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ISLAMABAD: Pakistan’s ministry of religious affairs has completed security clearance of 585 companies seeking to organize pilgrimages to holy sites in Iran and Iraq, as authorities move to operationalize a new, tightly regulated travel regime, the ministry said on Tuesday.

According to a spokesperson, the ministry has begun scrutinizing applications for registration as Ziyarat Group Organizers (ZGOs), the only entities that will now be authorized to arrange pilgrimages under the restructured system.

“Security clearance of 585 companies has been completed,” the religious affairs ministry spokesman said in a statement. 

“Registration certificates for pilgrimage companies that complete the required documentation are expected to be issued soon.” 

The ministry said 95 new companies had submitted documents during the most recent extension period. Document submission from existing companies will continue until Aug. 31, while new firms can apply until Sept. 10.

The overhaul follows Islamabad’s decision last month to abolish the decades-old Salar system, in which private caravan leaders managed pilgrim travel. The move came after officials confirmed that around 40,000 Pakistani citizens had overstayed or gone missing in Iran, Iraq, and Syria over the past decade.

The government has also barred overland travel for this year’s Arbaeen pilgrimage, citing militant threats in the restive Balochistan province bordering Iran, meaning all journeys to Iraq and Iran will be arranged through registered tour operators and air travel only.

Under the new Ziyarat Management Policy, all pilgrimages must be organized through licensed groups, with operators directly responsible for ensuring that all travelers return on time. Companies that fail to meet requirements face license cancelation, the ministry has said.

Authorities say the policy aims to address long-standing security and migration concerns flagged by host governments, while restoring credibility to Pakistan’s management of religious tourism.

ISLAMABAD: Pakistan’s stock market reached a historic milestone on Tuesday, with the benchmark KSE-100 index closing at 150,000 points for the first time in its history, a senior government adviser said.

Khurram Schehzad, adviser to the finance minister, wrote on X that the rise reflected growing investor confidence, homegrown reforms, and a more positive macroeconomic outlook.

“Pakistan Stock Exchange Makes New History – Reaches 150,000 Points Mark,” Schehzad said in his post, noting that the index’s growth had sharply accelerated over the past decade.

“First 50,000 took 26 years (1991-2017). Second 50,000 took 8 years (2017-2024). Third 50,000 took just 10 months (Nov 2024–Aug 2025),” he wrote.

Schehzad also highlighted other achievements, including the return of large-cap valuations and a surge in investor participation:

“Total Billion Dollar+ Valuation Companies at PSX are now 16 – highest after 15 in 2018, and only 3 in 2022,” he said, adding that “Number of new investors added in last one year – 73,000, up 22 percent YoY, highest in a single year! Total investors at Pakistan’s public markets now over one million (99 percent with PSX + Mutual Funds).”

The adviser attributed the performance to reforms and improved credibility. Schehzad said Pakistan’s improving global credibility, structural reforms and a stronger macroeconomic outlook were fueling investor confidence and driving the market’s rise.

The rally comes amid signs of stabilization in Pakistan’s economy after securing a $7 billion International Monetary Fund (IMF) bailout in September 2024 and recent upgrades by international ratings agencies.

Inflation has eased from a peak of 38 percent in 2023 to 4.1 percent in July 2025, while the rupee has stabilized against the dollar.