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ISLAMABAD: Floodwaters continue to recede in Pakistan’s eastern Punjab province as major rivers return to “normal” levels, the Provincial Disaster Management Authority (PDMA) said on Monday, offering a rare sign of relief after weeks of catastrophic flooding.

Heavy monsoon rains and excess water released by Indian dams had caused major rivers in Punjab to swell in late August, triggering widespread floods in the country’s breadbasket province. Nationwide, more than 1,000 people have been killed since the monsoon season began on June 26. In Punjab alone, at least 304 people were killed and over 4,700 villages inundated, with authorities evacuating more than 2.5 million people. Over 4.7 million residents have been affected by the flooding.

“The water flow in Punjab’s rivers is normal,” PDMA Punjab Director-General Irfan Ali Kathia said in a statement. “Water levels in flood-affected areas are showing a significant decline.”

Kathia said the water level at Ganda Singh Wala near the Sutlej River was recorded at 23,000 cusecs and 34,000 cusecs at Sulemanki. On the Chenab River, water levels were measured at 29,000 cusecs near Marala, 27,000 cusecs at Khanki Headworks, and 12,000 cusecs at Qadirabad. These are all barrage-like control structures that regulate flows into Punjab’s canal system.

At Panjnad, where Punjab’s five rivers converge, the water level stood at 73,000 cusecs. The Ravi River flow at Jassar near the Indian border was recorded at 4,000 cusecs and 5,000 cusecs at Shahdara on the outskirts of Lahore.

The water level at Balloki Headworks was reported at 21,000 cusecs, according to the PDMA.

FLOOD DAMAGES

On Sunday, Prime Minister Shehbaz Sharif had directed authorities to prepare a report on flood damages within seven days, saying it was essential for planning recovery and relief operations. The Pakistani premier ordered accelerated relief and rehabilitation measures, saying his government would “not rest until the people in the flood-affected areas are rehabilitated,” according to a statement from his office.

Sharif also directed Planning Minister Ahsan Iqbal to closely monitor aid and recovery operations, convene regular review meetings and ensure coordination between federal agencies and provincial authorities.

He urged preventive steps against waterborne diseases, called for special measures to cultivate suitable crops in flood-hit areas, and instructed the National Highway Authority (NHA) to expedite work on repairing the damaged section of the M-5 motorway near Jalalpur Pirwala.

Officials briefed the prime minister that about 350,000 displaced people had already returned home, while others still in camps in Sindh were expected to return soon as floodwaters recede.

KARACHI: Pakistani Shariah-compliant firm Lucky Investments Limited announced on Monday it has bagged the “Emerging Islamic Finance Entity of the Year” award at the 10th Islamic Finance Forum of South Asia (IFFSA) Conference & Awards 2025 in Colombo.

Lucky Investment Ltd. focuses on investment and portfolio management across various sectors. Earlier this month, the firm announced it had crossed the Rs100 billion [$350 million] mark in Assets Under Management [AUM] or investor funds, within only six months of launching its fund. Lucky Investments said the achievement made it the first assets management firm in Pakistan to achieve the feat.

The firm’s chief executive officer, Mohammad Shoaib, received the award at the IFFSA ceremony in Colombo. The ceremony was attended by leading policymakers, regulators, and industry leaders from various countries in South Asia including Bangladesh, Sri Lanka, India, Pakistan, Maldives and other neighboring countries.

“The award is testament to the stellar performance of Lucky Investments since the launch of its first fund in April 2025,” the firm said in a statement. “The AUMs currently stand at over Rs.100 billion (USD 350 million) making Lucky the fastest growing AMC in Pakistan this year.”

The IFFSA conference recognizes excellence in Islamic finance by celebrating organizations and leaders advancing the cause of Riba-free financial solutions across the subcontinent.

Lucky Investments’ achievement reflects the growing traction that Shariah-compliant firms are gaining in Pakistan, as investors seek ethical and faith-based financial solutions.

Supported by a growing Islamic finance sector and regulatory backing from Pakistan’s Securities and Exchange Commission and the State Bank, the market continues to expand through mutual funds, sukuk and Islamic banking products.

The growth of Shariah-compliant firms takes place in the country as Pakistan moves to rid interest from the economy. Pakistan’s parliament in October last year approved a constitutional amendment, setting a clear deadline of January 1, 2028 for the complete elimination of “riba” or interest from Pakistan’s financial system.