Modaraba Companies and Modaraba (floatation
& control) Ordinance was promulgated in 1980 to provide
the statutory framework for organizing business enterprises
according to the injunction of Islam. The new law refined
the Modaraba concept and brought it in conformity with the
prevalent Corporate Structure. To some extent most Modaraba
in Pakistan are like close-ended mutual funds in that they
are exempt from income tax provided they distribute 90%
of their profits as cash dividend among their certificate
holders.
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Chairman's Review
I am honoured to present Eleventh MAP Year Book 2008 of the Modaraba Association of Pakistan. This is the eleventh year the Association is documenting the performance of the Modaraba sector by publishing this book. [
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Trends of Aggregate Indicators
The trend of sector aggregate
indicators for the last five years are
given below:
(Rs. in million)
2004
2005
2006
2007
2008
No. of Management Companies
30
27
24
24
24
No. of Modarabas
32
28
25
25
24
Paid up Capital
7,827
7,406
6,999
6,644
7,175
Total Equity
8,401
9,233
10,062
10,062
11,456
Total Assets
17,574
21,131
23,736
23,736
29,281
Total Income
4,140
3,939
5,025
5,025
6,583
Leasing Income
3,066
2,966
3,082
3,082
4,631
Musharaka & Morabaha Income
271
323
410
410
624
Miscellaneous & Other Income
803
650
1,533
1,533
1,327
Net Profit after
Tax
956
794
811
811
962
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