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Faysal Bank Named Among World’s Best Islamic Banks at 2026 Global Awards
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Faysal Bank Named Among World’s Best Islamic Banks at 2026 Global Awards

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Karachi, 22nd May 2026: Faysal Bank Limited (FBL), Pakistan’s Best Islamic bank, has secured multiple accolades at the Global Islamic Finance Innovation Awards 2026, hosted by The Digital Banker, reinforcing its position as a leading Islamic Bank on the global stage. Competing with institutions from across international markets, the Bank’s success highlights Pakistan’s growing presence in the global Islamic finance industry. Read More: https://theboardroompk.com/mecom-gas-considers-ipo-to-build-lpg-storage-facility-in-pakistan/ The recognition reflects FBL’s strong focus on innovation, customer-centricity, and Shariah-compliant excellence, with the Bank winning awards across key categories including digital innovation, mobile banking, client-centric on-boarding solutions, Islamic consumer and deposit products, financial inclusion initiatives, investment banking, and risk management. These wins underscore FBL’s ability to deliver forward-thinking solutions that consistently meet evolving customer needs. Commenting on the achievement, Mr. Yousaf Hussain, President & CEO of Faysal Bank Limited, said, “We are honoured to receive this global recognition, which underscores our commitment to innovation and excellence in Islamic banking. These awards reflect the dedication of our teams and our focus on shaping the future of Islamic finance by driving innovation, promoting financial inclusion, and creating lasting value for our customers and communities.” These international accolades further strengthen Faysal Bank’s reputation as a progressive and globally competitive institution. As the Bank continues its transformation journey, it remains focused on accelerating digitalisation, enhancing technology-driven customer experiences, and driving sustainable growth in the evolving landscape of Islamic finance.

Wind and Solar Power Surpass Natural Gas Globally for the First Time in April
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Wind and Solar Power Surpass Natural Gas Globally for the First Time in April

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April often proves favourable for renewables due to spring conditions in the Northern Hemisphere. Strong winds combine with rising solar generation as days lengthen, particularly where most global solar capacity is concentrated. Read More: https://theboardroompk.com/pakistan-agrees-to-imf-primary-surplus-target-for-fy2027-28/ This achievement reflects sustained year-on-year growth rather than a temporary fluctuation. Ember analysts noted that combined wind and solar output increased by an estimated 13% compared to the previous year. Regional Growth Highlights Several key markets drove the gains. China recorded a 14% increase, while the European Union saw 13% growth. Britain posted a remarkable 35% rise, the United States 8%, Australia 17%, Chile 24%, and Brazil 4%. The analysis draws from reported data in 36 countries, supplemented by conservative estimates for others yet to release April figures. Wind and solar together accounted for 22% of global electricity in April, compared to gas at 20%. Ember emphasised that the current energy crisis has strengthened the economic case for renewables over imported gas. It has also added political urgency to accelerate deployment in many nations. Kostantsa Rangelova, global electricity analyst at Ember, stated that the move represents a broader trend. Renewables are helping reduce reliance on gas imports for countries affected by recent geopolitical tensions, including the Iran conflict. This April milestone builds on longer-term progress in the power sector. Solar has been expanding rapidly, and combined with wind, clean sources are increasingly meeting rising electricity demand while displacing fossil fuels. Experts view the event as an encouraging sign for climate goals. Faster deployment of wind and solar projects could further accelerate the decline in fossil fuel dependence. However, challenges remain in grid integration, storage, and consistent policy support across regions. Countries continue investing heavily in renewable infrastructure. Supply chain improvements and falling technology costs are making wind and solar more competitive. As capacity grows, similar monthly records are likely to become more frequent. The development underscores the shifting dynamics in global energy markets. Policymakers and industry leaders are watching closely as renewables gain ground in the electricity mix.

SBP To Issue Rs75 Commemorative Coin Marking 75 Years Of Pakistan-China Diplomatic Relations
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State Bank of Pakistan (SBP) to Issue Rs75/-Commemorative Coin to mark 75th Anniversary of the Establishment of Diplomatic Relations between Pakistan and China

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To mark the 75th anniversary of diplomatic relations Pakistan and China, the Government of Pakistan has decided to issue a commemorative coin of Rs.75 denomination. The coin will be available to the general public from May 25, 2026, through the exchange counters of field offices of SBP Banking Services Corporation. It may be recalled that the Pakistan and China formally established diplomatic relations on May 21, 1951. Read More: https://theboardroompk.com/pakistan-offshore-exploration-reopens-after-20-years-as-1-billion-energy-push-begins/ The commemorative coin shall be round in shape milled with serration on the edge, with the following specifications: Metal composition: Copper-Nickel, (75% Copper & 25% Nickel)Dimension: 36.0 mmWeight: 19.0 grams OBVERSE: On the obverse side of the coin, the waxing crescent moon and five-pointed star facing North-West in rising position, is in the center. Along with periphery on the top of the crescent star is inscribed in wording “ISLAMI JAMHURIA PAKISTAN” in Urdu script. Below the crescent and on the top of two springs of wheat with arms curved upward, there is the year of issuance 2026. The face value of coin in numeral “75” in bold letters and RUPIA in Urdu script are written on the right and left sides of the crescent star respectively.REVERSE: On the reverse side of the coin, wording “75TH ANNIVERSARY OF PAKISTAN AND CHINA DIPLOMATIC RELATIONS” in English script is written along with periphery on top side of the coin and words “TRUST FRIENDSHIP SUPPORT” in English Script are written along with the periphery on lower side of the coin. In the center of the coin national flags of Islamic Republic of Pakistan and Peoples Republic of China are shown. Below the national flags artistically designed numeral “75” is shown representing the event. Years “1951” and “2026” are shown on the left and right sides of the artistically designed number “75”. Wordings “PAK CHEEN SAFARATI TAULUQAT KAY 75 SAAL” in Urdu and Chinese script are written above the national flags. Wordings “EITAMAD-DOSTI-MU’AWANAT” in Urdu and Chinese script are written below the artistically designed numeral “75”.

Three Day Eid Holidays Announced for Public and Government Offices
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Three Day Eid Holidays Announced for Public and Government Offices

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The federal government has officially announced public holidays for Eid ul Adha 2026 across Pakistan. According to a notification issued by the Cabinet Division on Wednesday, the holidays will be observed from May 26 to May 28. The notification stated that Prime Minister Shehbaz Sharif approved three public holidays for the religious festival. The holidays will fall on Tuesday, Wednesday, and Thursday, allowing citizens across the country to celebrate Eid with their families and communities. Eid ul Adha to Be Celebrated on May 27 Pakistan will observe Eid ul Adha on Wednesday, May 27, 2026, after the Zilhaj moon was sighted earlier this month. The announcement was made by the Central Ruet i Hilal Committee following its meeting held at the Pakistan Meteorological Department headquarters in Karachi on May 17. The meeting was chaired by Ruet committee chairman Maulana Abdul Khabir Azad, who confirmed that credible testimonies regarding moon sighting were received from several regions of the country. Speaking during a press conference, the chairman announced that the first day of Zilhaj 1447 AH began on Monday, May 18. As a result, Eid ul Adha will be celebrated nationwide on May 27. Religious Importance of Eid ul Adha Eid ul Adha is one of the two major Islamic festivals celebrated by Muslims around the world. The occasion commemorates the devotion and obedience of Prophet Ibrahim (PBUH), who was willing to sacrifice his son on the command of Allah. According to Islamic belief, Allah replaced the sacrifice with a ram before it could take place. The festival is also widely known as the Feast of Sacrifice. Muslims mark the occasion by offering Eid prayers, gathering with family members, and performing the ritual sacrifice of animals such as goats, cows, and camels. Traditions and Celebrations Across Pakistan During Eid ul Adha, families distribute meat among relatives, neighbours, and underprivileged communities as part of the religious practice. Markets across Pakistan usually witness increased activity ahead of Eid, especially cattle markets, shopping centres, and transport services. Authorities in major cities are also expected to implement special security and cleanliness arrangements during the three day holiday period. Municipal administrations often launch operations for waste collection and sanitation after animal sacrifices. The Eid holidays are also expected to increase travel activity as many people return to their hometowns to celebrate with loved ones. Bus terminals, railway stations, and airports generally experience heavy passenger traffic before the festival. Public Offices and Businesses to Remain Closed Government offices, educational institutions, and several private businesses will remain closed during the announced holidays. However, essential services including hospitals, emergency departments, and security institutions will continue operating throughout the Eid period. Banks may also remain closed for public dealing during the official holidays, although the State Bank of Pakistan is expected to issue a separate circular regarding banking operations.

SLM Tyres Book Building oversubscribed 16.7X, Attracts Rs69.4 Billion of Investors' Interest!
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SLM Tyres Book Building oversubscribed 16.7X, Attracts Rs69.4 Billion of Investors’ Interest!

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Karachi : Service Long March Tyres Limited’s initial public offering (IPO) book building has witnessed historic investor participation which was oversubscribed 16.7X generating total interest of approximately PKR 69.4 billion (250 million dollars) during the two-day process, marking a remarkable milestone for Pakistan’s capital market. The IPO received the the highest ever bids by any IPO at PSX. Read More: https://theboardroompk.com/islamabad-court-sentences-umar-hayat-to-death-in-sana-yousaf-murder-case/ The level of participation was described by market participants as unlike anything seen before in Pakistan’s IPO market, reflecting strong confidence from institutional investors and high-net-worth individuals in the company’s fundamentals, export potential and long-term growth outlook. The IPO has already achieved its maximum fundraising target of PKR 7.77 billion. The transaction also achieved the maximum cap price, representing a 40% premium over the floor price. The overwhelming response has positioned the transaction among the most strongly participated industrial IPOs in Pakistan’s recent capital market history. It also highlights growing investor appetite for export-oriented manufacturing companies with scale, technology advantage, and regional market access. Speaking on the successful transaction, Shahid Ali Habib, Chief Executive Officer of Arif Habib Limited, the lead manager and book runner for the IPO, said the response marked a historic moment for Pakistan’s capital market. “Service Long March Tyres’ IPO is the largest transaction in the history of the Pakistan Stock Exchange, generating investor interest of approximately PKR 70 billion (250 million dollars) and raising PKR 7.77 billion, which is also the highest amount ever raised by any IPO at PSX,” he said. The response to Service Long March Tyres’ IPO shows that Pakistan’s capital market is ready to support companies with strong fundamentals, export capability, scale, and a clear growth strategy,” he said. The successful book building is being viewed as a landmark transaction for Pakistan China joint venture in the manufacturing sector and a strong signal of renewed investor confidence in export-led industrial listings.

Top Taxpayers Blue Passports Approved as Pakistan Moves Toward Digital Passport Revolution
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Top Taxpayers Blue Passports Approved as Pakistan Moves Toward Digital Passport Revolution

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Top Taxpayers Blue Passports are making headlines across Pakistan after the government approved special blue passports for 42 of the country’s highest taxpayers. The move, announced by Directorate General of Immigration and Passports chief Muhammad Ali Randhawa, is being viewed as a major recognition for individuals contributing significantly to the national economy. The decision reportedly came on the directions of Prime Minister Shehbaz Sharif and has already triggered debate among business circles, taxpayers, and the wider public. According to officials, most of the approved blue passports have already been issued to the selected individuals designated as ambassadors at large. The development signals a new era where financial contribution and tax compliance may increasingly translate into state-level recognition and privileges. Special Passports for Business Elite Under Review The government is not stopping with just 42 individuals. Authorities are now considering another proposal to introduce special-coloured passports for businessmen who pay taxes above a defined threshold. The proposal is currently under review with input from the Ministry of Commerce and the Federal Board of Revenue. If approved, the move could create a new incentive for Pakistan’s business community to formally document income and improve tax compliance. Officials believe the initiative may also help strengthen the country’s weak tax culture by rewarding high-value taxpayers with prestige and convenience. Pakistan Plans Nationwide Passport Home Delivery In another major development, the Directorate General of Immigration and Passports is preparing to launch nationwide home delivery services for passports. Under the proposed system, citizens will no longer need to revisit passport offices to collect their documents. Instead, passports will be delivered directly to applicants’ homes from Islamabad after payment of a nominal courier fee. DGIP chief Muhammad Ali Randhawa confirmed that discussions with a courier company are already underway and the service is expected to be launched nationwide after a formal agreement is signed. The plan is expected to reduce overcrowding at passport offices and make the process easier for working professionals, elderly citizens, and families living in remote areas. Authorities also confirmed that overseas Pakistanis are likely to receive the facility in the second phase. Passport Chatbot and Online Tracking System Coming Soon Pakistan is also preparing to introduce a dedicated chatbot for passport applicants. The chatbot will provide instant guidance on procedures, required documents, and application tracking. Applicants will also be able to check the real-time status of their passports after submission. Officials say the technology-driven initiative will significantly reduce pressure on the department’s expanding call centre while improving customer support services. The digital support system is being seen as another step toward modernizing Pakistan’s immigration and passport infrastructure. Online Passport Applications May Soon Become Reality One of the most ambitious reforms under consideration is the launch of a fully online passport application system. Officials revealed that authorities are examining two possible options. The government may either launch a separate passport application app similar to NADRA’s Pak-ID platform or expand the existing NADRA app to include passport services. Under the proposed digital model, applicants would upload their old passports, photographs, and required documents through a mobile app or online portal without physically visiting passport offices. Applicants would also receive email notifications if additional verification or documents are required. The proposed system aims to offer 24/7 application services from anywhere in Pakistan while addressing staffing shortages inside passport offices. Cashless Passport Fee Payments to End Agent Mafia In a bold move aimed at increasing transparency, the DGIP has also announced plans to fully digitize passport fee payments after June 30. Passport fees will no longer be deposited through National Bank branches. Instead, applicants will use QR-code-enabled payment systems through mobile banking applications. According to officials, every token issued to applicants will carry a QR code that can be scanned for instant digital payment. Authorities believe the cashless model will help eliminate middlemen and the so-called agent mafia that has long exploited applicants outside passport offices. The reform is expected to streamline the payment process, reduce corruption risks, and speed up overall passport processing times. Pakistan’s Passport System Enters a New Digital Era From Top Taxpayers Blue Passports to home delivery services and online applications, Pakistan’s passport system appears to be entering one of its biggest transformation phases in decades. The reforms are designed to modernize public services, improve transparency, and reward documented economic contribution. For millions of Pakistanis frustrated by lengthy queues, complicated procedures, and agent-driven systems, these changes could mark the beginning of a more efficient and digitally connected future.

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FIFA Moves to Secure Iran’s Spot in World Cup Which is Co-hosted by Canada, Mexico, the US

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FIFA officials are stepping in to address concerns over Iran’s participation in the 2026 World Cup. A key meeting is set for Saturday in Istanbul. Diplomatic Efforts Underway- Reassurance for Iranian Delegation FIFA Secretary-General Mattias Grafstrom will meet Iranian Football Federation (FFIRI) officials to offer reassurance about the team’s involvement in the tournament. The discussions aim to ease worries following recent geopolitical events and entry restrictions. Host Nations’ Stance Iran’s group stage matches are scheduled entirely in the United States. However, participation remains uncertain after U.S. and Israeli actions against Iran in late February. FFIRI President Mehdi Taj was recently denied entry to Canada for the FIFA Congress due to alleged links to the Islamic Revolutionary Guard Corps (IRGC), which both the U.S. and Canada designate as a terrorist entity. FIFA is working closely with authorities to ensure all qualified teams can compete safely without discrimination. President Gianni Infantino has firmly rejected requests to relocate Iran’s matches to Mexico, insisting on original venues. U.S. President Donald Trump recently stated he is “okay” with Iran playing in the tournament despite ongoing tensions.Iran’s Deputy Foreign Minister Kazem Gharibabadi emphasized that FIFA must guarantee entry for the full delegation. He warned that any barriers could damage the World Cup’s credibility. The Iranian team plans to depart Tehran for a training camp in Turkey before heading to their U.S. base in Tucson, Arizona. Their campaign opens against New Zealand in Los Angeles on June 15. This high-stakes meeting highlights FIFA’s commitment to inclusivity while navigating complex international relations. The outcome could set precedents for future tournaments involving nations facing political challenges

IMF Imposes Rs1.73 Trillion Petroleum Levy Target for FY27, Signals Tougher Revenue Push
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IMF Imposes Rs1.73 Trillion Petroleum Levy Target for FY27, Signals Tougher Revenue Push

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The International Monetary Fund has set a ambitious petroleum levy collection target of Rs1.73 trillion for fiscal year 2026-27. This marks a significant increase from the current year’s target. Read More: https://theboardroompk.com/engro-elengy-terminal-handles-countrys-largest-ever-lng-vessel-of-210000-cbm/ Revenue Mobilization Challenges The IMF staff-level report highlights the need for additional revenue efforts totaling Rs860 billion from federal and provincial governments. This push aims to strengthen fiscal consolidation. Federal authorities will contribute half through new taxes and enforcement, while provinces focus on services GST and agricultural income tax. Budget and Defence Projections The federal budget is projected to exceed Rs17.1 trillion, reflecting nearly 9% growth. Defence spending is expected to reach Rs2.665 trillion. Pakistan has committed to Rs215 billion in new taxes and another Rs215 billion via improved enforcement and audits. The FBR revenue target stands at Rs15.27 trillion. Achieving the petroleum levy goal may require higher fuel prices or stronger compliance. Current levies stand at Rs117.4 per litre on petrol and about Rs43 on diesel. The IMF notes petroleum products face an effective tax rate of 166%, making revenues vulnerable to demand shocks and international price fluctuations. Broader Tax Reforms Needed Provinces must expand GST on services across all sectors and implement new agricultural income tax rates. These steps target an additional 0.3% of GDP in revenue. Experts warn that narrow tax bases, especially in agriculture and GST exemptions, continue to limit overall collections despite reforms. The government assured the IMF that any tax relief in the budget will be offset by equivalent new measures to protect revenue yields. Economic Outlook and Risks The IMF revised down growth forecasts due to global uncertainties, including potential Middle East conflicts affecting oil supplies and remittances. Inflation is projected around 8.4% in FY27, with no room for fuel subsidies. Loan disbursements remain linked to full price recovery. Public debt sustainability holds under baseline scenarios but faces high risks from financing needs and external shocks. This development underscores Pakistan’s continued reliance on fuel taxation while pushing for broader structural reforms to boost tax-to-GDP ratio and fiscal discipline.

Govt Plans New Loadshedding System Based on Consumer Bill Payments
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Govt Plans New Loadshedding System Based on Consumer Bill Payments

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The federal government is preparing to introduce a New Loadshedding System that will link electricity outages directly with consumer bill payments at the transformer level. Federal Minister for Energy Sardar Awais Leghari shared details of the proposed mechanism during a session of the National Assembly. He said the government plans to gradually replace the existing feeder based load management system with a transformer based model within the next year. Under the proposed framework, electricity supply will depend on recovery rates from consumers connected to specific transformers. Areas where residents regularly pay electricity bills will receive improved power supply, while locations with poor recoveries may continue facing load shedding. The government believes the policy will encourage timely payments and help reduce financial losses in Pakistan’s struggling power sector. Leghari said authorities currently maintain zero load shedding on nearly 11,500 feeders across the country. However, he explained that completely ending power cuts nationwide would sharply increase losses and place additional pressure on the energy sector. According to the minister, unpaid bills, electricity theft, and weak recoveries continue to damage the financial health of power distribution companies. Pakistan has relied on a feeder based load shedding system for many years. Under that model, electricity outages depend on line losses and recovery performance within a feeder area. Officials now believe the new transformer based approach can create a more accurate and fair system. The minister said the government is still working on technical details and implementation policies before the system becomes operational. Once finalized, the transition from feeder based load management will begin in phases. Officials argue that paying consumers should not suffer because of defaulters living within the same feeder zone. The new policy aims to separate responsible consumers from areas where electricity theft and non payment remain common. The announcement comes as the government faces increasing pressure to control circular debt and improve the financial condition of the power sector. In recent months, many consumers across Pakistan have complained about prolonged power outages despite paying bills on time. Citizens have repeatedly criticized the current system for treating regular bill payers and electricity thieves alike. Authorities hope the New Loadshedding System will improve accountability, strengthen bill recoveries, and reduce unnecessary electricity cuts for compliant consumers. Pakistan’s energy sector continues to face major economic challenges due to rising fuel prices, transmission losses, and unpaid electricity dues. The government believes reforms in the load management system are necessary to stabilize the sector and improve service delivery. Officials are expected to finalize implementation plans in the coming months before introducing the system nationwide.

Pakistan Faces Population Time Bomb: 390 Million by 2050
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Pakistan Faces Population Time Bomb: 390 Million by 2050

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Islamabad: Pakistan’s population is projected to reach 390 million by 2050 under a slow fertility decline scenario. This marks a staggering 62% increase from the 2023 census figure of 241.9 million.37110dThe official report, launched by Planning Minister Ahsan Iqbal in collaboration with UNFPA, warns of immense challenges ahead. Demographic Explosion and Job Crisis Around 256 million people — more than Pakistan’s current total population — will be seeking jobs by 2050. The working-age population (15-64 years) is expected to jump 89% to 255.4 million. This massive workforce expansion creates both opportunity and risk. Current economic growth hovers around 3.5%, far below the 6-8% needed to absorb new entrants. Provincial Impacts and Policy Needs Punjab’s population may grow to 200 million, Sindh to 91.2 million, Khyber-Pakhtunkhwa to 68 million, and Balochistan to 25 million. Islamabad Capital Territory could nearly triple to 6.5 million. Experts stress urgent reforms in the NFC Award to incentivize provinces for better population management. Uncontrolled growth threatens resources, infrastructure, and sustainable development. Even with aggressive contraceptive use, the population would still hit 383 million. The youth bulge (15-29 years) will expand to 100 million, while elderly numbers rise sharply to 22.6 million. Pakistan must invest heavily in education, healthcare, and job creation to harness the potential demographic dividend before it turns into a liability.

The Boardroom PK delivers trusted business news, analysis, and insights from Pakistan and beyond, keeping readers informed, inspired, and ahead in the evolving world of business and leadership.

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