Mian Zahid felicitates UAE on 54th National Day; lauds $7.4 trade milestone
Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, and Former Provincial Minister Information Technology, has extended his warmest felicitations to the leadership and people of the United Arab Emirates on the joyous occasion of their 54th National Day (Eid Al Etihad).
In a statement issued on December 3, Mian Zahid Hussain paid rich tribute to the vision of the UAE’s Founding Father, Sheikh Zayed bin Sultan Al Nahyan, whose legacy of wisdom and unity laid the foundation for a modern, progressive state. He emphasized that the bond between Pakistan and the UAE is not merely diplomatic but is rooted in shared history, brotherhood, and mutual respect that has stood the test of time. Mian Zahid Hussain also acknowledged HE Salem M. Salem Al Bawab Al Zaabi, UAE Ambassador to Pakistan and HE Dr. Bakheet Ateeq Alremeithi, Consul General of UAE in Karachi as the architect of Pak-UAE cordial and brotherly relations.
“The UAE is a second home to millions of Pakistanis and a cornerstone of our economic stability,” said Mian Zahid Hussain. He highlighted that the economic cooperation between the two nations has reached new heights, with bilateral trade volume exceeding US$7.43 billion in 2024. He noted with satisfaction that Pakistani exports to the UAE have seen a robust increase, rising by over 24% recently, which signals a maturing trade relationship moving beyond traditional commodities.
Mian Zahid Hussain, specifically lauded the UAE’s transformative investments in Pakistan’s critical sectors. He pointed to the strategic agreements in logistics and port operations, particularly the development projects at Karachi Port Trust by Abu Dhabi Ports and DP World with NLC, as game-changers for Pakistan’s maritime economy. Furthermore, he welcomed the UAE’s deepening footprint in Pakistan’s telecommunications, conventional and digital banking sectors, which aligns with the global shift towards a digital economy.
“The 1.8 million-strong Pakistani diaspora in the UAE continues to be a vital bridge between our nations,” he remarked. “Their contribution is reflected in the remittances sent home, which are projected to surpass US$8 billion this year. This financial lifeline is crucial for Pakistan’s foreign exchange reserves and economic resilience.”
Looking ahead, Mian Zahid Hussain urged both governments to further leverage the decisions made during the recent Joint Ministerial Commissions. He called for accelerated cooperation in corporate farming, food security, renewable energy, and information technology. He expressed optimism that the UAE’s “Falcon Arabic” AI initiative and Pakistan’s growing tech talent pool could offer lucrative opportunities for joint ventures.
Mian Zahid Hussain concluded by praying for the continued safety, security, and prosperity of the UAE under the leadership of President Sheikh Mohamed bin Zayed Al Nahyan, reaffirming the commitment of Pakistan’s business community to strengthening these brotherly ties.
Mashreq Introduces NEO, Pakistan’s First Islamic-First Digital Banking Platform
- Introduces Shariah-compliant Islamic remunerative current account with a market-first profit rate of up to 5% per annum
- Aims to serve 10 million Pakistanis in the next 5 years
Mashreq, one of the leading financial institutions in the MENA region, has officially introduced Mashreq NEO in Pakistan, a fully digital and Shariah-compliant banking experience built around how Pakistanis live, save, and transact. Following the bank’s official launch under the patronage and in the presence of the Honorable Prime Minister of Pakistan, Muhammad Shehbaz Sharif, Mashreq NEO is now fully operational nationwide, offering a seamless, secure, and values-based digital banking experience for all Pakistanis, including the Non-Resident Pakistanis (NRPs).
As the country’s first Islamic-first digital banking platform, Mashreq NEO offers a modern and convenient way to manage their finances – from account opening in minutes to profit-bearing current and savings accounts, free digital transactions, and nationwide ATM access – removing paperwork, queues, and complex onboarding. The platform also introduces Shariah-compliant remunerative current account with a market-first profit rate for customers of up to 5% per annum and Islamic savings account delivering the best-in-market return of up to 10%, and competitive rates on conventional variants.
“Mashreq’s mission has always been to advance how people bank, save, and grow,” said Fernando Morillo, Group Head of Retail Banking at Mashreq & Chairman, Mashreq Bank Pakistan. “Mashreq has spent decades building trusted digital systems across the UAE, Egypt, and other key markets, demonstrating how digital transformation can unlock economic opportunity. The launch of Mashreq NEO underscores our long-term commitment to empowering individuals and businesses in one of the world’s most dynamic digital markets with our global innovation legacy.”
Mashreq NEO aims to become a trusted financial partner for salaried professionals, freelancers, women entrepreneurs, and overseas Pakistanis, through its personalized banking journeys and lifestyle rewards. The platform’s debit cards, powered by leading payment networks, bring customers exclusive access to discounts at more than 30,000 outlets nationwide, alongside secure, intuitive app-based controls. Mashreq NEO in Pakistan will also leverage the bank’s global infrastructure to allow instant account opening for NRPs based in the UAE, enabling faster and zero-fee remittances.
“Pakistanis have always found a way to adapt, innovate, and move forward. It’s time their banking did the same,” said Muhammad Hamayun Sajjad, CEO Mashreq Bank Pakistan. “With Mashreq NEO, we are combining global innovation with local insight to deliver a banking experience that reflects the values, habits, and aspirations of Pakistanis everywhere. Our Islamic-first digital model is designed to make everyday banking simple, transparent, and inclusive to empower customers to bank with trust and ease.”
Built on a cloud-based infrastructure aligned with State Bank of Pakistan regulations, Mashreq NEO applies international-grade security standards to ensure safety, scalability, and transparency across all transactions.
As Pakistan advances toward greater financial and digital inclusion, Mashreq NEO represents a bridge between global innovation and national progress, enabling more people to participate in the formal economy and benefit from secure, ethical and digitally intelligent banking in a connected economy.
BankIslami Strengthens Saudi Arabia–Pakistan Links Through Strategic Dialogue in Riyadh, in the Presence of Ambassador Ahmad Farooq
Dialogue highlights strengthening Saudi–Pakistani partnership and long-standing alliance
BankIslami hosted a reception dinner in Riyadh in honor of His Excellency Ahmad Farooq, Ambassador of Pakistan to the Kingdom of Saudi Arabia. The event brought together members of Saudi civil society as well as the Pakistani diaspora.Commenting on the nearly eight-decade-long partnership between the Kingdom of Saudi Arabia and Pakistan, Ambassador Farooq highlighted the deep strategic alignment, enduring mutual trust, and shared Islamic solidarity between both countries. He also commended the Pakistani community in the Kingdom for its efforts in strengthening people-to-people linkages.
Members of the diaspora thanked Ambassador Farooq for his dedicated service and the Embassy’s consistent support, noting the positive impact of his leadership on bilateral relations.
Imran H Shaikh thanked the participants and stated: “The Kingdom’s Vision 2030 reflects the far-sighted leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and serves as a benchmark for other countries.”
He further noted, “BankIslami is committed to advancing the global growth of Islamic banking and delivering meaningful, Shariah-compliant value to communities worldwide.”
The session concluded with stakeholders emphasizing the need to further strengthen ties between Saudi Arabia and Pakistan and create deeper avenues of cooperation.
BankIslami reaffirmed its commitment to advancing Islamic financing that is free from Riba (interest) and to supporting broader community-driven initiatives.
Pakistan Cables lifts the 40th MAP Corporate Excellence Award – Fifth Consecutive Win Marks a Legacy of Excellence
Pakistan Cables Ltd. was honored with the prestigious 40th Corporate Excellence Award organized by the Management Association of Pakistan (MAP) recently in Karachi.
The fifth consecutive win of the Company reaffirms its reputation as a benchmark for trust and transparent business practices in the industry.
The award was presented by Mr. Saeed Ghani, Provincial Minister of Sindh for Local Governments, to Mr. Arshad Shafiq, Director Supply Chain & HSE, Pakistan Cables at the ceremony attended by distinguished business leaders from Pakistan.
As Pakistan’s premiere wires and cables manufacturer, Pakistan Cables continues to fuel the industry’s growth by delivering on world class product quality, operational excellence, sustainability, and ethical business conduct. The recognition strengthens its rich heritage of a pioneer that’s shaping the future.
Pak-Qatar Asset Management posts dividend of Pkr 0.8000 per unit for Pak-Qatar monthly income plan
Pak-Qatar Asset Management Company Limited (PQAMC) is a leading dedicated Islamic Asset Management Company in Pakistan, and part of Pak-Qatar Group, which is Pakistan’s Pioneer and Premier Islamic financial services group. PQAMC has recently announced the monthly dividend of Pak-Qatar Monthly Income Plan (PQMIP) under PQAMC’s Shariah-Compliant Income Fund. The plan is also amongst the highest return paying plan in the category.
PQMIP announced a dividend of PKR 0.8000 per unit for the month of October 2025, earned as on November 27, 2025. PQAMC has achieved an upgrade to AM2 with a ‘Positive Outlook’ from PACRA.
The Chief Executive Officer of Pak-Qatar Asset Management Company Limited – Mr. Farhan Shaukat has approved the distribution of dividends for the month of November 2025, under the authority delegated to him by the Board of Directors.
Mr. Farhan Shaukat stated that: “We are delighted to announce this distribution to the unit-holders of PQMIP. This reflects the strength of our investment strategy, consistent performance, and commitment to creating long-term value for our Participants. We are also pleased with the recent rating upgrades, which reaffirm the trust and confidence placed in PQAMC by our stakeholders.”
Pak-Qatar Group remains committed to contributing to Pakistan’s economy through innovative, Shariah-compliant investment solutions and sustainable financial growth.
The stakeholders can also review the performance of Pak-Qatar Monthly Income Plan on the website of the Mutual Funds Association of Pakistan (MUFAP).
Debt down, warnings up: Mian Zahid flags IMF concerns on corruption and tax system
Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, and Former Provincial Minister Information Technology, on December 1 stated that while the Ministry of Finance’s latest report shows the economy is stabilizing, the International Monetary Fund’s (IMF) recent diagnostic report serves as a critical wake-up call that “stabilization alone is not enough.”
Commenting on the two major economic reports released this week, Mian Zahid Hussain said that the government deserves credit for the historic reduction in public debt by Rs. 1,371 billion in the first quarter — the first such reduction in five years. “The Ministry of Finance’s data confirms that fiscal discipline is taking root, with tax collections (although failing the target) rising by 11.4% to Rs. 3.8 trillion and Large Scale Manufacturing (LSM) recovering to post a 4.4% growth,” he observed.
However, the veteran business leader warned that these gains could be short-lived if the structural rot identified in the IMF’s Governance and Corruption Diagnostic Report is not addressed immediately. “The IMF report, prepared on the request of the government, has rightly pointed out that corruption is ‘persistent and corrosive’ and that our tax system is ‘opaque and prone to manipulation’,” Mian Zahid said.
Mian Zahid Hussain said “while the Finance Ministry celebrates the victory of debt reduction, the IMF is warning us about the systemic bleeding. We cannot sustain this recovery if, as the IMF notes, elite capture and regulatory complexity continue to stifle the private sector.”
Mian Zahid Hussein stated that the IMF report explicitly demands the separation of tax policy from administration to end harassment and corruption. “We welcome the operationalization of the Tax Policy Office, but it must be empowered to simplify the tax code, rather than just meeting targets through squeezing existing taxpayers,” he added.
Mian Zahid welcomed the surge in remittances ($13 billion) and a stable reserve position ($19.7 billion) and pointed out that “Foreign investment requires trust in the rule of law, not just special waivers.” He advised that the government must implement the IMF’s recommendation to make all investment incentives public to avoid creating new distortions.
With the current account deficit widening to $733 million due to industrial revival, Mian Zahid Hussain warned that without the governance reforms suggested by the IMF to cut the cost of doing business, our exports will remain uncompetitive. “We are seeing a recovery in garments and autos, but we must ensure this doesn’t lead to another balance of payments crisis,” he said.
Mian Zahid Hussain concluded that the government has successfully pulled the economy out of the ICU, as shown by the Finance Ministry’s report, but now it requires the “major surgery” of governance reform as prescribed by the IMF to ensure long-term health.
Pak-Qatar participates in International Capital Market Conference & Expo 2025
Pak-Qatar Group participated in the International Capital Market Conference & Expo 2025, held to highlight Pakistan’s progress and potential in fostering sustainable financial growth, investment opportunities, and market innovation. The event brought together leading policymakers, financial institutions, and industry experts to discuss the future of the capital market and the role of Islamic finance in promoting financial inclusion.
During the event, Mr. Jamil Ahmad, Governor, State Bank of Pakistan, and Mr. Akif Saeed, Chairman, Securities and Exchange Commission of Pakistan (SECP), visited the Pak-Qatar exhibition booth. They appreciated Pak-Qatar’s role in introducing need-based Takaful, VPS, Annuity and other investment solutions that align with Pakistan’s broader financial literacy and inclusion objectives.
Mr. Waqas Ahmed, CEO, Pak-Qatar Family Takaful Limited, briefed the Chairman SECP and Governor SBP on Pak-Qatar’s innovative Voluntary Pension Scheme (VPS) and Annuity products. He highlighted that these solutions are designed to serve private and government employees, by offering them peace of mind through regular income streams and lifelong pensions. Emphasizing the Group’s customer-centric philosophy, he stated
“At Pak-Qatar, we firmly believe that every product must serve a real need. Our mission is to enhance customer experience by combining Shariah-compliant savings and protection with value-driven financial planning. The acknowledgment from the country’s top financial regulators reinforces our belief that trust and innovation go hand in hand in shaping Pakistan’s financial future.”
Pak-Qatar Family Takaful continues to lead the way in offering tailored solutions that blend innovation, ethical finance, and superior customer experience, solidifying its position as a pioneer in the Takaful industry.
Cement despatches – exports decline continued for 3rd straight month
According to the data released by All Pakistan Cement Manufacturers Association (APCMA), cement exports declined by massive 26.53% during November 2025 as the volumes reduced to 590,183 tons from 803,258 tons in November 2024. It is imperative to note that exports declined by around 23% during Oct., 2025 and 15% during Sep., 2025. The domestic cement despatches during November 2025 were 3.549 million tons compared to 3.472 million tons in November 2024, showing a marginal increase of 2.23%. Total Cement despatches during November 2025 were 4.14 million tons against 4.275 million Tons despatched during the same month of last fiscal year, showing a month over month (m.o.m.) decline by 3.17%.
In November 2025, North based cement mills despatched 3.019 million tons cement that was almost equal to the despatches of 3.009 million tons in November 2024. South based mills despatched 1.12 million tons cement during November 2025 that was 11.49% less compared to the despatches of 1.26 million tons during November 2024.
North based cement mills despatched 3.019 million tons cement in domestic markets in November 2025 showing an increase of 6.27% against 2.841 million tons despatches in November 2024. South based mills despatched 530,637 tons cement in local markets during November 2025 that was 15.92% less compared to the despatches of 631,086 tons during November 2024.
During November 2025, exports from North based mills were almost nil due to closure of Pak-Afghan borders since end October 2025. Exports from South reduced by 7.08% to 590,021 tons in November 2025 from 634,993 tons during the same month last year.
During the first five months of current fiscal year, total cement despatches (domestic and exports) were 21.445 million tons that is 11.54% higher than 19.226 million tons despatched during the corresponding period of last fiscal year. Domestic despatches during this period were 17.435 million tons against 15.2 million tons during same period last year showing an increase of 14.71%. Export despatches remained almost same as the volumes were 4.009 million tons during the first five months of current fiscal year compared to 4.027 million tons exports done during same period of last fiscal year.
North based Mills despatched 14.771 million tons cement domestically during the first five months of current fiscal year showing an increase of 15.84% than cement despatches of 12.751 million tons during July – Nov 2024. Exports from North declined by 7.95% percent to 808,506 tons during July – Nov 2025 compared with 878,324 tons exported during the same period last year. Total despatches by North based Mills increased by 14.31% to 15.579 million tons during first five months of current financial year from 13.629 million tons during same period of last financial year.
Domestic despatches by South based Mills during July – Nov 2025 were 2.665 million tons showing an increase of 8.81% over 2.449 million tons cement despatched during the same period of last fiscal year. Exports from South showed a very slight increase by 1.66% to 3.2 million tons during July-Nov 2025 compared with 3.15 million tons exported during the same period last year. Total despatches by South based Mills increased by 4.79% to 5.865 million tons during first five months of current financial year from 5.597 million tons during same period of last financial year.
A spokesman of All Pakistan Cement Manufacturers Association mentioned that we can achieve growth provided the government gives concessions on duties and taxes that will ultimately benefit the end consumer. Time and again, we have requested the government to frame industry friendly policies to reduce the cost of business thereby making our cement competitive in regional and global markets, he added.
Philip Morris International and Ferrari accelerate partnership with ZYN branding on f1 liveries
Philip Morris International Inc. today announced an expanded partnership with Scuderia Ferrari HP and with Ferrari Challenge Trofeo Pirelli — the single-marque motorsport championship created in 1993 — for the 2026 season and beyond. This next chapter introduces one major development: the ZYN brand of nicotine pouches — the number one nicotine pouch brand globally, will feature on Scuderia Ferrari HP Formula 1 liveries at select races throughout the seasons.
This bold new chapter reinforces a spirit of relentless innovation and unforgettable experiences that has defined the partnership for more than five decades—making it one of the strongest in sports history. To mark this moment, ZYN branding will first feature on the Scuderia Ferrari HP car livery during the Abu Dhabi Grand Prix 2025 scheduled for December 7.
“PMI shares with Scuderia Ferrari HP the pursuit to innovate and challenge the status quo for millions of adults that share this passion. By engaging in this space, we demonstrate our commitment on this journey,” said Stefano Volpetti, President Smoke-Free Products & Chief Consumer Officer, PMI. “By further enhancing our partnership with Scuderia Ferrari HP, we hope to accelerate the replacement of cigarettes, and we want our adult consumers of nicotine products, like ZYN, to embrace and enjoy every moment of this thrilling ride.”
“Ferrari has always valued partnerships built on innovation, responsibility and a vision oriented toward continuous improvement, with a forward-looking mindset. Our renewed collaboration with PMI is a concrete expression of this approach and continues a relationship that has lasted for over fifty years, grounded in scientific progress and long-term thinking. As PMI advances the development of smoke-free alternatives, we are proud to evolve together, uniting our shared values of excellence, discipline and innovation to drive progress both on and off the track,” said Lorenzo Giorgetti, Chief Racing Revenue Officer, Ferrari.
Payoneer recognizes Pakistan’s top exporters and SMB innovators at 5th XBorder excellence awards
Payoneer , the global financial technology company powering business growth across borders, hosted the 5th edition of its XBorder Excellence Awards in Karachi on November 28, 2025. Supported by JazzCash and Faysal Bank as award sponsors, the event brought together more than 100 attendees to celebrate the achievements of top-performing exporters, digital entrepreneurs, creators, and small and medium-sized businesses (SMBs) contributing to Pakistan’s expanding global economy.
Participants represented the breadth of Pakistan’s export ecosystem, from software development and gaming studios to eCommerce and direct-to-consumer (D2C) brands, business-to-business (B2B) service-export companies, digital marketing agencies, and the freelance community.
The XBorder Excellence Awards recognized outstanding achievers across key categories that represent Pakistan’s growing strength in digital exports. The winners included Guava Slice Games, awarded for excellence in the gaming export category; KSM Media Hut, recognized for outstanding digital marketing services; LAAM, honored for leadership in D2C innovation; and Wanological Solutions, awarded for achievements in software and technology services. Zaid Tariq and Shazia Shah were celebrated as Freelancers of the Year. EyeSmarty was awarded as the eCommerce Seller of the Year for its exceptional performance. Hopetex was recognized as the Prime CSP Partner.
The event shed light on emerging trends shaping Pakistan’s export landscape, with speakers highlighting that checkout is increasingly becoming a growth driver tied to conversion and buyer trust, that export-ready SMBs are thinking global from day one with entity setup and cross-border payment readiness now essential for scale, and that sustainable growth hinges on stronger alignment between fintechs, banks, and businesses across payments, compliance, and partnerships.
Leading experts in Pakistan’s cross-border eCommerce and payments space shared dynamic insights with attendees, with the agenda featuring:
- “Reinventing Checkout for Pakistan,” a dynamic panel discussion featuring Asfandyar Farrukh (Chainstore Association of Pakistan), M. Salik Gadit (J.), and Arsal Ali (Laam), who shared practical insights on the evolving commerce landscape and opportunities for local businesses.
- A keynote by M. Harris Saeed Khan of JazzCash on how digital payments are enabling a new generation of entrepreneurs.
- A keynote by Ahmed Rauf Essa of Telemart on emerging opportunities for SMEs in the global marketplace.
The evening concluded with networking, insightful discussions, and a shared commitment to accelerating Pakistan’s role in global commerce and services. With each edition of the XBorder Excellence Awards, Payoneer continues to highlight, recognize, and support the innovators shaping the country’s digital future.
Al Baraka Bank Launches NexGen Banking Program with the Al Baraka IVS Co Brand Debit Card powered by PayPak
Al Baraka Bank (Pakistan) Limited (ABPL) has introduced the NexGen Debit Card, an exclusive financial product designed for the community of the Indus Valley School of Art & Architecture (IVS). This is Pakistan’s first co-brand university affinity debit card, developed in collaboration with PayPak and designed by the students of the Department of Communication Design at IVS. The initiative marks a significant step in the bank’s strategy to expand digital financial inclusion in Pakistan.
The launch event, held on Friday 5th December 2025 at the IVS’ Nusserwanjee building (a 100-year-old heritage building of Karachi), was attended by senior figures from the banking and academic sectors, including Muhammad Atif Hanif, Chief Executive Officer of ABPL; Najeeb Agrawalla, Chief Executive Officer of 1 Link; Dr. Faiza Mushtaq, Dean and Executive Director of IVS, and Mr Shahab Ghani, IVS Board Member and Chair of the Executive Committee.
The Al Baraka IVS Debit Card, powered by PayPak, is the first university co-branded debit card in Pakistan. It has been tailored to meet the needs of IVS students, alumni, and faculty, offering them access to digital banking services, exclusive discounts and deals and a full array of Islamic Financial Solutions and financial literacy programs.
The initiative forms part of Al Baraka Bank’s broader NexGen Banking vision, which seeks to deliver customized financial solutions to communities across the country. By supporting Pakistan’s youth, the bank aims to strengthen its role in fostering financial literacy, accessibility, and innovation, while reinforcing its commitment to community development and ethical growth.
“This launch underscores our ambition to build a Pakistan-first Islamic digital ecosystem that empowers youth with secure, innovative and inclusive financial solutions,” said Mr. Muhammad Atif Hanif, CEO Al Baraka Bank (Pakistan) Limited. He further added, “We believe that partnerships with institutions like IVS will helxp us nurture the next generation of leaders while advancing halal financial inclusion nationwide”. The CEO ABPL apart from Islamic Banking also emphasized on the fast growing diverse Global Halal economy and significance of alignment of Pakistan with opportunities in enhancing exports in halal products and services. He specially commended the role of IVS in producing great talent in various fields, specially fashion and emphasized on the potential great role IVS graduates can play in development of Halal Fashion Industry in Pakistan.
With a vision for unrivalled services, dedication to Islamic Banking, increasing network points, and innovative product line, Al Baraka Bank (Pakistan) Limited is committed to play a leading role in the Banking Industry of Pakistan. Al Baraka Bank Pakistan is part of the Al Baraka Banking Group (ABG) with Head Office based out of Bahrain. ABG is among the oldest Islamic Banking Groups and has subsidiaries operating in 13 countries.