The Registrar Modaraba arranged a meeting at C.R.O. Office, Securities & Exchange Commission of Pakistan, Lahore. The primary objective of the meeting was to meet the Chief Executive of the modarabas based at Lahore. The second objective was to discuss and take the feedback of the Modarabas based at Lahore on Ten Model agreements prepared by the Modaraba Association of Pakistan (MAP) and forwarded to the Registrar Modaraba for review and to get them approved from the Religious Board.

The meeting was attened by Mr. Wasimul Haq Osmani, CEO, First Fidelity Leasing Modaraba, Mr. Khawaja Fawzi, CEO, Punjab Modaraba, Mr. Shafiq Khan, CEO, First National Bank Modaraba, Mr., Naseemul Ali, CEO, Trust Modaraba Mr. Amir Iftikhar Khan, CEO, First Elite Capital Modaraba and other Executives from different modarabas. Mr. Muhammad Shoaib, CEO, First Habib Modaraba and Mr. Muhammad Samiullah Corporate Secretary, Modaraba Association also attended the meeting.

Mr. Bilal Rasul appreciated the work done by Mr. Basheer A. Chowdry, Chairman, MAP, Mr. Muhammad Shoaib, Member, Executive Committee, MAP and Mr. Muhammad Samiullah, Corporate Secretary, MAP for preparing these model agreements. He said that the rationale behind reviewing these model agreements was that the existing agreements has been approved by the Religious Board about 20 years back and need to be reviewed and updated in the context of subsequent developments and emergence of Islamic banking in the country. Therefore, new input and additions are required to bring them at par with the agreements approved by the Religious Board of State Bank of Pakistan.

Mr. Muhammad Shoaib, Member Executive Committee thanked the Registrar Modaraba for providing an opportunity to the Modaraba based at Lahore to participate in the review of the model agreements.

Mr. Wasimul Haq Osmani said that the main problem for the sector is that of resource mobilization. Necessary steps should be taken to overcome this problem.

Mr. Shafiq Khan, CEO, First National Bank Modaraba said that it is good move to review the model agreements. It will definitely improve the image of the Modaraba sector.

Mr. Amir Iftikhar, CEO, First Elite Capital Modaraba appreciated the holding of this meeting which provided an opportunity to discuss the issues relating to the review of these model agreements.

Mr. Muhammad Taha of First National Bank Modaraba pointed out a number of issues in the agreements to be amended. Similarly other participants also suggested amendments in the said agreements.

After a detailed discussion, it was suggested that all the participants may send the proposed amendments to Modaraba Association of Pakistan so that a comprehensive report may be sent to the Registrar Modaraba for necessary action at their end.

In conclusion, Mr. Muhammad Shoaib thanked the Registrar Modaraba and also to the participants of the meeting on behalf of the Association.