Modaraba sector in Pakistan could be more efficient by innovation and development of new products in the Islamic Financial Market. This was stated by Mr. Muhammad Shoaib, Chairman, Modaraba Association of Pakistan (MAP).
Addressing the new Executive Committee of MAP elected for the year 2008, in its first meeting held on 15th January, 2008, Mr. Muhammad Shoaib said that the Committee comprises of very senior and experienced professionals. He is confident that the new committee shall actively contribute towards the promotion of the Modaraba sector by closely working with the Registrar Modaraba and members of the MAP.
Mr. Shoaib said that keeping in view the challenges faced by the Modaraba sector, we have emphasized and focused on the four priorities:
(1) Research and development of new Islamic financial products. (2) proper marketing of modaraba models as Islamic Financial service provider. (3) Liaison with Islamic Banks, Takaful Companies and Islamic Mutual Funds. (4) Awareness about Islamic finance within the members by organizing workshops and seminars. Mr. Shoaib appreciated the work done by the previous committee headed by Mr. Basheer A. Chowdry and assured that the new committee will definitely follow the road map given by the previous committee for betterment of the Modaraba sector.
