sbp chief reaffirms
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SBP chief reaffirms Islamic banking push

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State Bank of Pakistan (SBP) Governor Jameel Ahmad has reaffirmed the central bank’s commitment to implementing a fully Shariah-compliant financial system, saying the SBP continues to work closely with the government to achieve the country’s Islamic banking goals.

Addressing a ceremony via video link, Ahmad said the central bank has introduced several measures to facilitate freelancers, helping them receive payments more easily through formal banking channels. He noted that these initiatives have contributed to an increase in workers’ remittances and strengthened the flow of foreign exchange into Pakistan.

The SBP governor said the central bank has established a dedicated steering committee to oversee the transition toward Islamic banking. He added that the SBP is revising its regulatory and operational framework to ensure it fully complies with Shariah principles while supporting the financial sector’s gradual transformation.

Ahmad recalled that Pakistan’s founder, Quaid-e-Azam Muhammad Ali Jinnah, had expressed the vision of an Islamic financial system during the inauguration of the State Bank in 1948. He said the government has adopted a roadmap to implement a complete Islamic banking system by December 2027, and the SBP remains committed to meeting that target in collaboration with relevant stakeholders.

He also revealed that work is underway to develop a comprehensive asset register for government-owned assets, describing it as an important step in supporting Islamic finance initiatives. Stressing the importance of skilled professionals, Ahmad said expanding the capacity of the banking workforce will play a key role in ensuring the successful implementation of the Islamic banking system across the country.

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    Pakistan defeats USA 3-0 in ITF masters world team…

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    Pakistan made an impressive start to its campaign at the ITF Masters World Team Championships by defeating the United States 3-0 in the opening round of the men’s 45+ category. The prestigious tournament is being held in Lisbon, Portugal, where more than 300 players from 30 countries are competing for international honors. The Pakistani team, featuring experienced and internationally recognized players, displayed outstanding skill and determination to secure a clean sweep against a strong American side. The victory places Pakistan in a favorable position in the round-robin stage as it aims to qualify for the knockout rounds. Pakistan Tennis Federation President Aisam-ul-Haq Qureshi gave his team the perfect start by winning the opening singles match against Wojtek Breitek in straight sets, 6-2, 6-3. Qureshi’s commanding performance reflected his vast international experience and provided Pakistan with an early advantage. In the second singles match, veteran Aqeel Khan faced John Chesworth of the United States in a thrilling contest. After comfortably winning the first set 6-2, Khan lost the second set 1-6 before making a determined comeback to claim the decisive set 6-4. His hard-fought victory secured Pakistan’s overall triumph before the doubles match was played. The doubles encounter featured Shahryar Salamat and Hadi Hussain representing Pakistan against Jevon West and Guillermo Cosin. Despite losing the opening set 1-6, the Pakistani duo responded brilliantly by winning the second set 6-1. They maintained their composure in the deciding match tiebreak, sealing a 10-6 victory and completing Pakistan’s dominant 3-0 success. The comprehensive win highlights the depth of Pakistan’s veteran tennis squad and demonstrates the team’s ability to compete against some of the strongest nations in the tournament. With experienced campaigners leading the way, Pakistan has sent a strong message to its upcoming opponents. Following this convincing victory, Pakistan will now face Canada in its next round-robin fixture. The match is expected to be crucial, as the winning team will advance to the knockout stage of the ITF Masters World Team Championships. Pakistan will look to carry the momentum from its opening victory and continue its impressive run in the competition as it targets a place among the tournament’s top-performing teams.

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    Attock to get major education boost

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      RAWALPINDI: Punjab Education Minister Rana Sikandar Hayat has announced a series of initiatives to improve education facilities and equip students in Attock with modern skills and technology. Speaking at a ceremony in Attock, where he distributed certificates and laptops among high-achieving students, the minister said the Punjab government, under Chief Minister Maryam Nawaz Sharif, was working to build a modern education system and expand access to higher education for students from low- and middle-income families. Rana Sikandar Hayat announced that the government would upgrade IT laboratories in 110 schools across Attock at a cost of Rs300 million. The upgraded facilities will offer training in artificial intelligence, freelancing, data analysis, robotics and other emerging fields. He said the government would also modernise IT laboratories in Attock’s colleges. According to the minister, the number of computers available to students has improved considerably, with the government aiming to provide one computer for every 10 students. The minister said Punjab had allocated Rs750 billion for the education sector to improve institutions and provide students with better facilities. He added that the Learn and Earn programme would help Attock students develop practical skills and pursue education alongside employment opportunities. Rana Sikandar Hayat also announced two new university campuses in Attock, five Pink Buses for girls’ colleges and a study tour to Türkiye for students accompanied by teachers. In addition, 10 top-performing teachers from the district will be sent to Saudi Arabia for Umrah. Highlighting the government’s focus on girls’ education, the minister said more than 50,000 female students across Punjab were studying IT at the matriculation level. He also highlighted initiatives involving solar panels, rainwater conservation and improved technology facilities in schools. The minister said the Education Department was focusing on merit, transparency and performance while taking action against corruption and bribery. He added that more than 100,000 students had benefited from the Honhaar Scholarship Programme. The ceremony was attended by MNA Sheikh Aftab Ahmed, MPA Malik Itibar Khan, Deputy Commissioner Attock Dr Mudassar Ahmed Shah, DPO Attock Captain (Retd.) Ali Bin Tariq, former provincial sports minister Jahangir Khanزادہ, Chairman WASA Punjab Chaudhry Sher Ali, education officials, teachers and students. The event concluded with the distribution of certificates and laptops among students who achieved outstanding academic results.

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    Gold prices rise in Pakistan

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      KARACHI: Gold prices climbed in Pakistan on Monday, even though international gold rates experienced a slight decline. The increase in local prices was mainly attributed to continued uncertainty surrounding the Middle East conflict, concerns over rising inflation, and investor caution ahead of key US economic data expected later this week. According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold increased by Rs1,700 per tola, taking it to Rs428,436. Similarly, the price of 10 grams of goldrose by Rs1,457, reaching Rs367,314. The latest increase came after a significant decline on Saturday, when gold prices had fallen by Rs3,700 per tola to settle at Rs426,736. In contrast, the international gold market remained under slight pressure. Spot gold slipped by 0.1% to $4,037.01 per ounce, while US gold futures for August delivery declined by 0.3% to $4,035.80 per ounce during trading. Despite the minor drop, analysts believe global investors remain cautious because of ongoing geopolitical tensions and expectations of fresh economic developments in the United States. Silver prices in Pakistan also moved higher. The price of silver gained Rs54 per tola, taking it to Rs6,291, reflecting continued demand for precious metals in the local market. Adnan Agar, Director at Interactive Commodities, said that international gold prices had eased slightly after fluctuating throughout the trading session. According to him, gold touched a high of $4,080 per ounce before falling to a low of$4,019, eventually stabilising near $4,038. He noted that gold remains under pressure and the market is closely monitoring upcoming US economic indicators, particularly employment data, which could influence the Federal Reserve’s future monetary policy decisions. Agar added that gold has remained within a broad trading range of approximately $3,950 to $4,250 per ounce since June. However, he expects this range to break within the next one or two weeks, potentially leading to a stronger upward or downward price movement depending on market conditions. Market participants are now awaiting a series of important US labour market reports, as these will provide further insight into the Federal Reserve’s interest rate outlook. Higher interest rates generally reduce the appeal of non-yielding assets like gold, while expectations of rate cuts tend to support bullion prices. Another factor attracting attention in the global market is reports that South Korea’s central bank intends to purchase gold from domestic producers, a move that could provide additional support to demand in the coming months. Meanwhile, oil markets have also remained highly volatile. Brent crude futures surged by more than 20% last month, driven largely by geopolitical tensions in the Middle East, raising concerns that higher energy prices could fuel inflation worldwide. Edward Meir, an analyst at Marex, said gold has traded within a narrow range of $4,000 to $4,200 per ounce for over a month. He explained that the possibility of inflation picking up again, particularly after July’s economic data, is helping support gold prices despite the recent weakness. Separately, the Pakistani rupee posted another modest gain against the US dollar. The local currency appreciated by 0.01%, closing at Rs277.77 per dollar, compared with Rs277.80 at the end of the previous trading session, reflecting continued stability in the foreign exchange market.

  • Norwegian Heads Homes After Being Stranded in Thailand For More Than 2 Years

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    BANGKOK – A 44-year-old Norwegian man is finally heading home after spending more than two years living on the streets of Thailand. Odd Stian Hesseberg endured severe hardship in Nonthaburi province, sleeping near public temples and along the local waterfront. His long ordeal began when a trip to visit a friend went terribly wrong, leaving […]

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    AJK polling underway at 23 atations in Bagh

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    BAGH: Voting is underway at 23 polling stations across two constituencies in Azad Jammu and Kashmir’s (AJK) Bagh district, in a closely watched exercise following disputes and allegations of irregularities during the region’s phased elections. Polling began at 8am on Saturday and is scheduled to continue until 5pm, with authorities deploying additional security personnel to ensure voters can cast their ballots without fear or disruption. The polling is being held in LA-15 (Bagh Central) and LA-16 (Eastern Bagh), where voting could not take place at several stations during the third phase of the elections earlier this week. The AJK Election Commission subsequently withheld the results of both constituencies and ordered polling at the remaining stations. In LA-15, PPP candidate Sardar Ziaul Qamar had secured 16,637 votes in the stations where polling was held, followed by PML-N’s Mushtaq Ahmed Minhas with 15,015 votes. Jamaat-i-Islami candidate retired Brig Dr Muhammad Khan stood third with 12,259 votes. Meanwhile, the withheld result in LA-16 involves 14 polling stations with 7,238 registered voters. Results from the remaining stations had placed PML-N’s Sardar Mir Akbar in front with 19,515 votes, giving him a lead of 3,225 votes over PPP’s Sardar Qamaruz Zaman. The contest has remained tense, with candidates from all five parties accusing their rivals of large-scale rigging. Election authorities, however, have stressed that adequate security has been arranged. AJK Chief Election Commissioner retired Justice Ghulam Mustafa Mughal said sufficient police and law-enforcement personnel had been deployed at polling stations to provide voters with a “fear-free environment”. The latest polling is part of an election process conducted in phases amid unrest and law-and-order concerns across the region. The third phase was initially planned for all 11 constituencies of Poonch Division but was limited to Bagh and Haveli districts after security concerns emerged. The Election Commission has already announced the result for LA-14 (Bagh-I), where Jammu Kashmir Awami Dast-o-Bazu Party candidate Sajid Iqbal Abbasi won by a substantial margin. The election in neighbouring LA-17 (Haveli), however, has become the subject of a separate dispute after AJK Prime Minister Faisal Mumtaz Rathore was declared the winner. His PML-N rival, Engineer Mohsin Aziz, challenged the result, prompting the Election Commission to hear arguments from both sides. With voting now underway at the remaining 23 stations, attention is focused on turnout, security and whether the fresh polling will finally settle the disputed contests in Bagh.

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    UK assures swift action on Pakistani student visas

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    British High Commissioner Jane Marriott has assured Pakistan that the issue of delays in student visas will be addressed. Marriott gave the assurance during a meeting with Federal Minister for Law and Justice Azam Nazeer Tarar. The meeting was held as concerns grow over delays faced by Pakistani students seeking to travel to the United Kingdom for higher education. During the meeting, Tarar raised the issue of delayed visa processing with the British envoy. He conveyed the government’s concerns over the difficulties being faced by Pakistani students. The minister said hundreds of Pakistani students could lose their academic year because of the delays. Many students require timely visa decisions to join their universities and begin their studies according to the scheduled academic calendar. Tarar stressed the importance of resolving the issue at the earliest. He said unnecessary delays could create serious academic and financial difficulties for students and their families. The British High Commissioner assured the minister that efforts would be made to address the matter. The two sides also discussed broader issues of mutual interest. They exchanged views on strengthening institutional communication and cooperation between Pakistan and the United Kingdom. The meeting highlighted the importance of maintaining effective coordination between the relevant institutions of both countries. Better institutional engagement could help resolve issues affecting students and other Pakistani citizens seeking services in the UK. The assurance comes amid concerns among Pakistani students about securing timely visas for their higher education programmes.

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