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KARACHI: Pak-Qatar Asset Management Company (PQAMC) said on Tuesday its assets under management (AUM) rose by 117% in the financial year ending June 30, citing growing demand for Shariah-compliant investment products in Pakistan.

The company is part of the Pak-Qatar Group, a joint venture backed by Qatari and Pakistani investors focused on the development and promotion of Islamic finance. It said the surge in AUM, which refers to the total market value of client investments it oversees, was driven by consistent fund performance, increasing investor confidence and a broader client base across both retail and institutional segments.

The growth reinforces the company’s position among the fastest-expanding Islamic asset managers in the country.

“We are humbled by the trust placed in us by our investors, which has enabled us to achieve this tremendous growth,” its chief executive officer, Farhan Shaukat, said in a statement. “This success is a testament to our unwavering focus on delivering sustainable and Shariah-compliant investment avenues that meet the evolving financial aspirations of our clients.”

Following its recent performance, the company said it aims to further strengthen its position by offering innovative Islamic investment solutions tailored to a range of financial goals. It maintained its strategy remains anchored in ethical wealth creation, sound governance and disciplined portfolio management in accordance with Islamic principles.

The company has expanded its reach in recent years by diversifying its product offerings and investing in client education around Islamic financial planning. It now manages a growing suite of funds catering to both conservative and growth-oriented investors seeking faith-based alternatives in a volatile economic environment.

The company’s performance comes amid increasing interest in Islamic finance across Pakistan’s investment landscape, with regulatory support and shifting investor preferences driving demand for Shariah-aligned mutual funds and retirement products.

The company said it would continue to build on its momentum by enhancing digital accessibility, improving client engagement and launching new funds in response to market trends and participant needs.

ISLAMABAD: An anti-terrorism court (ATC) in Sargodha on Tuesday handed down 10-year prison sentences to Punjab Assembly Opposition Leader Ahmed Khan Bachar, federal lawmakers Ahmed Chattha and Bilal Ejaz along with a group of Pakistan Tehreek-e-Insaf (PTI) workers in connection with violent protests that erupted across the country on May 9, 2023.

The unrest followed the arrest of former Prime Minister Imran Khan by paramilitary forces in Islamabad, which triggered protests in different parts of the country. Demonstrators stormed military installations and government buildings, prompting a sweeping state crackdown.

Thousands of PTI members and supporters were arrested, dozens were charged under anti-terrorism laws and some were tried in military courts. The protests also led to a wave of high-profile defections from the party, as many leaders publicly distanced themselves from the events under apparent pressure.

“Yes, it’s true” Zulfi Bukhari, a close aide of Imran Khan and former federal minister, said in a statement. “The ATC judge announced 10 years sentence for opposition leader Punjab assembly and two others. MNAs Ahmed Chatha and Bilal Ejaz’s names weren’t even in supplementary documents but the judge sentenced them anyway.”

The development comes as PTI faces mounting pressure across political and judicial fronts. In the Punjab Assembly, tensions have flared in recent weeks, with Speaker Malik Ahmad Khan suspending 26 opposition lawmakers in recent weeks over disorder during the provincial budget speech.

The speaker also suggested some members could face disqualification, citing repeated violations of constitutional decorum.

Khan, the PTI founder and former Pakistan premier, remains imprisoned on a range of charges he says are fabricated. The party’s legal standing was further weakened after a Supreme Court ruling last month upheld a decision stripping PTI of its claim to reserved seats for women and minorities, significantly limiting its representation in legislatures.

While the PTI questioned the court’s decision, the government said the due process of law was upheld and there was no miscarriage of justice.

Minister of State for Law and Justice Barrister Aqeel Malik said the court had listened to all the witnesses and recorded their statements. Subsequently, they were also cross-examined.

“Both sides gave their closing statements and today the verdict that was announced is according to the constitution and law,” he added.