ISLAMABAD: Minister for Finance and Revenue Shaukat Fayaz Ahmed Tarin delivered a keynote address (through a video link) during the Round Table Conference (RTC) organized by the “Daily Pakistan Observer” on the topic “Islamic Banking-The Way Forward” in Karachi.

Honourable President of Pakistan Dr.Arif Alvi presided over the RTC.Among others, Adviser to the PM on Institutional Reforms Dr.Ishrat Hussain, Governor Sindh Mr.Imran Ismail, Governor State Bank of Pakistan Dr.Reza Baqir, Chairperson Pakistan Stock Exchange Shamshad Akhtar, Presidents/CEOs of Private Banks, Chairman Shariah Board and other distinguished guests participated in the RTC.Mr.Faisal Zahid Malik, Editor-in-Chief of the Pakistan Observer, daily newspaper delivered opening remarks on the occasion.

In his remarks, the Finance Minister felicitated the Pakistan Observer, a well-established and a prominent English newspaper for organizing the Fourth Round Table Conference (RTC) on Islamic Banking.He commended the organizers for bringing a wide array of stakeholders of the Islamic banking industry together at the RTC.The Islamic Banking Industry has experienced a healthy progress over the years and the time has come to contemplate upon the ways and means on how to traverse the future path of taking this industry to its next phase of development.The Islamic Banking has grown rapidly both in local as well as in international markets and has assumed systematic significance in a number of jurisdictions.Apart from its faith-based appeal, the increasing interest in Islamic finance industry stems from its strong economic and social considerations.Its skewness towards asset backed and equity based transactions help promote entrepreneur friendliness and consideration of project viability, he added.

The Finance Minister further stated that Islamic finance offers prudent financing options that ensure the transaction is less prone to debt crisis and the funds are employed for their prescribed purpose minimizing defaults.Therefore, the Islamic finance promotes financial inclusion by bringing that particular segment in financial ambit, which has consciously excluded themselves due to their faith-related sensitivities.Towards the end, the Finance Minister expressed satisfaction over the progress made by the Islamic Banking since its inception.

The Government of Pakistan has played a pivotal role in the promotion and development of Islamic Banking Industry over the period of time.The provision of a level playing field to the Islamic Banking and finance industry vis-a-vis the conventional financial system has been one of the priority areas of the present Government.The emergence of Sukuk has been a significant development in Islamic Capital Markets due to its ability to raise financing under shariah permissible modes while maintaining a strong linkage between the real economy and the financial sector.

In case of Pakistan, the Sukuk market has witnessed significant progress as both sovereign and corporate entities have been issuing these instruments.The Finance Minister also underlined the efforts by the Government and the State Bank of Pakistan for facilitating the Islamic Banking Industry through provision of tax neutrality vis-a-vis conventional banking system.Recognition of SBP’s efforts at the global level by being awarded as the “Best Central Bank to promote Islamic Banking” is another feather in its cap which clearly reflects its better performance in comparison with other regulators around the world in promoting Islamic banking in the country.

He also emphasized upon all stakeholders to explore the potential of Islamic finance in promoting infrastructure development in countries like Pakistan particularly in Public Private Partnership (PPP) delivery framework, he concluded.

ISLAMABAD: Prime Minister Azad Jammu and Kashmir Sardar Abdul Qayyum Khan Niazi called upon the Federal Minister for National Food Security and Research Syed Fakhar Imam in his office on Monday.

The meeting was also attended by senior officials of the ministry of national food security and research.Federal Minister Syed Fakhar Imam and AJ&K PM Sardar Abdul Qayumm Niazi discussed the high agricultural potential in AJ&K.Both dignitaries agreed to increase collaboration in shifting focus towards high value agricultural products.Fakhar Imam assured the PM AJ&K that ministry of national food security will provide every support available to help the agricultural transition towards high value crops.

Federal Minister said that AJ&K has high potential for high value products such as Saffron, garlic, and deciduous fruits such as peach plum etc.He said that a transition towards high value crops can uplift AJ&K economically.He said that the factors of production of these crops are available such as bulbs for saffron.He said that average income of per acre saffron production is 25-30 lakh which is extremely high as compared to low value crops.

Syed Fakhar Imam said that every technical support would be provided to the government of AJ&K to upgrade the agriculture sector of AJ&K.Syed Fakhar Imam said that the livestock sector has immense potential and should be a key area of focus as well.He said that quality of silage plays a key role in the quality of livestock and thus collaboration to enhance the livestock sector should be prioritized.

Prime Minister Azad Jammu and Kashmir Sardar Abdul Qayyum Khan Niazi said that a new policy will be made to oversee the transition towards high value crops in collaboration with the ministry of national food security and research.He said that tea plantation was once an area of focus but due to lack of vision of the previous governments it has seen little progress.He said that long term planning is the key towards meaningful output in the agriculture sector.The two dignitaries agreed to make a long-term strategy to ensure that policies are implemented by the future governments as well.

Syed Fakhar Imam highlighted the benefits of private and public partnerships and proposed that the local producer should be incentivized for transitioning towards high value crops.The two dignitaries pre-emptively discussed strategies to ensure that wheat shortage does not occur.Planning was also done to ensure that prices of wheat remain low and in the reach of citizens.

Islamabad: Foreign Minister Shah Mehmood Qureshi has said that peace and stability in Afghanistan will help Pakistan to boost its economic and trade ties with Middle East states.

He was addressing a meeting on Monday regarding economic diplomacy at Foreign Ministry.

Pakistan’s envoys to Turkmenistan, Azerbaijan, Kirghizstan, Tajikistan, Uzbekistan, Sri Lanka, Bangladesh, Nepal, Maldives and Brunei were part of meeting via video link.

Foreign Minister said that PTI-led government is fully determined to address overseas Pakistanis’ problems on preference.

Foreign Secretary Sohail Mehmood, Special secretary Raza Bashir Tarar, and other senior officers of foreign ministry were also present in the meeting.

Shah Mehmood Qureshi said that Pakistan is focusing on its geo-economic preferences.

He told participants of meeting that high efficiency and performance is expected from them.

Shah Mehmood Qureshi said that government is trying to fully activate ‘FM portal’ to address overseas Pakistanis’ issues.

The foreign minister lauded Pakistan’s top diplomats’ efforts to achieve their goals working across the globe.

ISLAMABAD: The Supreme Court of Pakistan has summoned on Monday the heads of the Federal Investigation Agency (FIA), Islamabad police, the Pakistan Electronic Media Regulatory Authority (PEMRA), Attorney General for Pakistan, Advocate General Islamabad and all advocate generals of the provinces in a case pertaining to the harassment of journalists on 15th September.The court has also summoned the details of the proceedings going on in Islamabad High Court regarding the journalists.

A three-member bench of the top court, led by Justice Ijazul Ahsan, took up the suo moto case.

The bench also sought a report from the Islamabad High Court (IHC) registrar regarding the status of pending cases of media persons.After issuing these directives, the top court adjourned the hearing of the case for two weeks.

At the outset of the hearing of the case journalist Abdul Qayyum Siddiqui, Asad Ali Toor and Amir Mir filed miscellaneous petitions to withdraw their petitions.Upon this the court directed them to file their applications in the concerned office while following the court procedure.

Justice Ijazul Ahsan while addressing Abdul Qayyum Siddiqui said that you have submitted applications under Article 184(3) and chief justice has taken notice while using his powers, adding that we are satisfied with the matter that the rights of the people are being affected and we could not forcefully ask you to continue pleading the case but the chief justice has taken notice so the three-member bench will move forward the proceedings.Justice Ijazul Ahsan remarked that the court will summon the concerned officials of the state and will ask question over the situation and affectees will also be heard because the court will have to satisfy itself that basic rights are not being violated.

Justice Ijazul Ahsan remarked that the media is the voice of the nation, adding that the constitution gives guarantee of protection of the journalists and if anyone is being threatened or has threat then the court will protect him.Justice Ijazul Ahsan said that the Supreme Court of Pakistan will interfere for the protection of the right of the journalists.

Justice Muneeb Akhtar remarked that Pakistani constitution provides freedom to media, adding that the freedom of journalism has not even been mentioned in the American and Indian constitutions, adding that if any law will be against the Article 19 of the constitution it will be declared null and void, adding that if the courtroom will be empty even then the court will hear the matter.

Justice Ijazul Ahsan remarked that state institutions are bound to give protection to journalists and masses.

Justice Qazi Muhammad Amin Ahmed remarked that being a judge we could not do politics likewise the journalist could not do politics, adding that the duty of a journalist is to do journalism, adding that journalism and freedom of expression should remain under limits of civilization, adding that the judges are in the hands of history and hands of some people.Later on the court adjourned further hearing of the case till 15th September.

It may be noted that the case was originally taken up by a division bench led by Justice Qazi Faez Isa.The bench on August 20, directly entertained the Press Association of Supreme Court (PAS) application against harassment of media persons.The division bench had also summoned several government functionaries on August 26 before it.

However, on August 23, a five-judge larger bench of the apex court, headed by Acting Chief Justice of Pakistan Umar Ata Bandial and comprising Justice Ijazul Ahsan, Justice Munib Akhtar, Justice Qazi Muhammad Amin Ahmed and Justice Muhammad Ali Mazhar, “held in abeyance” the two-member bench order.

The bench had said that the order deviated from the established practice of entertaining the suo moto notices.

The SC also held that the Chief Justice of Pakistan (CJP) was the “sole authority by and through whom the suo moto jurisdiction can be, and is to be, invoked/assumed” under Article 184 (3) of the Constitution.

ISLAMABAD: As part of Government’s efforts to promote Economic Diplomacy, Foreign Minister Makhdoom Shah Mahmood Qureshi chaired a virtual meeting on Economic Diplomacy with participation by Pakistan’s Envoys to Azerbaijan, Bangladesh, Kazakhstan, Kyrgyzstan, Maldives and Nepal.

According to a statement issued by Foreign Office Spokesperson Asim Iftikhar Ahmad, while underscoring the growing significance of geo-economics in international politics, the Foreign Minister stated that Economic Diplomacy had assumed centre stage in modern diplomatic practice.He highlighted the Government’s paradigm shift from geo-politics to geo-economic cooperation, and urged the Envoys to make concerted efforts to implement the Government’s economic agenda.

Shah Mahmood Qureshi briefed the Envoys about his fruitful interaction during his recent visits to Central Asian countries.He expressed hope that peace in Afghanistan could contribute towards further deepening of Pakistan’s economic ties with Central Asia.

With regard to extending maximum facilitation to the Pakistani diaspora, the Foreign Minister apprised the Envoys about launching of the FM Portal.

FM Qureshi asked Envoys to cultivate and broaden mutually beneficial trade and economic partnerships with Central and South Asian countries, with an enhanced focus on trade promotion, investments, employment creation, tourism, technology transfer, energy cooperation and regional connectivity.He highlighted that the geo-strategic significance of Pakistan as it offered a massive opportunity to serve as a regional transit hub.The Foreign Minister also asked Envoys to showcase the investment potential of the country and instructed them to work on removing bottlenecks that hinder expansion of economic collaboration with host countries and identifying new sectors for promotion of economic cooperation.

During the meeting, the Envoys apprised the Foreign Minister about their respective Missions’ activities in the economic and commercial domains.They also shared their action plans to deepen Pakistan’s economic footprint in their countries of accreditation.

In keeping with Prime Minister Imran Khan’s vision, Foreign Minister Qureshi has consistently stressed on promotion of Economic Diplomacy and increased economic cooperation with partner countries.Regular virtual meetings and interactions on Economic Diplomacy with Pakistani Envoys in key capitals are part of these efforts.This was the seventh meeting of the series.