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Salary advance platform Abhi issues MENAP region fintechs’ first Sukuk bond

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In a first for a fintech in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region, Pakistani startup Abhi has raised funds from its first-ever Sukuk bond.

The salary advance platform raised Rs2 billion or $6.8 million, which its Chief Executive Officer (CEO) and Co-Founder Omair Ansari termed an industry first.

In an interview with Bloomberg, Ansari said demand exceeded expectations with subscriptions reaching twice the anticipated amount.

The Karachi-based startup which was founded in 2021 aims to enable employees of its partners to withdraw salary advances based on their accrued wages at any time. It also offers working capital to companies.

Abhi raised funds at a $90 million valuation within a year of its launch and entered the United Arab Emirates in December. The startup is currently in the process of buying a stake in courier company Universal Network Systems Ltd.

Pakistan’s startups have seen funding dry up this year amid one of the country’s worst economic crises. Several startups have closed in recent months, including Airlift and Vavacars, while others such as Maersk-backed Trella have announced their exit from the country.

The government has been scrambling to revive a stalled loan programme with the International Monetary Fund (IMF) for a desperately needed economic bailout, while its foreign exchange reserves plummet to a critical level.

Meanwhile, the country has the fastest inflation in South Asia, with people burdened especially with rising food and fuel costs. Amid the economic crisis, people are accessing salaries from Abhi’s platform much more than before while companies have also started accessing working capital more frequently, Ansari said.

“With this new funding, we can help ease the financial burden on struggling companies.

“The market is still so deep in Pakistan as banks have stepped away when it comes to lending to the real economy. We believe this is the environment for us to really grow,” the CEO said. 

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Changes in the US dollar’s value are directly correlated with variations in gold prices.

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The price of 24-karat gold in Pakistan increased by Rs1500 on Thursday, reaching Rs231,000 per tola. This was another jump in the price of gold in the country.

Dealers reported a comparable surge in the price of 10 grams of 24-karat gold, which is currently trading at Rs198,045 after rising by Rs1285. In addition, the cost of ten grams of 22-karat gold increased significantly, trading at Rs 181,541.

These fluctuations are strongly correlated with shifts in the US dollar’s value, demonstrating the tight connection between gold prices and exchange rates. This emphasizes how local gold markets are impacted by variables related to the global economy.

At Rs2,580, the price of 24-karat silver remains steady right now. The price of gold increased significantly on a global scale as well, rising by $14 to $2,214 per ounce.

It’s critical to understand that changes in the worldwide market can have a substantial impact on gold prices in Pakistan throughout the day. The gold rates that are offered are obtained from reliable sources, mostly situated in Karachi and Multan.

It is recommended that individuals seek the advice of nearby gold merchants and jewellers for the most precise and current information regarding gold prices.

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Pakistan pledged to finish building the TAPI gas pipeline.

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The minister discussed the importance of the TAPI gas pipeline project for Pakistan’s energy needs during a meeting with Turkmenistan’s ambassador to Pakistan, Atadjan Movlamov.

The Minister was congratulated by Ambassador Movlamov on taking office and his commitment to the project was noted.

Dr. Musadik Malik thanked the ambassador for his kind words, acknowledged the support, and promised to maintain the two nations’ friendship. The intergovernmental commission and working group meetings for the project this year were briefed by Atadjan Movlamov.

He invited the Minister to attend the Turkmenistan Energy Forum, which would take place in Paris the following month.

TAPI undertaking
The project is for the construction of a 1,680-kilometer pipeline with a 56-inch diameter that can carry 3.2 billion cubic feet of gas per day (bcfd) from Turkmenistan through Afghanistan and Pakistan to the border between Pakistan and India.

According to the terms of the TAPI agreement, Afghanistan would receive its portion of 0.5 billion cubic feet of gas per day, while Pakistan and India will each receive 1.325 billion cubic feet of gas per day.

In order to carry out the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, Pakistan and Turkmenistan inked a cooperative implementation plan in Islamabad on June 4.

Prime Minister Shehbaz Sharif and a delegation from Turkmenistan, led by Minister of Energy and Water Resources Daler Juma’a, were present at the ceremony.

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The price of gold is still rising in Pakistan.

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According to the All Sindh Sarafa Jewellers Association, the cost of 10 grams of 24 karat gold grew by Rs. 86 to Rs. 196,760 from Rs. 196,674, while the cost of 10 grams of 22 carat gold jumped to Rs. 180,363 from Rs. 180,284.

The price of silver per tola and ten grams stayed at Rs. 2,211.93 and Rs. 2,580, respectively.

According to the Association, the price of gold on the global market rose by $7 to $2,200 from $.2,193.

It is important to note that Pakistani and IMF personnel have agreed at the staff level on the second and final review conducted as part of Pakistan’s Stand-By arrangement.

The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement on the second and final review of Pakistan’s stabilization program, which is supported by the IMF’s US$3 billion (SDR2,250 million) SBA Agreement. This is according to the official statement released by a team led by Nathan Porter.

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