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28th ITCN Asia Opens in Karachi With SIFC Support to Connect Pakistan With Global Tech Leaders

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KARACHI, SEPTEMBER, 2026: The 28th ITCN Asia opened today at Karachi Expo Centre with the support of the Special Investment Facilitation Council (SIFC). Chief Guest Muhammad Ali Rashid, Special Assistant to the Chief Minister Sindh for Science and Information Technology, inaugurated the three-day exhibition, bringing together technology companies, government leaders, international delegates, investors and entrepreneurs. Organized by Ecommerce Gateway Pakistan (Pvt.) Ltd., ITCN Asia 2026 is supported by SIFC as Strategic Supporter, with the Special Technology Zones Authority (STZA) and the Science & IT Department, Government of Sindh, as Strategic Partners, and Ignite–National Technology Fund as National Innovation Partner. Running through September 24, the event provides a platform for technology showcases, business partnerships, investment engagement and discussions on Pakistan’s digital future. Featuring 850+ booths and 3,500+ global brands, the exhibition is expected to attract 75,000+ trade visitors, including 18,500+ CxOs and decision-makers, alongside 350+ international delegates and investors and 850+ government leaders over three days. International participation includes Azerbaijan, China, South Korea, Australia, Türkiye, Egypt, the United Kingdom and Switzerland. The inaugural programme featured Muhammad Ali Rashid, Special Assistant to the Chief Minister Sindh for Science and Information Technology; H.E. Deemah Al-Yahya, Secretary-General, Digital Cooperation Organization; Baybars Altuntas, Chairman, World Business Angels Investment Forum; Zohaib Khan, CEO, A2Z Creator; Areiel Wolanow, Managing Director, Finserv Experts; Dr. Wael Bedda, Secretary-General, SKSEED; Daniel Gautsch, Implementation Manager, EU–Talent Partnership Pakistan, GIZ Pakistan; Dr. Mohamed Ibrahim, CEO, ICCD Holding Company; Zeba Qureshi, Senior Strategist; Brig. Syed Nadir Hussain Shah, Project Director–IT & Telecom, SIFC; Azfar Manzoor, Chairman, STZA; Maj. Gen. (R) Ali Farhan, HI (M), Managing Director, National Telecommunication Corporation; Mohammad J. Sear, Vice Chairperson, Pakistan Digital Authority; Muhammad Bilal Abbasi, CEO, Ignite–National Technology Fund; Faisal Jeddy, CEO, Pakistan Software Export Board; Chaudhry Mudassar Naveed, CEO, Universal Service Fund; Hamza Saeed Orakzai, Chief Market Development Officer, STZA; and Muhammad Umair Nizam, CEO, ITCN Asia and Senior Vice Chairman, P@SHA. Muhammad Umair Nizam said: “ITCN Asia brings Pakistan’s technology capabilities into direct conversation with international markets and investors. With SIFC’s support, our focus is on helping businesses build partnerships, expand export opportunities and create pathways for startups and innovators to grow.” Across five exhibition halls, dedicated pavilions cover Robotics, Azerbaijan, China, Gilgit-Baltistan, SBP Banking, Digital Sindh, Diplomatic, STZA, Startup and CIO/CISO participation. Technology demonstrations and B2B meetings provide opportunities for exhibitors and visitors to explore commercial partnerships. The three-day programme includes the 13th Pakistan Investor Summit 2026 on the opening day. September 23 features STZA’s “Pakistan’s AI Imperative,” NTC’s “Connected Nation: Leadership Roundtable,” the Future Leaders Awards and a programme on Saudi Arabia’s gaming ecosystem. September 24 includes Ignite’s “Cyber Crisis Command: Executive Tabletop Exercise,” Best of Entrepreneurship Asia and TABADLAB’s “Workforce 2.0: Building Pakistan’s AI-Ready Economy.” ITCN Asia 2026 continues at Karachi Expo Centre until September 24, bringing Pakistan’s technology industry and international stakeholders together for business, investment and knowledge exchange. For further information: www.itcnasia.com

JS Bank wins ESG Award for Community Health Outreach Programme
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JS Bank Wins ESG Award for Community Health Outreach Programme

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Karachi, September 22, 2026: JS Bank has received the ESG Award for its Community Health Outreach Programme at the ESG Business Awards, recognising its efforts to make quality healthcare accessible to underserved communities across Pakistan. The Community Health Outreach Programme focuses on three areas: primary and maternal healthcare in remote regions, specialised free treatment for chronic and reproductive health conditions, and grassroots health awareness. Its flagship initiative, Jahangir Siddiqui Hospital in Sehwan, is delivered in collaboration with the Indus Hospital and Health Network. In 2025, the hospital provided free medicines and medical services to over 34,000 patients, including more than 50 deliveries, and conducted over 3,000 community engagement sessions. JS Bank has also supported the hospital’s phased rehabilitation following the 2022 floods. The programme also includes the Uro Gynae Clinic, which provided free treatment to more than 900 patients for urological and gynaecological conditions in 2025, while continued support to the Sindh Institute of Urology and Transplantation (SIUT) extends free specialist care in nephrology, cancer and organ transplantation. Through its partnership with PinkDetect, the programme has also taken breast cancer awareness to remote communities in Tharparkar, reaching 188 women across four villages in 2025. Separately, 294 children received free clubfoot corrective surgery and six months of post-operative care through NJ Welfare Trust. Basir Shamsie, President & CEO, JS Bank, said, “JS Bank has always been at the forefront of fulfilling its moral and social obligation by addressing challenges at the grassroots level, including access to quality healthcare, especially in underserved communities across Pakistan. Our programmes reflect our commitment to delivering practical, sustained impact on the ground.” The award recognises JS Bank’s continued focus on long-term community investment and measurable improvements in access to essential services.

ITCN Asia 2026, Supported by SIFC, to Position Pakistan at the Centre of Global Technology, Investment and Digital Innovation
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ITCN Asia 2026, Supported by SIFC, to Position Pakistan at the Centre of Global Technology, Investment and Digital Innovation

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28th edition to feature 800+ booths, 3,500+ global brands, 75,000+ trade visitors, 350+ international delegates and investors, and 850+ government leaders KARACHI, September 19, 2026: Pakistan is set to host a major convergence of global technology, investment and digital leadership as the 28th ITCN Asia takes place from September 22–24, 2026, at Karachi Expo Centre, bringing together international technology companies, investors, government leaders, startups, CxOs and industry decision-makers. With the support of the Special Investment Facilitation Council (SIFC), ITCN Asia 2026 will provide a major platform to showcase Pakistan’s technology potential, attract international engagement and connect local enterprises and innovators with global markets, investors and technology partners. The three-day event is expected to feature 800+ booths, 3,500+ global brands, 75,000+ trade visitors, 18,500+ CxOs and decision-makers, 350+ international delegates and investors, and 850+ government leaders, creating extensive opportunities for business networking, investment engagement, technology partnerships and knowledge exchange. International participation will include companies and delegates from Azerbaijan, China, South Korea, Australia, Türkiye, Egypt, the United Kingdom, Switzerland and other countries. Dedicated Robotics, Azerbaijan Country, China Country, Gilgit-Baltistan, SBP Banking, Diplomatic, STZA, Startup, CIO/CISO and Digital Sindh Pavilions will represent diverse dimensions of Pakistan’s expanding technology ecosystem and international engagement. Beyond the exhibition, ITCN Asia 2026 will combine B2B meetings, technology showcases, investment engagement and executive-level dialogue across all three days. Day One will feature the Grand Inaugural Ceremony followed by the 13th Pakistan Investor Summit 2026 by NIC Karachi, bringing investors, founders and ecosystem stakeholders together for dialogue on growth and market opportunities. Day Two will focus on technology and future leadership through “Pakistan’s AI Imperative: Building Future-Ready Talent, Enterprises & Technology Ecosystems” by STZA, the “Connected Nation: Leadership Roundtable” by NTC, the Future Leaders Awards 2026, and “Inside the Saudi Gaming Boom – Kingdom of Gaming.” The final day will turn to entrepreneurship and policy engagement, featuring “Cyber Crisis Command: Executive Tabletop Exercise” by Ignite, Best of Entrepreneurship Asia (BOE) and “Workforce 2.0: Building Pakistan’s AI-Ready Economy” by TABADLAB, addressing cyber-crisis preparedness, innovation, the creative economy and workforce readiness for an AI-driven future. Muhammad Ali Rashid, Special Assistant to the Chief Minister Sindh for Science and Information Technology, will be the Chief Guest at the inaugural ceremony. “ITCN Asia has evolved beyond a technology exhibition into a platform connecting Pakistan’s technology capabilities with global markets, investment and partnerships. With SIFC support and strong participation from international delegates, investors, government and industry leaders, ITCN Asia 2026 will showcase the scale and opportunities of Pakistan’s digital ecosystem to the world,” said Muhammad Umair Nizam, Event Director, ITCN Asia. Organised by Ecommerce Gateway Pakistan (Pvt.) Ltd., the 28th ITCN Asia will be held from September 22–24, 2026, at Karachi Expo Centre. For information and visitor registration: www.itcnasia.com

Citi Pharma To Enter Regulated Cannabis, Marijuana and Industrial Hemp Business
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Citi Pharma To Enter Regulated Cannabis, Marijuana and Industrial Hemp Business

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Citi Pharma Limited has taken a first legal step into cannabis. Shareholders met in Lahore on 18 September 2026 and passed a special resolution to rewrite the company’s objects.The change is not a product launch. It is permission to chase licences. What the Resolution Actually Allows The new clause covers industrial hemp, medicinal cannabis, marijuana and allied work. That includes cultivation, research, processing, extraction, manufacturing, storage, transport, import, export, distribution, marketing and sale. The wording is broad on purpose. It lets a listed pharma company sit across the value chain if regulators allow it. Nothing in the vote legalises recreational use. Pakistan still treats that as illegal. Why This Vote Matters Now Pakistan has spent years building a licence system for hemp and medical cannabis. The Cannabis Control and Regulatory Authority sits at the centre of that effort. Cultivation, extraction and pharmaceutical manufacture all need its nod. Citi Pharma is an API and formulations business. Adding cannabis to its memorandum gives the board room to apply, partner and invest without a constitutional fight later. That is why the meeting mattered more than the wording looks. How Shareholders Voted The result was not close. Votes in favour came to 131.58 million shares, or 99.94 percent of votes cast. That is 57.59 percent of the company’s capital. Eighteen shareholders voted against, holding 74,705 shares. Most participation arrived by e-voting. A thin group sat in the room or voted by proxy. For a special resolution, the board got the majority it needed. What Still Has to Happen The resolution is subject to confirmation by the Securities and Exchange Commission of Pakistan. After that come licences, registrations and approvals from the cannabis authority and any other competent body. The company also authorised its chief executive and company secretary to tweak the paperwork if regulators ask for changes. So the headline is simple: shareholders said yes. The harder part is turning a clause into licensed farms, labs and products. That work starts after the stamps, not after the meeting.

Shaheed Benazir Bhutto Dewan University (SBBDU), Lakhmir Zamurani Sign Partnership Agreement Launch DXL Institute for Digital Markets
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Shaheed Benazir Bhutto Dewan University (SBBDU), Lakhmir Zamurani Sign Partnership Agreement Launch DXL Institute for Digital Markets

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Karachi-based institute to offer structured professional education in cryptocurrency, forex, blockchain and Web3 KARACHI: Shaheed Benazir Bhutto Dewan University (SBBDU) has entered into a strategic academic partnership with Lakhmir Zamurani to establish DXL (Dewan × Lakhmir), a specialized institute aimed at providing structured professional education in artificial intelligence, technology, blockchain, Web3, trading, forex, stocks, crypto, and the Pakistan Stock Exchange (PSX) This official partnership agreement was signed on 14-09-2026 at the Grand Ballroom, Marriott Hotel Karachi, Between Mr. Yousuf Dewan, Mr. Aurangzeb, Vice Chancellor of SBBDU and Mr Lakhmir Zamurani, Founder of DXL.The initiative seeks to bridge the gap between growing participation in digital financial markets and the availability of structured, professionally delivered education in Pakistan. Under the partnership, DXL will offer a comprehensive suite of professional programs encompassing AI tech, blockchain, Web3, trading, forex, stocks, crypto, and PSX dynamics. The flagship 12-week Professional Diploma comprises 288 contact hours with a strong emphasis on practical learning. The curriculum covers foundational technology, market structure, price action, risk management, and trading psychology, concluding with a supervised live-trading practicum using demo accounts. Instruction is delivered through a practitioner-led approach by active market professionals with instruction provided by Educational authorities alongside structured academic learning. DXL is expanding its footprint all over Pakistan, establishing core hubs starting from Park Towers, Clifton and Dewan University in Korangi Industrial Area. Designed to accommodate significantly large cohorts well beyond traditional classroom limits, these state-of-the-art hubs will feature dedicated faculty and administrative infrastructure. A robust hybrid learning model will simultaneously facilitate participation for students and professionals nationwide. The establishment of DXL comes at a time when interest and participation in digital assets and emerging financial technologies are expanding rapidly. Despite this growth, access to structured education covering the interconnected fields of cryptocurrency, forex, blockchain and Web3 remains limited. DXL aims to address this educational gap by bringing these areas together within a single learning pathway, combining academic discipline with practical exposure to modern financial markets. Commenting on the partnership, Mr. Aurangzeb, Vice Chancellor of Shaheed Benazir Bhutto Dewan University (SBBDU), said: “Our responsibility is to prepare students for the economy they will actually work in. Digital markets are no longer peripheral to finance, and this partnership allows us to teach them with the rigour any academic programme demands.” Lakhmir Zamurani, Founder of DXL, said the new institute would provide aspiring market participants with the structured foundation that is often missing from self-directed learning.“Thousands of people in this country are already active in these markets, most of them self-taught and without structure. DXL exists to give that a proper foundation, taught by people who trade rather than people who only read about it,” he said. The partnership is expected to create a dedicated platform for students, young professionals and others seeking systematic knowledge of emerging digital markets and financial technologies.

HUBCO Group Company Starts First Gas From Lundali-1
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HUBCO Group Company Starts First Gas From Lundali-1

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A HUBCO group company has put a new Sindh well on stream. Prime Global Energies Limited commissioned Lundali-1 in the Sukhpur-II concession and recorded first gas on 6 September 2026. The well is flowing about 10 million standard cubic feet of gas a day. Wellhead pressure stands at 2,000 psi, and the gas is already moving into the Sui Southern Gas Company Limited network. Who Operates The Sukhpur-II Block Prime Global Energies is the operator of Sukhpur-II, also listed as Block 2568-23. It holds a 25 percent working interest in the joint venture. Oil and Gas Development Company Limited and Mari Energies Limited each hold 30 percent. Turkish Petroleum Overseas Company Limited holds the remaining 15 percent. Prime Global is a wholly owned subsidiary of Prime International Oil and Gas Company Limited. Prime itself is a joint venture of Hub Power Holdings Limited, a wholly owned unit of The Hub Power Company Limited. How Quickly The Licence Turned Into Production The Petroleum Concession Agreement and Exploration Licence for Sukhpur-II became effective on 2 December 2025. After the award, the partners sped up work in the block. Lundali-1 had been drilled under an earlier joint venture. The present partners then completed commissioning and brought the well onto production. The block sits in the Kirthar Foldbelt Basin in Sindh, roughly 270 kilometres north of Karachi. Prime already runs nearby fields and processing plants, which helps move new gas into the system with less delay. What The Flow Rate Means For The Grid Ten million standard cubic feet a day is a modest but useful addition. Pakistan still leans on imported fuel when domestic fields decline, so every new cubic foot of local gas matters. Supply to SSGC means the volume can reach industrial and household customers in the southern network. The high wellhead pressure also suggests the well is delivering under strong reservoir conditions at start-up. HUBCO framed the result as part of a wider push for indigenous hydrocarbons. The group began as an independent power producer and later moved into oil and gas through Prime after acquiring former Eni assets in Pakistan. Why This Milestone Matters Beyond One Well First gas is not the same as a full field development. It does show that the new licence was not left idle and that existing well stock can still be monetised. Prime has been adding acreage through bid rounds, including Sukhpur and other onshore blocks. Bringing Lundali-1 online so soon after the December 2025 licence date is a signal that the operator intends to keep that pace. For HUBCO shareholders, the disclosure sits in a familiar pattern: material updates on Prime’s upstream work, filed under the Securities Act, 2015 and the exchange rule book. For the country, it is a small, concrete step toward more local molecules and slightly less imported energy. The partners have not published reserves, a longer production forecast, or a full development plan for Sukhpur-II. Those details will decide whether Lundali-1 is a one-well story or the start of a larger contribution from the block. Until then, the facts on the table are simple. The well is on, the gas is flowing, and SSGC is taking it.

Govt Grants Wheat Import and Sugar Export Permission
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Govt Grants Wheat Import and Sugar Export Permission

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Pakistan’s food managers moved on two fronts on Wednesday. One file opens the door to more wheat from abroad. The other lets extra sugar leave the country. The pairing looks odd at first. Wheat is tight. Officials say sugar is not. Wheat Tender Opens After a Tight Season The government has approved the import of 750,000 metric tonnes of wheat. The Trading Corporation of Pakistan has already invited international bids. The grain must be from the latest 2026 crop. It will arrive in bulk on a cost-and-freight basis through Karachi, Gwadar, or both. No offer below 50,000 tonnes will be accepted. Sellers may vary the quantity by 10 percent either way. Bids close at 11:30am on 16 September. Technical envelopes open at noon the same day in Karachi, with Zoom access for overseas suppliers. Once the wheat lands, Sindh is slated for 300,000 tonnes, Punjab 250,000, and Khyber Pakhtunkhwa 200,000. That split follows provincial demand. Households will feel it only if the grain reaches flour mills on time. Pakistan consumes about 31.3 million tonnes of wheat a year. Last season’s output was put at 29.61 million tonnes. By early July, PASSCO still held 1.783 million tonnes. That buffer looks thinner after provincial procurement missed targets and domestic prices jumped by more than 75 percent. Officials had already flagged a first-phase shipment around November, inside a wider plan that could go up to one million tonnes. Sugar Export Gets a Second Green Light A sugar steering committee chaired by Deputy Prime Minister Ishaq Dar backed the export of another 200,000 metric tonnes. The file still needs the Economic Coordination Committee. If that body signs off, this will be the second export window in three weeks. On 19 August the ECC had already allowed 108,000 tonnes of previously imported sugar to be sold abroad. National Food Security Minister Rana Tanveer Hussain said the country can cover demand until the next crushing season and still hold more than 600,000 tonnes of surplus. Two hundred thousand tonnes of that pile would go out. Dar’s office said current stocks plus expected production should last well into the next crushing season. Crushing typically begins in mid-November. Retail sugar is averaging about Rs148 a kilo, roughly 18 percent cheaper than a year ago. Millers argue that surplus stocks are tying up cash they need to pay cane growers. Last year’s export run, plus a production dip, sent prices as high as Rs220 a kilo. The food ministry itself conceded that point last month. The committee says it will build a mechanism so this shipment does not lift local prices. That promise will be tested in kiryana shops, not in meeting rooms. Why Both Permissions Landed Together Wheat and sugar sit on opposite sides of the same food-security ledger. Wheat procurement in Punjab and Sindh fell short. Flour prices followed. Importing is the short route to refill the pipeline before winter demand rises. Sugar has the opposite problem. Warehouses are heavy, mills want liquidity, and a new cane crop is weeks away. Export is the valve the industry asked for. The risk is familiar. Export too much sugar and prices rebound. Import wheat late, or of poor quality, and atta stays expensive. Dar stressed vigilance, coordination, and affordable rates for essential items. That is the right checklist. Delivery is the hard part. Provincial food departments now have to lift wheat on schedule and pay for it. Millers will watch the ECC date. Consumers will watch the weekly price list. If the wheat arrives in November as planned, and if sugar holds near current levels, the twin permission will look like housekeeping. If either market slips, the same two files will be quoted in the next round of blame.

Daraz Pakistan Goes Bigger for Its 9.9 Anniversary Sale with Up to 80% Off, 300+ Authentic Brands and More Rewards
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Daraz Pakistan Goes Bigger for Its 9.9 Anniversary Sale with Up to 80% Off, 300+ Authentic Brands and More Rewards

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From 8 to 15 September, Daraz is turning its anniversary into a week-long celebration for shoppers, with deals across more than 300 authentic brands, exclusive vouchers, Brand Rush Hours, free delivery offers, bank discounts and prizes. [Karachi, September, 2026]: Daraz Pakistan is celebrating another year with the customers, sellers and brands that have been part of its journey, bringing back the 9.9 Anniversary Sale with a week packed with deals, discoveries and rewards. Going live on 8 September at 8 PM and continuing until 15 September, Daraz is turning its anniversary into a celebration for shoppers across Pakistan, with discounts of up to 80%, more than 330 authentic brands on DarazMall, exclusive vouchers, free delivery offers, Brand Rush Hours, bank discounts and opportunities to win exciting prizes. From everyday essentials to wishlist purchases, shoppers can explore Mega Deals and Flash Sales with discounts of up to 80%, Hot Deals with up to 75% off and Top Partner Deals with savings of up to 50%. Category-wide offers will include up to 80% off Electronics, 75% off Lifestyle, 70% off Fashion, 65% off Groceries and 50% off Beauty. Adding to the anniversary excitement, customers can also keep an eye out for special Rs. 9, Rs. 99 and Rs. 999 deals on selected products throughout the campaign, giving shoppers even more reasons to discover something new. Dedicated shopping moments including Brand Days will bring additional offers across popular categories during the week. Customers will also have multiple ways to stack their savings during the anniversary campaign through vouchers, bank offers and campaign discounts. Prime vouchers will offer savings of up to PKR 10,000 at 8 pm on 8th Sep, while Daily Flash Vouchers available from 9 to 11 September between 7 PM and midnight will offer savings of up to PKR 10,000, alongside 14% off across Fashion and Health & Beauty. Shoppers can also access everyday discounts of up to PKR 6,500, along with 12% off Fashion and Health & Beauty and savings of up to PKR 10,000 on Home Appliances. A major highlight of the anniversary campaign will be Brand Rush Hour, taking place on 8, 9, 13 and 15 September. More than 100 participating brands will offer discounts of up to 75%, complemented by vouchers of up to PKR 10,000 and additional 15% off with MCB & Union Pay. Across the broader 9.9 campaign, shoppers will be able to discover offers from more than 330 authentic brands on DarazMall and across the marketplace. Featured names include Samsung, Apple, Dawlance, Haier, TCL, Infinix, Westpoint, Enviro, Audionic, Zero Lifestyle, Anker, Unilever, RB, Abbott, L’Oréal, J&J, Pepsi, Carrefour, Molfix, SAYA, Levi’s, ZELLBURY, Sana Safinaz, Jenpharm, Rivaj, Philips, Saeed Ghani, Durex, Zero Healthcare Pakistan, Sereno Life, Diamond Foam and Boost – Up Your Lifestyle, among others. Shoppers can unlock even more value through exclusive offers from participating banks Union Pay & MCB Upto 15% off and payment partners, including HBL, Soneri Bank, Askari Bank, Standard Chartered and Al Baraka Bank, with additional discounts available throughout the anniversary week. “Our anniversary is a celebration of the customers, sellers and brands that have grown with Daraz over the years. With 9.9, we want to make that celebration rewarding for everyone by bringing together great value, trusted brands and more exciting ways to shop, save and discover,” said Ben Yi, Managing Director, Daraz Pakistan. “From everyday essentials to wishlist purchases, we want customers across Pakistan to find something worth celebrating this 9.9.” The anniversary festivities will go beyond discounts through Shop & Win, giving customers the opportunity to win more than 10 gifts worth PKR 400,000, including a PlayStation 5, ZTR treadmill, kitchen appliances and more, by shopping from participating sellers including Zero Healthcare Pakistan, Shoop, Al-Noor Traders and Vegas Cosmetics. Daraz Coins will add another layer of rewards, with discounts of up to 60% and the chance to win nine gifts worth PKR 50,000, spanning furniture, skincare, makeup and more. Participating brands include Zero Healthcare Pakistan, LivPharm and Dextro. With up to 80% off and more ways to shop, save and win, the Daraz 9.9 Anniversary Sale brings together a week of celebrations for shoppers across Pakistan as Daraz marks another year with its community. About Daraz Group Daraz is the leading e-commerce platform in Pakistan, Bangladesh, Sri Lanka, and Nepal. It empowers sellers and consumers with cutting-edge marketplace technology, targeting a rapidly growing region of 500 million people. By building an integrated infrastructure covering e-commerce, logistics, payment and financial services, the company aims to deliver an immersive, personalized shopping experience and uplift South Asian communities through the power of commerce.For more information, please visit www.daraz.com or follow Daraz on LinkedIn for regular corporate updates. Media Contactambar.ahmed@daraz.pk

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NBP Islamic Gold Fund Books Rs21.5m Loss In First Weeks

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NBP Funds Report Mixed FY26 Performance NBP Fund Management Limited’s FY26 results, approved on September 4 and filed with the Pakistan Stock Exchange on September 7, show a sharply divided performance across its portfolio. While several equity and sector-focused funds benefited from the strong stock market rally, many money-market and government-securities schemes recorded substantial declines in income compared with the previous year. The newly launched NBP Islamic Gold Fund also ended its initial operating period in the red, highlighting the different investment outcomes across asset classes during FY26. Islamic Gold Fund Starts With Rs21.5m Loss The NBP Islamic Gold Fund, which operated for a limited period from May 4 to June 30, reported a net loss of Rs21.55 million. The loss was largely linked to a Rs23.92 million unrealised mark-to-market decline. Since the fund had only been operational for several weeks, its results represent an initial-period performance rather than a full-year comparison. The early loss comes despite the broader investment case for gold, making the result a notable development for a newly launched product built around bullion exposure. Income Funds See Sharp Decline Several income-oriented schemes that benefited from elevated interest rates during FY25 saw their earnings weaken as yields declined. The NBP Money Market Fund reported net income of Rs9.34 billion, down from Rs14.81 billion a year earlier. Similarly, the NBP Financial Sector Income Fund recorded Rs6.79 billion compared with Rs8.82 billion previously. The NBP Government Securities Liquid Fund’s income fell to Rs780 million from Rs1.82 billion, while the NBP Islamic Government Securities Fund-I saw its net income plunge to Rs151 million from Rs774 million. Other income-focused funds also recorded significant declines. NBP Islamic Savings Fund earned Rs990 million against Rs1.62 billion, while NBP Islamic Mahana Amdani Fund posted Rs1.09 billion compared with Rs2.01 billion a year earlier. The NBP Government Securities Savings Fund reported Rs389 million, down sharply from Rs1.25 billion. The overall trend points to weaker coupon and placement income as market yields eased, with the decline in earnings outpacing reductions in expenses. Equity Funds Benefit From Market Rally Equity-focused schemes delivered a much stronger performance during FY26. The NBP Stock Fund emerged as the standout performer, reporting net income of Rs17.61 billion compared with Rs14.05 billion in the previous year. Its performance was supported by Rs12.11 billion in unrealised gains and Rs4.65 billion in realised gains from sales, reflecting the strong performance of equity markets during the year. The NBP Islamic Stock Fund also improved, with net income rising to Rs3.08 billion from Rs2.48 billion. Meanwhile, NBP Islamic Energy Fund recorded Rs1.16 billion compared with Rs921 million, while NBP Financial Sector Fund jumped to Rs354 million from Rs110 million. NBP Pakistan Growth ETF nearly doubled its net income to Rs101 million from Rs56 million. Investment Gains Drove Equity Performance The stronger results from equity schemes were primarily driven by market appreciation rather than significant reductions in operating costs. In the case of the NBP Stock Fund, management fees continued to rise alongside the growth in assets, reaching Rs1.64 billion. This indicates that the improvement in fund earnings was largely supported by gains on investments, particularly unrealised equity appreciation. New Funds Show Limited-Period Results Several NBP schemes were launched or operated for only part of the financial year, making their reported figures difficult to compare directly with established full-year funds. The NBP Islamic Principal Protection Fund-I, launched through staggered plans, recorded combined net income of Rs106 million. One of its plans, NIPPP-III, reported a small operating loss of Rs0.50 million. The NBP Financial Sector Income Plus Fund, which was open from April 20, generated Rs843 million in just over two months, with almost all of the income coming from bank profit. The NBP Government Securities Fund-II’s NGSP-VIII plan reported Rs194 million for a partial-year period. Several Mustahkam and cash plans also reported period-specific figures, meaning their results should not be treated as directly comparable with funds that operated for the entire financial year. Filing Covers 31 Funds The covering letter submitted to the PSX lists 31 funds. The distribution column in the filing remains blank, with one line marked NIL. The printed accounts are expected to follow. As a result, investors will need to wait for the complete financial statements and any related distribution announcements before drawing conclusions about payouts and unit-holder returns. What FY26 Results Reveal The results reflect a major shift in the investment environment between FY25 and FY26. Higher policy rates had previously supported money-market and government-securities funds by generating strong returns from cash and fixed-income placements. As yields eased, those income streams came under pressure. At the same time, the stronger equity market provided a significant boost to stock and sector-focused funds. This divergence means headline fund income alone does not provide a complete picture of investor performance. Unit-holder returns, distributions and changes in net asset values will remain important measures when assessing the actual benefit to investors. Gold Fund Loss Highlights Early Market Risk The NBP Islamic Gold Fund’s Rs21.55 million loss is relatively modest in absolute rupee terms, but its timing makes it noteworthy. Because the fund operated for only a short period, the mark-to-market decline reflects the market conditions during its launch window rather than a full-year investment cycle. The result also underlines the fact that asset-backed investment products can experience short-term volatility even when their underlying long-term investment narrative remains attractive. Overall, NBP Fund Management’s FY26 results present an uneven picture: equity exposure benefited from market appreciation, while cash-heavy and fixed-income schemes faced pressure from lower yields.

FBR IRIS Glitches Threaten Taxpayers With Late-Filing Penalties: PCDMA
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FBR IRIS Glitches Threaten Taxpayers With Late-Filing Penalties: PCDMA

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Technical Problems Disrupt Sales Tax Return Filing Persistent technical issues in the Federal Board of Revenue’s (FBR) IRIS system are creating difficulties for businesses trying to submit their Sales Tax Returns within statutory deadlines, according to the Pakistan Chemicals & Dyes Merchants Association (PCDMA). PCDMA Chairman Salim Valimuhammad has urged the FBR chairman to address the issue urgently, saying recent changes to the IRIS system have created technical and procedural obstacles for registered taxpayers. Annex H1 Creates Supplier Dependency A major concern raised by the association relates to Annex H1 — Statement of Stock for Traders, introduced following the implementation of SRO 350(I)/2024. According to PCDMA, the requirement has resulted in many taxpayers becoming dependent on their suppliers to complete the information needed for their Sales Tax Returns. The association says this dependency has slowed the filing process and made it increasingly difficult for businesses to meet prescribed deadlines. Taxpayers Face Risk of Late-Filing Penalties PCDMA said many sales tax-registered businesses are willing to remain compliant but are struggling to file their returns on time because of the technical and procedural difficulties. The association warned that taxpayers could face late-filing penalties despite the problems being outside their direct control. The issue, according to PCDMA, is not limited to the chemical and dyes trade but is affecting sales tax-registered businesses across the country. PCDMA Seeks Permanent Solution Representing around 750 members, PCDMA has approached the FBR directly and prepared a detailed presentation outlining the problems associated with Annex H1. The association has also proposed a mechanism aimed at resolving the issue on a permanent basis. PCDMA believes the proposed changes could provide broader relief to taxpayers while helping accelerate the filing of Sales Tax Returns. Trade Body Calls for Practical Tax Compliance Salim Valimuhammad stressed that the association’s objective is not to weaken tax compliance. Instead, PCDMA wants the technical and procedural barriers preventing businesses from meeting their legal obligations to be removed. A smoother filing mechanism, the association believes, would reduce the administrative burden on businesses and improve the overall pace of return submission. FBR Urged to Act on Priority PCDMA has asked the FBR chairman to take up the matter on a priority basis and facilitate an early resolution. The association has also offered its assistance in providing further technical clarification and explaining the problems encountered by taxpayers. For businesses, resolving the IRIS glitches and reducing unnecessary dependencies could make the tax filing process more predictable while supporting the government’s broader objective of improving compliance.

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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