Dutch Ambassador Visits FCEPL To Discuss Sector Growth and Talent Potential
The Dutch Ambassador to Pakistan, H.E Robert-Jan Seigert visited FrieslandCampina Engro Pakistan Limited (FCEPL) Head Office and met with the company’s leadership team to discuss the organization’s progress, the broader outlook of Pakistan’s dairy sector, and opportunities for future growth and investments in the dairy sector.
During the meeting, the FCEPL leadership provided an overview of the company’s performance, ongoing initiatives, and future potential for business growth. The discussion explored the evolving landscape of Pakistan’s dairy sector, including its capacity for expansion and modernization. While exchanging views on the role of local talent in supporting industry development, the importance of skills development and the long-term contribution of Pakistani professionals to the sector, potential areas for future investment with a focus on sustainable growth and strengthening the dairy value chain in Pakistan were also highlighted.
Speaking to the attendees, the Dutch Ambassador said: “Pakistan’s dairy sector presents meaningful opportunities for development, underpinned by a capable workforce and increasing focus on modern practices. Ensuring access to safe dairy, particularly for children, and encouraging a shift away from loose milk consumption remain important for public health. It is encouraging to see FCEPL contributing constructively to these efforts and to the sector’s long-term sustainability.”
Kashan Hasan, Managing Director FCEPL, speaking at the occasion, said: “We are honored to host the Dutch Ambassador and share our vision for the future of dairy in Pakistan. Dairy is more than an industry, it is a source of nutrition and livelihoods for millions of Pakistanis. We strongly believe that meaningful partnerships and constructive engagement between stakeholders are key to unlocking the sector’s full potential. At FCEPL, we are committed to investing in local talent, supporting sector development. Guided by our purpose of Nourishing Pakistan, we will continue working to ensure that more families have access to safe, high-quality, and nutritious dairy every day.”
As part of the visit, the Ambassador also addressed employees at a townhall session. The interaction focused on the potential of Pakistani talent and the opportunities within the dairy sector. Employees engaged in a dialogue on industry growth and their role in shaping its future.
The visit concluded with a reaffirmation of the importance of continued engagement among stakeholders to support the development of Pakistan’s dairy industry, along with a shared commitment to providing safe and nutritious milk for future generations in Pakistan.
SBP’s “InvestPak” a Landmark Scheme for Financial Inclusion and Economic Growth: Mian Zahid Hussain
Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum (PBIF) & All Karachi Industrial Alliance (AKIA), Chairman National Business Group Pakistan (NBG), Chairman FPCCI Policy Advisory Board and Former Provincial Minister of Information Technology, has stated that the State Bank of Pakistan’s launch of “InvestPak” is a welcoming and positive step toward financial inclusion and digital access to government securities. He noted that instead of viewing it as a mere savings scheme, it should be considered a comprehensive financial reform. If utilized correctly, its far-reaching benefits will directly impact national trade, industry, and the productive economy.
Mian Zahid Hussain said that currently, a significant portion of banks’ financial resources is being consumed by government financing, crowding out the private sector. During the first eleven months of fiscal year 2026, the government borrowed approximately Rs. 3.5 trillion from banks, while the private sector received a meager Rs. 986 billion. This trend is highly detrimental to commercial and industrial growth. If ‘InvestPak’ successfully mobilizes funds from common citizens, companies, insurance institutions, and the non-banking sector, the government’s reliance on commercial banks will be significantly reduced. Consequently, this will create ample lending space for SMEs, exporters, agriculture, logistics, and other key sectors.
Mian Zahid Hussain pointed out that by May 2026, the country’s total public debt had reached an alarming level of Rs. 81.95 trillion, comprising Rs. 58.11 trillion in domestic debt and Rs. 23.84 trillion in external debt. Under these circumstances, breaking the monopoly of commercial banks and broadening the investor base by providing the public with direct access to Market Treasury Bills (MTBs), Pakistan Investment Bonds (PIBs), and Government Ijarah Sukuk was inevitable. This platform will not only expand the scope of the debt market but also promote long-term financial avenues like corporate bonds and leasing. He warned that Pakistan cannot achieve industrial expansion and export competitiveness solely by relying on bank loans. However, the government must ensure that “InvestPak” does not merely become a new and convenient avenue to fulfill the borrowing needs. The true efficacy of this system will only be realized if it is accompanied by strict fiscal discipline, a reduction in government expenditures, and the promotion of investment.
Mian Zahid Hussain further added that the corporate sector can utilize this platform to better manage its savings and surplus capital, while investors inclined toward Islamic banking can benefit from Government Ijarah Sukuk. Nevertheless, the State Bank and FPCCI may jointly launch a robust awareness campaign in Urdu and other regional languages so that small traders and common citizens can fully grasp the system. There must be complete transparency regarding profit margins, tax deductions, maturity periods, and price fluctuations in the event of the premature sale of securities. Cybersecurity, a simplified registration process, and investor protection will serve as the ultimate guarantees of public trust in this platform.
Mian Zahid Hussain emphasized that no country can achieve sustainable economic growth by merely channeling public savings into unproductive government debt. To turn “InvestPak” into a successful and balanced model, it is imperative that the financial resources generated through it are diverted away from non-productive government expenditures and directed toward employment-generating industrial activities and the augmentation of national exports.
Post Budget 2026-27 seminar at IBA Karachi
IBA hosted a Seminar on the Federal Budget 2026–27, bringing together leading economists, policymakers, and public finance experts to discuss the budget’s implications for Pakistan’s economy, fiscal reforms, taxation, trade, and investment.
The session commenced with a welcome note by Dr. Lubna Naz, Director, Center for Business & Economic Research (CBER) at IBA, who emphasized the importance of sustained policy dialogue and collaboration between academia and policymakers. Dr. S Akbar Zaidi, Executive Director, IBA Karachi, delivered the welcome address, highlighting the institution’s role in fostering informed discussions on critical national economic issues and encouraging greater student engagement in public policy debates.
The discussion was moderated by Ammar Habib, Assistant Professor of Practice, SBS and featured an esteemed panel comprising Khurram Schehzad, Advisor to the Finance Minister, Government of Pakistan; Dr. Ali Salman, CEO – Policy Research Institute of Market Economy (PRIME); Dr. Ali Hasanain, Associate Professor, Economics, LUMS; Dr. Zehra Farooq, Staff Officer to Member IR Operations, FBR, and Dr. Aadil Nakhoda, Assistant Professor, SESS.
During the discussion, Khurram Shahzad shared the government’s perspective on fiscal stability, investment promotion, industrial policy, and reforms aimed at supporting sustainable economic growth. Dr. Salman highlighted the government’s tariff reforms and their role in promoting export-oriented industrial growth. Dr. Hasanain stressed the need for coherent trade and industrial policies, stronger institutions, and measures to address Pakistan’s anti-export bias. Dr. Zehra discussed revenue mobilization, tax reforms, enforcement measures, and digital transformation initiatives undertaken by the Federal Board of Revenue. Dr. Nakhoda examined the simplified tariff structures, export competitiveness, and greater integration into global value chains.
The session concluded with an interactive Q&A Segment, reflecting IBA’s continued commitment to promoting evidence-based dialogue and informed policymaking on issues of national importance.
Bestway Group Announces Strategic Partnership with Geely Auto Group for Pakistan
Bestway Group has announced that it has entered into a landmark strategic partnership with Geely Auto Group, one of China’s largest privately-owned, and among the world’s most innovative and rapidly growing, automotive manufacturers, for the distribution and assembly of Geely vehicles in Pakistan.
Under the agreement, Bestway Group, through its subsidiary Bestway Automotive (Private) Limited, will operate as the sole authorised distributor of Geely Auto Group products in Pakistan, marking a significant milestone in the country’s evolving automotive landscape. Initially, a range of Geely vehicles will be introduced into the Pakistani market as Completely Built Units (CBUs), ensuring customers gain early access to Geely’s world-class products. This will be followed by vehicles locally assembled in Pakistan through Bestway’s existing automotive assembly plant in Karachi. The partnership between Bestway and Geely is expected to evolve into a long-term and broad-based collaboration resulting in enhanced localisation, strengthening of the local automotive supply chain, meaningful skills development, and employment generation.
The signing ceremony was held at Geely Headquarters in Hangzhou, China, marking the commencement of the strategic partnership between Bestway Group and Geely Auto Group.
Geely Auto Group, a globally recognised automotive powerhouse, is renowned for its unparalleled engineering capabilities, cutting-edge innovation, exceptional safety standards, engaging driving dynamics, and intuitive design. The company operates one of the world’s largest automotive research and development networks and holds an extensive portfolio of advanced technology patents.
Models Coming to Pakistan
Among the models planned for introduction in Pakistan are Geely EX5, a premium all-electric SUV that combines advanced EV technology, intelligent features, and refined comfort to redefine sustainable mobility; Geely EX2, China’s best-selling passenger vehicle in 2025, which brings together smart technology, outstanding efficiency, and everyday practicality in a compact all-electric package, and Geely Starray EM-i, which holds the Guinness World Record for the lowest fuel consumption by a plug-in hybrid SUV.
A Global Brand Portfolio
Geely Group possesses an impressive portfolio of automotive brands, spanning affordable mass-market vehicles, premium automobiles, and luxury European performance marques. The automotive brands owned, controlled, or strategically invested in by Geely include iconic brands such as Volvo, Lotus, Aston Martin, Smart, Zeekr and Lynk & Co alongside Proton, Polestar, LEVC (the iconic London electric black cab), Livan Automotive, Farizon Auto, Radar Auto (Riddara) and motorcycle brands (Benelli, QJMotor, and Keeway).
Beyond Automobiles: Smart Mobility and Aerospace
Beyond automobiles, Geely is also at the forefront of smart mobility and aerospace innovation. Its smartphone business and low-Earth orbit (LEO) satellite network form the two foundational pillars of Geely’s Integrated Space and Earth Mobility Ecosystem. Through its aerospace subsidiary, Geespace, and smartphone company, Xingji Meizu, Geely has created a seamless, boundaryless digital ecosystem connecting smartphones, intelligent vehicles, and satellite-enabled services.
Digital Ecosystem: Smartphones and In-Car Technology
Xingji Meizu develops premium smartphones, wearable smart devices, and extended reality (XR) technologies, while Flyme Auto, Geely’s intelligent in-car operating system, serves as the digital platform underpinning its next-generation electric vehicle portfolio.
Geely is the world’s only automotive manufacturer to independently develop, own, and operate a commercial constellation of 64 low-Earth orbit (LEO) satellites through Geespace, providing advanced vehicle connectivity, high-precision positioning, and enabling the future evolution of autonomous driving technologies.
InfraZamin-Guaranteed, Bank of Punjab-Led Consortium Announce Financial Close of PKR 4.76 billion 10-Year Islamic Syndicated Financing for Air Link Communication Limited and Select Technologies Limited
A consortium of banks, managed by The Bank of Punjab, together with InfraZamin Pakistan Limited, today announced the successful financial close of a PKR 4.76 billion 10-year Islamic Syndicated Term Finance Facility for Air Link Communication Limited and Select Technologies Limited. The financing consortium comprises Askari Bank Limited, The Bank of Punjab, BankIslami Pakistan Limited, and Pak China Investment Company Limited, acting as Mandated Lead Advisors and Arrangers (MLAAs), while Infra Zamin Pakistan Limited is providing a credit guarantee of PKR 3.57 billion that has enabled a 10-year financing solution for the project. The financing will support the expansion of state-of-the-art manufacturing facilities at the Sundar Green Special Economic Zone, strengthening Pakistan’s local manufacturing of smartphones, consumer electronics, and home appliances, and advancing the country’s industrialization and import substitution agenda.
In the transaction, The Bank of Punjab acted as the Intercreditor Agent, Investment Agent, Security Agent, Account Bank, and Shariah Advisor, while the MLAA syndicate of Askari Bank, BankIslami Pakistan, and Pak China Investment Company played a pivotal role in the successful closure of the transaction alongside The Bank of Punjab. InfraZamin Pakistan Limited acted as the Guarantor, providing credit guarantees on behalf of Air Link Communication Limited and Select Technologies Limited. This credit enhancement enabled an unprecedented extended financing tenor for the companies and optimized pricing.
The financing will enable the establishment of state-of-the-art manufacturing facilities at the Sundar Green Special Economic Zone, where both companies will expand local production of home appliances, consumer electronics, and smartphones. The project supports Pakistan’s industrialization and import substitution agenda. A 1 MW solar power plant is also envisaged to reduce carbon emissions by an estimated 700 tonnes annually, lowering operating costs and encouraging a climate-friendly energy mix.
The investment is projected to manufacture over one million affordable smartphones annually, improving digital access and internet connectivity. The project is also expected to create approximately 450 direct jobs within five years of construction, with 25%–30% of these positions reserved for women, contributing to greater female participation in Pakistan’s manufacturing sector.
Air Link Communication Limited is a prominent player in Pakistan’s technology and consumer appliances sector, with expertise in distributing, retailing, and manufacturing mobile phones and other electronic products. The Company has partnered with leading global brands, including Samsung, Apple (authorized reseller), Xiaomi, Techno, Itel, Acer, and iMiki.
Its wholly owned subsidiary, Select Technologies Limited, specializes in the local manufacturing of smartphones and consumer appliance products. Select has the distinction of partnering with two leading global brands, Xiaomi and Hisense, to manufacture Xiaomi’s smartphones and LED televisions, and Hisense’s air conditioners and LED televisions. The transaction follows Select Technologies’ successful Initial Public Offering (IPO), underscoring strong investor confidence in Pakistan’s consumer electronics manufacturing sector.
Commenting on the transaction, Muzzaffar Hayat Piracha, Chief Executive Officer of Air Link Communication Limited, said: “Airlink and Select Technologies are working to advance the ‘Made in Pakistan’ agenda. The ten-year financing facility, backed by an InfraZamin credit guarantee, will play a pivotal role in driving innovation, introducing more products, and, above all, creating direct and indirect job opportunities for Pakistan’s youth, especially women.We are thankful to InfraZamin, Bank of Punjab, which served as the Lead Advisor on this transaction, and to the syndicate members comprising Bank of Punjab, BankIslami, Askari Bank, and Pak China Investment Company for their trust and support.”
Commenting on the transaction, Maheen Rahman, Chief Executive Officer of InfraZamin Pakistan Limited, said: “We are pleased to partner with Airlink and Select Technologies to support their expansion plans to enhance local manufacturing of digital and electronic equipment. The facility will expand jobs, enhance digital inclusion and create potential for export. We are grateful to our financing partners the Bank of Punjab, Askari Bank, BankIslami, and Pak China Investment Company in their support of this landmark investment. Together, we are enabling the expansion of local manufacturing, creating quality employment, advancing digital inclusion, and contributing to a more resilient and sustainable economy.”
Commenting on the transaction, Muhammad Mateen Farooq, Head – Investment Banking at The Bank of Punjab, said: “The successful completion of this transaction marks an important milestone for all stakeholders and demonstrates the value of collaboration among financial institutions, advisors, and industry partners in delivering innovative financing solutions. I would like to extend my sincere appreciation to Air Link Communication Limited, Select Technologies Limited, the participating MLAAs, and InfraZamin Pakistan Limited. This transaction will support the establishment of a state-of-the-art manufacturing facility that is expected to strengthen Pakistan’s consumer electronics manufacturing ecosystem and enhance access to locally manufactured products. This financing establishes a new benchmark for the sector and showcases how credit enhancement structures can facilitate long-term capital for strategic industrial investments.”
Commenting on the transaction, Syed Muhammad Danial Shah, Head – Investment Banking at Askari Bank Limited, said: “This transaction reflects the growing role of blended finance in supporting strategic industrial investments through the mobilization of long-term private capital. The credit enhancement provided through InfraZamin Pakistan’s guarantee was instrumental in strengthening the transaction’s credit profile, enabling the participating financial institutions to mobilize long-term capital under a blended finance structure. It highlights the effectiveness of innovative risk-sharing mechanisms and strategic partnerships between commercial banks and development finance institutions in unlocking private sector investment and advancing sustainable economic development.”
“At Askari Bank, we remain committed to delivering innovative and sustainable financing solutions that address our clients’ long-term investment requirements while contributing to industrial growth, economic resilience, and financial sector development. We are committed to working alongside participating financial institutions and InfraZamin Pakistan in structuring a landmark financing solution that demonstrates the growing potential of blended finance as a catalyst for private capital mobilization and sustainable development in Pakistan.”
Commenting on the transaction, Khurrum Nadeem, Head – Investment Banking, Pak China Investment Company Limited, said: “We are proud to support Airlink Group’s expansion, aimed at strengthening local manufacturing, creating employment opportunities and facilitating technology transfer through partnerships with leading Chinese manufacturers. InfraZamin’s guarantee has played a commendable role in enabling private sector financing and supporting Pakistan’s industrial growth.”
Commenting on the transaction, Syed Ali Hasham, Head – Investment Banking Group, Bankislami Pakistan Limited, said: “This landmark transaction demonstrates the power of Shariah-compliant innovation in mobilizing long-term capital for strategic industrial investments. As a Mandated Lead Arranger, BankIslami is proud to contribute to assist in structuring this facility alongside with Bank of Punjab in full alignment with Islamic principles, while enabling Airlink and Select Technologies to expand local manufacturing, create employment opportunities, and advance technology transfer. The InfraZamin’s guarantee has been instrumental in extending financing tenors under a blended finance framework, ensuring that this transaction sets a new benchmark for Islamic syndicated financing in Pakistan. BankIslami remains committed to pioneering innovative Islamic financing solutions that strengthen Pakistan’s industrial base, foster resilience, and drive sustainable economic development.”
The transaction further reinforces the MLAA consortium’s and InfraZamin’s commitment to mobilizing private capital for investments that accelerate sustainable economic growth and strengthen Pakistan’s productive sectors. It also reflects The Bank of Punjab’s continued leadership in structuring and closing complex syndicated financing transactions for Pakistan’s industrial and manufacturing sectors.
Toyota Strengthens Its Commitment to Road Safety Through Employee Helmet Distribution and Driver Licensing Initiative
As road traffic accidents continue to pose a serious public safety challenge in Pakistan, Indus Motor Company (IMC), the maker of Toyota vehicles in Pakistan, has reaffirmed its commitment to promoting responsible road use by launching a comprehensive road safety initiative for its employees, combining motorcycle helmet distribution with an in-house learner’s driving license facility.
The initiative reflects Toyota’s belief that creating safer roads requires collective action, with businesses working alongside government institutions, law enforcement agencies and academia to encourage responsible road user behavior.
The event was attended by Sajjad Hussain Bhatty, SSP National Highways & Motorway Police (South); Tahir Khan, SSP Traffic, Sindh Police; Mr. Tariq Baig of the Traffic Engineering Bureau (TEB); Prof. Dr. Mir Shabbar Ali, Dean, Faculty of Civil Engineering at Sir Syed University of Engineering & Technology; Engr. Yousaf Iqbal, former Senior Director, TEB, KDA; Syed Ameer Hussain, Project Manager, UMIU; and Mr. Ali Asghar Jamali, Chief Executive Officer, Indus Motor Company.
As part of the initiative, IMC distributed 300 motorcycle helmets to employees holding valid driving licenses, reinforcing the importance of wearing protective gear and adopting safe riding practices. In collaboration with the Traffic Police, the company also facilitated an in-house learner’s driving license service, enabling employees to begin the licensing process at their workplace. During the event, 275 learner licenses were issued to IMC employees.
Speaking at the event, Ali Asghar Jamali, Chief Executive Officer, Indus Motor Company, said, “Road safety is a shared responsibility that demands consistent action from every stakeholder. At Toyota, we believe our role extends beyond manufacturing vehicles, we are equally committed to fostering responsible road behavior and supporting initiatives that can help save lives. By encouraging helmet use, promoting licensed driving and partnering with public institutions, we hope to contribute towards building a safer road culture for everyone in Pakistan.”
For over a decade, IMC has been driving road safety through the Toyota Road Improvement Project (TRIP), a collaborative platform bringing together academia, law enforcement agencies and road engineering experts to advance research, improve road infrastructure and strengthen public awareness. Through sustained partnerships and community engagement, Toyota has continued to champion practical, long-term solutions that contribute to safer mobility across Pakistan.
This commitment was recently recognized when IMC’s road safety awareness campaign, “Aik Pal Ki Laparwahi,” received an award at the Pakistan Digital Awards, acknowledging its success in encouraging responsible road behavior through impactful digital storytelling.
With initiatives ranging from research and awareness to employee engagement and institutional collaboration, Toyota continues to demonstrate that road safety is not merely a campaign, it is a long-term commitment to protecting lives and building a safer future for all road users.
LUMS, PSW Sign MoU to Boost Trade Facilitation Capacity, Research
The Lahore University of Management Sciences (LUMS) and Pakistan Single Window (PSW) have signed a Memorandum of Understanding (MoU) to collaborate on capacity building, executive education, and research initiatives aimed at strengthening Pakistan’s trade facilitation ecosystem.
The MoU signing ceremony was held at the Pakistan Single Window (PSW) Head Office in Islamabad. The agreement was signed by Aftab Haider, Chief Executive Officer of Pakistan Single Window, and Dr. Tariq Jadoon, Provost of LUMS, in the presence of senior officials from both institutions. The University was also represented by Dr. Muhammad Adeel Zaffar, Dean, Suleman Dawood School of Business (SDSB), and Dr. Syed Muhammad Hasan, Associate Professor of Economics.
Under the partnership, LUMS and PSW will collaborate to support capacity-building initiatives under the Federal Board of Revenue’s (FBR) Postgraduate Diploma (PGD) Program for Probationary Assistant Collectors of Customs. The collaboration will focus on enhancing knowledge and professional competencies in areas related to cross-border trade, digital trade facilitation, logistics, data governance, and other domains aligned with PSW’s mandate.
The two institutions will jointly design and deliver executive education programmes, technical trainings, seminars, and other professional development initiatives on mutually agreed terms. The partnership also provides a platform for both organisations to participate in each other’s conferences, workshops, policy dialogues, exhibitions, and related events to promote institutional collaboration and knowledge sharing.
In addition, the MoU establishes a framework for developing joint research initiatives, policy papers, analytical studies, and other knowledge products focusing on digital trade, trade facilitation, cross-border trade systems, logistics, and data governance. These collaborative efforts are expected to contribute to academic research, support evidence-based policymaking, and generate practical insights for stakeholders engaged in Pakistan’s trade ecosystem, including participants of the PGD Program.
Dr. Tariq Jadoon, Provost of LUMS, remarked, “LUMS is pleased to partner with Pakistan Single Window in advancing executive education and applied research that addresses national priorities. This collaboration combines academic excellence with practical expertise to create meaningful learning opportunities and contribute to strengthening Pakistan’s trade and customs landscape.”
Speaking on the occasion, Aftab Haider, CEO of Pakistan Single Window, said, “Developing a modern and efficient trade ecosystem requires continuous investment in human capital and knowledge. Our collaboration with LUMS reflects PSW’s commitment to building institutional capacity, fostering innovation, and supporting the development of future leaders in customs and trade facilitation.”
The MoU reflects the shared commitment of LUMS and PSW to advancing professional excellence, promoting research-driven policymaking, and supporting the modernization of Pakistan’s cross-border trade environment through collaborative learning and institutional engagement.
DIB Group Marks Another Landmark Transaction with USD 101 Million Financing for DG Khan Cement Company Limited
DIB is pleased to announce the successful completion of USD 101 Million in financing for D.G. Khan Cement Company Limited (DGKC) to facilitate the acquisition of Rafhan Maize Products Company Limited (RMPL). The financing, structured as a USD 101m Commodity Murabaha Facility, enabled the Nishat Group to acquire a majority stake in RMPL from the USA-based Ingredion Inc.
DIB acted as the Sole Mandated Lead Advisor, Shariah Advisor, Arranger and Financier for this landmark acquisition financing transaction.
The successful completion of the transaction reflects the strength of DIB Group’s platform as an international Islamic bank with deep local market expertise, institutional strength, and extensive Islamic finance capabilities. It further underscores the Bank’s ability to structure and execute sophisticated Shariah-compliant financing solutions for Pakistan’s leading corporates.
Speaking on the occasion, Muhammad Ali Gulfaraz, CEO DIB Pakistan highlighted, “This milestone represents another significant achievement for DIB’s Investment Banking team and further demonstrates our ability to deliver bespoke strategic financing solutions that support clients in executing transformational transactions while remaining fully compliant with the principles of Islamic finance”.
The successful execution of this complex transaction was made possible through close collaboration between DIB, DGKC, and buy-side M&A advisor Dada Partners. Mohsin Tayebaly & Co. acted as Pakistani Law Legal Counsel, while Hogan Lovells served as English Law Legal Counsel.
This landmark transaction is another huge success for DIB’s strong investment banking team and demonstrates the power of DIB to offer unique strategic solutions for our clients in Pakistan.
DIB Group wishes to acknowledge the constructive engagement and cooperation of the management of DGKC and the trust placed in DIB by Nishat Group throughout the transaction process, which was instrumental in navigating the complexities of a transaction of this nature and scale. We wish Nishat Group the best in making a success out of this important strategic move.
U.S. FDA authorizes 20 ZYN nicotine pouches to be marketed with specific modified risk claim in the United States of America
The U.S. Food and Drug Administration (FDA) issued Modified Risk Tobacco Product (MRTP) orders for 20 ZYN nicotine pouch products following extensive scientific review, allowing Philip Morris International U.S.(PMI U.S) to market these products in the United States of America (USA) with a specific modified risk claim.
A U.S FDA’s MRTP order authorizes the marketing of specific tobacco or nicotine products in the United States with FDA-authorized modified-risk and/or modified exposure, claims, subject to the terms of the order and applicable post market surveillance and reporting requirements. Such authorization, for the 20 ZYN nicotine pouches, is limited to the USA and applies only to the products reviewed and authorized by the FDA under the relevant orders and does not extend to an entire category or class of tobacco or nicotine products.
The FDA issued the MRTP orders following its scientific review of Swedish Match USA, Inc.’s MRTP applications, including evidence relating to the relative health risks of the product for individuals who use tobacco, consumer understanding and perception of the authorized modified risk claim, data regarding youth risk, and the potential impact on the population. Based on this review, FDA concluded that Swedish Match had demonstrated that the specific modified risk claim is scientifically accurate with respect to these 20 ZYN products, that consumers understand the claim, and that marketing the products with the authorized claim would benefit the population.
With this issuance, these ZYN nicotine pouch products, which were authorized for sale in the USA through the Premarket Tobacco Product Application (PMTA) pathway in January 2025, may now be marketed in the USA with the following FDA authorized risk modification claim: “Using ZYN instead of cigarettes puts you at a lower risk of mouth cancer, heart disease, lung cancer, stroke, emphysema, and chronic bronchitis.”
In FDA press release announcing the orders, Bret Koplow, Ph.D., J.D., acting director of the U.S FDA’s Centre for Tobacco Products stated: “FDA’s review of modified risk products is intended to ensure that adult users have clear, science-based information about the relative harms of tobacco products, so they can make informed choices.” He further stated that the “decision allows these products to be marketed with a modified risk claim that informs adults who smoke about the lower risks associated with these products.”
The FDA’s latest decision marks the first time the agency has granted MRTP orders for nicotine pouches.
More information about these modified risk granted orders are available on the FDA website. For more information on PMI, please visit www.pmi.com and www.pmiscience.com.
Euromoney Awards BankIslami for Excellence in Islamic Digital Banking
Second consecutive year of recognition by Euromoney as the Bank continues to invest in technology and digital innovation
Euromoney, a leading global benchmark for excellence in financial services, has recognised BankIslami as Pakistan’s Best Islamic Digital Bank. The recognition highlights BankIslami’s continued focus on innovation, technology-led growth and expanding access to Shariah-compliant banking across the country.
This accolade marks the second consecutive year that the Bank has received recognition from Euromoney, having previously been named Best Islamic Bank in Pakistan. The achievement reflects the Bank’s steady progress in strengthening its platforms, improving customer experience and expanding access to Shariah-compliant financial services nationwide.
In early 2025, the Bank successfully upgraded its core banking infrastructure to iMAL R-14, migrating to a centralized, API-enabled platform and enabling over 70% of customer interactions to be digital-first. The Bank also deployed artificial intelligence across its internal functions, digitizing a significant share of its internal operations, workflows, and communications to improve efficiency.
A defining milestone from the year was the launch of aik — Pakistan’s first fully digital Islamic banking platform. Designed for digitally savvy and Shariah-conscious users, the platform offers a seamless, mobile-first platform that reflects BankIslami’s ambition to lead the digital transformation of Islamic finance in the country.
Speaking on the achievement, BankIslami’s President & CEO, Rizwan Ata, commented, “Our digital transformation is driven entirely by a promise to our customers to make Islamic banking as seamless and accessible as possible. We see our digital capabilities as a vital vehicle for financial inclusion, ensuring that world-class, Shariah-compliant banking is within reach for everyone”.
“As flagbearers of Islamic banking in the country, our responsibility goes beyond business growth, it is about ensuring our services reach everyone,” said Imran H Shaikh, Dy Chief Executive Officer of BankIslami. “Digital is the key to true financial inclusion, and we continue to invest in it to make Islamic banking easy to adopt for the public at large,” he added.
BankIslami continues to lead Pakistan’s Islamic banking landscape by combining traditional values with modern financial solutions, and by setting new benchmarks in service, innovation, and social impact.
Pakistan Cables secures historic KEMA Certification for 35KV Medium Voltage Cables – first in Pakistan
Pakistan Cables Ltd. (PCAL), the nation’s premier cable manufacturer, has become the first company in Pakistan to successfully pass the rigorous KEMA type test for 35 kV medium voltage (MV) cables.
This milestone marks the first time a cable of such high-voltage grade manufactured in Pakistan has been certified by KEMA. The KEMA type test, which is conducted in the Netherlands, is the global gold standard in energy testing.
For decades, Pakistan Cables has been synonymous with uncompromised quality. By securing this prestigious seal of approval, the company not only elevates domestic manufacturing capabilities but also reinforces its position as Pakistan’s largest exporter of wires and cables.
A Legacy of True Leadership
Pakistan Cables holds the distinct honour of being the first wires and cables manufacturer in Pakistan to attain a KEMA certification back in 1984. The latest 35KV achievement puts a definitive stamp on the Company’s quest to continue to lead and innovate.
Commenting on this landmark achievement, Fahd K. Chinoy, CEO, Pakistan Cables, stated:
“Securing the KEMA certification for our 35KV Medium Voltage cables is a triumph for our team and a proud moment for Pakistan. In 1984, we pioneered the KEMA standard in Pakistan. Today, we have stretched the horizon of what is possible locally. This achievement is not just a certificate; it is an enduring promise of safety, performance and world-class capability.”
All up-to-date KEMA certifications are available on the Company’s website.
Elevating the Infrastructure Standard
The KEMA certification provides an independent, globally recognized validation that Pakistan Cables’ 35KV MV cables can withstand extreme operational stress, ensuring maximum safety, reliability, and longevity for major infrastructure, industrial, and utility projects.
As an icon of quality, Pakistan Cables continues to blend its rich heritage with forward-looking innovation, ensuring that the nation’s grid is powered by sophisticated, world-class engineering and that we continue to lead the way for cable exports.
Indus River to be Turned into Pakistan’s Low-Cost Inland Water Freight Corridor, Reduce Logistics Load on Roads, Support Export Competitiveness: Mian Zahid Hussain
Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum (PBIF) & All Karachi Industrial Alliance (AKIA), Chairman National Business Group Pakistan (NBG), Chairman FPCCI Policy Advisory Board and Former Provincial Minister of Information Technology, has said that Pakistan should no longer ignore Inland Water Transport while its freight system remains overwhelmingly dependent on expensive road transportation. He said that Inland Water Transport is not merely a theoretical concept but a practical economic necessity that can reduce logistics costs, conserve fuel, protect country’s road infrastructure and improve the competitiveness of Pakistani exports.
Mian Zahid Hussain said that 206 billion tonnes of cargo was moved through the road network in 2023, accounting for more than 90 percent of the country’s freight traffic. He pointed out that the National Highway Authority’s network constitutes a small portion of Pakistan’s total road network but carries around 80 percent of commercial traffic. This excessive concentration is increasing congestion, fuel consumption, road deterioration and the overall cost of doing business. He added that FPCCI has rightly brought this important matter to national attention. The development of inland waterways, particularly a strategic Attock-to-Karachi water route, can provide Pakistan with a low-cost and sustainable freight corridor. He said that reducing dependence on roads is essential for improving logistics efficiency and restoring the competitiveness of trade and industry.
Mian Zahid Hussain said that the government has already recognised the importance of Inland Waterways Transport through the National Transport Policy 2018 and the National Freight and Logistics Policy 2020, but implementation has remained painfully slow. These policies proposed an Inland Waterways Transport Master Plan, development of navigable routes and phased utilisation of the Indus River system. He said that the country does not need another round of studies and seminars, as the required policy direction is already available and now needs practical execution. He said that under the proposed plan, Phase One envisaged the establishment of an integrated Inland Water Transport terminal at Daud Khel, Mianwali, to connect road and river freight. Phase Two proposed extending the route from Mianwali to Taunsa, while Phase Three envisaged its further extension from Taunsa to Sukkur. The approximately 220-kilometre Attock-to-Daud Khel section has already been tested and found feasible, while the Mianwali-to-Taunsa extension can establish an inland waterway of around 550 kilometres.
Mian Zahid Hussain said that Inland Water Transport can also generate substantial fuel savings. Available technical estimates indicate that transporting 1,500 tonnes of cargo over 200 kilometres would require around 60 trucks consuming approximately 15,000 litres of fuel. Moving the same cargo by rail would consume around 4,200 litres, while a waterborne barge could perform the task using approximately 1,600 litres. He said that these figures clearly demonstrate why inland waterways are considered one of the most economical modes for transporting bulk cargo. He said that Pakistan should learn from the successful experiences of India and Bangladesh. Cargo movement through India’s national waterways increased from 18.1 million metric tonnes in 2013–14 to 145.5 million tonnes in 2024–25, reflecting the benefits of sustained investment, terminal development, policy support and private-sector participation. Bangladesh, on the other hand, has around 24,000 kilometres of waterways, through which approximately 194 million tonnes of cargo is transported, while inland waterways also carry about one-fourth of its passenger traffic. He said that these regional examples prove that an effective water-management policy, modern terminals and private-sector investment can transform natural waterways into productive economic assets.
Mian Zahid Hussain said that Pakistan has been blessed with the immense natural advantage of the Indus River, but this resource has never been converted into a modern national logistics network. According to policy estimates, developing the 1,600-kilometre Karachi-to-Kalabagh channel may require approximately USD4 billion over a period of five to ten years. However, the economic benefits in the form of lower freight costs, reduced pressure on highways, new investment and greater export competitiveness can be far-reaching. He pointed out that seasonal water fluctuations, silt accumulation, insufficient navigational depth and inadequate navigation facilities at barrages remain major challenges. Regular dredging, construction of an appropriate navigation lock at Sukkur Barrage, upgrading of other locks and proper water planning for year-round navigability are therefore essential.
Mian Zahid Hussain urged the federal government, provincial governments and relevant ministries to move beyond policy documents and take coordinated practical steps. He said that Pakistan cannot become an export-led economy as long as its logistics system remains outdated, costly and excessively dependent on roads. He urged the government to establish a permanent Inland Waterway Transport Authority, finalise the regulatory framework, develop terminals and navigation infrastructure, and offer bankable projects under public-private partnership arrangements. He said that Inland Water Transport can prove to be a game changer for Pakistan, but only if announcements are linked with clear timelines, institutional ownership and effective implementation.
With more than $4.5B IT Exports in FY26, Pakistan’s Digital Economy Expands Beyond US
Pakistan’s digital export economy is entering a more mature and strategically diversified phase, driven by record-breaking growth, as the country exported approximately $4.5 billion worth of IT products in fiscal year 2025-26.
Moving beyond a traditional reliance on the US and European markets, Pakistani SMBs are actively expanding into the key Asia-Pacific (APAC) hubs like Japan and Singapore. This strategic expansion is yielding unprecedented results.
The data compiled by the Pakistan Bureau of Statistics (PBS) confirms that the IT sector has maintained uninterrupted growth throughout 2025-26, compared with $3.475bn in the corresponding period last year. In addition to the usual software development services, high-growth sectors — including Business Process Outsourcing (BPO), Software-as-a-Service (SaaS) and gaming — are scaling rapidly on the global stage. This growth is backed by Pakistan’s young, cost-competitive, and highly skilled workforce, which continues to serve international clients at scale.
“This strong momentum reflects sustained global demand for Pakistan’s digital services and highlights a growing industry focus on building resilient, multi-market revenue streams,” said Nagesh Devata SVP and Head of APAC at Payoneer.
However, global expansion also brings increased operational complexity. Expanding into the Asia-Pacific region requires adapting to distinct local payment ecosystems. To transform these cross-border logistical challenges into scalable growth opportunities, robust financial infrastructure is critical.
Payoneer, the financial technology company empowering the world’s SMBs to transact globally, is reinforcing its commitment to Pakistani exporters during this pivotal transition. It provides local businesses with vital multi-currency capabilities to seamlessly receive and manage payments across major global currencies, including USD, EUR, GBP, CAD, AUD, JPY, and SGD.
Village Bhata is Advancing the Digital Pakistan Vision Through the State Bank of Pakistan’s Digitally Enabled Village Initiative
As Pakistan moves steadily towards a digitally connected and financially inclusive future under the Digital Pakistan Vision, empowering rural communities through technology has become a national priority. Recognizing that sustainable economic development requires equal access to digital financial services for every citizen, the State Bank of Pakistan (SBP) launched the Digitally Enabled Villages initiative to promote financial inclusion, digital banking, financial literacy and cashless transactions across rural Pakistan.
One of the most inspiring outcomes of this vision is Digital Village Bhata, located in Tehsil Gujar Khan, District Rawalpindi. Selected and developed under the guidance of the State Bank of Pakistan Rawalpindi, Bhata has emerged as a model village demonstrating how digital banking, financial literacy and community participation can transform rural life and create new opportunities for sustainable development.
For decades, rural communities in Pakistan have faced significant challenges in accessing formal banking services, digital payment systems and financial education. To bridge this gap, the State Bank of Pakistan introduced initiatives aimed at bringing modern banking services closer to underserved populations. Digital Bhata has become one of the finest examples of this vision, demonstrating how coordinated efforts between financial institutions, government departments, local communities and development partners can accelerate digital transformation in rural areas.
Through extensive financial literacy campaigns, residents were educated about savings, banking products, digital payments, cyber security and responsible financial management. Men, women, youth, students, farmers and business owners actively participated in awareness sessions conducted under the National Financial Literacy Program, helping build a digitally aware and financially responsible community.
One of the most remarkable achievements of the initiative has been the rapid adoption of digital financial services. A large number of residents now maintain bank accounts, use the ATM facility established in Bhata and mobile banking apps for their daily financial transactions. Local merchants have also embraced QR code based payment systems, enabling customers to make secure, instant and cashless payments.
The initiative has made a significant contribution to women’s financial empowerment. Women who previously had limited interaction with formal financial institutions are now opening bank accounts, managing their savings and confidently participating in the digital economy. This progress is fostering greater financial independence and strengthening inclusive economic growth within the community.
Another key factor behind the success of Digital Bhata is its strong educational foundation and community spirit. The people of Bhata enthusiastically embraced the concept of digitization and worked collectively with banks, educational institutions, government departments and development partners to ensure the successful implementation of the initiative.
Today, Digital Village Bhata stands as a symbol of innovation, collaboration and self-reliance. It demonstrates that with visionary leadership, institutional support and active community participation, rural Pakistan can become an integral part of the country’s digital economy. The initiative highlights how technology can improve access to financial services, promote transparency, enhance economic opportunities and improve the overall quality of life in rural communities.
As Pakistan continues its journey towards a cashless, digitally connected and financially inclusive economy, the experience of Digital Village Bhata offers valuable lessons for policymakers, financial institutions and communities across the country. The initiative proves that digital transformation is not confined to urban centres; it can flourish equally in villages, unlocking new opportunities for economic development and social progress.
Digital Village Bhata is more than a development project; it is a practical demonstration of the Digital Pakistan Vision in action. It reflects the State Bank of Pakistan’s commitment to promoting financial inclusion through its Digitally Enabled Village initiative and showcases how technology, financial education and community ownership can transform rural Pakistan. As similar initiatives expand across the country, Digital Village Bhata will continue to serve as an inspiring model for building a digitally empowered, financially inclusive and economically resilient Pakistan.