter while keeping petrol unchanged, the Finance Division said, revising petroleum rates for the second half of September.

The new rate for diesel stands at Rs272.77 per liter, up from Rs269.99, while petrol remains steady at Rs264.61.

“The Government has revised the prices of petroleum products for the fortnight commencing September 15, 2025, based on the recommendations of Oil and Gas Regulatory Authority (OGRA) and the relevant Ministries,” the Finance Division said in a statement.

Diesel is widely used in agriculture and transport, meaning changes in its price can directly impact inflation and the cost of goods across the country.

The government adjusts local fuel prices every two weeks in line with fluctuations in global oil markets and exchange rate movements.

Officials say the system is designed to pass on international price changes to domestic consumers in a transparent manner.


Doha summit: Pakistan seeks Arab-Islamic task force, suspension of Israel’s UN membership 

Doha summit: Pakistan seeks Arab-Islamic task force, suspension of Israel’s UN membership 
Updated 15 September 2025

Doha summit: Pakistan seeks Arab-Islamic task force, suspension of Israel’s UN membership 

Doha summit: Pakistan seeks Arab-Islamic task force, suspension of Israel’s UN membership 
  • Muslim leaders gathered in Doha for unified response to Israeli attack on Hamas leaders in Qatar
  • Analysts say only a unified economic boycott by Muslim states could make a difference to Israel

ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Monday urged the creation of an Arab-Islamic task force to keep in check Israeli expansionist designs in the Middle East, demanding the United Nations (UN) suspend Israel’s membership of the global body.

Sharif expressed these views at an Arab‑Islamic summit in Doha in a show of support for Qatar in the wake of a Sept. 9 Israeli attack that targeted Hamas leaders in the Gulf state. The strike, which Hamas says killed five of its members but not its leadership, has prompted Arab Gulf states to forge a united front against the Israeli attack, with Pakistan seeking to leverage its current non-permanent seat on the UN Security Council to push for action.

At the summit, leaders from Muslim nations condemned Israel’s recent actions that they said not only undermined efforts toward coexistence, but also revealed a broader expansionist agenda. Uniting in denunciation of Israeli military actions in the Middle East, they called for coordinated political, legal and economic measures, including the possibility of an economic boycott of Israel, to counter the aggression and to uphold international law. 

Speaking at the summit, PM Sharif voiced Islamabad’s all-out support for Qatar and said the “reckless and provocative” Israeli attack on Doha was a flagrant violation of the sovereignty and territorial integrity of Qatar and aimed at sabotaging peace efforts in the Middle East.

“Pakistan reiterates following essential and urgent steps that Israel must be held accountable for its war crimes against humanity, creation of an Arab Islamic task force to adopt effective measures toward Israeli expansionist designs,” Sharif said.

“We reiterate the OIC’s call to suspend Israel’s membership of the United Nations,” he said, adding that member states should actively consider implementing other appropriate measures against Israel.

Israeli leaders have lately made pronouncements to expand settlement building in the occupied West Bank to “bury the idea of a Palestinian state,” with Prime Minister Benjamin Netanyahu saying he felt “very much” connected to the vision of “Greater Israel” and describing it as a “historic and spiritual mission.”

The comments have triggered widespread outrage across the Arab and Muslim world and have been denounced by several nations, including , the United Arab Emirates (UAE), Egypt and Pakistan as well as the Palestinian Authority.

Sharif called the Israeli attack on Doha yet another manifestation of its “declared hegemonic ambitions.”

“We deeply appreciate Qatar’s sincere and tireless diplomatic efforts as it has consistently endeavored to bridge divides and promote the noble cause of regional as well as global peace under the most daunting challenges,” he said.

The Pakistan premier said the injustice in Gaza has reached an “unbearable level,” demanding the UN Security Council ensure an immediate, unconditional and permanent ceasefire in the territory, release of hostages and exchange of Palestinian prisoners.

“Let history record this great moment when we, the leaders of the Arab-Islamic world, have chosen unity, dignity and courage over silence and inaction,” he added.

Since the start of Israel’s war on Gaza in Oct. 2023, Pakistan has repeatedly condemned the offensive that has killed nearly 65,000 people, mostly women and children, and called for accountability of Israeli war crimes.

The South Asian country does not have diplomatic relations with Israel and calls for a two-state solution to resolve the crisis. Islamabad supports an independent Palestinian state as per the aspirations of the Palestinian people, with Al-Quds Al-Sharif as its capital and according to the pre-1967 borders.

On the sidelines of the summit, Sharif met with Saudi Crown Prince Mohammed bin Salman and conveyed his deep appreciation for his bold leadership in unifying the Muslim world at this critical time.

“The Prime Minister assured the Saudi Crown Prince of Pakistan’s all out diplomatic support, particularly at the United Nations Security Council, where Pakistan is currently a non-permanent member, as well as at all other diplomatic multilateral fora, including the OIC,” the Prime Minister Office said in a statement issued after the meeting.

In his opening remarks as chair of the summit, Qatar’s emir Sheikh Tamim bin Hamad Al-Thani said there was no room to deal with a cowardly and torturous country like Israel.

“We, according to the international law, are entitled to preserve our sovereignty and face up to the Israeli aggression,” he said, adding that Israel really wanted to ensure that Gaza was no longer livable.

“They [Israeli] believe in what they term as the ‘Greater Israel,’ and they take advantage of the war to expand the settlements and to achieve and undertake aggressions and incursions.”

Hissein Ibrahim Taha, the Organization of Islamic Cooperation (OIC) Secretary-General, urged the UNSC to bear its responsibility to deter Israel against the various aggressions.

“We would like to review the need to implement the decisions of the United Nations, particularly with regard to the ceasefire [in Gaza], and to allow free access of aid to the Gaza Strip,” the OIC chief said at the summit.

As Israel continues to press forward with its expansionist agenda, analysts emphasize that a symbolic show of unity at the summit would do little to influence Israel and only a unified economic boycott could give the summit “real weight.”

“The number one punitive measure could be to have a complete economic boycott of Israel,” former Pakistani ambassador Asif Durrani told Arab News. “The oil embargo was used in 1974 and that did work which was in the backdrop of 1973 Egypt war.”

Durrani said Arab countries should also close their airspace for Israel to give a strong message of unity.

“Diplomatic unity has been shown by the summit but concrete steps [are] needed so that the United States and Israel should take this gathering seriously,” he added.

Amina Khan, director of the Center for Afghanistan, Middle East & Africa (CAMEA) at the Institute of Strategic Studies Islamabad, said this summit could only be impactful if concrete actions are taken by the participants collectively.

“So far, economic tools have not been used and the trade route has not been blocked,” she said, urging Muslim countries which have diplomatic relations with Israel to call back their ambassadors. “This conference will only make a difference if it delivers in terms of concrete and practical steps to harm Israel in terms of economic and political clout.”

Javed Hafeez, another former Pakistani ambassador who served in the Middle East, said the decisions made at the summit must be implemented in both letter and spirit.

“Whether a task force or to do an economic boycott... whatever it is must be implemented,” he told Arab News.