New System Alert: Govt to Directly Deposit BISP Funds into Beneficiaries’ Accounts

New System Alert: Govt to Directly Deposit BISP Funds into Beneficiaries' Accounts
Image: ARY

The government of Pakistan has taken a step towards improving the financial assistance process for the beneficiaries of Benazir Income Support Programme (BISP) by introducing a new mechanism of sending payments directly into the bank accounts of the beneficiaries. This was announced by Federal Minister for Poverty Alleviation and Social Safety, Shazia Marri, who is also the chairperson of BISP.

The new system will be launched as a pilot project in order to test its effectiveness and efficiency before it is expanded to the entire country. This new method of payment will not only help the beneficiaries to avoid standing in long queues for financial assistance but also enable them to save some of their amount in the banks.

The Federal Minister also announced that 25 mobile units of BISP will be established in Balochistan for the registration of beneficiaries. This move is in line with the government’s efforts to increase the outreach of BISP in the country, particularly in underprivileged areas.

Last year, Prime Minister Shehbaz Sharif had announced an increase in flood relief assistance under BISP from Rs 28 billion to Rs 70 billion. This new mechanism of direct bank transfers is another step towards fulfilling the government’s promise to improve the lives of the underprivileged population of Pakistan.

In conclusion, the government of Pakistan has introduced a new mechanism of direct bank transfers for the beneficiaries of Benazir Income Support Programme (BISP) to ease the process of financial assistance and increase the outreach of the program in underprivileged areas of the country.

Zameen.com Holds Another Successful PSE in Lahore, Pulls Large Crowd

Zameen's Property Sales event in Lahore

Zameen.com recently organized another successful Property Sales Event (PSE) in Lahore. More than 45 investment projects were also presented at the event, including Gulberg City Center, 102 by Icon, Beach Resort by Icon, and Jinnah Square Residential Apartments.

The marketing campaign launch of Gulberg City Center was also organized. CEO Gulberg City Center Islam Khan took special part in the marketing campaign launch event.

It is pertinent to mention that all projects on display are exclusively marketed and sold by Zameen.com.

Moreover, to make the event even more lucrative, special deals and discounts were offered for on-spot bookings.

Zameen.com’s high-ranking officials were present for this grand one-day property affair, including Senior Director Sales (Lahore) Chaudhry Laeeque Iftikhar, Directors Project Sales Basil Hafeez and Ali Rehan, along with other relevant stakeholders.

On the occasion, Zameen.com Senior Director Sales (Lahore) Chaudhry Laeeque Iftikhar stated that the main objective of property sales events is to provide the public with all the guidance related to buying and selling property under one roof.

He added that Zameen.com had introduced innovative property trends in Pakistan’s real estate market, which had resulted in the overall progress of the sector.

World Bank explains reason for delay in releasing $1.1 billion loan to Pakistan

Photo credits: Pinterest

The World Bank recently announced a delay in the release of a $1.1 billion loan to Pakistan. The loan, which was intended to support economic reforms and development projects in the country, has been put on hold due to a number of issues that have arisen. In this blog post, we will take a closer look at the reasons for the delay and what it means for Pakistan’s economy.

One of the main reasons for the delay is a lack of progress on economic reforms. The World Bank has stipulated that the loan will only be released once certain reforms are implemented, such as measures to increase transparency and accountability in government spending. Pakistan’s government has been slow to implement these reforms, which has led to the delay in the loan release.

Another issue that has contributed to the delay is the ongoing political instability in the country. Pakistan has been plagued by political turmoil in recent years, with frequent changes in government and a lack of stability. This has made it difficult for the World Bank to work with the government and implement the necessary reforms.

The delay in the loan release has also been attributed to concerns over the country’s debt levels. Pakistan’s government has been struggling with a large amount of debt, and the World Bank has expressed concerns that the loan may not be used effectively to address the country’s economic problems.

The delay in the loan release has caused concern among many in Pakistan, as the country’s economy is already facing a number of challenges. Many are worried that the delay will further slow down economic growth and make it more difficult for the government to address the country’s problems.

Despite the delay, the World Bank has emphasized that it remains committed to supporting Pakistan’s economic development. The bank has stated that it will continue to work with the government to address the issues that have led to the delay and to ensure that the loan is used effectively to support economic growth.

In conclusion, the delay in the release of the $1.1 billion loan from the World Bank to Pakistan is due to a lack of progress on economic reforms, ongoing political instability, and concerns over the country’s debt levels. While the delay has caused concern among many, the World Bank has emphasized that it remains committed to supporting Pakistan’s economic development. The bank will continue to work with the government to address the issues that have led to the delay and to ensure that the loan is used effectively to support economic growth.

World Bank Delays $1.1 Billion Loan Approval Due to Tariff Revision and Energy Sector Circular Debts

PC: ProPakistani

According to a source in the finance ministry, the World Bank has delayed the approval of $1.1. bn loan to Pakistan until the next financial year due to tariff revision and circular debts in the energy sector.

The source has told Reuters that the loan has been pending since June. They said, “The major issue is the circular debt management plan in the energy sector and tariff revision.” They further added, “These actions are pending on our side.”

The finance ministry and World Bank have not yet officially responded to the news.

Pakistan’s new fiscal year begins in April. The current foreign reserves are declining very fast and have fallen to $4.3 bn. Pakistan has also suffered huge losses in the recent devastating floods and is facing an economic crisis.

Saudi Arabia Seeking “More Creative Ways” to Provide Support to Pakistan

PC: Arab News Pakistan

Mohammad Al-Jadaan, Foreign Minister of Saudi Arabia, said that his country is discussing “more creative ways” to provide support to Pakistan. He added that we are talking to the World Bank and others in this regard. The Foreign Minister also said that Saudi Arabia is revisiting the ways it used to provide assistance to its allies in the past. Now we no longer intend to give direct grants and unconditional deposits.

Mohammad Al-Jadaan said while speaking at the World Economic Forum, “We used to give direct grants and deposits without strings attached and we are changing that. We are working with multilateral institutions to actually say we need to see reforms.”

He added, “We are taxing our people, we are expecting also others to do the same, to do their efforts. We want to help but we want you also to do your part.”

It is also anticipated that Saudi Arabia may increase its investments from $1 Billion to $10 Billion, as reported in August 2022.

Al-Jadaan said, “We are providing even oil and derivatives to support their energy needs. So, there is a lot of efforts, but we wanted this to be conducted.”

In an interview given to the Bloomberg TV, Al-Jadaan said that his country may consider trading in other currencies other than Dollar. He said, “There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal.”

Saudi Arabia is one of the largest oil exporters in the world and wants to strengthen its ties with the rest of the world to improve trade.

Business Community to Boycott Elections If Charter of Economy Not Signed

PC: Global Village Space

At the International Chambers Summit 2023, the 54 business bodies from Pakistan’s Chambers of Commerce and Industry agreed to boycott the upcoming general elections if charter is not signed by all concerned political parties. The summit was organized by the Rawalpindi Chamber of Commerce and Industry where the business community also conveyed their concerns to the President Arif Alvi.

They said, Right now, the country needs a charter of economy more than ever. If all the political parties do not sign a charter of economy before the elections, the business community, which is also an economic party, is going to boycott the general elections.”

President Alvi replied, “We are going through hard times and all stakeholders, including the general public, business community and all segments of society, should play a positive role so that together we can come out of this time of difficulty.”

He further added, “The businesspeople of the country must set goals and directions in order to achieve the financial objectives of enterprises for economic prosperity, in addition to playing their respective roles in ensuring that these businesses dispense their responsibilities towards society.”

Pakistan’s economy is in a grave condition right now and immediate measures need to be taken in order to keep the businesses running.

Getty Images announces legal action against AI Image Generator

Stock image agency Getty Images has announced it is taking legal action against the developers of an artificial intelligence (AI) image-creation tool. The company claims that Stability AI’s Stable Diffusion system has infringed on the rights of photographers and illustrators represented by Getty Images.

The system uses AI to create images based on simple text instructions, learning by analyzing human-made pictures found online. Many artists and photographers have complained that these AI generators use their work without permission. Some find the technology a valuable tool for creative expression, while others worry that it can convincingly imitate their style and produce images in seconds.

Getty Images is alleging that Stability AI unlawfully copied and processed millions of images protected by copyright, and ignored viable licensing options and legal protections. CEO Craig Peters said that Stability AI’s use of Getty Images’ work was not “supported by the law, and we believe content owners should have a say in how their work is used.” Stability AI’s founder, Emad Mostaque, has previously stated that Stable Diffusion is trained using a compressed file of “100,000GB of images” scraped from the internet, and has said he is working on tools to enable artists and creators to opt out.

This legal action follows a class-action lawsuit against Stability AI, and two other defendants, in California, where three artists are alleging that Stable Diffusion is “merely a complex collage tool”, trained using “countless copyrighted images” and they are trying to protect artists from “this blatant and enormous infringement of their rights, before their professions are eliminated by a computer program powered entirely by their hard work.”

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IMF calls for increase in electricity and gas prices to revive Pakistan’s IMF program

Google Clock now allows Recording Alarm and Timer sounds on Pixel Devices

Google has added a new feature to its Clock application on Pixel devices, allowing users to record their own alarm and timer sounds. Previously, users had to copy files over using a file manager application and then add them to the alarm sound settings. However, with the new update, users can now record sounds directly within the Clock application.

It seems that this feature is currently limited to Pixel devices, as it utilizes the Pixel-exclusive Recorder application. Additionally, Google Clock also includes a “Bedtime” feature which was introduced in June 2020, which allows users to assign routines, track their bedtime activity and even use sunset alarms to brighten a room before waking up. There is also a “Sleep” sound option that plays soft waves, space whooshes and relaxing sounds before users doze off.

In conclusion, Google’s new feature on its Clock application for Pixel devices allows users to record their own alarm and timer sounds directly within the app, eliminating the need to use a file manager application. This feature is currently limited to Pixel devices and utilizes the Pixel-exclusive Recorder application.

The Clock application also includes a variety of other features such as the “Bedtime” feature, which allows users to assign routines, track their bedtime activity and use sunset alarms. This new feature adds more convenience and customization options for Pixel users.

IMF calls for increase in electricity and gas prices to revive Pakistan’s IMF program

Photo credits: Washington Post

The International Monetary Fund (IMF) has recently called for an increase in electricity and gas prices in Pakistan to revive the country’s IMF program. This decision has been met with mixed reactions, as increasing energy prices is likely to have a significant impact on the everyday lives of citizens, especially for those living in poverty.

The IMF program is designed to help countries in financial distress by providing them with loans and technical assistance. However, in order to qualify for these loans, the country must implement certain economic and financial reforms. In the case of Pakistan, one of the key reforms that the IMF is calling for is the increase in energy prices. The IMF argues that increasing energy prices will help to reduce the country’s budget deficit and improve the sustainability of its public finances.

While there may be some economic benefits to increasing energy prices, it is important to consider the social and political implications as well. The reality is that energy prices have a direct impact on the cost of living for citizens. An increase in electricity and gas prices is likely to lead to higher prices for goods and services, which will make it more difficult for people to make ends meet. This is particularly concerning for low-income households and those living in poverty, who will be disproportionately affected by the price increase.

The government of Pakistan must take into account the potential social and political consequences of increasing energy prices and consider alternative options to reduce the budget deficit and improve public finances. It is important to find a balance between addressing economic issues and protecting the welfare of citizens.

In conclusion, the IMF’s call for an increase in electricity and gas prices in Pakistan is a complex issue that must be carefully considered. While increasing energy prices may have some economic benefits, it is important to also consider the social and political implications and ensure that the welfare of citizens is protected. The government of Pakistan must explore alternative options and find a balance between addressing economic issues and protecting the welfare of its citizens.

Revolutionary AI Tool Deciphers Animal Languages, Unveils New Conservation Efforts

Revolutionary AI Tool Deciphers Animal Languages, Unveils New Conservation Efforts

Scientists are developing a groundbreaking technology that could decipher animal languages and expand human conservation efforts. Known as the “Dr Doolittle device,” this AI tool aims to understand and decode animal communication, allowing us to form a closer bond with our furry friends and better understand the animal kingdom as a whole.

The Earth Species Project (ESP), a California-based organization, is at the forefront of this technology, using AI to learn and understand the signals and signs that animals use to communicate. According to ESP CEO Katie Zacarian, we are nearing a point where we can interact with other species in a new way.

Over the years, researchers have learned more about animal behavior and emotions, such as the fact that animals can laugh just like humans. However, there is still much to discover about animal body language and emotions. With the help of AI, we may be able to unlock the secrets of animal communication and better understand their behavior.

The possibilities of this technology are endless. From improving conservation efforts to better understanding our pets, the “Dr Doolittle device” has the potential to revolutionize the way we interact with animals. Researchers working with organizations like ESP are dedicated to compiling information on animal communication and using AI systems to understand animal languages.

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New Machine Readable Passports in Pakistan: Fees and Details Released

Islamabad’s Largest Park Now Features a Cycling Track

Photo credits: Wheloo

Islamabad, the capital city of Pakistan, is known for its natural beauty and scenic views. The city is home to many parks and recreational areas, but none compare to the size and grandeur of Fatima Jinnah Park. Recently, the park has undergone a major renovation and now features a state-of-the-art cycling track.

Fatima Jinnah Park, also known as F-9 Park, is the largest park in Islamabad. Spanning over 800 acres, the park has something for everyone. From playgrounds and picnic areas to hiking trails and lakes, the park is a popular destination for locals and tourists alike. The park is also home to a variety of wildlife, including deer, peacocks, and a wide range of bird species.

The recent addition of the cycling track has made the park even more attractive to visitors. The track is a 2.5 km long and is suitable for both beginner and experienced cyclists. The track is made of asphalt and is well-maintained, providing a smooth and safe ride for all. The track is also surrounded by beautiful scenery, making it an ideal place to enjoy a leisurely ride.

The cycling track is open to the public and is free of charge. The park also provides bicycles for rent, making it easy for anyone to enjoy the track. The park also has a bike repair shop where visitors can get their bikes fixed or serviced. The park also has a bike rental station where visitors can rent a bike for a small fee.

In addition to the cycling track, the park also features a variety of other amenities to make your visit more enjoyable. There are several food vendors that sell refreshments and snacks, as well as several restrooms and changing rooms. The park also has a large parking lot for visitors who drive to the park.

The addition of the cycling track to Fatima Jinnah Park is a major step forward for the city of Islamabad. The track provides a healthy and fun activity for residents and visitors, and it helps promote a healthier lifestyle. The park is now an even more attractive destination for people of all ages and interests. The park is now an ideal place for family and friends to spend quality time together while enjoying the beauty of nature.

Overall, Fatima Jinnah Park is a must-visit destination for anyone who is looking for a fun and relaxing day out. The park’s new cycling track is a great addition, and it makes the park even more enjoyable for visitors. Whether you are a cycling enthusiast or just looking for a place to spend a nice day out, Fatima Jinnah Park is the perfect place for you. So, pack a picnic, grab your bike and head to Fatima Jinnah Park to enjoy the beautiful scenery and all the amenities the park has to offer.

New Machine Readable Passports in Pakistan: Fees and Details Released

The Pakistani government has recently announced the cost schedule for obtaining the new Machine Readable Passports (MRPs). The pricing plan for diplomatic, official, and regular citizens has been released. Regular citizens will be able to obtain MRPs when their current passport expires. Initially, MRPs will only be issued in Islamabad, with the schedule for the service’s introduction in other cities to be announced later.

Individuals can pay the fees through the Pakistan Passport e-Payment Service portal, utilizing the National Bank of Pakistan (NBP), a mobile app, MobiCash, or EasyPaisa. The cost for regular registration is broken down by passport validity and number of pages. For a 36-page passport valid for 5 years, the fee is Rs. 3,000. The fee increases to Rs. 5,500 for a 72-page passport and Rs. 6,000 for a 100-page passport. For a 10-year validity, the fees are Rs. 4,500 for 36 pages, Rs. 8,250 for 72 pages, and Rs. 9,000 for 100 pages.

For expedited registration, the fees are higher. A 36-page passport valid for 5 years has a fee of Rs. 5,000, while a 72-page passport has a fee of Rs. 9,000 and a 100-page passport has a fee of Rs. 12,000. For a 10-year validity, the fees are Rs. 7,500 for 36 pages, Rs. 13,500 for 72 pages, and Rs. 18,000 for 100 pages.

The highest fee category is for fast-track registration. For a 36-page passport valid for 5 years, the fee is Rs. 10,000, while a 72-page passport has a fee of Rs. 14,000 and a 100-page passport has a fee of Rs. 17,000. For a 10-year validity, the fees are Rs. 12,500 for 36 pages, Rs. 18,500 for 72 pages, and Rs. 23,000 for 100 pages.

It’s important to keep in mind that these fees are subject to change and citizens should always check the official government website for updates before submitting payment. Additionally, there may be additional charges or fees that apply to specific situations.

The introduction of MRPs is a significant step in modernizing the passport system in Pakistan and ensuring the security and authenticity of passport holders. While the costs for obtaining an MRP may be higher than traditional passports, the added security and convenience of the new system may ultimately be worth the extra expense for many citizens. Overall, it’s a positive move towards digitization and making the process of obtaining a passport more efficient.

Pakistan’s Manpower Exports Reach 7-Year High in 2022

Photo credits: Twitter

In 2022, Pakistan’s manpower exports reached a 7-year peak. This is a significant achievement for the country, as it demonstrates the strength of its workforce and the demand for Pakistani workers abroad.

The main drivers of this increase in exports are the construction, manufacturing, and service sectors. These industries have been in high demand in countries like the United Arab Emirates, Saudi Arabia, and Oman, where there is a large demand for skilled and unskilled labor. The construction industry, in particular, has seen a significant increase in demand for Pakistani workers, as countries in the Gulf region are investing heavily in infrastructure projects.

In addition to the construction, manufacturing, and service sectors, the healthcare industry has also been a major contributor to the increase in manpower exports. There is a growing demand for Pakistani doctors, nurses, and other healthcare professionals in countries like the United Kingdom, the United States, and Canada.

The increase in manpower exports has also had a positive impact on the Pakistani economy. It has created jobs and increased income for workers, and has also helped to reduce the country’s trade deficit.

However, it is important to note that while the increase in manpower exports is a positive development, it also brings with it a number of challenges. One major challenge is the protection of the rights of Pakistani workers abroad. Many of these workers are vulnerable to exploitation and abuse by employers, and it is important that the government takes steps to protect their rights.

In conclusion, Pakistan’s manpower exports reaching a 7-year peak in 2022 is a positive development for the country. It demonstrates the strength of the country’s workforce and the demand for Pakistani workers abroad. However, it is important for the government to address the challenges that come with this increase in exports, such as protecting the rights of workers abroad.

First Consignment of High-Capacity Flat Wagons Arrives in Pakistan from China

Pakistan Railways (PR) is set to receive its first consignment of entirely built units (CBUs) of 70 high-capacity flat wagons from China on Monday, January 24th. The shipment, which was dispatched on December 25th by the Chinese firm, will reach Karachi port on Monday. These flat wagons will be used for the transportation of various goods to various parts of the country from Lahore, Karachi, and other major stations.

According to the contract, the Chinese firm is responsible for manufacturing 200 CBUs, including 70 flat, 70 open-top, and 40 covered wagons, as well as 20 brake vans. The PR is procuring 800 high-capacity wagons and 20 brake vans in total. A letter of credit was opened in March last year.

The contract stipulates that 600 wagons will be manufactured in Pakistan at various carriage factories of Pakistan Railways in association with the Chinese engineer. The arrival of 46 modern high-speed coaches from China on November 27th, 2022, paved the way for the provision of state-of-the-art travelling facilities for the masses. Arrangements have also been made to start manufacturing 184 similar coaches (passenger, luggage, and brake vans) under the technology-transfer component of the 230 coaches’ purchase contract.

Since the test run of these coaches has recently been completed, the PR has started using them in various express trains on the main-line reportedly. Modern train coaches and wagons can run at speeds of 160km and 80km per hour. In November 2021, the federal government signed an agreement with China Railway Construction Corporation Tangshan Locomotive and Rolling Stock Company for the supply of 230 high-speed coaches for PR.

Another contract was also signed with another company to provide 820 wagons, said an official source in the PR. A spokesman for the department says that the remaining 130 CBUs of wagons would be received by the end of March this year.

The manufacturing of the 620 wagons under the technology transfer component of the contract will help Pakistan save its foreign reserves. The new wagons would earn a revenue of Rs1.5 billion per annum. The new wagons can run at a speed of 80km and 100km per hour with 60-tonne and 70-tonne loads, respectively.

Petroleum Product Prices to Remain the Same Until January 31st – Statement by Minister Dar

Photo credits: Twitter

In a recent statement, Minister of Petroleum and Natural Resources, Dar, announced that prices of petroleum products will remain unchanged until January 31st. This decision was made after a thorough review of the current market conditions and in an effort to provide relief to the general public.

Petroleum products such as gasoline, diesel, and kerosene are essential for the smooth functioning of the economy and are widely used in transportation, agriculture, and industry. The prices of these products have a direct impact on the cost of living and the overall inflation rate.

The decision to keep prices unchanged is a welcome relief for consumers who have been facing rising costs due to inflation and the devaluation of the currency. It will also provide some stability to the market, allowing businesses to plan and operate more efficiently.

However, it is important to note that this decision is a temporary measure and that prices may be reviewed again in the future. The government will continue to monitor the market conditions and take necessary steps to keep prices under control.

In the meantime, the government is also taking steps to promote the use of alternative energy sources such as electric vehicles and renewable energy. This will not only help to reduce dependence on fossil fuels but also lead to a reduction in pollution and a more sustainable future.

Overall, the decision to keep petroleum product prices unchanged until January 31st is a step in the right direction and will provide much-needed relief to consumers and businesses alike. It is important for the government to continue to monitor the market conditions and take necessary steps to keep prices under control and promote sustainable development.

Brace yourselves, Karachi! Cold wave to hit the city harder than ever before

Brace yourselves, Karachi! Cold wave to hit the city harder than ever before
Image: Geo

The Pakistan Meteorological Department (PMD) has issued a warning that the ongoing cold wave in Karachi is expected to intensify tonight and continue till January 16th. The temperature is likely to drop to as low as 5-3 degrees Celsius during this period.

In addition, the PMD stated that snowfall has stopped in Muree, but the intensity of the weather remains the same and residents are facing inconvenience due to freezing water in pipelines.

In Punjab, the M2 Motorway has been closed for traffic between Lahore and Khanqah Dogran due to thick fog in the area. The motorway police have also closed traffic from Faizpur to Jaranwala and M11 from Lahore to Sambaryal.

The PMD’s weekly weather outlook predicts that cold and dry weather will continue in most parts of the country, with foggy and snowy weather in specific areas. The outlook states that “Mainly cold and dry weather is expected in most parts of the country, while very cold in upper parts and north Balochistan. Frost is likely in Pothohar region, Kashmir and upper Khyber Pakhtunkhwa during morning hours. Foggy condition is likely in upper Sindh, Punjab and plain areas of Khyber Pakhtunkhwa.”

This current spell of chilly weather in Karachi and Sindh is due to a westerly system that entered the province via Balochistan, according to the PMD. The department forecasts cold and dry weather to continue in most parts of the country and cloudy weather in western and upper districts.

Pak Suzuki Extends Plant Closure on Inventory Shortages Till Jan 20

Pak Suzuki Extends Plant Closure on Inventory Shortages Till Jan 20
Credit: Pak Suzuki

 Pak Suzuki Motor Company (PSMC), one of the country’s largest car manufacturers, once again extended its closure till January 20 owing to inventory shortages. 

The production activities of the automobile company have remained suspended for most days since the start of the new year, blaming a dearth of imported parts and accessories, as banks are rejecting or retiring letters of credit (LCs) amid US dollar scarcity, exchange rate crisis, and fast-depleting foreign reserves of the country.

“Due to continued shortage of inventory level, the management of the company has decided to extend the shutdown of automobile plant from January 16, 2023 to January 20, 2023,” PSMC stated in an announcement to the Pakistan Stock Exchange (PSX).

However, the motorcycle plant would remain operative, it added.

Also Read | Diamond Foam Makers Stopped Production in Pakistan

SECP Issues Directive for Islamic Financial Institutions to Establish Shariah Compliance Units

Photo credits: Stock Exchange

The Securities and Exchange Commission of Pakistan (SECP) has recently issued a directive for all Islamic financial institutions to establish Shariah compliance units within their organizations. The purpose of these units is to ensure that all financial products and services offered by these institutions comply with the principles of Islamic law, also known as Shariah.

Islamic finance is based on the principles of risk sharing and prohibits the charging of interest, which is considered to be against the principles of Shariah. Instead, Islamic financial institutions offer products such as profit and loss sharing, mudharabah, and murabahah. These products are designed to align the interests of the institution and the customer, and to promote ethical and responsible financial practices.

The establishment of Shariah compliance units is seen as a crucial step in ensuring that Islamic financial institutions operate in accordance with the principles of Shariah. These units will be responsible for reviewing and approving all financial products and services offered by the institution, as well as ensuring that all transactions are conducted in a manner that is compliant with Shariah.

The SECP has also issued guidelines for the operation of these units, which include the appointment of a qualified Shariah scholar as the head of the unit, and the development of internal policies and procedures to ensure compliance with Shariah. The SECP will also conduct regular inspections of these units to ensure that they are operating in accordance with the guidelines.

The establishment of Shariah compliance units is a positive development for the Islamic finance industry in Pakistan, as it will help to ensure that all financial products and services offered by these institutions are in compliance with the principles of Shariah. This will not only enhance the reputation of the industry but also foster trust of public in the Islamic finance institutions.

In addition, it will also help to promote ethical and responsible financial practices and will encourage more people to consider Islamic finance as an alternative to conventional banking. As the industry continues to grow and evolve, the establishment of Shariah compliance units will become increasingly important in ensuring that Islamic finance remains true to its principles and continues to serve the needs of the community.

Overall, the SECP’s directive for Islamic financial institutions to establish Shariah compliance units is a step in the right direction towards ensuring that the Islamic finance industry in Pakistan remains compliant with the principles of Shariah and operates in an ethical and responsible manner. This move will further strengthen the industry and also attract more investors to invest in the sector.

Here is the list of World’s Richest Actors, Shah Rukh Khan makes fourth on the list

list of World's Richest Actors

The Famous Indian actor Shah Rukh Khan has been listed among the top Richest Actors in the world. Jerry Seinfeld stands first in the list of the Richest actors in the World, it is followed by Tyler Perry, Dwayne Johnson, and Shahrukh Khan. The net worth is followed by $1 Billion, $1 Billion, $800 million, and $770 million respectively.

World of Statistics shared the list of the top richest actors in the world that included:

Jerry Seinfeld’s net worth $1 billion

Tyler Perry’s net worth ($1 billion)

Dwayne Johnson (net worth $800 million)

Shah Ruk Khan ($770 million)

Tom Cruise ($620 million)

Jackie Chan ($520 million)

George Clooney ($500 million)

Robert De Niro ($500 million)

Read This: Top 10 richest people in Pakistan

Pakistan to hold first-ever digital census in 2023

Pakistan's first-ever digital census

In 76 years of independence from the British regime, Pakistan never witnessed a digital census, even though many developing and underdeveloped countries consider the medium potent enough to conduct the census. However, Pakistan will take another step toward strengthening its digital facet by hosting the first-ever digital census.

Pakistan’s 2023 census will be a 40-point questionnaire covering eight crucial areas. Since all the preparations are down and dusted, the relevant authorities are rolling over to perform the task. The indigenous efforts will be carried through devised systems and the tools created by Pakistan’s local experts.

According to Chief Statistician Pakistan Bureau of Statistics (PBS) Dr Naeem Uz Zafar, who was conducting a seminar at Pakistan Institute of Development Economics Islamabad, “census is an important national activity that is linked with resource allocation to provinces, representation in National/Provincial assemblies, and the delimitation process. Therefore, the credibility of the census is of utmost importance.”

The Pakistan Bureau of Statistics is set to conduct the country’s first-ever digital census in March 2023. The census will collect data from 185,000 blocks and will not require Computerised National Identity Cards (CNICs) for verification purposes. The 40-point questionnaire will include information on households, basic amenities, demography, education, health, employment, disability, and migration.

Chief Statistician of the Pakistan Bureau of Statistics, Dr. Naeem Uz Zafar, has said that all preparations for the census are complete and that the effort is entirely indigenous, with systems and tools being developed by Pakistani experts. The census is being conducted in accordance with international best practices and with the latest technology.

The census is being conducted simultaneously and in the shortest possible time, with the goal of counting the entire population residing in Pakistan at the time of the census, regardless of whether they hold a CNIC or not. The census is intended to be used for policy and planning, and stakeholders are encouraged to participate in the process.

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Final Match of Pakistan and New Zealand ODI Series To Be Played Today