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Saudi Arabia, UAE remain largest sources of remittances to Pakistan — central bank 

A Pakistani dealer counts US dollars at a currency exchange shop in Karachi, Pakistan, on October 9, 2018. (AFP/ File)
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Updated 14 December 2021
Khurshid Ahmed  
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Saudi Arabia, UAE remain largest sources of remittances to Pakistan — central bank 

  • With $2.4 billion of inflows during November, workers' remittances remain above $2 billion since June 2020 
  • State Bank of Pakistan says proactive measures have contributed towards sustained inflows of remittances 
Updated 14 December 2021
Khurshid Ahmed  

KARACHI: Saudi Arabia and the United Arab Emirates (UAE) remained the biggest sources of remittances to Pakistan with over $1 billion transferred to the South Asian nation from the two Gulf countries in the month of November, the Pakistani central bank said on Monday. 

With $2.4 billion of inflows during November, workers' remittances continued their strong streak and remained above $2 billion since June 2020, according to the State Bank of Pakistan (SBP). 

In terms of growth, the country's remittances increased by 0.6 percent in November on a year-on-year basis, while they declined by 6.6 percent on a month-on-month basis. 

"Cumulatively, at $12.9 billion, remittances grew by 9.7 percent during the first five months of FY22 over the same period last year," the SBP said in a statement. 

"Remittances inflows during November 2021 were mainly sourced from Saudi Arabia ($590 million), United Arab Emirates ($452.5 million), United Kingdom ($305.8 million) and the United States of America ($237.8 million)." 

Proactive policy measures to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic had contributed towards the sustained inflows of remittances since last year, the central bank said. 

Pakistan has deep-rooted fraternal ties with Saudi Arabia and the UAE. Around 2.5 million Pakistani expats are living in the kingdom and over 1.6 million in the UAE. 

These Pakistanis have greatly contributed to the development of the two Gulf countries, besides being the biggest source of foreign remittances to Pakistan. 

Topics: Pakistan Remmitances

Pakistan forms seven-member constitutional bench following reforms in superior judiciary

Updated 5 sec ago
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Pakistan forms seven-member constitutional bench following reforms in superior judiciary

  • Justice Amin-ud-Din Khan is chairman of the bench which has representation from all four provinces
  • The bench has been formed after parliament adopted the 26th constitutional amendment last month
Updated 5 sec ago
Aamir Saeed

ISLAMABAD: The Judicial Commission of Pakistan (JCP), established under the 26th amendment passed by parliament last month, nominated a seven-member bench on Tuesday to take up constitutional cases amid recent Supreme Court verdicts widely viewed as opposing the interests of Prime Minister Shehbaz Sharif’s administration.

The government initially planned to establish a separate constitutional court to address high-profile cases with potential impacts on national politics through the 26th amendment, which introduced judicial reforms, though it ultimately opted for a constitutional bench within the apex court.

Senior Pakistani minister Khawaja Muhammad Asif defended the government’s decision to introduce the amendment, which required a two-thirds majority, citing the need to reinforce parliamentary supremacy and “eliminate the encroachment on our turf.”

However, the opposition Pakistan Tehreek-e-Insaf (PTI) party of former prime minister Imran Khan argued that the government aimed to influence the judiciary’s functioning to secure favorable verdicts in constitutional and political matters.

“The Judicial Commission of Pakistan (JCP), reconstituted under the 26th Constitutional Amendment, convened its first meeting today at the Supreme Court of Pakistan, Islamabad,” said a notification circulated after the meeting chaired by Chief Justice of Pakistan Yahya Afridi.

“Following a vote, the majority (7 out of 12) approved a seven-member Constitutional Bench with representation from all the four provinces for a term of two months,” it added.
The commission designated Justice Amin-ud-Din Khan as the chairman of the bench comprising Justices Jamal Khan Mandokhail, Muhammad Ali Mazhar, Ayesha Malik, Syed Hasan Azhar Rizvi, Musarrat Hilali and Naeem Akhtar Afghan.

At the outset of the meeting, Leader of the Opposition in the National Assembly Umar Ayub Khan, who is also a JCP member, objected to its quorum, highlighting the absence of one member.

However, this objection was later put to a vote and by majority, the meeting affirmed that the proceedings were in keeping with the constitution and could continue in the absence of a member.

Earlier this year, before the adoption of the 26th constitutional amendment, the Supreme Court ruled in favor of the opposition PTI party in an important case involving the reserved parliamentary seats for minorities and women, asking the Election Commission of Pakistan to revisit their allocation.

The implementation of the ruling could have deprive the ruling coalition of some of the seats and benefited the PTI.

Such high-profile cases with political implications will now be brought before the separate constitutional bench that will adjudicate such matters.

Topics: JCP Pakistan

In a first, Pakistani firms showcase products at Gulfood Manufacturing expo in Dubai

Updated 06 November 2024
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In a first, Pakistani firms showcase products at Gulfood Manufacturing expo in Dubai

  • Gulfood Manufacturing is a global exhibition advancing the global food processing sector through innovation
  • Over two dozen Pakistani firms are exhibiting food ingredients and supply chain solutions at the mega event
Updated 06 November 2024
SAIMA SHABBIR

ISLAMABAD: Pakistan on Tuesday made a debut at the Gulfood Manufacturing 2024 exhibition at the Dubai World Trade Center, the Pakistani consulate in Dubai said, with more than two dozen Pakistani companies showcasing their products at the premier food manufacturing and processing event.
Since 2014, Gulfood Manufacturing has been advancing the global food processing sector through innovation. This year, more than 1,200 suppliers from over 60 countries are participating in the mega event.
On Tuesday, Trade Development Authority of Pakistan (TDAP) chief Zubair Motiwala inaugurated the Pakistan Pavilion at the 10th edition of Gulfood Manufacturing expo to market Pakistan’s food manufacturing and export potential.
“It’s a wonderful experience and I am immensely pleased that Pakistani exhibitors are here to avail this opportunity for showcasing their packaging and food processing capabilities,” Motiwala was quoted as saying in a statement shared by the Pakistani consulate.
Under the umbrella of TDAP, 21 Pakistani companies are showcasing food ingredients, processing and packaging, printing, labelling and supply chain solutions for the food and beverage industry at the exhibition, while eight other Pakistani companies are independently participating in the event, according to Pakistan’s Ambassador to the United Arab Emirates (UAE), Faisal Niaz Tirmizi.
The TDAP chief and the Pakistani ambassador visited all the stalls at the Pakistan Pavilion and had detailed interactions with the exhibitors, according to the statement. The commercial section of the Pakistani consulate in Dubai provided all assistance to the exhibitors for pre-event arrangements.
The development comes amid Pakistan’s efforts to increase trade and foreign investment after it narrowly escaped a default last year by securing a last-gasp $3 billion financial assistance from the International Monetary Fund (IMF).
The South Asian country has since sought to increase its exports and promote closer economic ties with regional and international allies to bolster its fragile economy, which has been suffering from a prolonged macroeconomic crisis.
 

Topics: Pakistan Dubai Ties Gulfood Manufacturing expo

Saudi Arabia’s KSrelief completes distribution of 50,000 shelters, winter kits in Pakistan

Updated 06 November 2024
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Saudi Arabia’s KSrelief completes distribution of 50,000 shelters, winter kits in Pakistan

  • The initiative targeted areas severely affected by flash floods, heavy rain and snowfall in the South Asian country
  • It provided essential support to over 350,000 individuals, enabling communities to recover and regain stability
Updated 06 November 2024
SAIMA SHABBIR

ISLAMABAD: The King Salman Humanitarian Aid and Relief Center (KSrelief) has completed the distribution of 50,000 shelters and winter kits among Pakistan’s most vulnerable communities, the Saudi charity said on Tuesday.
The aid distribution was part of KSrelief’s Shelter, Non-Food Items (NFIs) and Winter Kit Project for 2023-24, according to a statement issued by the charity organization.
By focusing on the disaster-stricken regions, the project provided essential support to over 350,000 individuals across Pakistan, enabling communities to recover and regain stability.
“Spanning four phases from September 2023 to October 2024, the initiative targeted areas severely affected by flash floods, heavy rainfall, and snowfall across 44 high-need districts in Pakistan,” KSrelief said in a statement.
“Through this effort, KSrelief distributed a total of 25,000 Shelter NFIs and 25,000 Winter Kits, aimed at helping communities withstand harsh winter conditions and rebuild their lives in the aftermath of these disasters.”
KSrelief coordinated with Pakistan’s national and provincial disaster management authorities and United Nations (UN) agencies for the effort, according to the statement.
“This approach ensured a cohesive, well-targeted response to meet the immediate needs of those impacted,” it read.
The Saudi charity organization has one of the largest humanitarian budgets available to any aid agency across the world, which has allowed its officials to undertake a wide variety of projects in more than 80 countries.
Pakistan is the fifth largest beneficiary of its aid and humanitarian activities and has greatly benefited from its assistance since 2022 monsoon floods.

Topics: Pakistan Saudi Ties

Pakistani bank signs LC Confirmation deal with International Islamic Trade Finance Corporation

Updated 05 November 2024
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Pakistani bank signs LC Confirmation deal with International Islamic Trade Finance Corporation

  • This product facilitates trade flow by allowing exporters and issuing banks to gain assurance from the ITFC
  • It will support private sector clients by working with banks in Organization of Islamic Cooperation states
Updated 05 November 2024
Arab News Pakistan

ISLAMABAD: Meezan Bank, a leading Islamic bank in Pakistan, has signed a new strategic partnership with the International Islamic Trade Finance Corporation (ITFC) under its Letter of Credit (LC) Confirmation product to support the private sector, the Pakistani bank said on Tuesday.
This product facilitates trade flow by allowing exporters and issuing banks to gain assurance from the ITFC, a member of the Islamic Development Bank (IsDB) Group, to secure payment and thus eliminate credit risks, according to a statement issued by Meezan Bank.
It will support private sector clients, including small-medium enterprises (SMEs), by working with local banks in the Organization of Islamic Cooperation (OIC) member countries to facilitate various import transactions.
The agreement was signed by Nazeem Noordali, Chief Operating Officer of ITFC, and Syed Amir Ali, Deputy Chief Executive Officer of Meezan Bank, in the presence of executives from both sides.
“Today marks a significant milestone in our business relationship with ITFC as we solidify our partnership. This arrangement reinforces our Bank’s commitment to reliability, stability, and financial excellence,” said Syed Amir Ali, Deputy Chief Executive Officer of Meezan Bank.
“The Letter of Credit Confirmation Agreement strengthens our position in the market, enabling us to capitalize on new opportunities and facilitate international Islamic trade.”
Meezan Bank is the first bank in Pakistan to partner with ITFC for the LC Confirmation facility. It will enable the Pakistani bank to extend geographical coverage by leveraging the ITFC network, both in member and non-member countries. It will also enable the Bank to handle LC Confirmation transactions of up to 12 months.
“We are proud to strengthen our partnership with Meezan Bank through this Letter of Credit Confirmation Agreement, which reflects our commitment and support to private sector clients in our member countries,” M. Nazeem Noordali, Chief Operating Officer of ITFC, was quoted as saying by Meezan Bank.
 

Topics: Meezan Bank Pakistan

Pakistani actors Mahira Khan, Humayun Saeed starrer ‘Love Guru’ to release on Eid

Updated 05 November 2024
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Pakistani actors Mahira Khan, Humayun Saeed starrer ‘Love Guru’ to release on Eid

  • The movie will be directed by industry veteran Nadeem Baig and also feature actor Ahmed Ali Butt
  • Pakistani cinema has witnessed a revival over the past decade with the release of a number of movies
Updated 05 November 2024
Arab News Pakistan

ISLAMABAD: Pakistani superstar Mahira Khan has said that her new film ‘Love Guru’ will be released on Eid next year, which will feature her alongside actors Humayun Saeed and Ahmed Ali Butt.

Khan, who will be playing the female lead alongside Saeed, said the movie is directed by Nadeem Baig. Both Khan and Saeed appeared together in the Pakistani film ‘Bin Roye’ nine years ago, with fans admiring their chemistry on screen.

“There is one project that we are shooting for the past month,” Khan told reporters at an event in London. “It’s film Love Guru that will be released on Eid.”

The actress expressed happiness and thanked her fans for the amount of love she received in London.

Khan has made a mark in international cinema with her performances in ‘The Legend of Maula Jatt’ (2022) and Bollywood flick ‘Raees’ (2017) alongside Shah Rukh Khan. Her acting skills in the two movies were widely praised by critics and made her a household name in Pakistan and India.

Pakistani cinema industry has witnessed a revival over the past decade with the release of a number of movies, including ‘Zinda Bhaag’ (2013) and ‘Ho Mann Jahaan’ (2016), which were based on a mix of traditional and modern themes.

The success of these films has led to an increase in investment in movie production, with many new films being released each year.

Topics: Mahira Khan Pakistan

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