National flags and decorations for sale ahead of Pakistan's Independence Day in Peshawar on Tuesday. EPA
National flags and decorations for sale ahead of Pakistan's Independence Day in Peshawar on Tuesday. EPA
National flags and decorations for sale ahead of Pakistan's Independence Day in Peshawar on Tuesday. EPA
National flags and decorations for sale ahead of Pakistan's Independence Day in Peshawar on Tuesday. EPA

Pakistan Independence Day: Country celebrates 77 years since it was formed


Taniya Dutta
  • English
  • Arabic

Pakistan is celebrated its Independence Day on Wednesday, 77 years after British colonialists partitioned the Indian subcontinent following two centuries of rule.

The separate nations of India and Pakistan were created in August 1947.

Although the Indian Independence Act designated August 15 as the day of independence for both nations, power was transferred a day before to Mohammed Ali Jinnah, the founding father of Pakistan, by Lord Louis Mountbatten, the last viceroy of British India.

Mr Jinnah, a barrister who was born in the British-Indian city of Karachi, was head of the All-India Muslim League before the partition.

He led the growing demands during the 1940s for a separate homeland for the Muslim minority of South Asia as violence between Muslims and Hindus increased.

Pakistan was created out of north-western and eastern parts the British-ruled Indian subcontinent, while the rest became modern-day India.

Both the nations were granted dominion status as step towards obtaining full independence.

The eastern part of Pakistan became Bangladesh after independence from Islamabad in 1971.

What happened on August 14, 1947?

The division in 1947, known as the Partition, was followed by widespread violence between Hindus, Muslims and Sikhs as millions migrated between the newly created states according to their religion.

Zia Ul Haq, a captain in the Indian army, helped escort refugees from India during the period of intense inter-communal violence.

Taking the last refugees from Babina in Uttar Pradesh would prove a formative experience for the young captain, who would rule Pakistan between 1978 and 1988.

It's thought that about 10 million Muslims fled India during this time, while a similar number of Hindus were displaced and fled to India. Hundreds of thousands, perhaps up to two million people, died in the violence.

For Mr Jinnah, however, the unrest would ultimately lead to something positive: the birth of a homeland for Muslims in the region.

“August 14 is the birthday of the independent and sovereign state of Pakistan,” he said of the country's founding.

“It marks the fulfilment of the destiny of the Muslim nation which made great sacrifices in the past few years to have its homeland.”

In a speech during the handover of power to the newly sovereign Pakistan, Mr Jinnah said he hoped the country – envisioned as a parliamentary democracy by its first prime minister Liaquat Ali Khan – would be a place of “no discrimination, no distinction between one community and another, no discrimination between one caste or creed and another”.

“We are all citizens and equal citizens of one state,” he said.

Despite Pakistan's origins as a homeland for Muslims, Mr Jinnah insisted that the new country would guarantee religious freedom for all.

People “may belong to any religion, or caste, or creed – that has nothing to do with the business of the state”, he said an address to the Constituent Assembly of Pakistan in August 1947.

Pakistan's national flag on the eve of the country’s Independence Day, in Karachi. AFP
Pakistan's national flag on the eve of the country’s Independence Day, in Karachi. AFP

How is Independence Day celebrated?

Jinnah died the following year, but his legacy remains a central theme of Independence Day celebrations.

The main celebration takes place in the capital Islamabad, where the national flag is raised at the presidential and parliament buildings and the country’s leadership makes televised speeches to the nation. Similar flag-raising ceremonies are also held across the country.

Special prayers and a 31-gun salute in the capital and a 21-gun salute in all provincial capitals also take place.

Cultural songs, parades, flag-raising ceremonies and fireworks are seen across Pakistan on the day.

Streets, roads and major buildings are illuminated and adorned with flags and decorations.

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Translated from the French and Creole by Linda Coverdale

Company profile

Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Brief scores:

Kashima Antlers 0

River Plate 4

Zuculini 24', Martinez 73', 90 2', Borre 89' (pen)

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Asia Cup Qualifier

Final
UAE v Hong Kong

TV:
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Ahmed Saadawi
​​​​​​​Penguin Press

MATCH INFO

Manchester United 2 (Heaton (og) 42', Lindelof 64')

Aston Villa 2 (Grealish 11', Mings 66')

Updated: August 14, 2024, 7:26 AM