ISLAMABAD: The Habib Metropolitan Modaraba Administration Firm Pvt Ltd (HMMMCPL) has been issued formal authorisation by the SECP to drift one other modaraba of Rs300 million beneath the identify of ‘Habib Metro Modaraba’.
An entirely owned subsidiary firm of Habib Metropolitan Financial institution Restricted (HMBL), HMMMCPL is presently managing First Habib Modaraba which is listed on the inventory trade.
The brand new modaraba might be a monetary service modaraba, specializing in offering automotive-financing options to people and company clients based mostly on residual worth automotive financing mannequin.
It can additionally present solar energy options to its clients based mostly on ijarah in addition to offering funds for turbines, development gear, business and agricultural gear.
The preliminary paid-up fund of Habib Metro Modaraba can be Rs300m, out of which modaraba certificates of Rs90m will probably be subscribed by HMMMCPL, HMBL and associates whereas remaining certificates value Rs210m shall be provided to the general public. The certificates of modaraba shall be listed on the inventory trade.
On Feb 21, 2017, the Securities and Trade Fee of Pakistan’s Spiritual Board for Modarabas in its forty sixth assembly had cleared and authorized that the proposed enterprise of the modaraba laid out in its prospectus is just not opposite to the injunctions of Islam. The choice was taken underneath Part 10 of the Modaraba Corporations and Modaraba (Floatation and Management) Ordinance, 1980.
The SECP hopes the addition of Habib Metro Modaraba to the modaraba sector will promote the enterprise in conformity with Islamic injunctions and appeal to the general public to spend money on Islamic monetary establishments.
Revealed in Daybreak, March 14th, 2017
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