Latest news with #MohammadShoaib
Time of India
3 days ago
- General
- Time of India
Decade-Old Parking Projects Still Stalled At New Friends Colony, Jangpura
New Delhi: Seventeen years after the proposal was placed, work on multilevel parking facilities at New Friends Colony and Jangpura still remains incomplete. The facilities, envisioned to ease traffic congestion in the nearby areas, were proposed in 2008 and allotted to a contractor before the 2010 Commonwealth Games. While the facility at New Friends Colony is partially functional, the Jangpura unit is yet to become operational. At the New Friends Colony facility, which was meant to house over 405 vehicles, only two of the three basements are operational, reducing its capacity to around 350. The third basement remains unusable due to perpetual waterlogging caused by high groundwater levels and an active aquifer. "We come around 1 pm daily to collect and drain the water through a pipe," said Bhagwan Prasad Meena, MCD's pump operator. To manage the collected water, MCD has dug a pit nearby, intended for use in watering plants. However, with the monsoon fast approaching, this temporary fix is becoming useless, as the pit could overflow with rainwater before the system is fully in place. You Can Also Check: Delhi AQI | Weather in Delhi | Bank Holidays in Delhi | Public Holidays in Delhi Safety concerns at the site are also pressing, with water bottles and toys strewn across the third basement, which is perennially flooded. Exits at the facility are either broken or left unlocked, and the staircase to the third basement is completely unlit. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending Local Enterprise Accounting Software [Click Here] Accounting ERP Click Here Undo Children playing in the adjacent playground often venture down to retrieve balls. "This is the only playground close to our house," they said when asked why they risked entering the dark and unsafe space. Meanwhile, the Jangpura parking lot, designed for over 300 vehicles, has been closed for more than two years. No construction activity is underway at the three-storey parking facility. "The parking lot has been shut…with no work happening at all. The colony residents are forced to park in front of our shops, causing daily inconvenience," said Mohammad Shoaib, vice-president of the traders' association at Guru Nanak Market, Jangpura. With no designated parking, residents and tenants park haphazardly around the closed facility, exceeding the saturation point. Amit Kaushik, general secretary of Jangpura RWA, blamed the delay on a payment dispute. "The construction has been stalled due to the strife between MCD and the contractor… With the new standing committee chairperson elected, we hope a fresh tender will be issued to complete the work." He also cited a Delhi High Court order dated Nov 11, 2023, which directed MCD to "take appropriate measures to ensure construction and completion within a period of six months from today." An MCD official said, "With the new standing committee in place, we expect a fresh approach within the next 10 days. The pending work at these parking lots will be addressed through the private public partnership method."
Business Recorder
28-04-2025
- Business
- Business Recorder
Lucky Investments awarded AM2 Asset Manager Rating by PACRA
KARACHI: Lucky Investments Limited (Lucky Investments) has been awarded an initial Asset Manager Rating of 'AM2' with a Positive Outlook by The Pakistan Credit Rating Agency Limited (PACRA). This significant milestone marks a strong start for the newly established Islamic asset management company, which aims to become the preferred choice for Shariah-compliant investment solutions in Pakistan, driven by a vision of sustainable growth, integrity, and innovation. Commenting on this achievement, Mohammad Shoaib, CFA, CEO of Lucky Investments, has said that this rating is a testament to our strong sponsor support, robust governance, and professional management. 'We remain committed to continuously raising our standards and deeply appreciate the trust and confidence our stakeholders and investors have placed in us, he added. According to company, the AM2 rating reflects the solid foundation laid by the Company's sponsors, underpinned by a substantial capital injection and a sound governance framework. The direct involvement of sponsors on the Board and key Committees reinforces stakeholder confidence and supports strategic oversight. PACRA's rating also acknowledges the depth and expertise of Lucky Investments' management team, which is widely recognized in the market for its proven track record. The Company's leadership is focused on building a resilient institutional framework that will underpin long-term performance and value creation. The Positive Outlook assigned to the rating highlights the forward-looking initiatives already underway, with further upside potential as these efforts bear fruit. The management's approach reflects a strong commitment to professionalism, adherence to industry best practices, and a drive for innovation within the Islamic finance space. Copyright Business Recorder, 2025
Arab News
09-04-2025
- Business
- Arab News
$170 million raised in Pakistan's largest-ever IPO for Lucky Islamic Money Market Fund
ISLAMABAD: Lucky Investments Limited said on Wednesday it had successfully raised Rs50 billion ($170 million) during the Initial Public Offering (IPO) of its debut fund, the Lucky Islamic Money Market Fund, the largest ever mutual fund launch in Pakistan. The Fund had declared the launch of its IPO for April 9, inviting all interested investors to become part of a historic interest-free, Shariah-compliant Pakistan initiative, as per a notice issued by the company. 'This landmark achievement marks an extraordinary milestone in Pakistan's financial sector, where investors nationwide demonstrated overwhelming confidence in the company's first Shariah-compliant offering,' Lucky Investments said in a statement. 'The record-breaking subscription underscores robust demand for Islamic financial products and firmly positions Lucky Investments' place as a promising new player in Pakistan's Asset Management Industry.' Lucky Investments, a subsidiary of Pakistan's Lucky Group, focuses on investment and portfolio management across sectors like energy, real estate and manufacturing. Originally known as Interloop Asset Management Limited, the company was acquired by Yunus Brothers Group in December 2024 and rebranded as Lucky Investments Limited. The company listed Lucky Islamic Money Market Fund as the first in a planned series of Shariah-compliant mutual funds set to be introduced by the company. 'We are profoundly grateful for the extraordinary trust placed in us by investors across Pakistan,' Lucky Investments Chief Executive Officer Mohammad Shoaib was quoted as saying in the statement. 'Breaking the national record with a Rs50 billion subscription in a single day is not just a milestone for Lucky Investments, but a testament to the growing strength of Islamic finance in our market.' Shariah-compliant investments are gaining traction in Pakistan as investors seek ethical, faith-based financial solutions. Supported by a growing Islamic finance sector and regulatory backing from the Securities and Exchange Commission of Pakistan and the State Bank, the market continues to expand through mutual funds, sukuk, and Islamic banking products. In 2024, Islamic banking in Pakistan held a significant market share, with assets and deposits accounting for approximately 19 percent and 24 percent of the overall banking industry, respectively, by the end of September. The State Bank has set the target to increase the share of the Islamic banking system to 35 percent by 2025.
