Category: Business

Islamabad has decided to issue sustainable asset-backed Sukuk bonds to develop the infrastructure for three clean energy projects. According to reports, the federal government needs to generate Rs 52 billion to complete all three projects.

These bonds are the first of their kind, as previous securities were not linked to projects solely focused on sustainable development. Moreover, the introduction of the Islamic Sukuk scheme may encourage higher levels of savings in the economy. This is because many people refuse to save funds by parking them in conventional banks or purchasing interest-yielding bonds.

For reference, Sukuk are Islamic financial certificates that allow Sukuk holders to receive a portion of the profit generated from a project. According to reports, these sukuk bonds are to be issued as per the recently approved Sustainable Investment Sukuk Framework.

The federal cabinet approved the framework earlier in April to attract greater sums of funds for domestic projects. This demand for loans comes despite Pakistan receiving $12.5 billion in foreign loans during the first nine months of fiscal year (FY) 2024-25.

Key officials from the Ministry of Finance (MoF) claim that the initial Sukuk issuance may be in the ballpark of Rs30 billion. The MoF intended to finance the construction of three hydropower projects, namely the Shagarthang hydropower project and Nai Gaj and Garuk Dams.

Construction efforts on the aforementioned hydropower projects are underway. However, reports reveal that the federal government has fallen short of funds, leaving lawmakers with the task of gathering over Rs50 billion for the projects to become operational.

The reason behind the shortfall of funds lies in cost overruns linked to the three hydropower projects. Data from reports indicates that the cost of completing the Garuk Dam ballooned to Rs28 billion, leaving the government Rs5 billion short to finalise the project.

Similarly, the Nai Gaj Dam and Shagarthang hydropower projects remain incomplete, as Islamabad requires Rs 22 billion and Rs 25 billion, respectively, to make both projects operational.  These issues arose largely as a result of cost overruns and an increase in the scope of the initially approved project.

While the Water and Power Development Authority (WAPDA) issued Sukuk bonds in 2021 to raise funds for an extension to Tarbela Dam, these bonds are reportedly the first ‘green Sukuk’ bonds Islamabad has issued.

In a pivotal step toward strengthening regional cooperation in the digital economy, the Foreign Minister of Malaysia Mohamad Bin Haji Hasan met today with Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC), to explore collaborative opportunities in blockchain technology, digital assets, and Shariah-compliant finance.

The meeting focused on laying the groundwork for a Pakistan-Malaysia Digital Finance Partnership — a forward-looking initiative aimed at co-developing FATF-compliant, Shariah-aligned digital asset frameworks that can serve as a model for the broader Organisation of Islamic Cooperation (OIC).

“Malaysia’s leadership in Islamic finance and Pakistan’s momentum in crypto regulation form a natural alliance,” said Bilal Bin Saqib. “Together, we have a historic opportunity to set global standards for ethical innovation in digital finance — from halal stablecoins and tokenized sukuks to compliant regulatory sandboxes and youth empowerment.”

The Pakistan Crypto Council is leading efforts to design a passportable crypto regulatory framework tailored to emerging markets — one that fosters innovation while ensuring full compliance with international standards.

During the meeting, both parties expressed strong alignment on key areas of cooperation, including regulatory coordination between financial authorities and cross-border talent development and Web3 education initiatives.

This milestone engagement signals the beginning of a deeper economic and technological partnership between Pakistan and Malaysia — driven by a shared vision to build the future of finance through values-based innovation and strategic collaboration.

Notably, this meeting follows the recent announcement that Binance Founder Changpeng Zhao (“CZ”) has joined the Pakistan Crypto Council as a Strategic Advisor, reinforcing global confidence in Pakistan’s emerging leadership role in the digital asset space.

In a bid to improve intra-national connectivity, authorities have decided to rehabilitate and expand the GT Road (N-5). According to reports, Minister of Communications Abdul Aleem Khan chaired a meeting where relevant authorities decided to complete the upgrade in two phases.

Analysts have outlined how GT Road will become a three-lane roadway, similar to the layout of motorways. Information from a press statement reveals that the project aims to standardise road quality across the GT Road.

Reports suggest that key officials passed suggestions regarding the GT Road’s rehabilitation process. These officials were primarily from the Economic Affairs Division, Planning Department and the Ministry of Communications. 

According to a press statement, the Chairman of the National Highway Authority presented recommendations during the meeting as well. Abdul Aleem highlighted the importance of a prompt response to the worsening condition on GT Road.

Moreover, he outlined the need to combat financial mismanagement by prudently employing the available project funds to prevent cost overruns. Historically, infrastructure projects have faced significant cost overruns and been plagued by transparency issues.

Abdul Aleem has issued directives to relevant authorities to get officials to begin work on upgrade proposals. Reports reveal that he conceded how previous projects resulted in massive losses to the national exchequer. 

However, he also revealed that he would be inspecting the process closely, visiting project locations on the GT Road. Furthermore, he ordered key officials, including the NHA’s chairman, to carry out visits throughout the development stages. 

If authorities carry out field visits diligently, it could ensure that progress continues smoothly. Upgrades to the GT Road could also cut travel times, allowing a greater volume of goods to pass across the country. Lower travel times could significantly facilitate production processes and boost exports. 

According to reports, authorities have already shared restoration plans based on the project’s current budget. Officials intend to reduce travel-related difficulties by upgrading the GT Road on a district-to-district basis. 

Relevant stakeholders have claimed that the first phase restoration works and necessary upgrades will be completed before FY 2025-26 starts. With approximately two months remaining till the end of the current fiscal year, many remain sceptical regarding the speed of the progress, given how upgrades will have to be completed along the full length of the 2,400 kilometre road.

Officials have resumed trade talks in an attempt to boost bilateral trade volume between Pakistan and Afghanistan. According to credible reports, this development has come to light after trade talks were put on hold over a year ago.

If trade relations improve, cross-border cargo movement could surge. Reports indicate that high-profile discussions regarding international trade were held in early 2024 when senior Pakistani officials met with Afghanistan’s Minister for Industry and Commerce, Nooruddin Azizi, in Kabul.

Facing a slew of international sanctions, Afghanistan remains largely cut off from the rest of the world. However, lawmakers and officials in Kabul want to access global markets.

Afghanistan’s Commerce Ministry has released a statement outlining calls to renew the Afghanistan-Pakistan Transit Trade Agreement (APTTA). Moreover, the statement highlighted the demand for exporting Afghan goods, such as coal, to Pakistan.

According to the Observatory of Economic Complexity, Pakistan imported a staggering $647 million worth of coal briquettes in 2023. While part of this import demand was satisfied by Afghan coal, South Africa and Indonesia were also major suppliers.

However, many believe that importing from Afghanistan would be a good economic decision, as it could reduce transportation costs. Afghanistan seems poised to seize this opportunity, as the commerce ministry’s statement reportedly mentions the need for counter-smuggling commodities.

Afghan officials have talked about operationalising Torkham port while utilising Ghulam Khan port to facilitate commercial activities. Moreover, they have expressed interest in the crossing of heavy vehicles for cargo transit and the possibility of banks providing guarantees. 

Afghanistan’s financial system remains handicapped as $9.4 billion of the war-torn country’s reserves remain frozen by the United States (US). Gaining access to Pakistan’s banking network for commercial reasons could significantly benefit Afghanistan’s economy.

Afghanistan’s Minister for Industry and Commerce is leading a delegation to Pakistan to boost bilateral trade relations. He met his counterpart, Commerce Minister Jam Kamal Khan, to discuss potential avenues of collaboration.

According to reports, Pakistani officials have suggested creating a joint committee to address concerns related to trade. Pakistan stands to benefit from boosting ties with Afghanistan.

In the first eight months of FY 2024-25, year-on-year exports to Afghanistan grew by a respectable 84.25 percent. Import volumes have logged a sharp increase as well, as imports jumped from $5.47 million in the first eight months of FY 2023-24 to $18.21 million during the current fiscal year.

They start before dawn. Teachers reviewing lesson plans over chai. Delivery riders syncing routes. Nurses buttoning up uniforms. Mechanics wiping grease off their hands before the day begins.

They’re the heartbeat of a city that never really rests — the ordinary people doing extraordinary things, not with fanfare, but with consistency.

And right there with them, often unnoticed, often underappreciated, is a machine that works just as quietly, just as reliably: the Suzuki Alto.

In a world full of noise, the new Alto isn’t louder. It’s more purposeful. Designed not for runways or red carpets, but for real roads and real routines.

With ABS standard on all variants, Suzuki isn’t offering safety as a privilege — they’re giving it as a right. For the electrician weaving through chaotic traffic. For the working mom navigating school runs and late meetings. For the student who saved for months to afford something dependable.

Then there’s the seatbelt pretensioners and reminders, the ISOFIX child seat anchors, and that small but mighty pinch guard on the driver’s side window — details that show Suzuki understands: life is unpredictable. Your car shouldn’t be.

Even the addition of rear power windows is more than cosmetic. It’s Suzuki saying, “We see the passengers too.” The grandmother who sits in the back seat. The colleague hitching a ride. The child drifting to sleep during a late-night drive home.

Comfort, too, gets a notable upgrade. It might seem like a small thing, but the addition of power windows in both the front and rear across all variants feels like a much-needed nod to convenience. No more manual cranks in the backseat — it’s the kind of detail that shows Suzuki understands how their customers use their cars in real life.

Then there’s the design refresh. The VXL-AGS variant, in particular, now features turn indicators on the side mirrors and a back door garnish — subtle, yes, but effective. It brings a touch of modern styling to the Alto without trying to be something it’s not. It’s still practical, still efficient — just a bit more polished.

And for those clocking long hours in traffic, the AGS variants bring peace of mind. No more gear-clutch battles. No more exhausted ankles. Just one less thing to fight with on days already full of struggle.

Because here’s the truth: progress doesn’t always wear a suit.

Sometimes, it wears scrubs. Or an apron. Or a school uniform.

And the new Alto is built for them — the real drivers of this city’s economy, its education, its culture.

It’s a car that doesn’t just move people.

It supports them. Elevates them. Protects them.

And maybe that’s why it endures — not because it’s flashy or fast, but because it fits the rhythm of the people who move the world forward.
No applause necessary. No spotlight required.

Just a car that knows its role — and plays it to perfection.

Disclaimer: The details and opinions expressed in this article are solely those of the author.