Modaraba Association
of Pakistan (MAP) organized a launching ceremony of its MAP Year Book
2006 on 26th February, 2007 at Shalimar Hall, Hotel Pearl Continental,
Karachi. Mr. Salman A. Shaikh, Commissioner, Securities & Exchange
Commission of Pakistan (SECP) was the Chief Guest of the ceremony. Mr.
Bilal Rasul, Registrar Modaraba, Mr. Shahid Mahmood, Deputy Registrar,
also attended the ceremony.
Participants of the Launching Ceremony.
The ceremony started with the recitation
of Holy Quran by Hafiz Mujib Baig.
Hafiz Mujeeb Baig reciting a few versus from Holy Quran.
Mr. Basheer A. Chowdry,
Chairman welcomed the Chief Guest Mr. Salman A. Shaikh, Commissioner,
SECP in the ceremony. He also thanked Mr. Bilal Rasul , Mr. Shahid Mahmood
and other guests for attending this ceremony. The Chairman said that during
the year ended 30th June, 2006, the modaraba sector has shown considerable
growth in its overall performance. Out of 25 modarabas, 18 have declared
cash dividend between the range of 5% to 52% whereas two modarabas have
declared bonus shares to their certificate holders. The total payout stood
at Rs.745 million against Rs.584 million of the previous year depicting
an increase of 28 percent.
Mr. Basheer A. Chowdry, Chairman, MAP
The total assets of the
sector increased to Rs.23,736 million from Rs.21,131 million last year
showing a growth of 12.32 percent. The income has considerably increased
from Rs.3,939 million to Rs.5,025 million showing a growth of Rs.1,086
million i.e. 27.6 percent.
Mr. Basheer A. Chowdry, Chairman of MAP than presented the Modaraba MAP
Year Book 2006 to the Chief Guest.
Mr. Basheer A. Chowdry, Chairman, of MAP presenting
the MAP Year Book 2006 to Mr. Salman A. Shaikh, Commissioner,
SECP.
The Chief Guest Mr. Salman
A. Shaikh congratulated the Association on bringing out the MAP Year Book
2006. He commended the role of the Association as an effective front line
regulator of the modaraba sector. He recognized its contribution in numerious
issues such as proposed amendments in laws, changes in Prudnetial Regulation
for Modarabas and ongoing work for development of model financing agreements.
He strongly advised the Modarabas to evaluate their risks more carefully
and achieve better governance standards while avoiding the high risk areas.
He said that performance of the majority of the Modarabas, though quite
impressive, is not reflected in the share market value inspite of the
high dividend paid. He said that SECP was determined to create a regulatory
environment that recognizes the potential of the evolving Shariah based
financial systems and that SECP wants to encourage Modarabas to take part
effectively in promotion of the Islamic financial regime.
Mr. Salman A. Shaikh, Commissioner, SECP addressing
the ceremony.
The Chief Guest distributed
awards to the top three best performing modarabas based on the highest
cash dividend payouts to the Certificate holders. Mr. Ateed Riaz, Chief
Financial Officer, First Imrooz Modaraba received top performing award
by declaring 52% cash dividend. The second highest payout award was received
by Mr. Irfan A. Khan, Director of Fayzan Manufacturing Modaraba by declaring
29.4% cash dividend. Mr. Muhammad Shoaib, Chief Executive, First Habib
Modaraba received the third top performing award by declaring cash dividend
of 20% to the Certificate holders.
Mr. Ateed Riaz is receiving Best Performing Award
from the Chief Guest
Mr. Salman A. Sheikh Commissioner SECP for highest dividend payout
during the year 2006.
Mr. Irfan A. Khan, Director, Fayzan Manufacturing
Modaraba receiving
Best Performance Award from the Chief Guest for second highest
dividend payout during 2006.
Mr. Muhammad Shoaib, CEO, First Habib Modraba
receiving
Best Performance Award from the Chief Guest for third highest
dividend payout during 2006.
In conclusion Mr. Basheer
A. Chowdry, Chairman, MAP presented a shield to the Chief Guest Mr. Salman
A. Shaikh, Commissioner, SECP and to Mr. Bilal Rasul, Registrar Modaraba,
Securities & Exchange Commission of Pakistan.
Mr. Basheer A. Chowdry, Chairman, MAP presenting
a shield to the Chief Guest.
Mr. Basheer A. Chowdry, Chairman, MAP presenting
a shield to
Mr. Bilal Rasul Registrar Modaraba, SECP.
