KARACHI (September 22 2006): The Securities and Exchange Commission of Pakistan (SECP) has approved six Modarabas which are under process of completing other formalities for public floatation. This was told by Basheer A. Chowdry, newly elected chairman of MAP at the annual general meeting of Modaraba Association of Pakistan (MAP) held here on Wednesday.

These Modarabas are sponsored by the eminent groups of the financial sector, which are including First Treet Modaraba, Allied Rental Modaraba, Total Modaraba, Modaraba Al-Makatib, Modaraba Al-Tameer, and Modaraba Al-Souk.

He said that as chairman his priority would be to build up the image of the Modaraba sector, take positive steps to resolve the operational issues with the assistance of SECP and encourage the sector to introduce new products.

He pointed out that Modaraba sector has good potential and capabilities but needs diversification within admissible modes of business. He encouraged the members to devote resources for further research and also to multiply their business inputs instead of relying on a single product or service.

He emphasised that the prevailing trends in the financial sector for multiplicity of services can well be followed by the multipurpose Modarabas by creating suitable operational set-up. He appreciated the work done by the outgoing committee under the able guidance of Ayaz Dawood and assured the house that every possible step would be taken to improve the image of the sector.

Copyright Business Recorder, 2006