OneWalmart: Your Doorway to the World of Walmart

Published

2 months ago

October 24, 2023

In the age of digital transformation, major corporations are increasingly embracing technological advancements to streamline their operations and enhance the overall experience for their employees and customers. Walmart, one of the world’s largest retail giants, is no exception to this trend. Walmart has introduced a revolutionary platform called OneWalmart, which serves as a hub for a wide range of services and information. In this article, we’ll explore what OneWalmart is, its benefits, how to access and use it, and other related topics to help you make the most out of this platform.

Describe OneWalmart.

OneWalmart is a comprehensive online resource that Walmart built with the intention of giving its staff and associates quick access to numerous tools, benefits, and data. The job and lives of Walmart associates are made simpler by this platform, which combines a variety of services and tools into one practical location. This page will walk you through OneWalmart’s features and functionalities, whether you are a Walmart employee, a supplier, or simply interested in what the system has to offer.

Gains from OneWalmart

OneWalmart has a ton of benefits for both the business and its employees. Among the main advantages are:

Convenience: OneWalmart eliminates the need for multiple logins and websites by providing a single access for everything Walmart-related.

Efficiency: By providing easy access to crucial data like schedules, pay stubs, and benefits, employees can save time and lessen administrative effort.

Employee Self-Service: This feature enables staff to independently handle responsibilities linked to their employment, such as accessing pay stubs, requesting time off, and checking schedules.

Access to Information: Associates have simple access to important company news, policies, and information.

Global Reach: OneWalmart links Walmart employees from all around the world, promoting a sense of belonging and teamwork.

Secure Environment: To secure sensitive employee information, the platform assures data privacy and security.

Accessing OneWalmart

OneWalmart is comparatively easy to access. Here is how to get going:

Create an Account:To access the OneWalmart portal, new Walmart employees must first create an account. Observe the registration instructions that your HR department provides.

Log in: Visit the official OneWalmart website and enter your login information if you are an existing employee or have already registered.

Mobile Access: Download the OneWalmart app to your phone or tablet for access while you’re on the go.

What Can OneWalmart Be Used For?

A variety of features and services are available through OneWalmart. The following are some of the most popular activities and features available on the platform:

The Login Procedure

Employees can view their individual data, including: after logging into OneWalmart:

View and control your work schedule here.

Check your pay stubs online and download them.

Benefits: Learn about and manage your benefits, which include retirement plans, health insurance, and more.

Requesting and managing time off is known as time off.

Career Opportunities: Look for employment options at Walmart.

Business News Keep up with Walmart’s most recent announcements and news.

Training and Development: Take use of training resources and programs to improve your abilities.

Feedback and Surveys: Offer comments and take part in business surveys.

How do I access WalmartOne to view my pay stub?

onewalmart

On OneWalmart, checking your payslip is a simple procedure. You may access your pay stubs by going to the “Pay” section of your account after logging in. You can view and download your most recent and previous pay stubs from there. This feature makes your earnings history transparent and simple to view, making it an invaluable tool for Walmart employees.

A Walmart number is what?

Each Walmart employee is given a Walmart number, a special identification number. This number can be used to access your employee information and log onto the OneWalmart platform, among other things. You can ask for help from your HR department if you’re unclear of your Walmart number.

Characteristics of OneWalmart

OneWalmart provides a wide range of features to meet the various demands of its staff and associates. The purpose of these features is to deliver a seamless user experience while streamlining work-related processes. Some noteworthy characteristics are:

Managing work schedules, including shift swaps and time-off requests, is simple.

Payroll: You can access pay stubs, tax documents, and other data pertaining to payroll.

Employee benefits, including retirement programs, health insurance, and more, can be investigated and signed up for.

Training and Development: Take advantage of educational resources and programs to improve your abilities and job chances.

Feedback and Surveys: To help the company make improvements, give feedback on your experiences at work and take part in corporate surveys.

Opportunities for Careers: Use the platform to search for available positions within the organization and submit your application.

How many nations does Walmart offer shipping to?

Walmart is a retail behemoth with a huge global footprint. Although it works largely in the US, it also has operations in a number of other nations. Walmart offers international shipping to a number of nations, including China, Mexico, the UK, and Canada. While product availability and shipping options may differ by nation, Walmart’s global footprint is still growing.

What does Walmart in the UK go by?

While operating in the UK, Walmart is known as “Asda.” One of the top grocery store chains in the UK is Asda, which is a Walmart subsidiary. Even if it goes by a different name, it is still a member of the Walmart group of businesses.

From the UK, can I sell on Walmart?

Yes, people and companies from the UK can offer goods on Walmart Marketplace, the retailer’s online marketplace. Third-party vendors are able to post their goods on Walmart Marketplace and reach a huge audience of buyers there. Through the Walmart Marketplace Seller Portal, you can apply to become a seller if you want to sell on Walmart Marketplace from the UK.

Does Walmart operate internationally?

Yes, Walmart has a huge global footprint. Walmart has operations across the globe, despite having its base in the US. It is well-established in places like Canada, Mexico, the UK, China, and India, to name a few. Walmart is now able to cater to customers all around the world because to its international growth.

Can Walmart transport items?

Yes, Walmart does ship to consumers both domestically and to a few select overseas places. Customers can place online orders at Walmart and have their chosen location receive their chosen products. Depending on the customer’s choices and region, Walmart offers a variety of shipping alternatives, including normal shipping, two-day shipping, and more.

Walmart Marketplace: What is it?

Online marketplace Walmart Marketplace enables independent vendors to post and sell their goods on the Walmart website. It offers a special chance for companies and people to connect with a large customer base and capitalize on the Walmart brand. Through the Walmart Marketplace Seller Portal, sellers may create their own listings, set their own prices, and manage their inventory.

Process for OneWalmart Registration

The OneWalmart registration procedure is normally handled by your HR department if you are a new Walmart employee. They will give you the information and instructions you need to set up your account. You can get help from the OneWalmart support staff if you are an existing employee or are having problems with your account.

A Walmart number is what?

As a Walmart employee, you were given a special identifying number known as your Walmart number. It can be used to view your personnel information, log onto the OneWalmart portal, and perform HR-related operations. You can ask your HR department for this number if you don’t have it or if you’ve forgotten it.

What is Walmart’s winning digit?

Another distinctive identifier that Walmart uses is the Walmart WIN (Walmart Identification Number). When retrieving your pay stubs or entering into the OneWalmart portal, for example, or for HR and payroll purposes, it is frequently used. The WIN number, which the company provides, is different from your Walmart number.

What is 2 step verification at Walmart?

For further protection, Walmart uses a two-step authentication procedure on all of its online platforms, including OneWalmart. After entering your login information, two-step verification sends you a temporary verification code via email or mobile device. To finish the login process, you must input this code. The additional layer of security provided by two-step verification shields your account from illegal access.

Do they deliver to the UK?

Walmart does, in fact, ship internationally, and it does so to the United Kingdom. Customers in the UK can still order a range of items from Walmart and have them delivered to their doorstep, even though the selection of products accessible for international delivery may be less extensive than in the United States.

Does Walmart deliver to the UAE?

United Arab Emirates (UAE) is frequently included among the nations that are eligible for Walmart’s international shipping services. You can check Walmart’s website to see what products are available in your area and what delivery options are available if you live in the UAE and want to order some from them.

Conclusion

OneWalmart is a potent platform that is essential to the day-to-day activities of Walmart workers and staff. It not only makes work-related duties simpler, but it also acts as a clearinghouse for important data and resources. OneWalmart is a crucial component of Walmart’s goal to providing a seamless and connected experience for its workforce and consumers, including advantages such as convenience, efficiency, and global connectivity.

OneWalmart acts as a portal into the world of Walmart, bringing together people and information from all over the world, whether you’re a Walmart employee trying to expedite your daily activities or someone curious about the global reach of the retail behemoth. In the global market, Walmart is a true retail powerhouse due to the breadth of alternatives its shipping services and marketplace chances provide for buyers and sellers globally. Walmart is expanding its global presence.

German software giant SAP steps up efforts to cut down

Published

11 hours ago

December 8, 2023

HABIB ABBASI

KARACHI: German software giant German software, SAP, is introducing green solutions, including green ledgers, to cut down carbon footprint in the Middle East and Pakistan region to ensure and foster sustainability, the SAP regional chief said on Thursday.

Based in Walldorf, SAP develops enterprise software to manage business operations and customer relations. It ranks among one of the world’s leading enterprise resource planning (ERP) software vendors and publicly traded software companies by revenue.

The German firm collaborates with organizations, governments, and non-government organizations (NGOs) on a global scale to drive sustainability initiatives aimed at raising awareness, sharing best practices, and developing innovative solutions to tackle environmental challenges.

German software

“SAP is doing its due role especially into the sustainability sector. When we talk about the Middle East region and the Pakistan region, we are coming up with clear green solutions, we are coming up with green ledgers, and climate-friendly solutions,” Saquib Ahmad, the SAP managing-director for Pakistan, Iraq and Afghanistan, told Arab News, on the sidelines of a media roundtable in Karachi.

Ahmad terming climate change was one of the major issues and his organization with global footprint was coming up with solutions that could help and improve lives of the people in Pakistan.

“I think it’s very important to understand that we are working with the Government of Pakistan, we are working with the private sector and trying to make and ensure that such solutions are getting implemented which can help the current climate target that we are looking at currently,” he added.

About the ongoing UN climate conference, COP28, in Dubai, the SAP regional chief said it was a very important factor that the conference was taking place in the region and making it visible “because climate change is hitting this region in a very, very important way.”

“I think we can already see the impacts that has floods, that has bang in Pakistan. We are also seeing overall forest fires. We are talking about overall quality index of the air and all this is impacting Pakistan,” Ahmad said, adding the top SAP leadership was also attending the ongoing COP28.

“We are talking about how this COP28 can help the Pakistan government and the people of Pakistan in better maintaining climate change that is hitting our lives on a day-to-day basis.”

Pakistan last year witnessed one of the deadliest monsoon floods, blamed on climate change, which killed more than 1,700 people, affected nearly 33 million and caused over $30 million losses. In recent years, the South Asian country has also experienced frequent forest fires in its northwestern and southwestern regions.

SAP works with the concept of ‘intelligent enterprise,’ wherein advanced technologies such as artificial intelligence (AI), Internet of Things (IoT) and analytics are harnessed to create more sustainable business models, according to the official.

These tools enable the German software giant to improve resource efficiency, reduce energy consumption and make informed decisions that contribute to sustainability.

Ahmad said technology enabled organizations to address gaps in physical infrastructure.

“It connects globally and ensures timely decisions to be implemented across the landscape,” he said. “Pakistan, being a developing economy, stands to gain strong competitiveness in the region through technological prowess, fostering connections and collaboration for positive environmental impact.”

ISLAMABAD: Pakistan’s election regulator will issue a schedule for the upcoming national elections “in few days,” its top official said on Thursday, as the South Asian country gears up for the February 8 polls.

Elections were originally expected to take place in November after Pakistan’s national and two provincial assemblies were dissolved in August before reaching the end of their tenure. However, Pakistan’s election regulator decided to redraw hundreds of national and provincial constituencies based on a digital census carried out in April before arranging the electoral contest.

The Election Commission of Pakistan (ECP) later scheduled the voting process for the last week of January, before announcing Feb. 8 as the final date after consultations with the country’s President Dr. Arif Alvi on the Supreme Court’s instructions.

In his message on Voters Day, Chief Election Commissioner (CEC) Sikandar Sultan Raja once again assured the masses that February 8 would be the polling day, dispelling speculation about further delay in the conduct of national elections.

“Election schedule will be issued in few days,” Raja said in a statement. “Polling [for the general election] will be held on February 8, 2024.”

As Pakistan gears up for the general elections, many analysts expect the polls to lead to the South Asian country to some stability after more than a year of political turmoil, following the ouster of ex-prime minister Imran Khan in a parliamentary no-trust vote in April 2022.

The CEC’s statement came a day after Caretaker Information Minister Murtaza Solangi said the federal cabinet did not have any “second thoughts” about holding the polls on February 8.

“The thing is, problems of security and the weather will always remain,” Solangi said in an interview. “But in the federal cabinet, there is no doubt, neither is there any worry nor any second thoughts that we would not hold elections on Feb. 8.”

Pakistan has seen a surge in militant attacks in its western regions bordering Afghanistan ever since a fragile truce between Islamabad and the Pakistani Taliban broke down in November 2022.

The Jamiat Ulama-e-Islam Pakistan (JUI-F), a prominent religious party, last month urged the ECP to delay polls till the security situation in the country improved.

Solangi said Pakistan had held elections in the past despite the threat of militancy, when the security situation was far worse.

“Maybe our memories are a bit weak,” he said. “What was the security situation in 2008 and 2013? If we compare it [to now] then it is nothing.

This week, the ECP also issued a directive for satellite television channels, warning them against airing speculative news about a delay in elections.

Reports suggested Sirajuddin Haqqani was issued Pakistani passport which he used to travel abroad, particularly to Qatar
Foreign office spokesperson acknowledges Pakistan has received ‘updated list’ of Afghans who are to be repatriated to US

ISLAMABAD: Pakistan’s foreign office on Thursday exercised caution in its response to media reports about Afghanistan interim interior minister Sirajuddin Haqqani’s use of the Pakistani passport for international travel in the past.

Haqqani was issued a Pakistani passport for five years which he used to travel abroad, particularly to Qatar for negotiations with the United States (US) for the Doha Agreement that resulted in the US exit from Afghanistan, Pakistan’s The News and Jang newspapers reported.

The reports, citing interior ministry officials, said these passports were issued from different cities of Pakistan’s Khyber Pakhtunkhwa, Balochistan, and Sindh provinces, and Pakistani authorities had arrested two officials in connection with issuance of passport to Haqqani, one of whom had retired from service.

Asked about these reports, Mumtaz Zahra Baloch, a spokesperson for the Pakistani foreign office, said she did not have “facts” to respond to the query.

“I have just seen the report in the Jang. I do not have the facts to respond to your question,” she said at a weekly press briefing. “Maybe I will be able to comment on some other occasion when I have more information.”

The name of Sirajuddin Haqqani, Afghanistan’s acting interior minister and the Taliban’s second-in-command, started echoing around the world in 2008 as a young commander of the most-feared Haqqani Network that was executing a series of deadly attacks on US-allied forces in Afghanistan.

The powerful Taliban commander made the headlines in March 2022 after he revealed his face in a rare public appearance in Kabul. He was attending the graduation ceremony of the first batch of police recruits at the National Defense Police Academy in Kabul since the Taliban took over the reins of Afghanistan in August 2021.

The reports about his travel on Pakistani passport come at a time of a series of visits to Pakistan by senior US officials, including Assistant Secretary for Population, Refugees, and Migration Julieta Valls Noyes, Special Representative on Afghanistan Thomas West, and Principal Deputy Assistant Secretary Elizabeth Horst.

These visits are part of ongoing dialogue with the US on a range of issues, including the situation in Afghanistan, according to the Pakistani foreign office.

The US has in the past accused Pakistan of backing the Afghan Taliban and not supporting Washington’s decades-long military campaign in Afghanistan the way the US wanted it to.

The allegations, denied by Islamabad, particularly soured ties between the two countries in 2021, following the hasty US exit from Afghanistan.

’Updated list’ of Afghan nationals to be repatriated to US

During the briefing, the foreign office spokesperson said Pakistan had received an “updated list” of Afghan nationals from the US and Islamabad was in touch with the US embassy for their repatriation to America.

“The meetings which are taking place today and have taken place in recent days are related to, yes, Afghanistan and Afghanistan related matters. There are some other bilateral aspects which may come up under discussion in coming days,” she said.

“With respect to the list that you have referred to, we have received an updated list from the US side and we are in contact with the American Embassy in developing the mechanics for the early repatriation of individuals on those lists to the United States.”

Pakistan has previously chosen to ignore individual calls from Western nations for the repatriation of Afghan nationals. This is the first time Islamabad has acknowledged having received a list of Afghans from a foreign country.

“We have already said that it is important that the process of verification and issuance of visas should be expedited and we hope that this process will be completed at the earliest,” Baloch said.

The development comes months after Islamabad asked all undocumented foreigners, mostly Afghans, to leave the country by Nov. 1, accusing that some of these Afghans had been involved in militant attacks and other offenses in Pakistan. Since the expiry of Nov. 1 deadline, Pakistan has launched a crackdown on all illegal foreigners and has been deporting them to their home countries.

Hundreds of thousands of Afghans have since left the South Asian country as Islamabad brushed aside calls from the United Nations (UN), Western embassies and rights groups to halt the deportations.

Pakistan exercises caution over reports of Afghan minister using its passport for international travel

Published

11 hours ago

December 8, 2023

HABIB ABBASI

Repo Foreign office spokesperson acknowledges Pakistan exercises Pakistan has received ‘updated list’ of Afghans who are to be repatriated to US

ISLAMABAD: Pakistan’s foreign Pakistan exercises office on Thursday exercised caution in its response to media reports about Afghanistan interim interior minister Sirajuddin Haqqani’s use of the Pakistani passport for international travel in the past.

Asked about these reports, Mumtaz Zahra Baloch, a spokesperson for the Pakistani foreign office, said she did not have “facts” to respond to the query.

These visits are part of ongoing dialogue with the US on a range of issues, including the situation in Afghanistan, according to the Pakistani foreign office.

The US has in the past accused Pakistan of backing the Afghan Taliban and not supporting Washington’s decades-long military campaign in Afghanistan the way the US wanted it to.

The allegations, denied by Islamabad, particularly soured ties between the two countries in 2021, following the hasty US exit from Afghanistan.

’Updated list’ of Afghan nationals to be repatriated to US

Hundreds of thousands of Afghans have since left the South Asian country as Islamabad brushed aside calls from the United Nations (UN), Western embassies and rights groups to halt the deportations.

Pakistan regulator to issue schedule for upcoming national elections ‘in few days’

“Election schedule will be issued in few days,” Raja said in a statement. “Polling [for the general election] will be held on February 8, 2024.”

The CEC’s statement came a day after Caretaker Information Minister Murtaza Solangi said the federal cabinet did not have any “second thoughts” about holding the polls on February 8.

Pakistan has seen a surge in militant attacks in its western regions bordering Afghanistan ever since a fragile truce between Islamabad and the Pakistani Taliban broke down in November 2022.

The Jamiat Ulama-e-Islam Pakistan (JUI-F), a prominent religious party, last month urged the ECP to delay polls till the security situation in the country improved.

Solangi said Pakistan had held elections in the past despite the threat of militancy, when the security situation was far worse.

“Maybe our memories are a bit weak,” he said. “What was the security situation in 2008 and 2013? If we compare it [to now] then it is nothing.

This week, the ECP also issued a directive for satellite television channels, warning them against airing speculative news about a delay in elections.

IMF board to meet on Jan. 11 for Pakistan loan program approval

Published

12 hours ago

December 8, 2023

HABIB ABBASI

The IMF last month said it had reached a staff-level agreement with Pakistan on the first review of a $3 billion bailout If approved by its board, the global lender will release IMF board a tranche of $700 million to the cash-strapped South Asian nation

The executive board of the International Monetary Fund (IMF) will meet on Jan. 11 to consider the final approval to hand out to Pakistan the next $700 million tranche of its loan program.

Last month, the IMF said it had reached a staff-level agreement with Pakistan on the first review of a $3 billion bailout, which will unlock $700 million in funding for the country.

The funds to be issued are a second tranche of the bailout, which is subject to an approval from the IMF’s executive board.

“We can confirm that the Board meeting for Pakistan will take place on January 11,” the IMF said in an emailed statement.

Pakistan has been facing an acute balance of payment crisis, with its foreign exchange reserves diminished, along with historically high inflation and an unprecedented currency devaluation.

Bloomberg News first reported on the IMF meeting.

Pakistani-Canadian horror flick ‘In Flames’ wins top award at Red Sea Film Festival

In Flames is Pakistan‘s submission to the Oscars‘ international feature category

Film has also played at festivals in Toronto, Busan, Sitges, Sao Paulo and Pingyao

ISLAMABAD: “In Flames,” Pakistan‘s submission to the Oscars‘ international feature category, has won the Golden Yusr for Best Feature Film at the 3rd edition of the Red Sea Film Festival, taking place in Jeddah from Nov. 30 to Dec. 9.

The gathering, which attracted Hollywood stars like Will Smith, Johnny Depp, Chris Hemsworth and Sharon Stone, on Thursday evening unveiled the winners of its Red Sea competition honors, the Yusr awards, as well as other prizes.

Pakistan-Canadian director and writer Zarrar Kahn said his indie movie was shot for “just $300,000 — the size of a Red Sea Fund production grant.”

“Everyone who gets a grant to go make a movie, because this was made for nothing,” he said.

Last month, In Flames won the International Newcomer Award at the 72nd International Film Festival Mannheim-Heidelberg. Earlier this year in May, the horror-drama became the second Pakistani film in 43 years to make it to Directors’ Fortnight, an event that runs parallel to the prestigious Cannes Film Festival. In October, the film was independently released at the Atrium Cinemas in Pakistan’s southern Karachi city for a 12-day run which was later extended until November 9. The film has also played at festivals in Toronto, Busan, Sitges, Sao Paulo and Pingyao.

In an interview to Arab News earlier this month, actor Bakhtawar Mazhar described In Flames as a psychological thriller that follows the struggle of a mother (Mazhar) and her daughter (Ramesha Nawal) after the loss of the patriarch of the family. The film has been produced by Anam Abbas.

“Even though this film was shot in Karachi, women around the world were crying [after watching the film] and they were like, we know the struggle this character went through, we know the struggle of Fariha and Mariam,” Nawal told Arab News.

“In Flames” is also Pakistan’s official submission under the Foreign Language Film category for the 96th Academy Awards next year.

‘Prudent decision,’ says Pakistan as Denmark passes law to ban Qur’an burnings

Foreign minister says hopeful other European countries follow suit, pass similar laws
Over 500 demonstrations that included Quran burnings registered since July in Denmark

ISLAMABAD: Pakistani Foreign Minister Jalil Abbas Jilani has said it was a “prudent decision” by Denmark’s parliament to pass a law this week making it illegal to burn the Qur’an in public places.

Denmark and Sweden experienced a series of public protests this year where anti-Islam activists burned or otherwise damaged copies of the Qur’an, triggering demands that the Nordic governments ban the practice. Over 500 demonstrations that included burnings of the Qur’an or flags have been registered since July, according to Denmark’s justice ministry.

“A prudent decision on the part of the Danish Parliament. Hope other European countries follow suit and pass similar legislation,” Jilani said on X on Thursday night, commenting on the new law. “Desecration of holy books of any faith is against the tenets of all religions, even under the guise of freedom of speech.”

Thursday’s vote on the law followed a five hour debate in parliament and 94 members voted in favour, 77 against.

Breaking the new law will be punishable by fines or up to two years in prison.

Denmark has sought to strike a balance between constitutionally protected freedom of speech, including the right to criticize religion, and national security amid fears that Qur’an burnings would trigger attacks by militants. But domestic critics in Sweden and Denmark have argued that any limitations on criticizing religion, including by burning Qur’an, undermine hard-fought liberal freedoms in the region.

Sweden is also considering how to prevent burning of the Qur’an but is looking at whether police should factor in national security when deciding on protest applications rather than a ban.

In Flames is Pakistan‘s submission to the Oscars‘ international feature category

Film has also played at festivals in Toronto, Busan, Sitges, Sao Paulo and Pingyao

Pakistan-Canadian director and writer Zarrar Kahn said his indie movie was shot for “just $300,000 — the size of a Red Sea Fund production grant.”

“Everyone who gets a grant to go make a movie, because this was made for nothing,” he said.

“In Flames” is also Pakistan’s official submission under the Foreign Language Film category for the 96th Academy Awards next year.

In a first, Pakistan unlocks Islamic bond market for retail investors with Ijarah Sukuk launch

Sukuk is an Islamic financial certificate that represents ownership in a tangible asset or a pool of assets
Pakistan plans to raise Rs90 billion in total from the stock market through three Ijarah Sukuk bond auctions

KARACHI: In a groundbreaking development, the Pakistani government on Friday unlocked the Islamic bond market for retail investors through an auction of the country’s first-ever sovereign Ijarah Sukuk bond at the Pakistan Stock Exchange (PSX), aiming to raise Rs30 billion ($105.8 million).

Sukuk is an Islamic financial certificate that represents ownership in a tangible asset or a pool of assets. It is similar to a bond but is structured in a way that complies with Islamic law, which prohibits interest-based transactions.

In connection with the launch of the first Ijarah Sukuk a ‘gong ceremony’ was held at the PSX in Karachi, which was attended by Caretaker Prime minister Anwaar-ul-Haq Kakar and Finace Minister Dr. Shamshad Akhtar.

“The auction gives PSX investors the chance to invest, contributing to a more diverse investor base,” said Shahid Ali Habib, chief executive officer (CEO) of the Karachi-based Arif Habib Limited brokerage house.

“The move also promises a substantial boost to the Islamic capital market in Pakistan.”

The tenure of the Ijarah Sukuk issued by Pakistan Domestic Sukuk Company Limited through the finance ministry is one year that will mature on December 09, 2024. The face value of a Sukuk is Rs5,000 ($17.6), according to a PSX document.

The bidding process for the auction of the Islamic bond will start at around 4pm today, on Friday, for which the process of registration had been completed. Joint financial and Shariah advisers for the issuance of the bond include Meezan Bank Limited, Dubai Islamic Bank (Pakistan) Limited, Bank Islami Pakistan Limited and Bank Alfalah Limited.

The federal government plans to raise an overall Rs90 billion ($315 million) with three Ijarah Sukuk auctions. The second auction is scheduled for January 23, 2024 and the third for February 20, 2024, according to the PSX auction calendar.

Habib said the issuance will help in developing Islamic capital market in the country and will encourage more investors to look for interest free avenues.

Experts also believe the auction has ended the monopoly of big banks who would earlier take part in the auctions.

“The Sukuk would now be in the access of common investor as compared to the past practice where only big banks or mutual fund would invest,” Ali Nawaz, CEO of Chase Securities, told Arab News.

Nawaz said investors now would be able to avail entire profit of their investment, without the involvement of any intermediaries.