Modarabas, Islamic banks coordinated working sought

Posted on 09.22.06 by StockPK Team @ 11:06 am    

Newly elected chairman of Modaraba Association of Pakistan, Bashir A Chowdry said on Thursday that State Bank of Pakistan has constituted a joint task force to “promote coordinated functioning of Modarabas and Islamic Banks for which MAP will try to contribute effectively.”

Addressing the Annual General Meeting of Modaraba Association of Pakistan (MAP) the newly elected chairman said modaraba sector has potential and capabilities but needs diversification within admissible modes of business.

He urged for further research and multiple products instead of relying on a single product or service.

He emphasized that prevailing trends in the financial sector for multiplicity of services can well be followed by launching of multi-purpose modarabas by creating suitable operational set up.

He assured the AGM that every possible step would be taken to improve the image of modaraba sector.

Earlier in election, Javed Parwaz, CEO First Prudential Modaraba was elected vice chairman, while in the election of members of Executive Committee Saeedudin Khan, CEO First Habib Bank Modaraba, Mohammad Shoaib, First Habib Modaraba were elected with three members of previous Executive Committee continuing their office for another year.

These members are Mohammad Sajid, CEO, Modaraba Al-Mali, Hamida Aqeel, Executive Vice President and Company Secretary Al-Zamin Modaraba, and Mohammad Salman, Company Seceraty First Punjab Modaraba.

The retiring chairman MAP, Ayaz Dawood said after having meetings with Razi-ur-Rehman, chairman SECP, and Bilal Rasool, registrar Modaraba, SECP, on the proposal of MAP, revision of upper limit of transfer of profit to statuary reserve from 30 percent to 50 percent has been approved.

On the initiation of MAP, registrar modaraba took suitable action to activate dormant modarabas. As a result of this number of modaraba approached SECP for reactivation. First Dadabhoy Modaraba has re-joined the MAP as an active member.

Through the active efforts of Sharique Saleem, Chief Executive, Standard Chartered Modaraba, MAP has prepared three model agreements and Morabaha (trade financing), Plant and Machinery Lease Agreement and Ijara (leasing) Agreement for Motor Vehicles, which were forwarded to registrar modaraba, SECP for his approval and eventual alignment with PLS agreements developed by SBP.

It was communicated in AGM that SECP has approved floating of First Treat Modaraba, Allied Rental Modaraba, Total Modaraba, Modaraba Al-Makatib, Modaraba Al-Tameer and Modaraba Al-Souk. Ayaz Dawood thanked all chief executives, members executive committee and MAP staff.

Source: The News