ISLAMABAD: Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan on Monday conveyed his warm wishes on Eid Al-Fitr to Prime Minister Imran Khan and shared his condolences with the Pakistani leader on the tragic PIA plane crash in Karachi that claimed 97 lives.
During their phone call, the two leaders discussed matters related to the global outbreak of COVID-19, and prospects of enhanced bilateral cooperation to address the situation.
“While thanking the Crown Prince for pardoning Pakistani prisoners and timely repatriation of Pakistani citizens from UAE, the Prime Minister lauded the steps being taken by the UAE authorities to curtail the spread of the pandemic,” said an official handout circulated by the PM Office.
“The Prime Minister underscored that without immediate, coordinated and comprehensive actions to create fiscal space, the developing world may have to contend with dire social, political and economic consequences of the pandemic,” the statement read.
Khan also highlighted his call for “Global Initiative on Debt Relief” for developing countries to help mitigate such consequences and to shore up economies.
He mentioned the worsening human rights situation in Indian-administered Kashmir and expressed his concern over the “demonization of Muslims in India in the context of Covid-19,” the statement added.
Abu Dhabi crown prince offers condolences to Pakistan over plane crash
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Abu Dhabi crown prince offers condolences to Pakistan over plane crash
- PM Khan thanked the UAE leader for timely repatriation of Pakistani citizens
- The premier also reiterated his call for debt relief for developing nations amid the coronavirus pandemic
Binance founder Zhao appointed adviser to Pakistan Crypto Council
- Pakistan Crypto Council formed this year to set regulatory guidelines for adoption, lure foreign investment
- Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are not illegal or banned
KARACHI: One of the world’s most powerful people in crypto, co-founder and former CEO of Binance Changpeng Zhao, has been appointed as a strategic adviser to the Pakistan Crypto Council (PCC), the finance ministry said on Monday.
The announcement came after Zhao met key members of the PCC on Monday, including Federal Minister for Finance Muhammad Aurangzeb, who is the chairman of the council, and Bilal Bin Saqib, its CEO. Zhao also separately met the Pakistani prime minister and deputy PM in Islamabad.
The PCC, established by the government last month, aims to create a legal framework for cryptocurrency trading in a bid to lure international investment. Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are also not illegal or banned. As of Jan. 16, 2021, the State Bank of Pakistan has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of virtual currencies, coins, and tokens.
“This is a landmark moment for Pakistan, we are sending a clear message to the world: Pakistan is open for innovation,” Aurangzeb said in a statement.
“With CZ onboard, we are accelerating our vision to make Pakistan a regional powerhouse for Web3, digital finance, and blockchain-driven growth.”
As strategic adviser to the council, Zhao will provide guidance on regulation, infrastructure, education, and adoption and work closely with the government of Pakistan and the private sector to create a “compliant, inclusive, and globally competitive crypto ecosystem,” the finance ministry said.
“Pakistan is a country of 240 million people, over 60 percent of whom are under the age of 30. The potential here is limitless,” Zhao was quoted as saying in the statement.
Zhao in 2023 stepped down as Binance CEO and pleaded guilty to breaking US anti-money laundering laws as part of a $4.3 billion settlement resolving a years-long probe into the world’s largest crypto exchange, prosecutors said. The deal with the Justice Department, part of a large settlement between Binance and other US agencies, resolved criminal charges for conducting an unlicensed money transmitter business, conspiracy and breaching sanctions regulations.
According to Forbes, Zhao, who is a Chinese-born Canadian businessman, was ranked the 24th-richest person in the world, and second-richest Canadian overall, with a net worth estimated at $66.6 billion as of January 2025.
In 2013, Zhao was a member of the team that developed Blockchain.info. He has also served as Chief Technology Officer of OKCoin. In 2022, Zhao invested $500 million through Binance to finance the acquisition of Twitter by Elon Musk.
After its launch in July 2017, the Binance cryptocurrency exchange was able to raise $15 million in an initial coin offering, and trading began on the exchange eleven days later. In less than eight months, Zhao grew Binance into the world’s largest cryptocurrency exchange by trading volume, as of April 2018.
Pakistan journalist arrested over disinformation released
- Farhan Mallick was charged after changes to a disinformation law in January saw punishments of up to three years in prison introduced
- He was arrested over two weeks ago for ‘generating, disseminating anti-state publications and videos, with aim of inciting public violence’
KARACHI: The founder of a Pakistani online news channel who was arrested for allegedly spreading disinformation was released on bail on Monday, his lawyer said.
Farhan Mallick, who runs Raftar, was charged after changes to a disinformation law in January saw punishments of up to three years in prison introduced.
Critics say the law is being used to quash dissenting views and control online media.
Mallick’s lawyer Abdul Moiz Jaferii told AFP he was released after offering 100,000 rupees ($354) for each of the two cases he was charged with.
He was arrested more than two weeks ago for “generating and disseminating anti-state publications and videos, with the aim of spreading disinformation and inciting public violence.”
He was accused in a second case of credit card fraud.
Another journalist, Muhammed Waheed Murad, was also accused days later of “online disinformation,” before being granted bail.
Both journalists had reported on the alleged role of the powerful military that has ruled the country for several decades, an institution that many mainstream media are careful to avoid criticizing.
Reporters Without Borders (RSF) have sounded the alarm about two brothers of exiled journalist Ahmad Noorani, who police say were “kidnapped” in Islamabad last month.
Journalists have long complained of increasing state pressure on traditional media in Pakistan, ranked 152nd out of 180 countries on RSF’s press freedom index.
Social media platform X is officially banned, but accessible using VPNs, while YouTube and TikTok have faced bans in the past.
PM directs speedy container clearance, attractive tariffs at Pakistan ports as part of maritime reforms
- Pakistan has formed a maritime taskforce to streamline its blue economy by optimizing operations at various ports
- Shehbaz Sharif asks officials to accelerate pace of installation of scanners to reduce time for container clearance
ISLAMABAD: Prime Minister Shehbaz Sharif has instructed officials to speed up the process of container clearance and ensure attractive trade tariffs at Pakistani ports, his office said on Monday, as the South Asian country undertakes maritime reforms to boost its economy.
Pakistan, which averted a default in 2023, is currently navigating an economic recovery path under a $7 billion International Monetary Fund (IMF) program and has undertaken several reforms in various sectors.
A taskforce is working on sustainable reforms in the maritime sector to end the long-standing stagnation in Pakistan’s maritime economy, according to the prime minister.
“Pakistan has been bestowed with a long coastline, sea and other unlimited resources,” Sharif was quoted as saying at a meeting of the maritime taskforce he presided over in Islamabad.
“A plan should be made to minimize the duration of the presence of containers at the ports,” he said, asking authorities to auction containers available at the ports as soon as possible to better utilize the port space.
During the meeting, officials informed the prime minister that a National Dredging Plan (NDP) has been formulated keeping in mind the country’s needs for the next ten years. It will help set up a National Dredging Company for dredging of all the ports, according to Sharif’s office.
A plan of action has also been prepared for the rehabilitation and reconstruction of the Pakistan National Shipping Corporation (PNSC) through public-private partnership for the next 25 years. Similarly, a plant is being established in Gadani, Balochistan to dispose of chemical waste and other hazardous materials, while the Pakistan Maritime Port Act is in the final stages, which will implement uniform rules and regulations at all ports.
On the occasion, Sharif said the development of economy is linked to marine resources and access to them.
“The pace of installing the latest scanners at all ports should be accelerated,” he said. “Trade tariffs should be reviewed to bring the country’s ports to a competitive standard.”
Pakistan regulator moves to reinvigorate ‘waqf’ charitable endowments for Islamic social finance
- In Islamic tradition, waqf charitable endowments, or religious donations, are made by Muslims to benefit the community
- Historically, the instrument has funded education, health care and social welfare, supporting institutions like Al-Azhar
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), a corporate legislative and financial regulatory agency, has issued a ‘concept paper’ to revive and modernize ‘waqf’ charitable endowments for Islamic social finance, it said on Monday.
In Islamic tradition, waqf charitable endowments, or religious donations, are made by Muslims for the benefit of the community. Historically, the instrument has funded education, health care and social welfare, supporting institutions like Al-Azhar and the Ottoman public works system.
Waqf remains an important player in the socio-economic fabric of the Muslim world and countries like Malaysia, Turkiye, and Indonesia have successfully adapted it to modern financial systems through regulatory frameworks, innovative governance models, and Shariah-compliant financial instruments.
But in Pakistan, the financial instrument remains underutilized due to outdated management practices and the lack of a robust regulatory framework, according to the SECP, which aims to develop modern and efficient corporate sector, insurance and capital markets in Pakistan.
“The concept paper proposes strategies to harness waqf for Islamic social finance, including reinvigorating the waqf institution, enabling the establishment of waqf in corporate structures as waqf companies, and developing Islamic instruments and financial services products for such companies,” the regulator said.
The proposals aim to improve efficiency, complete the Islamic finance ecosystem, and create social impact in Pakistan, according to the SECP. The suggested pathway to transform waqf into a dynamic, sustainable and impactful institution for socio-economic development will be deliberated and discussed with key industry stakeholders before initiating the required regulatory interventions.
It noted that the concept paper included various options, such as amending provincial waqf laws and other regulations, to provide for waqf companies in order to address concerns pertaining to its jurisdiction and legal considerations.
“It is expected that the revival and modernization of waqf will enable sustainable Islamic social finance institutions, thereby helping achieve the objective of shared prosperity by making resources available for social and welfare projects,” the SECP added.
Women strangle blackmailing Pakistan faith healer — police
- The women say they turned to Riaz Hussain for help in removing black magic curses but he instead took their compromising videos
- Faith healers are revered by some communities in Pakistan and their orders are followed devotedly, allowing for widespread exploitation
LAHORE: Two women have been arrested for murder after strangling a Pakistani faith healer with a scarf after years of being blackmailed over videos he took of them, police said on Monday.
The women told police they had turned to Riaz Hussain for help in removing black magic curses but he instead took compromising videos that he threatened to release.
“During the investigation it was found that Riaz Hussain had been sexually harassing women for a long time under the pretext of spiritual healing,” police in the city of Multan in Punjab province said in a statement.
The women, with the help of their cousin and another man, strangled the faith healer with a scarf before dumping his body.
The four have been arrested for murder, police said, adding that a fifth man has also been arrested.
Faith healers are revered by some communities in Pakistan and their orders are followed devotedly, allowing for widespread exploitation.
A pregnant woman was brought to a hospital with a nail hammered into her head in 2022 after a faith healer said it would guarantee she gave birth to a boy.
Another woman died the following year after being tortured with sticks for days by a faith healer who claimed to be following an exorcism ritual.
