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SECP revamps IPO regime to attract new listings

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The Securities and Exchange Commission of Pakistan (SECP) has revamped initial public offering (IPO) regime to make the IPO process simple, cost effective and more efficient. The amendments in IPO Regulations 2017, have been made after thorough consultation with market participants with an objective to promote capital formation by facilitating issuers and safeguarding the interest of general public by enhancing disclosures. In the new set of regulations, the objective eligibility criteria for listing of companies have been simplified to promote capital formation through securities market.

Moreover, the issuers that have a track-record of less than three years and were not making profit from last two years are allowed to raise capital from securities market. However, such Issuers are required to submit a business plan and provide enhanced risk disclosures in the offering document for prospective investors. Further, with perspective of providing ease and reducing cost of IPOs, the requirement of submitting audited accounts has been reduced from 5 to 2 years. In addition, the time frame relating to submission of progress report by the Issuer has been increased from quarterly to half yearly basis. To safeguard the interest of the general public, certain parameters for green field projects (GFPs) have been introduced.

The said parameters include: (i) At least 51% equity contribution by the sponsors; (ii) successful business track record of the sponsors; (iii) experience and skills of the management to run GFP; (iv) mandatory financial close; (v)risk-based disclosure in the offering document etc. Further, an exit offer mechanism has been introduced to protect the investors in case of change in the principal purpose of the issue. In order to encourage foreign investment in the country, the Book Runner has been allowed to waive the margin requirement of the institutional investors including foreign investors.

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Moreover, related parties have been allowed to perform different roles in the same IPO Transaction. The new IPO regime is a shift towards disclosure-based regime. Disclosures pertaining to principal purpose of the issue, risk factors, share capital, financial information, management of the issuer, legal proceedings and overdue loans are made part of the prospectus. A new section Securities and Exchange Commission of Pakistan NICL Building, 63 Jinnah Avenue, Islamabad Tel: 051-9214005 titled summary of the Prospectus has been introduced to help investors better understand the offering document. Moreover, to facilitate small enterprises, startups and Greenfield companies that aspire to raise funds through capital markets, the SECP has already introduced an alternate board namely Growth Enterprise Market (GEM) at PSX. The GEM is in addition to PSX’s main board for listing and trading of equity securities.

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Education

World Teachers Day 2024: Teachers Are the Game Changers of the World

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World Teachers Day, celebrated on October 5, 2024, emphasizes the pivotal role teachers play in shaping society. This year’s theme, “Valuing Teacher Voices: Towards a New Social Contract for Education,” underscores the necessity of recognizing educators as vital contributors to learning and societal progress[1][2].

Teachers as Catalysts for Change

Teachers are not just transmitters of knowledge; they are catalysts for change. They inspire critical thinking, creativity, and resilience in students, equipping them to tackle global challenges. By fostering a sense of belonging and responsibility, educators help cultivate informed citizens who can contribute positively to their communities[2][3].

Challenges Faced by Educators

Despite their crucial role, teachers often face significant challenges, including inadequate resources and overwhelming workloads. Addressing these issues is essential for unlocking their full potential as change agents. A renewed commitment to supporting teachers through professional development and improved working conditions is necessary to enhance educational outcomes globally[2][4].

Conclusion

As we celebrate World Teachers Day 2024, let us honor the dedication and impact of educators. By valuing their voices and addressing their needs, we can empower teachers to continue transforming lives and shaping a better future for all.

Citations:
[1] Happy World Teachers’ Day 2024: 30+ Quotes, Wishes, Messages to … https://www.jagranjosh.com/general-knowledge/happy-world-teachers-day-2024-top-quotes-wishes-messages-to-share-with-educators-around-globe-1728029682-1
[2] World Teachers Day 2024: We Value Teachers’ Role in Transforming … https://www.humana.org/more/news/world-teachers-day-2024-we-value-teachers-role-in-transforming-education
[3] World Teachers’ Day 2024 – The Keyword https://blog.google/outreach-initiatives/education/world-teachers-day-2024/
[4] World Teacher’s Day 2024: Date, History, Significance, Theme https://english.jagran.com/lifestyle/world-teachers-day-2024-date-history-significance-theme-all-you-need-to-know-10192128
[5] World Teachers’ Day 2024 Friday 4 October | British Council https://www.teachingenglish.org.uk/news-events/world-teachers-day-2024/world-teachers-day-2024-friday-4-october
[6] WORLD TEACHERS’ DAY – 5 October 2024 – THEME – YouTube https://www.youtube.com/watch?v=8dw4_d_mzv8
[7] World Teacher’s Day 2024 | Event Information | Twinkl USA https://www.twinkl.com/event/world-teachers-day-usa-2024
[8] Stefania Giannini on LinkedIn: #worldteachersday #education https://www.linkedin.com/posts/stefania-giannini-2bb1ab16a_worldteachersday-education-activity-7248017571747094528-p0tv

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Islam

The Birthday of Prophet Muhammad (PBUH): His Role in Reforming Society and Promoting Human Rights

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buildings and people around it

Introduction

The birthday of the Holy Prophet Muhammad (Peace Be Upon Him), known as Mawlid al-Nabi, is celebrated across the Muslim world as a day of reverence and reflection. Born in the year 570 CE in Mecca, his life and teachings profoundly transformed not only the Arabian Peninsula but also the entire world. Muhammad (PBUH) was not only a religious leader but also a reformer, a statesman, and a champion of human rights. His reforms touched every aspect of life, from social justice to human dignity, and his most revolutionary work was in the area of women’s rights and societal welfare.

Historical Context of the Prophet’s Birth

At the time of the Prophet’s birth, Arabian society was deeply divided by tribalism, superstition, and ignorance. The powerful oppressed the weak, slavery was rampant, and women were treated as second-class citizens. Infanticide, particularly the killing of female infants, was common. The birth of the Prophet Muhammad (PBUH) marked the beginning of a new era of human rights, equality, and justice.

Reforming Society Through the Teachings of Islam

The Holy Prophet’s mission as a reformer was not just limited to spiritual upliftment. It involved a complete transformation of societal structures to ensure justice, peace, and equality. The Prophet’s teachings, as enshrined in the Quran and the Hadiths (his sayings and actions), reshaped the entire socio-political landscape.

  1. Social Justice and Equality

One of the Prophet’s earliest reforms was the concept of social equality. In a society divided by tribal hierarchies and economic disparity, Muhammad (PBUH) declared that no one is superior to another based on race, tribe, or wealth. He famously stated in his final sermon:

“All mankind is from Adam and Eve. An Arab has no superiority over a non-Arab, nor does a non-Arab have any superiority over an Arab; a white has no superiority over a black nor does a black have any superiority over a white.”

This teaching laid the foundation for a more egalitarian society where individuals were judged based on their character, not their social standing.

  1. Abolishing Slavery and Promoting Compassion

While slavery was an accepted norm across the world during the Prophet’s time, Muhammad (PBUH) worked tirelessly to abolish it gradually. He encouraged freeing slaves as an act of piety, and many early Muslims, including his close companions, liberated numerous slaves. The Prophet himself set an example by freeing his own slaves and treating them as equals.

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Islam introduced a systematic approach to ending slavery by making it a virtuous deed to free slaves, providing them with rights and dignity.

The Prophet’s Contributions to Human Rights

  1. Universal Declaration of Human Rights

The Prophet’s teachings on human rights can be viewed as a precursor to modern human rights frameworks. Long before the Universal Declaration of Human Rights (1948), Muhammad (PBUH) established a moral and ethical code that guaranteed rights for every individual—whether Muslim or non-Muslim. His Charter of Medina is considered one of the earliest constitutions, establishing justice, tolerance, and freedom of religion for all inhabitants of the city, regardless of their faith.

  1. Fairness and Justice

The Prophet emphasized that justice was a central component of his mission. He promoted fairness in dealings and impartiality, ensuring that justice was served regardless of someone’s power or influence. In this regard, his treatment of enemies, prisoners, and the disadvantaged was revolutionary. Even in war, the Prophet stressed the importance of safeguarding innocents, prisoners of war, and those unable to defend themselves.

The Prophet’s Reforms for Women’s Rights

Perhaps one of the most significant areas of reform was the Prophet’s work to elevate the status of women. Pre-Islamic Arabia was notorious for its oppression of women, who were denied basic rights, including the right to own property, inherit wealth, or even survive birth in some cases. The birth of Islam under the Prophet’s guidance marked a radical departure from these practices.

  1. The Right to Life and Dignity

Before Islam, female infanticide was a widespread practice. Women were seen as burdens on the family, and the birth of a girl was often met with sorrow. The Prophet condemned this practice in the strongest terms, declaring the sanctity of life for both males and females. The Quran explicitly forbids the killing of children, stating:

“Do not kill your children for fear of poverty; We provide for them and for you.” (Quran, 17:31)

  1. Economic Rights

One of the most revolutionary aspects of the Prophet’s message was giving women the right to own and manage their own property. This was unprecedented in a world where women were often seen as property themselves. Women in Islamic law could inherit wealth, own land, and conduct business independently of their male relatives. The Prophet’s first wife, Khadijah, was herself a successful businesswoman, and Muhammad (PBUH) worked alongside her in managing her enterprise.

  1. Educational Rights
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The Prophet emphasized the importance of education for both men and women. He stated, “Seeking knowledge is obligatory upon every Muslim.” This command was inclusive of women, granting them the right and responsibility to seek knowledge—a stark contrast to many contemporary cultures that barred women from education.

  1. Marital Rights and Consent

In a society where women had little say in their own marriages, the Prophet introduced the concept of marital consent. He made it clear that a woman’s consent was essential for a valid marriage. Furthermore, he limited polygamy and ensured that a woman’s welfare was central to any marital relationship. The Prophet stated that the best of men are those who are kindest to their wives, thus promoting a vision of marriage based on mutual respect and love.

Welfare of Humanity and Social Welfare Initiatives

The Prophet Muhammad (PBUH) also introduced a robust system of charity and social welfare to ensure the wellbeing of society at large. He instituted Zakat, a form of obligatory charity, to redistribute wealth and take care of the poor and needy. His teachings encouraged compassion and generosity, stressing that societal welfare was a collective responsibility.

  1. Care for Orphans and the Vulnerable

The Prophet had a deep love for orphans, being one himself. He ensured that orphans were cared for and not exploited. His message was clear: those who supported orphans would be in close proximity to him in paradise.

  1. Public Health and Hygiene

The Prophet also laid down the principles of public health and hygiene long before modern science. He emphasized the importance of cleanliness, preventive care, and overall well-being as part of a holistic approach to human welfare.

Conclusion

The birthday of the Holy Prophet Muhammad (PBUH) is not merely a commemoration of his life but a celebration of his profound contributions to humanity. His reforms in the fields of human rights, especially women’s rights, and his advocacy for social justice and welfare make him a timeless figure. His vision for society was one where justice, compassion, and equality reign, setting the foundation for a more just and humane world. His legacy continues to inspire millions around the globe, serving as a beacon of light for all who strive for a better, more equitable world.

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Elections 2024

Kamala Harris vs. Donald Trump: The Battle for the 2024 U.S. Presidential Election

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stickers with i voted inscription and flag of usa

As the 2024 U.S. presidential election approaches, the race between Vice President Kamala Harris and former President Donald Trump has intensified, with both candidates vying for the White House. The outcome of this election will have far-reaching consequences for the country, and it is crucial for voters tnalyze the strengths and weaknesses of each candidate, their policy platforms, and their chances of winning the election.

Kamala Harris: A Rising Star in the Democratic Party

Kamala Harris, the current Vice President, has emerged as a strong contender for the Democratic nomination. Her background as a prosecutor and senator has given her a solid foundation in policy and political strategy. Harris has been able to rally the support of the Democratic base, particularly among young and minority voters, who have been energized by her progressive agenda and her historic candidacy as the first woman and person of color to hold the office of Vice President[1].

Harris has also been able to capitalize on the dissatisfaction with the Biden administration’s perceived lack of progress on key issues such as healthcare, climate change, and immigration. By positioning herself as a more progressive alternative to Biden, Harris has been able to attract support from those who feel that the Democratic Party has not gone far enough in addressing these issues[1].

Donald Trump: The Comeback Kid?

Donald Trump, the former President, has also thrown his hat into the ring for the 2024 election. Despite facing a number of legal challenges and controversies during his time in office, Trump remains a popular figure among his base and has been able to maintain a strong presence in the Republican Party[1].

Trump’s campaign has focused on issues such as immigration, trade, and national security, which have been central to his political platform since his first run for office in 2016. He has also been able to capitalize on the dissatisfaction with the Biden administration’s handling of the COVID-19 pandemic and the economic fallout from the crisis[1].

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The Issues: Where Do the Candidates Stand?

Both Harris and Trump have outlined their policy platforms for the 2024 election, and there are clear differences between the two candidates.

Harris has proposed a number of progressive policies, including a plan to address climate change through investment in renewable energy and a commitment to protecting abortion rights[1]. She has also called for reforms to the criminal justice system, including an end to cash bail and a focus on rehabilitation over incarceration[1].

Trump, on the other hand, has focused on more conservative policies, such as a crackdown on immigration and a commitment to cutting taxes and regulations[1]. He has also called for a return to “law and order” and has criticized the Black Lives Matter movement and other efforts to address racial injustice[1].

The Polls: Who is Ahead?

According to recent polls, the race between Harris and Trump is tight, with Harris holding a slight lead in national polls but the race being a toss-up in key swing states[1][3]. However, it is important to note that polls can be unreliable and that the outcome of the election will ultimately depend on voter turnout and the results in key battleground states[1][2].

The Debates: A Crucial Moment

The presidential debates will be a crucial moment in the 2024 election, as they will give voters a chance to see the candidates side-by-side and compare their policy platforms and leadership abilities. Both Harris and Trump are skilled debaters, and the debates could play a significant role in shaping the outcome of the election[2].

The Aftermath: Accepting the Results

One of the most concerning aspects of the 2024 election is the potential for disputes and lawsuits over the results. Trump has already claimed that the election could be “rigged” and has suggested that he may not accept the results if he loses[3]. This could lead to a protracted legal battle and further polarization in the country.

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It is crucial that both candidates and their supporters commit to accepting the results of the election, regardless of the outcome. A peaceful transfer of power is a cornerstone of American democracy, and any attempts to undermine this process would be a serious threat to the stability of the country.

Conclusion

The 2024 U.S. presidential election is shaping up to be a closely contested race between two very different candidates. Kamala Harris represents a progressive vision for the country, while Donald Trump offers a return to the populist, nationalist policies of his previous administration.

Ultimately, the outcome of the election will depend on a number of factors, including the state of the economy, the candidates’ ability to mobilize their base, and the results of the presidential debates. Regardless of who wins, it is crucial that the election is conducted fairly and that the results are accepted by both candidates and their supporters.

As voters, it is our responsibility to stay informed about the candidates and their policy platforms, and to make our voices heard at the ballot box. By participating in the democratic process and committing to a peaceful transfer of power, we can help to ensure that the 2024 election is a success and that the United States remains a strong and stable democracy.

Citations:
[1] Kamala Harris now leads in US polls but state-level data puts race on … https://www.theguardian.com/us-news/article/2024/sep/04/kamala-harris-leads-us-polls-state-level-data-race-knife-edge-donald-trump
[2] Kamala Harris vs. Donald Trump: Who Will Win the September Debate? https://www.youtube.com/watch?v=OsAUBQ34_Bg
[3] Harris heads into Trump debate with lead, rising enthusiasm – USA Today https://eu.usatoday.com/story/news/politics/elections/2024/09/03/poll-dems-boosted-gop-shaken-as-harris-trump-race-is-joined/74995919007/
[4] Donald Trump v Kamala Harris: who’s ahead in the polls? – The Economist https://www.economist.com/interactive/us-2024-election/trump-harris-polls
[5] Election 2024 live updates: Harris to outline small business plans; Trump … https://www.nbcnews.com/politics/2024-election/live-blog/harris-trump-election-live-updates-rcna169374
[6] Election 2024 highlights: Harris and Trump gear up for 2-month sprint to … https://www.nbcnews.com/politics/2024-election/live-blog/harris-trump-election-live-updates-rcna169184
[7] Election Live Updates: Trump Returns to Trail as Harris Campaigns in … https://www.nytimes.com/live/2024/09/04/us/harris-trump-election
[8] CNN polls across six battlegrounds find Georgia and Pennsylvania are key toss-ups https://www.cnn.com/2024/09/04/politics/cnn-polls-battleground-states/index.html
[9] Trump claims ‘no conflict’ during Arlington national cemetery visit – as it happened | US elections 2024 https://www.theguardian.com/us-news/live/2024/sep/03/biden-harris-trump-campaign-election-updates
[10] Kamala Harris Takes Lead Against Donald Trump in Conservative Poll https://www.newsweek.com/kamala-harris-leads-donald-trump-rasmussen-poll-1948012
[11] Harris to detail plans for small businesses; Trump to hold town hall https://www.washingtonpost.com/elections/2024/09/04/2024-election-campaign-updates-harris-trump/

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