Islamabad Police Leads Pakistan’s Electric Revolution with BYD NEVs
Global NEV leader BYD, through its official partner in Pakistan, Mega Motor Company, has delivered BYD Atto 2 and BYD Sealion 7 electric vehicles to Islamabad Police, marking the first operational adoption of a new energy vehicle (NEV) fleet by a federal department in Pakistan. The induction of these vehicles was formally celebrated through an official ceremony inaugurated by Prime Minister Shehbaz Sharif. Inspector General of Islamabad Police, Ali Nasir Rizvi, and Chief Traffic Officer of Islamabad, Muhammad Sarfraz Virk, were also present, along with other senior officials from the department.
The fleet has been designated for specific operational roles within the police department, supporting traffic patrol and official mobility. Its introduction will enable Islamabad Police to significantly reduce fuel dependency, lower operating costs, and introduce emission-free mobility into daily policing operations across the capital.
The initiative comes at a time when Pakistan is experiencing unprecedented volatility in fuel prices, reinforcing the need for more stable and cost-efficient mobility solutions for institutional use. By transitioning to electric vehicles, Islamabad Police is taking a forward-looking step toward reducing exposure to fuel price fluctuations while improving long-term operational efficiency.
Commenting on the initiative, an official from Islamabad Police said:
“We are committed to adopting modern, sustainable solutions that enhance operational efficiency while serving the public responsibly. The integration of electric vehicles into our fleet marks a significant step toward reducing fuel dependency and enabling environmentally responsible policing. It also serves as a practical manifestation of the Prime Minister and Interior Minister of Pakistan’s vision for a greener, more sustainable future, with Islamabad Police playing a leading role in advancing this agenda.
This initiative lays the foundation for the gradual expansion of our NEV fleet as we continue to modernise our operations in collaboration with BYD.”
Commenting on the collaboration, Danish Khaliq, Vice President Sales and Strategy at BYD Pakistan-Mega Motor Company, said the initiative demonstrates how electric mobility solutions can support real-world institutional use cases.
“Islamabad Police’s decision to integrate BYD’s electric vehicles into its operational fleet reflects growing confidence in our new energy mobility solutions for real-world institutional use. As the first federal government department to take this step, it sets an important precedent for public sector organisations across Pakistan.
Beyond sustainability, this transition highlights a broader shift toward smarter fleet economics, where reduced reliance on fuel and lower maintenance requirements can significantly improve long-term operational efficiency. At Mega Motor Company, we remain focused on enabling this shift through reliable, high-performance electric mobility solutions designed for real-world demands.”
BYD’s new energy vehicles bring advanced electric mobility technology to the police fleet, offering zero tailpipe emissions, superior blade battery technology, enhanced safety systems, and lower maintenance requirements compared with conventional vehicles. In addition to environmental benefits, electric mobility presents a significantly lower running cost compared to traditional fuel-powered vehicles, particularly in high-utilisation environments such as public service fleets. The vehicles also enable silent patrolling, an operational advantage particularly suited to urban law enforcement environments.
As public institutions navigate rising fuel costs and explore more sustainable transportation solutions, initiatives such as this highlight the growing role of electric mobility in delivering both financial and environmental value while reducing reliance on imported fossil fuels.
Wafi Energy Pakistan partners with Indus Motor Company for Toyota Genuine Motor Oil in Pakistan
Wafi Energy Pakistan and Indus Motor Company have entered into a strategic partnership for the supply of Toyota Genuine Motor Oil (TGMO) in Pakistan.
Under this agreement, Wafi Energy Pakistan will supply two key product grades — Petron Plus 10W-30 and Petron 20W-50 — developed to meet Toyota’s global standards for engine performance, protection, and efficiency. The collaboration reinforces Wafi Energy’s commitment to delivering high-quality lubricant solutions aligned with evolving automotive requirements in Pakistan.
The agreement was signed in Karachi by Danish Ansari, Director Lubricants at Wafi Energy Pakistan, and Abdul Rab, Director Sales, Marketing & Customer First Division at Indus Motor Company, in the presence of senior leadership from both organizations.
As the licensee of the Shell brand in Pakistan, Wafi Energy combines Shell’s globally recognized lubricants technology and OEM expertise with local market depth and technical service capability. Indus Motor Company brings Pakistan’s established Toyota distribution and after-sales network. Together, the partnership ensures Toyota customers nationwide have consistent access to genuine, OEM-approved motor oils engineered to Toyota’s global specifications.
Commenting on the partnership, Danish Ansari, Director Lubricants at Wafi Energy Pakistan, said, “As vehicle technologies continue to evolve, OEM partnerships play a critical role in ensuring that lubricant solutions remain aligned with engine requirements and performance expectations. This collaboration enables us to deliver high-quality products that meet these evolving needs.”
Ali Asghar Jamali, Chief Executive Officer of Indus Motor Company, shared his statement, “Toyota customers in Pakistan expect uncompromising quality, and Toyota Genuine Motor Oil is an essential part of delivering on that promise. Our partnership with Wafi Energy enhances our capability to provide products that align with Toyota’s global standards, ensuring long-term engine performance, reliability, and a superior driving experience for our customers.”
Abdul Rab, Director Sales, Marketing & Customer First Division at Indus Motor Company, stated, “Ensuring the consistent availability of Toyota Genuine Motor Oil is essential for maintaining optimal vehicle performance, reliability, and seamless customer experience across our network. This partnership further reinforces our commitment to delivering the highest standards of quality to our customers in Pakistan.”
Faysal Bank & Avanza Strengthen Digital Collaboration
Faysal Bank, one of the leading and most innovative Islamic banks in the country, has further reinforced its strategic partnership with Avanza Solutions in the digital banking space.
Faysal Bank’s digital banking suite offers industry-leading, customer-centric solutions with a strong focus on intuitive and easy-to-adopt intelligent technology. Powered in part by Avanza’s CRM and digital platforms, the Bank has made significant progress in advancing its digital-first vision.
At a recent ceremony held at Faysal Bank’s Head Office, a major milestone was celebrated—100 million successful digital transactions via Avanza’s new mobile banking platform. Senior leadership and key contributors from both organizations were in attendance.
Addressing the audience, leadership from both organizations reaffirmed their commitment to driving innovation through collaboration and agreed to explore the development of a sandbox environment for AI-based smart solutions.
NBP Launches NBP SmartPay to Revolutionize Digital Payments for Businesses
National Bank of Pakistan proudly announces the launch of NBP SmartPay, a state-of-the-art digital payment platform designed to transform the way businesses manage their financial transactions.
NBP SmartPay is a comprehensive cash management solution tailored for corporate, commercial, and SME clients, enabling seamless, secure, and efficient handling of payments. The platform integrates a wide range of essential financial services into a single, user-friendly digital interface.
With NBP SmartPay, businesses can conveniently execute vendor payments, process payroll, pay utility bills, and manage tax payments, all through one unified platform. This streamlined approach not only enhances operational efficiency but also reduces the complexity traditionally associated with financial management.
Sharing his thoughts, Mr. Rehmat Ali Hasnie, President & CEO, NBP, said, “The launch of NBP SmartPay marks a significant milestone in our digital transformation journey. At NBP, we are committed to enabling businesses across Pakistan with innovative financial solutions that drive efficiency, foster growth, and support the country’s transition toward a digitally inclusive economy.”
Commenting on the launch, Mr. Adnan Nasir, Chief Digital Officer, NBP stated, “NBP SmartPay represents our continued commitment to innovation and customer-centric solutions. By leveraging cutting-edge technology, we aim to empower businesses with greater control, transparency, and convenience in managing their financial operations.”
The platform is built with advanced security features to ensure safe transactions, while its intuitive design allows users to navigate and manage their financial activities with ease. NBP SmartPay is expected to play a key role in supporting businesses as they increasingly adopt digital solutions to drive growth and efficiency.
Cement despatches increased by 11.14% during Apr-26
Cement despatches increased by 11.14% in Apr-26. Total Cement despatches during Apr-26 were 3.890 million tons against 3.500 million Tons despatched during the same month of last fiscal year.
According to the data released by All Pakistan Cement Manufacturers Association (APCMA), local cement despatches by the industry during the month of Apr-26 were 3.217 million tons compared to 2.677 million tons in Apr-25, showing an increase of 20.17%. Exports despatches on the contrary, declined by massive 18.22% as the volumes reduced from 823,032 tons in Apr-25 to just 673,058 tons in Apr-26.
North based cement mills despatched 2.662 million tons cement in domestic markets in Apr-26 showing an increase of 18.25% against 2.251 million tons despatches in Apr-25. There were no exports from North in Apr-26. Total despatches by North based cement mills was therefore 2.662 million tons cement showing an increase of 12.52% against 2.365 million tons despatches in Apr-25.
South based mills despatched 555,104 tons cement in local markets during Apr-26 that was 30.35% more compared to the despatches of 425,869 tons during Apr-25. Exports from South reduced by 5.01% to 673,058 tons in Apr-26 from 708,565 tons during the same month last year. Total despatches by South based cement mills was 1.228 million tons cement showing an increase of 8.26 % against 1.134 million tons despatches in Apr-25.
During the first ten months of current fiscal year, total cement despatches (domestic and exports) were 42.396 million tons that is 9.83% higher than 38.600 million tons despatched during the corresponding period of last fiscal year. Domestic despatches during this period were 34.785 million tons against 31.244 million tons during same period last year showing an increase of 11.33%. Export despatches were 3.47% more as the volumes increased to 7.611 million tons during the first ten months of current fiscal year compared to 7.355 million tons exports done during same period of last fiscal year.
North based Mills despatched 29.014 million tons cement domestically during the first ten months of current fiscal year showing an increase of 12.56% than cement despatches of 25.778 million tons during July 24 to April 25. Exports from North declined by massive 35.39% percent to 797,679 tons during July 25 to April 26 compared with 1.234 million tons exported during the same period last year. Total despatches by North based Mills increased by 10.36% to 29.812 million tons during first ten months of current financial year from 27.012 million tons during same period of last financial year.
Domestic despatches by South based Mills during July 25 to April 26 were 5.771 million tons showing an increase of 5.56% over 5.467 million tons cement despatched during the same period of last fiscal year. Exports from South increased by 11.31% to 6.813 million tons during July 25 to April 26 compared with 6.121 million tons exported during the same period last year. Total despatches by South based Mills increased by 8.60% to 12.584 million tons during first ten months of current financial year from 11.587 million tons during same period of last financial year.
A spokesman of All Pakistan Cement Manufacturers Association mentioned that we except better geopolitical situation in the coming weeks to strengthen global economy and reduce energy uncertainty. We also anticipate industry friendly policies from our government in the coming federal budget to provide competitiveness in our operations, he added.
Indus Motor Company Wins All Three Asia Production Quality Awards for the Third Consecutive Year
Indus Motor Company has once again demonstrated its commitment to manufacturing excellence by receiving all three Asia Production Quality Awards for the third year in a row in CY25. This achievement places IMC among the top Toyota manufacturing affiliates across the Asia Pacific region.
The Asia Production Quality Awards are presented annually by Toyota Motor Asia and have recognised outstanding quality performance among Asia Pacific manufacturing companies since 2011. To qualify, companies must meet strict customer quality KPIs with a cumulative score exceeding 80 percent out of 200 points. The three awards, Excellence Quality Award, Warranty Reduction Award, and Zero Field Action Award, represent the highest standards of quality within Toyota’s regional manufacturing network.
In CY25, IMC achieved a clean sweep across all evaluated parameters. The company recorded zero field actions across all models, exceeded its warranty reduction target, and achieved zero defects per vehicle in Toyota Motor Asia’s Shipping Quality Audit.
Out of nine Toyota affiliates evaluated in the region, only six received the Excellence Quality Award in CY25, with IMC proudly among them and the only Pakistani automotive manufacturer on that list.
This achievement reflects the dedication of IMC’s workforce, the strength of its local supply chain, and a deeply rooted culture of continuous improvement. The company’s integrated value chain, supported by local part makers supplying over Rs 210 million worth of parts every working day, continues to support the production of high-quality Toyota vehicles for the Pakistani market.
Commenting on the achievement, Ali Asghar Jamali, CEO of IMC, said, “Receiving all three quality awards for the third consecutive year reflects the relentless pursuit of excellence that defines every individual at IMC. This recognition reinforces our position not just as Pakistan’s leading automotive manufacturer, but also as a quality benchmark within Toyota’s global network.”
As IMC marks 35 years of Toyota’s presence in Pakistan in 2025, this milestone stands as a tribute to decades of manufacturing excellence, innovation, and contribution to the nation.
Escalating Iran–US Tensions Threaten Stability of Global Sukuk Market
Market volatility, widening spreads and upcoming maturities signal increased stress for Sukuk issuers: Zubair Mughal
The global Sukuk market is facing increasing pressure amid rising geopolitical tensions between Iran and the United States, raising concerns over declining investor confidence, reduced issuance, and potential contraction across key Islamic finance regions.
The impact is particularly significant for major Sukuk-issuing economies in the Gulf Cooperation Council (GCC) and Asia, where stable geopolitical and economic conditions are essential for sustaining issuance activity. Under the current uncertainty, market participants are adopting a cautious approach, resulting in a noticeable slowdown, and in some cases, a temporary halt, in new Sukuk offerings.
Muhammad Zubair Mughal, CEO of AlHuda Centre of Islamic Banking and Economics, highlighted the severity of the situation, stating: “If tensions persist, the Sukuk market could shrink by 10% to 15%. The current environment resembles the disruption experienced during the COVID-19 pandemic, when uncertainty significantly reduced market activity.”
He further emphasized immediate concerns regarding upcoming maturities: “A key risk lies in the significant volume of Sukuk maturing over the next 3 to 6 months. With tightening liquidity, rising risk premiums, and limited refinancing options, issuers- particularly in exposed regions, may face challenges in meeting repayment obligations. This could lead to increased defaults or distressed rollovers if conditions do not improve.”
Geopolitical uncertainty has also led to rising risk premiums across global fixed-income markets, with investors demanding higher returns. Consequently, Sukuk spreads have widened, increasing borrowing costs for both sovereign and corporate issuers and discouraging new market participation.
The slowdown in issuance is becoming more evident as governments and corporates delay or cancel planned transactions due to volatile pricing conditions. This challenge is more pronounced in oil-dependent economies, where fiscal planning is closely linked to energy revenues. Fluctuations in oil prices are further complicating sovereign funding strategies and raising concerns about timely repayment of maturing Sukuk.
At the same time, emerging markets are experiencing capital outflows and currency depreciation, increasing perceived credit risks and weakening investor appetite. These interconnected factors are contributing to a fragile environment where both new issuance and refinancing activity remain constrained.
Historically, the Sukuk market has experienced disruptions during major global crises, including the 2007–2008 financial crises and the COVID-19 pandemic. While those events were driven by financial and economic shocks, however, the current situation reflects a geopolitical risk. This prolonged nature could result in sustained issuance constraints, reduced cross-border investment flows, and increased reliance on domestic funding sources.
While projections of a 10% to 15% contraction reflect growing concern, the immediate challenge lies in the short-term maturity. A significant portion of upcoming Sukuk- particularly from issuers in vulnerable or oil-dependent economies may face difficulties in securing refinancing or generating sufficient liquidity for repayment.
Despite these challenges, the long-term fundamentals of the Sukuk market remain strong, supported by its asset-backed structure and growing global demand for Shariah-compliant financial instruments. However, restoring geopolitical stability will be critical to maintaining market resilience and avoiding short-term repayment pressures.
“IBA Karachi hosts panel discussion on Wars, crisis, and deterrence stability in South & West Asia”
IBA hosted a thought-provoking panel discussion titled, “Wars, Crisis, and Deterrence Stability in South and West Asia”, organized by the School of Economics & Social Sciences (IBA-SESS) at the Main Campus. The session brought together leading voices to examine the evolving nature of conflict, deterrence, international law, and regional security in an increasingly unstable global environment.
The panel featured Professor Dr. Zafar Nawaz Jaspal, Interim Vice Chancellor & Meritorious Professor, Quaid-i-Azam University, Islamabad, who joined the session online; Ms. Reema Omer, Lawyer & Human Rights Professional, and Dr. Sajjad Ahmed, Assistant Professor, Department of Social Sciences and Liberal Arts, IBA. The session was moderated by Dr. Farhan Hanif Siddiqi, Professor & Chairperson, Department of Social Sciences and Liberal Arts, IBA.
Opening the discussion, Dr. Siddiqi framed the conversation around recent wars and militarized crises in the international system, including the Russia-Ukraine conflict, the ongoing crisis in Gaza, tensions between Iran and Israel, and the recurring pattern of escalation in South Asia. Prof. Dr. Jaspal discussed the concept of the “Fourth Nuclear Age,” emphasizing that the global strategic environment is increasingly marked by state-to-state conflict, the renewed centrality of military power, and the weakening of nuclear arms control frameworks. Ms. Omer discussed the legality of contemporary wars under international law, emphasizing that despite its selective application, international law remains vital for accountability, particularly for the Global South. She also highlighted key principles related to the use of force, self-defense, and international navigation.
Dr. Ahmed offered insights into Iran’s foreign policy, domestic resilience, and strategic outlook. He discussed how Iran’s historical experience, sanctions environment, and national security concerns have shaped its regional posture. He also reflected on Iran’s approach to sovereignty, resistance to external domination, and the relationship between domestic pressures and foreign policy behavior.
The discussion also explored India-Pakistan relations, deterrence by denial, the risks of future escalation, and the implications of military technologies, missile systems, drones, cyber operations, and multi-domain warfare for crisis stability. The session concluded with an interactive Q&A segment, allowing students, faculty, and attendees to engage with the panelists.
GSK Pakistan and WWF-Pakistan scale solutions to secure safe water and restore freshwater ecosystems by 2030
GSK and the World Wide Fund for Nature (WWF) launched a five-year freshwater resilience programme in Pakistan in 2025, delivering interventions across Karachi, Lahore, Keenjhar Lake and the Indus Delta to provide safe drinking water, water reuse systems, urban greening and community biodiversity monitoring. The partnership will develop collaborative, locally led solutions to improve freshwater sustainability for communities, habitats and biodiversity, and accelerate progress towards the UN 2030 Agenda.
This programme is part of GSK’s wider commitment to be water neutral by 2030 in our operations and with key suppliers in water-stressed areas; through WWF we will work to balance the water we use with water restored to local environments and communities to safeguard the future of our operations and supply chain. Water is vital not only for the health of people and the planet, but also for the manufacture of the medicines and vaccines patients rely on, making these interventions both a social and business priority.
The programme engaged the Ministry of Climate Change & Environmental Coordination (MoCC&EC) and Pakistan Council of Research in Water Resources (PCRWR) under the Ministry of Water Resources (MoWR), mobilising both ministries to co-lead Pakistan’s Freshwater Challenge initiative. A national mapping exercise of existing freshwater actions and initiatives across Pakistan was completed to inform target-setting and ensure alignment with current programmes and policy frameworks. Following are the key outcomes of year 2025:
A solar-powered drinking-water filtration plant was installed at the welfare dispensary in Sharafi Goth, Landhi Town, Karachi, with the supply line extended to the adjacent Government Girls College. The plant now provides free safe drinking water to around 1,500 people (local community members, female students and dispensary visitors), delivering estimated annual savings of approximately PKR 2.7 million for the community.
Four ablution-water reuse systems (AWRS) were installed; two at Baitul Mukarram Mosque (Gulshan) and Masjid-e-Aqsa (Gulberg) in Karachi, and two in Engineers Town, Lahore with a combined capacity of 18,660 m3 per year. Treated water now irrigates 21,678 m2 of urban green space.
Fifteen toilet blocks and a sewage drainage system were rehabilitated at the Government Girls and Boys Higher Secondary School in Bin Qasim Town, Karachi, directly benefitting 1,144 students from an underprivileged community.
Two urban green spaces were restored at Jamia Masjid Hanifia Alamgir Trust and Government College, Sharafi Goth, using dense, multi-species native planting suited to Karachi’s arid climate. The 1,084 m2 of new green cover supports improved microclimates and healthier urban environments for about 1,500 local residents.
A groundwater recharge well was installed in Engineers Town, Lahore, with an annual recharge capacity of 5,500 m3; after two rainfall events the well has already returned 353 m3 to the aquifer.
A community Biodiversity Monitoring Group at Keenjhar Lake is now operational. The group, made up of local resource users conducts regular observations of key species and habitats, identifies potential threats and documents ecosystem changes.
Capacity-building activities in 2025 included three awareness sessions at NED University of Engineering & Technology, Government Degree Girls College (Sharafi Goth) and Hanifa Alamgir Masjid, plus a community session at Keenjhar Lake attended by 32 university students who took part in an on-site learning visit.
Erum Shakir Rahim, GM and Vice President, GSK Pakistan, said: “Pakistan is among the countries most vulnerable to water stress and the communities we work with live that reality every day. Our partnership with WWF marks a turning point: over the next five years we will scale locally led, practical solutions to deliver safe, reliable water, and drive the policy change needed to make communities resilient by 2030. The 2025 results show clear progress and strengthen our urgency and ambition to do more.”
Mr. Sohail Ali Naqvi, Director Freshwater Programme, WWF-Pakistan, stated: “Water risks are not isolated—they affect governments, industries, and communities alike, and cannot be addressed through standalone efforts. We need more inclusive, multi-stakeholder approaches to manage water sustainably across basins, with corporate partnerships playing a critical role in advancing effective water stewardship.”
“High-quality, free emergency care for children at scale” – Bilawal Bhutto Zardari
Pakistan’s ChildLife Foundation is one of three organizations that has been globally recognized with the Skoll Award 2026 for Social Innovation, presented during the 23rd Annual Skoll World Forum held in Oxford, U.K. This prestigious award recognizes the impact of public-private partnership between ChildLife Foundation and the government in delivering innovative, transformative solutions for expanding access to quality emergency care for children across Pakistan, free of cost and 24/7.
Mr. Bilawal Bhutto Zardari, Chairman of the Pakistan People’s Party said, “Our partnership with ChildLife Foundation shows that high-quality, free emergency care for children is possible at scale. By prioritizing access in every district and tehsil, we are ensuring that no child in Sindh is denied timely, life-saving treatment, while achieving outcomes comparable to leading global hospitals”.
The Skoll Foundation recognized ChildLife Foundation on two fronts: its working with the government to modernize and manage children’s emergency rooms in tertiary hospitals, and its telemedicine network, which connects secondary care hospitals in remote areas to pediatric specialists through HD cameras and IP phones. The award also acknowledged the partnership’s role in reducing child mortality across Pakistan.
Dr. Ahson Rabbani, CEO ChildLife Foundation while speaking at the occasion said, “Our vision is that no child should be more than 30 minutes away from quality emergency care across Pakistan”.
The Skoll Foundation recognizes and supports social entrepreneurs and organizations, bringing innovative and practical solutions for some of the world’s most pressing problems.
“This year’s winners of the Skoll Award for Social Innovation prove that when bold, creative leaders set their sights on a problem, their resolve and commitment lead to global systems change. Through innovative partnerships with affected communities and cross-sector collaboration, they are driving impact and lasting change in the fields of health, education, and public benefits,” said Marla Blow, CEO & President of the Skoll Foundation.
ChildLife Foundation provides life-saving treatment to more than 2 million children annually – 24/7 and free of cost. It manages children’s Emergency Rooms (ERs) & Telemedicine Satellite Centers (TSCs) in over 350 public hospitals across Pakistan, in partnership with the government. The organization is working to make free quality emergency care accessible to children and reduce child mortality across the country.
Jubilee Life Insurance and Kashf Foundation Launch “Khushal Mustaqbil Takaful” to strengthen Women’s Financial Resilience
Jubilee Life Insurance, the country’s largest private sector insurance company, Kashf Foundation and United Nations Development Programme (UNDP) jointly launch the “Khushal Mustaqbil Takaful (KMT),” an innovative micro-savings and protection product designed to strengthen the financial resilience of women from underserved communities.
The strategic collaboration was formalized at the Kashf Foundation Head Office in Lahore, with representatives from the UNDP also present to support marking a significant milestone in advancing financial inclusion and gender responsive insurance solutions.
Designed specifically for Kashf Foundation’s women borrowers, KMT is a yearly renewable endowment Takaful plan that combines protection with long term savings. Operating under the Shari’ah-compliant Wakalah-Waqf Takaful Model, the product offers a dual benefit: financial protection for families in the event of loss of life, alongside a structured pathway for women to build savings and long term financial security.
Speaking at the occasion, Mr. Javed Ahmed, MD and CEO, Jubilee Life Insurance said: “At Jubilee Life, we believe that financial protection must be inclusive and accessible, particularly for women who play a central role in strengthening household resilience. Our collaboration with Kashf Foundation reflects our commitment to empowering women with solutions that not only safeguard their families but also enable them to build a more secure and independent financial future.”
“A woman who invests in her future doesn’t just change her own life, she changes her family’s as well.” said Ms. Roshaneh Zafar, Managing Director, Kashf Foundation. “KMT responds to this need by enabling women to build long-term financial security, and our partnership with Jubilee Life Insurance strengthens our ability to deliver that protection to the women who need it most.”
A representative from UNDP Pakistan also expressed his views on the development stating: “Expanding access to inclusive insurance solutions is critical to closing Pakistan’s protection gap, particularly for women who remain disproportionately underserved. This collaboration demonstrates how public and private sector partnerships can deliver innovative, client-centric solutions that enhance financial resilience and support communities better withstand economic and climate related shocks.”
The initiative builds on Kashf Foundation’s recognition as a winner of UNDP Pakistan’s Insurance Innovation Challenge, supported under UNDP’s Insurance and Risk Finance Facility (IRFF). It represents a scalable model for delivering gender responsive financial protection solutions and advancing inclusive economic growth across Pakistan.
Mian Zahid Hussain Commends Bilal Azhar Kayani Visit to FPCCI as Part of Government’s Outreach to Business Community for Growth-Oriented Budget
Mian Zahid Hussain, Chairman of the Budget Advisory Council of FPCCI, 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 lauded the federal government’s decision to initiate a nationwide consultative process for the upcoming Federal Budget 2026-27. Speaking in the context of the recent high-profile visit of State Minister for Finance and Revenue, Mr. Bilal Azhar Kayani, to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Mian Zahid Hussain said that the inclusion of the business community in the policymaking process is a prerequisite for achieving sustainable economic stability and breaking the destructive boom-and-bust cycles that have historically plagued the national economy.
Mian Zahid Hussain stated that the Minister’s engagement with the industrial leadership at FPCCI underscores the Prime Minister’s “whole-of-economy” approach. He noted that during the deliberations, the Minister stated that Pakistan has witnessed measurable macroeconomic stabilization, supported by lower inflation, IMF review completions, and stronger foreign reserves since February 2024. This progress is evident in the successful completion of two major IMF program reviews and a significant improvement in the external account, which has bolstered foreign exchange reserves and restored the confidence of both local and international investors. He emphasized that the government’s focus on broadening the tax base and improving the investment climate is the right direction for the country.
The veteran business leader highlighted the significance of the nine specialized working groups constituted by the Prime Minister, which include experts and stakeholders from various sectors. These groups are tasked with formulating targeted policy recommendations to enhance industrial competitiveness and foster an export-led growth model. Mian Zahid Hussain remarked that moving away from import-led consumption toward a productivity-driven economy is the only way to ensure long-term prosperity. He also appreciated the Minister’s assurance that the government remains responsive to global energy price hikes, and maintaining targeted subsidies to the general public, farmers, and the transport sector to mitigate the impact of the rising global oil prices.
Mian Zahid Hussain further acknowledged that the minister noted down 84 proposals presented by the business community on the spot, regarding tax policy and the ease of doing business. Mian Zahid Hussain expressed hope that these recommendations would be reflected in the upcoming budget to reduce the cost of production and make Pakistani products more competitive in the global market. He pointed out that the recent “Exporters’ Recognition Awards” are a testament to the government’s commitment to prioritizing the export sector as a main pillar of the economy.
Concluding his statement, Mian Zahid Hussain urged the government to continue this momentum of consultation. He said that the industrial heart of Pakistan, particularly Karachi, requires consistent policy support to overcome structural challenges. He reaffirmed the commitment of the business community to work hand-in-hand with the government to achieve the target of a growth-focused and inclusive federal budget that addresses the needs of all stakeholders, from large-scale manufacturers to small traders.
NBP Launches NBP SmartPay to Revolutionize Digital Payments for Businesses
National Bank of Pakistan proudly announces the launch of NBP SmartPay, a state-of-the-art digital payment platform designed to transform the way businesses manage their financial transactions.
NBP SmartPay is a comprehensive cash management solution tailored for corporate, commercial, and SME clients, enabling seamless, secure, and efficient handling of payments. The platform integrates a wide range of essential financial services into a single, user-friendly digital interface.
With NBP SmartPay, businesses can conveniently execute vendor payments, process payroll, pay utility bills, and manage tax payments, all through one unified platform. This streamlined approach not only enhances operational efficiency but also reduces the complexity traditionally associated with financial management.
Sharing his thoughts, Mr. Rehmat Ali Hasnie, President & CEO, NBP, said, “The launch of NBP SmartPay marks a significant milestone in our digital transformation journey. At NBP, we are committed to enabling businesses across Pakistan with innovative financial solutions that drive efficiency, foster growth, and support the country’s transition toward a digitally inclusive economy.”
Commenting on the launch, Mr. Adnan Nasir, Chief Digital Officer, NBP stated, “NBP SmartPay represents our continued commitment to innovation and customer-centric solutions. By leveraging cutting-edge technology, we aim to empower businesses with greater control, transparency, and convenience in managing their financial operations.”
The platform is built with advanced security features to ensure safe transactions, while its intuitive design allows users to navigate and manage their financial activities with ease. NBP SmartPay is expected to play a key role in supporting businesses as they increasingly adopt digital solutions to drive growth and efficiency.
Urgent need to promote alternative dispute resolution for banking defaults to relieve overburdened courts: Mian Zahid Hussain.
FPCCI President Atif Ikram Sheikh endorse CJP’s initiative for speedy recovery of non-performing loans.
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 strongly commended the Law and Justice Commission of Pakistan for prioritizing Alternative Dispute Resolution (ADR) to tackle the mounting crisis of banking defaults.
FPCCI President Atif Ikram Sheikh and Mian Zahid Hussain, while speaking at the high-level meeting of the Law and Justice Commission of Pakistan held in Islamabad on April 30, 2026, stated that the nation’s judicial system is currently groaning under the weight of an unprecedented backlog, with official statistics indicating that more than 2.37 million cases are pending across the superior and district judiciaries. Within this overwhelming bottleneck, banking tribunals and civil courts are inundated with around 30,000 recovery suits and execution petitions related to non-performing loans. These financial disputes have effectively paralyzed hundreds of billions of rupees, stifling corporate liquidity and restricting the economic growth of the country. The vital session was chaired by the Chief Justice of Pakistan and was attended by key stakeholders, including Federal Finance Minister Muhammad Aurangzeb, Attorney General Pakistan Mansoor Usman Awan, FBR Chairman Rashid Mahmood Langrial, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Atif Ikram Sheikh, Chairman of the FPCCI Policy Advisory Board Mian Zahid Hussain, and the President of the Pakistan Banks Association.
Mian Zahid Hussain said that during the extensive deliberations, it was observed that traditional litigation in banking defaults often stretches over multiple years, eroding the value of the disputed assets and inflating legal expenditures for both the creditors and the borrowers. Mian Zahid Hussain highlighted that the current ratio of non-performing loans remains a significant hurdle to private sector credit expansion, particularly for Small and Medium Enterprises. When commercial banks are forced to provision heavily against toxic loans trapped in prolonged judicial stays, their capacity to lend to productive sectors is severely curtailed. Implementing robust Alternative Dispute Resolution mechanisms, such as commercial mediation and out-of-court arbitration, offers a pragmatic and rapid mechanism to clear this backlog and recycle capital back into the formal economy.
Mian Zahid Hussain assured that the business community, represented by the FPCCI, fully supports the Chief Justice’s visionary approach to integrating ADR into the financial sector’s regulatory framework. At the meeting, FPCCI President Mr. Atif Ikram Sheikh presented a compelling case for the institutionalization of mediation centers dedicated exclusively to corporate and banking disputes. Such a move would not only alleviate the crushing burden on judges but also save genuine businesses from the reputational destruction associated with public litigation. Out-of-court settlements allow for flexible restructuring and debt rescheduling, preserving jobs and sustaining industrial operations that would otherwise face liquidation due to the government’s policy shifts and temporary cash flow constraints.
In his concluding remarks, Mian Zahid Hussain urged the State Bank of Pakistan and the Ministry of Finance to act swiftly on the policy recommendations. He stressed that adopting a mandatory ADR protocol before the formal initiation of banking recovery suits is no longer a choice but a dire economic necessity. Fostering a culture of commercial conciliation will drastically improve Pakistan’s ease of doing business metrics, attract foreign direct investment, and ensure that the banking sector remains a catalyst for national prosperity rather than a graveyard for distressed capital.
Business community met Finance Minister; urged growth-oriented budget amid 10.9 percent inflation and economic challenges: Mian Zahid Hussain.
A high-level delegation of the business community, comprising Mr. Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), and Mian Zahid Hussain, Chairman Policy Advisory Board of FPCCI, held a cordial and highly constructive meeting with the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb Khan. The crucial meeting, which took place at the Finance Minister’s office in Islamabad on April 30, 2026, was also attended by Dr. Najeeb, Director General of Tax Policy, and other senior officials of the ministry. The core agenda focused on formulating a business-friendly Federal Budget for fiscal year 2026-2027 and resolving pressing issues related to the Federal Board of Revenue (FBR) taxes.
During the extensive deliberations, the business leadership apprised the Finance Minister of the acute challenges facing the industrial and commercial sectors in the current economic climate. Mr. Atif Ikram Sheikh highlighted that recent macroeconomic indicators present a mixed picture, requiring cautious policy interventions by the federal government. While international financial institutions project a modest Gross Domestic Product (GDP) growth recovery to 3.5 percent for 2026, the sharp resurgence in the consumer price index, which pushed the national inflation rate to 10.9 percent in April 2026, remains a severe headwind. This inflation directly impacts consumer purchasing power and significantly multiplies industrial production costs. Furthermore, the persistent burden of elevated energy tariffs, combined with stringent monetary policies and high borrowing rates, is steadily eroding the global competitiveness of Pakistani exports.
Mian Zahid Hussain underscored the urgent need for a paradigm shift in the national taxation machinery and the FBR’s operational framework. Mian Zahid Hussain noted that continuously squeezing existing taxpayers to meet the government’s aggressive revenue-collection targets is entirely counterproductive to sustainable industrial growth and to expanding the Pakistani economy from 405 billion dollars to its actual potential. Instead, he proposed that the upcoming federal budget must strongly focus on broadening the tax net horizontally, bringing historically untaxed and under-taxed sectors into the formal economy, and introducing a fair and equitable tax regime across the board. The business leaders collectively emphasized that formulating a truly growth-oriented budget is the only viable path forward to generate mass employment, revive stagnant industrial zones, boost export volumes, and build reliable fiscal buffers against ongoing global economic uncertainties.
Dr. Najeeb, Director General of Tax Policy, shared the government’s perspective on the FBR’s ongoing digitization and structural reform initiatives aimed at plugging revenue leakages and seamlessly facilitating genuine taxpayers. The discussion specifically focused on rationalizing import duties on raw materials, addressing the glaring anomalies in the standard sales tax regime, and ensuring the timely processing of tax refunds through FASTER, which frequently causes severe liquidity crunches, especially for SME exporters.
The President FPCCI and Chairman Policy Advisory Board of FPCCI submitted actionable proposals for the incoming budget, demanding simplified tax filing procedures, digitalisation of the business transactions and the immediate elimination of discretionary powers held by tax officials to curb administrative harassment.
Federal Finance Minister Mr. Aurangzeb Khan assured the delegation that the federal government is fully cognizant of the business community’s grievances and is committed to implementing business-friendly fiscal policies. He reiterated that the Prime Minister’s broader economic vision heavily relies on private-sector-led growth, and the upcoming Federal Budget will reflect this collaborative approach. The Minister appreciated the highly constructive suggestions put forward by Mr. Atif Ikram Sheikh and Mian Zahid Hussain, promising that their comprehensive recommendations regarding tax rationalization and export facilitation would be given serious consideration during the finalization of the upcoming Finance Bill. The meeting concluded on a positive and hopeful note, with both sides agreeing to maintain continuous liaison to steer Pakistan toward long-term economic stability and prosperity.
Indus Cloud Limited, Indus DC REIT, and UBL form Strategic Partnership to Accelerate Pakistan’s Digital Infrastructure and Cloud Adoption
Indus Cloud Limited, Indus DC REIT, and UBL announced a landmark strategic partnership to develop and expand next-generation cloud computing and data center infrastructure across Pakistan. This collaboration marks a significant step toward strengthening the country’s digital backbone and enabling secure, scalable, and locally hosted cloud services for enterprises and public sector organizations.
Under this partnership, the parties will collaborate on the development of the Indus Cloud and Data Center Project, aimed at delivering state-of-the-art, Tier-III compliant data center facilities alongside advanced cloud capabilities tailored for Pakistan’s evolving digital economy.
Indus DC REIT is developing and operating purpose-built data center infrastructure, while Indus Cloud offers a comprehensive cloud services platform. Together, they aim to create a robust ecosystem that supports high-performance computing, data sovereignty, and enterprise-grade security.
UBL joins the initiative as a strategic investor and partner, bringing both financial strength and institutional expertise to the project. In addition to its investment, UBL intends to leverage the infrastructure to support its own digital transformation and banking innovation agenda.
This partnership also reflects a shared commitment by all parties to actively promote cloud adoption in Pakistan, enabling organizations to modernize operations, enhance resilience, and drive innovation across industries.
Speaking on the occasion, Rumman Dar, CIIO of Indus Cloud & DC REIT, commented: “This partnership represents a defining moment for Pakistan’s cloud ecosystem. By combining world-class infrastructure with localized cloud capabilities, we are enabling enterprises to confidently transition to the cloud while ensuring data sovereignty, security, and performance. Our vision is to make Indus Cloud the backbone of Pakistan’s digital future.”
Farrukh Karim Khan, Chief Strategy Officer, UBL, added: “UBL is committed to supporting transformative initiatives that strengthen Pakistan’s digital and financial ecosystem. Our partnership with Indus Cloud and Indus REIT not only aligns with our strategic priorities but also positions us at the forefront of innovation in cloud-enabled banking and infrastructure development. We look forward to leveraging this platform to enhance our digital capabilities and customer experience.”
Through this collaboration, Indus Cloud, Indus DC REIT, and UBL aim to establish a scalable, secure, and future-ready cloud and data center ecosystem that will serve as a catalyst for Pakistan’s digital transformation journey.
Wafi Energy Pakistan delivers continued growth in Q1 2026
The Board of Directors of Wafi Energy Pakistan Limited (WEPL) today announced the company’s financial results for the quarter ended March 31, 2026. The company reported a profit after tax of PKR 2,164 million, compared with PKR 873 million in the same period last year, a growth of 148%. The performance reflects steady operations and continued investment through a period of considerable global energy market volatility.
The quarter also brought external recognition across two distinct areas of the company’s work. Wafi Energy won the Circular Economy Award at the 15th International CSR Awards for its eco-friendly Shell fuel station in Rawalpindi, which is constructed using recycled plastic. The company received an HR Metrics DEI Survey 2026 award to recognize leading representation of women at the managerial level.
Wafi Energy continued to expand its retail footprint, adding 18 new Shell retail sites, 6 new Shell Select convenience stores and upgrading 6 Shell stations. During the quarter, growth in the Lubricants business was broad-based, with expansion in the OEM and mining segment, growth in process oils and continued strength in fleet channels. The company signed a partnership with Indus Motor Company (IMC), marking entry into the Toyota aftermarket lubricants segment in Pakistan. These developments reflect Wafi Energy’s ongoing commitment to strengthening its footprint and delivering improved consumer experience.
Commenting on the performance, Zubair Shaikh, Chief Executive Officer, said “This has been a quarter shaped by external volatility and geopolitical challenges. Our focus has been to preserve energy security, keep supply steady, expand the network, and continue investing in areas that matter for Pakistan’s needs. The result this quarter reflects our approach, and we intend to operate with the same discipline – supplying the country reliably, strengthening the business, and delivering long-term value for our shareholders.”
Looking ahead, Wafi Energy Pakistan Limited remains focused on operational excellence, strategic growth, and generating shareholder value.
Mian Zahid Hussain welcomes Haroon Akhtar Khan’s appointment as adviser To Prime Minister on industries; calls for urgent adoption of industry 5.0 to grow beyond 6.48% LSMI.
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, warmly welcomed the elevation of Haroon Akhtar Khan to the post of Adviser to the Prime Minister on Industries and Production. He stated that the Prime Minister’s decision to transition Mr. Khan from a Special Assistant to a full-fledged Adviser reflects a strategic commitment to industrial stability and professional governance. Mr. Khan, a seasoned actuary and industrialist, brings a rare blend of technical expertise and political acumen that is vital for navigating the current economic landscape. Mian Zahid Hussain noted that the appointment comes at a time when the industrial sector is showing signs of a steady rebound, but remains vulnerable to structural inefficiencies and high operational costs.
Reflecting on Haroon Akhtar Khan’s past performance, Mian Zahid Hussain highlighted his distinguished tenure as the Federal Minister for Revenue from 2015 to 2018. During that period, Mr. Khan played a pivotal role in steering the Federal Board of Revenue toward historic achievements, including a peak tax-to-GDP ratio of 11.2 percent in the 2017-18 fiscal year. His leadership was instrumental in implementing six federal budgets that prioritized growth and broadened the tax base without stifling industrial activity. Mian Zahid Hussain emphasized that this track record of revenue mobilization and fiscal discipline is exactly what the Ministry of Industries needs to harmonize tax policies with manufacturing incentives, ensuring that local industries are not burdened by inconsistent regulatory frameworks.
Addressing the current state of the economy, Mian Zahid Hussain pointed out that the Large Scale Manufacturing Industries (LSMI) have recorded a promising growth of 6.48 percent during the July-March period of the current fiscal year. Significant contributions were noted in the automobile sector, which surged by over 61 percent, and the wearing apparel sector, which grew by approximately 6.6 percent. However, he warned that these gains are uneven, as certain segments like mining and cotton continue to face contractions due to high input costs and policy fragmentation. The Chairman noted that while the overall Quantum Index Number (QIM) for March 2026 reached 124.89, representing an 11.09 percent year-on-year increase, the month-on-month dip of 5.19 percent highlights the fragility of the recovery.
Mian Zahid Hussain urged the newly appointed Adviser to prioritize the resolution of the energy circular debt and the implementation of the National Industrial Policy. He stressed that the high cost of doing business remains the single largest hurdle for Pakistani exporters. With the Human Capital Index standing at a concerning 0.41 and industrial energy tariffs remaining uncompetitive compared to regional peers, the transition toward Industry 5.0 and advanced manufacturing like electric vehicle batteries—a key focus of Mr. Khan’s recent initiatives—must be accelerated. Mian Zahid Hussain concluded by expressing full confidence in Haroon Akhtar Khan’s ability to bridge the gap between the government and the private sector, fostering a business-friendly environment that can transform Pakistan into a regional manufacturing hub.
TCS Welcomes New B737 Freighter Aircraft at Karachi Airport
A shining new B737 freighter aircraft in bold red and white livery with the TCS logo arrived today to an enthusiastic welcome at the Karachi Airport.
The delivery flight was accorded a water-gun salute and was received in person by the Director General Civil Aviation – Mr Nadir Dar, Chairman TCS – Mr Khalid Awan, senior regulatory officials and members of the TCS management team.
This event marks a milestone, as the dedicated cargo aircraft, bearing the tagline “Shaping New Trade Routes”, will serve high-volume, time-sensitive freight corridors, reducing transit times for Pakistan’s exporters and importers, while creating new commercial pathways previously unavailable domestically.
DIB Pakistan Partners with Beyond Green Solar Solutions to Launch Shariah-Compliant Solar Financing Solutions
DIB Pakistan (DIB) has entered into a strategic alliance with Beyond Green Solar Solutions to offer innovative, Shariah-compliant solar financing models/solutions to customers across Pakistan.
The partnership was formalized through a signing ceremony held at DIB’s Head Office in Karachi. This collaboration marks a significant step toward enabling broader access to clean and sustainable energy solutions, while reinforcing DIB’s commitment to responsible financing and environmental stewardship.
Commenting on the developing need for green finance, Syed Umar Rahman Shah, Head, Retail Asset Products, Autos, Fleet & Institutional Sales, DIB Pakistan stated, “Our partnership with Beyond Green Solar Solutions reflects our continued commitment to delivering innovative, ethical financial solutions that meet the evolving needs of sustainable practices for our customers.”
Through this alliance, customers will benefit from accessible financing options for solar energy systems, helping reduce dependence on conventional energy sources, and better manage rising electricity costs.
The solution combines DIB’s strong financial expertise and nationwide presence, with Beyond Green Solar Solution’s technical capabilities, in solar energy options. It is designed to serve a wide range of customer segments, offering flexibility, affordability, and a seamless processing experience.
Pakistan’s Economic Horizon: Moving from Revenue Extraction to Growth-Driven Prosperity, Stressed Mian Zahid Hussain
As the Government of Pakistan finalizes the federal budget proposals for the upcoming fiscal year, Mian Zahid Hussain, Chairman Budget Advisory Council of FPCCI, 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 called for a fundamental shift in national economic policymaking. He emphasized that the country’s long-term sustainability relies on fostering an economy-driven revenue model rather than continuing with a revenue-driven economy.
Speaking on the current macroeconomic landscape, Mian Zahid Hussain highlighted that Pakistan’s economy has reached a critical juncture with the nominal GDP approaching Rs 110 trillion to Rs 115 trillion ($411 billion), and initial targets for the next fiscal year propose an economic growth target of 5.1 percent. Despite this potential, the Federal Board of Revenue (FBR) has faced a shortfall of over Rs 680 billion in the current fiscal year due to regional supply chain disruptions and import constraints. This shortfall, he noted, is a direct result of relying on heavy taxation on a small base instead of facilitating broader economic expansion.
Mian Zahid Hussain stated that a revenue-driven economic policy attempts to bridge fiscal deficits through aggressive enforcement and higher levies on existing taxpayers. This approach ultimately stifles industrial growth, hurts domestic commerce, and encourages capital flight. He stressed that burdening the formal sector creates an unsustainable environment where revenue collection targets are persistently missed, even as the tax targets are escalated to over Rs 15.5 trillion for the next period.
Instead, Mian Zahid Hussain advocated for a shift toward growth-led revenue generation. By focusing on the competitiveness of key export industries, reducing the cost of energy, and broadening the tax net via digitization and simplified documentation, the government can achieve sustainable prosperity. He stressed that the government should adopt a strategy of increasing revenues through economic growth. By enhancing the competitiveness of export sectors, reducing energy costs, digitizing the tax system, and simplifying documentation, the size of the economy can be expanded from $405 billion to $1000 billion (one trillion dollars), aligning with the vision of Prime Minister Mian Shehbaz Sharif. This approach can raise the tax-to-GDP ratio from the current 10.6% to a sustainable level.
Mian Zahid Hussain urged the Govt to prioritize pro-growth reforms in the upcoming budget. He added that the prosperity of Pakistan’s vital SME sector and industries will naturally increase government revenues and resolve long-standing fiscal imbalances.