NATIONAL RISK ASSESSMENT 2023 (NRA 2023) & INTERNAL RISKS ASSESSSMENT REPORTS (IRAR).
Securities & Exchange Commission of Pakistan (SECP) held a physical and virtual awareness session on National Risks assessment 2023 (NRA 2023) Internal Risks Assessment Reports (IRAR). The session was organized on February 27, 2024 in the conference Hall of the Association which was conducted by Ms. Maheen Fatima, Director/ HOD, Anti-Money Laundering Department, Mian Muhammad Imran, Additional Joint Director, Anti-Money Laundering Department and Mr. Adnan Ahmed, Additional Joint Director (SMD), SECP.
NRA 2023 mainly focuses on Threats, Vulnerabilities and Consequences to the Sector. It elucidates on the process to be followed by member entities regulated by SECP to identify and evaluate potential risks and vulnerabilities across various sectors, such as finance, security, health, and environment. The prime purpose of NRA 2023 to enhance the understanding of potential threats and their potential impact on the financial landscape of the country and its nation. The parameters defined in the study facilitate financial institutions in their well-informed decision-making process and the development of effective risk management strategies.
Overwhelming number of members running into 60 participated in the interactive session.
Syed Izzat Hussain, Secretary General, NBFI & MAP addressing to the participants
Mr. Basheer a. Chowdry, CEO, Trust Modaraba delivering welcome speech
R-L: Ms. Maheen Fatima, Director/ HOD, Anti-Money Laundering Department, Mr. Adnan Ahmed, Additional Joint Director (SMD) & Mian Muhammad Imran, Additional Joint Director, Anti-Money Laundering Department, SECP
View of participants
Mr. Basheer A. Chowdry, CEO, Trust Modaraba presenting memento to Ms. Maheen Fatima, Director/ HOD, Anti-Money Laundering Department – Chairman Secretariat, SECP
Mr. Basheer A. Chowdry, CEO, Trust Modaraba presenting memento to Mian Muhammad Imran, Additional Joint Director, Anti-Money Laundering Department, SECP
Mr. Basheer A. Chowdry, CEO, Trust Modaraba presenting memento to Mr. Adnan Ahmed, Additional Joint Director (SMD), SECP
Group Photo
13th Annual General Meeting
The 13th Annual General Meeting of the Association held on 05th October 2023 at the Conference Hall of the Association as well as through Zoom video link.
The AGM considered and adopted the Audited Financial Statements of the Association for the year ended June 30, 2023 together with Chairman’s Report and Auditor’s Report and approved the appointment of M/s. Jawed Abdul Ghaffar & Co., Chartered Accountants as Auditor for the year ended June 2024.
As per amendments in Trade Organizations Act, 2013 vide Gazette Notification dated November 03, 2022, the Office Bearers (Mr. Mahfuz-ur Rehman Pasha, Chairman, Mr. Shuja Malik, Senior Vice Chairman and Mr. Irfan Ahmed, Vice Chairman) will continue for the 2nd year concluding on 30-09-2024.
Mr. Mahfuz-ur-Rehman Pasha, Chairman while addressing the AGM briefed on the efforts and challenges of the sectors. He said that with the co-operation and co-ordination of the members, the Association will put in their best efforts to resolve the issues facing the sector.
Syed Izzat Hussain while conducting the AGM
Mr. Mahfuz-ur Rehman Pasha addressing to the 13th AGM
View of virtual participants
View of physical participants
Group Photo
Year Book 2022 LAUNCHING CEREMONY
On July 24, 2023, the Year Book 2022 was officially launched with a remarkable unveiling ceremony, graced by a substantial number of CEOs and other Executives.
Mr. Mahfuz-ur-Rehman Pasha, the Chairman of the Association delivered a welcome speech which was followed by the presentation of Year Book 2022 to Mr. Mujtaba Ahmad Lodhi, the Commissioner Specialized Company Division, SECP and the Chief Guest of the event. Ms. Musarat Jabeen, the Executive Director SECP and Ms. Khalida Habib, the Executive Director SECP also graced the occasion with their presence.
Chief Executives of Modarabas, Leasing Companies and Investment Finance Services also participated.
During the ceremony accolades were presented to the top performers as detailed below:
1. OLP Financial Services Ltd. 1st Position
2. First Habib Modaraba 2nd Position
3. OLP Modaraba 3rd Position
Additionally, recognition was bestowed upon three other outstanding performers with significant contributions to the overall profitability of the Sector, the detail is as under:
1. B.R.R. Guardian Modaraba
2. Pakistan Microfinance Investment Company Limited
3. Allied Rental Modaraba
Commissioner SCD, SECP gave out the Awards to the top performers and other outstanding performers of the Sector and delivered a speech full of inspiration and motivation with future course of action with a dynamic approach aligned with the requirements of changing environment.
Mr. Mahfuz-ur Rehman Pasha presenting Bouquet to Mr. Mujtaba Ahmad Lodhi
Mr. Basheer A. Chowdry presenting Bouquet to Ms. Khalida Habib
Mr. Shuja Malik presenting Bouquet to Ms. Musarat Jabeen
Mr. Mahfuz-ur Rehman Pasha addressing the participants
R-L: Mr. Mujtaba Ahmed Lodhi, Ms. Musarat Jabeen & Ms. Khalida Habib
Mr. Mujtaba Ahmed Lodhi launching the Year Book 2022
Mr. Mujtaba Ahmed Lodhi addressing the participants
View of participants
Mr. Mujtaba Ahmed Lodhi awarding 1st Position shield to Mr. Hira Lal Bharvani, Head of Human Resources, OLP Financial Services Pakistan Ltd.
Mr. Mujtaba Ahmed Lodhi awarding 2nd Position shield to Mr. Muhammad Shoaib Ibrahim, CEO, First Habib Modaraba
Mr. Mujtaba Ahmed Lodhi awarding 3rd Position shield to Mr. Raheel Qamar Ahmad, CEO, OLP Modaraba
Mr. Mujtaba Ahmed Lodhi awarding a shield to Mr. Ayaz Dawood, CEO, B.R.R. Guardian Modaraba
Mr. Mujtaba Ahmed Lodhi awarding a shield to Mr. Yasir Ashfaq, CEO, Pakistan Microfinance Investment Company Ltd.
Mr. Mujtaba Ahmed Lodhi awarding a shield to Mr. Ali Ammar, Business Administrator, Allied Rental Modaraba
Mr. Mahfuz-ur Rehman Pasha awarding a shield to Mr. Mujtaba Ahmad Lodhi, Commissioner (SCD), SECP
Mr. Basheer A. Chowdry awarding a shield to Ms. Khalida Habib, Executive Director, SECP
Mr. Raheel Qamar Ahmad awarding a shield to Ms. Musarat Jabeen, Executive Director, SECP
In the end Mr. Basheer A. Chowdry, CEO, Trust Modaraba offered vote of thanks to the Chief Guest Mr. Mujtaba Ahmad Lodhi and his team for gracing the occasion.
Syed Izzat Hussain while conducting the Year Book 2022 launching ceremony
Mr. Basheer A. Chowdry offering vote of thanks
Group Photo with awards winners 2022
Group Photo of participants
Visit of Commissioner (SCD) SECP and his Team:
A delegation of SECP, visited the office of the Association on May 18, 2023, comprising of Ms. Khalida Habib, Executive Director at SECP, accompanied by Mr. Abdul Moiz, Joint Director at SECP, and Mr. Javed Akhter, Joint Director at SECP led by Mr. Mujtaba Ahmad Lodhi, Commissioner of the Specialized Companies Division (SCD) at SECP, held a meeting with Association on May 18, 2023 with a purpose to engage in constructive discussions on matters of mutual interest.
The Chairman of the Association delivered a comprehensive presentation, highlighting the issues and challenges hindering the growth of the sector. The Commissioner of SECP demonstrated receptiveness and expressed his resolve to attend the issues falling within SECP's jurisdiction and pledged to address other pertinent issues by engaging with other relevant authorities.
Mr. Mahfuz-ur Rehman Pasha presenting Bouquet to Mr. Mujtaba Ahmad Lodhi
Mr. Mahfuz-ur Rehman Pasha & Mr. Basheer A. Chowdry presenting Bouquet to Ms. Khalida Habib
Mr. Basheer A. Chowdry presenting Bouquet to Mr. Abdul Moiz of SECP
Mr. Basheer A. Chowdry presenting Bouquet to Mr. Javed Akhter SECP
Mr. Murtaza Ahmad Meeting SCD SECP, Ms. Khalida Habib, Executive Director, SECP, Mr. Abdul Moiz, Joint Director SECP and Mr. Javed Akhter, Joint Director SECP
Group Photo, Participants of the Meeting from SECP and NBFI & Modaraba Association of Pakistan
Group Photo of Participants of the Meeting between SECP and NBFI & Modaraba Association of Pakistan
Group Photo of Participants of the Meeting between SECP and NBFI & Modaraba Association of Pakistan
Meeting with delegation of ADB
A representative body of Asian Development Bank (ADB) comprising of Mr. Asad Aleem, Mr. Shaheryar Ali Choudhry, Mr. Nasruminallah Mian and Mr. Munir Abbasi visited the office of NBFI & Modaraba Association of Pakistan on March 21, 2023 and discussed the following agenda item:
1.To highlight ADB's operations in Pakistan and expected areas of support going forward
2.To better understand the role of NBFIs and Modarabas in Pakistan
3.What are the impediments / challenges faced by NBFIs and Modarabas
4.Since ADB has a seat at the policy table with Federal government, what kind of policy interventions the association would like to suggest to improve the business climate
Mr. Mahfuz-ur Rehman Pasha, Chairman of the Association & CEO, Pak-Gulf Leasing Company Limited, Mr. Basheer A. Chowdry, CEO, Trust Modaraba, Syed Izzat Hussain, Secretary General, NBFI & Modaraba Association of Pakistan and Mr. Muhammad Samiullah, Advisor to the Chairman Association participated the session.
The Chairman Association shared with the mission of ADB all the Regulatory, Taxation, Operational, Administrative issues and problems impeding the growth of the Sector.
L-R: Mr. Shaheryar Ali, Mr. Munir Abbasi, Mr. Muhammad Samiullah, Mr. Basheer A. Chowdry, Mr. Asad Aleem, Mr. Mahfuz-ur Rehman Pasha, Mr. Nasruminallah Mian & Syed Izzat Hussain
INTERACTIVE SESSION ON IFRS-9, ITS APPLICABILITY AND CALCULATION OF EXPECTED CREDIT LOSS (ECL)
Association has 45 members and of these, 18 have already adopted IFRS-9 revealing that 27 members have yet to adopt it. Needless to mention that SECP had deferred the application of IFRS-9 vide SRO 1827 (I)/2022 Notification Dated September 29, 2022 and mandated for its adoption in the financial reporting of June 30, 2024. For capacity building of the members, SECP organized a seminar on February 22, 2022 conducted by Mr. Muhammad Khattab Baig, Partner, A.F. Ferguson & Co., Chartered Accountants, Mr. Muhammad Rehan, Senior Director, EY Ford Rhodes, Chartered Accountants and Mr. Shehzad Hussain, Senior Manager, A.F. Ferguson & Co., Chartered Accountants. Now the number of IFRS-9 compliant members has risen to 22.
Association, being alive to the current situation and preparedness of the members for its adoption, organized a physical and virtual interactive session on IFRS-9 and ECL calculation on 02-03-2023 and the following speakers / trainers delivered lectures supported by comprehensive working Sheets on EXCEL:
1.Mr. Fahad Fahim – Head Enterprise Risk Management, Pak Brunei Investment Co. Ltd.
2.Mr. Muhammad Adnan Shakeel – CFO/Company Secretary Sindh Modaraba
3.Mr. Danyal Ahmed – Senior Manager Enterprise Risk Management, Pak Brunei Investment Co. Ltd.
Mr. Mahfuz-ur Rehman Pasha, Chairman of the Association addressing the participants in his opening remarks
Mr. Muhammad Adnan Shakeel, CFO & Company Secretary, Sindh Modaraba, delivering lecture on IFRS-9
Mr. Fahad Fahim, ACCA, Head, Middle Office & Operational Risk, Pak Brunei Investment Company Ltd. Photographed at his presentation on IFRS-9
Mr. Danyal Ahmed, Sr. Manager, Enterprise Risk Management, Pak Brunei Investment Co. Ltd. Photographed at his Presentation on IFR-9
Participants view in Interaction Session on IFRS-9
Participants view in Interaction Session on IFRS-9
Participants view with Secretary General S. Izzat Hussain at Rostrum
Group photo of Participants in Interaction Session on IFRS-9
Group photo of staff with Mr. Mahfuz-ur Rehman Pasha, Chairman Association, S. G. Syed Izzat Hussain & Advisor, Mr. Muhammad Samiullah
The session was recorded and has been placed on the website of Association and you may access to the recorded session through LINK given below:
https://drive.google.com/file/d/19cnepAfvi8xY-J-eywWfly4VZaiyVB_M/view?usp=sharing
https://drive.google.com/file/d/1pc-RdJR4lF8LlxDO_67putVa0lw8ImWi/view?usp=sharing
Awareness session on Common Reporting Standards Rules & Reporting Requirement by FBR
NBFI & Modaraba Association of Pakistan in collaboration with Federal Board of Revenue (FBR) organized an awareness session on Common Reporting Standards Rules & Reporting Requirement on 10th November 2022. Mr. Mubashar Naveed, CRS Specialist of FBR and Mr. Mehdi Hassan, Secretary, Exchange of Information, FBR were the trainer of the session.
The session was held physically and virtually at the Conference Hall of the Association.
Mr. Mubashar Naveed and Mr. Mehdi Hassan are delivering the lecture in the awareness session
Group Photo of Mr. Mubashar Naveed and Mr. Mehdi Hassan with the participants
International Conference by IoBM
The BankIslami Pakistan Limited organized an International Conference in collaboration with Institute of Business Management (IOBM) on 02nd November 2022. Mr. Basheer A. Chowdry, Mr. Raheel Qamar Ahmad and Mr. Muhammad Shoaib Ibrahim participated on behalf of NBFI and Modaraba sector.
Group Photo
MoU with Hamdard University
Photograph taken at MoU signing ceremony between NBFI & Modaraba Association of Pakistan (NBFI & MAP) and Hamdard University on 26th September 2022.
Mr. Kaleem Ahmed Ghayas and Mr. Raheel Qamar Ahmad signing the MoU
Mr. Kaleem Ahmed Ghayas and Mr. Raheel Qamar Ahmad while Mr. Arsalan Ahmed, Syed Izzat Hussain & Ms. Sonya Pervez standing behind
MoU with the Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan)
Photograph taken at MoU signing ceremony between NBFI & Modaraba Association of Pakistan (NBFI & MAP) and The Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) on 13th September 2022.
Mr. Raheel Q. Ahmad, Chairman, NBFI & MAP and Mr. Aamir Ijaz Khan inked up the MoU
L-R: Ms. Sataish Asim, Ms. Sumreen Noman Ansari, Syed Izzat Hussain, Mr. Aamir Ijaz Khan, Mr. Raheel Q. Ahmad & Ms. Sonya Pervez – Group Photo at MoU signing ceremony
Seminar on Islamic Banking & Finance “Emerging Trends and Future Career Opportunities for Youth" at Pearl Continental Hotel
The BankIslami Pakistan Limited organized a seminar on Islamic Banking & Finance “Emerging Trends and Future Career Opportunities for Youth" at Pearl Continental Hotel on 07th September 2022. Mr. Raheel Qamar Ahmad participated through zoom video link and speech via video recording while Syed Izzat Hussain attended physically on behalf of NBFI & Modaraba Association of Pakistan.
Mr. Raheel Q. Ahmad, Chairman, NBFI & MAP delivering speech
L-R: Syed Amir Ali (President & CEO, BankIslami), Mr. Wasie, Mr. Zaigham Rizvi, Syed Izzat Hussain, Mr. Ahmed A. Khan, Mufti Ibrahim Essa & Mr. Zaigham Rizvi
Session view
12th Annual General Meeting and Election Results 2022-23
The 12th Annual General Meeting of the Association held on 27th September 2022 at the Conference Hall of the Association as well as through Zoom video link.
As per Election Results, Mr. Mahfuz-ur Rehman Pasha has been elected Chairman for the Year 2022-23 where as Mr. Shuja Malik and Mr. Irfan Ahmed has been elected Senior Vice Chairman and Vice Chairman of NBFI & Modaraba Association of Pakistan respectively.
Mr. Raheel Qamar Ahmad outgoing Chairman while addressing the AGM briefed on the efforts and challenges of the sectors and congratulated the incoming Office Bearers and Executive Committee Members.
Mr. Mahfuz-ur-Rehman Pasha, the incoming Chairman in his address thanked the elected members of Executive Committee for his appointment as Chairman of the Association. He said that the newly elected Executive Committee with the co-operation and co-ordination of the Members of the Association will put in their best efforts to resolve the sector’s issues.
Mr. Mahfuz-ur-Rehman Pasha incoming Chairman presenting memento to Mr. Raheel Qamar Ahmad outgoing Chairman
Group photo
Secretariat Staff Group photo with outgoing and incoming Chairman
YEAR BOOK 2021 LAUNCHING CEREMONY
The 12th Year Book of NBFI and Modaraba Association of Pakistan was unveiled at a ceremony held physically and through zoom video link on Thursday July 14, 2022.
The ceremony was presided over by Mr. Aamir Khan, Chairman, SECP and also attended by Ms. Sadia Khan, Commissioner, SECP, Mr. Tariq Naseem, Registrar Modaraba, SECP, Ms. Khalida Habib, Executive Director and other senior members of the SECP. Chief Executives of Modarabas, Leasing Companies, Investment Finance Services and senior officials from other financial entities also participated. The year Book was presented to the Chief Guest by Ms. Khalida Habib and Mr. Tariq Naseem on behalf of the Association as the ceremony was arranged on zoom video link.
Aamir Khan, Chairman SECP stated that NBFI & Modarabas sector holds enormous untapped potential to support the growth of the economy by serving as a conduit between businesses and the capital market and needs to expand its role from complementing the banking sector to being at forefront of advancing financial inclusion in Pakistan.
Mr. Raheel Qamar Ahmad, Chairman, NBFI & Modaraba Association of Pakistan thanked the Chairman SECP for gracing the event and in his welcome address shared the issues of the sector and requested the Chairman SECP for resolution of issues highlighted, he also mentioned the initiative taken by the Association for the betterment of the sector like Hybrid Internship Program, Academia Course Development, Trade Association Awareness Seminars.
Best Performance Awards were also distributed during the event the top performers of the non-Banking and Modaraba Sector, based on 30th June, 2021 results, OLP Financial Services Pakistan Limited secured first position while First Habib Modaraba secured Second position. The third position award was given to OLP Modaraba & Allied Rental Modaraba. B.R.R. Guardian Modaraba, Orient Rental Modaraba, LSE Financial Services Limited were also awarded based on criteria of significant improvement / growth (volume wise) in Profit and cash dividend payout.
In the end Mr. Basheer A. Chowdry, CEO, Trust Modaraba offered vote of thanks to the Chief Guest Mr. Aamir Khan and his team for their continued support and guidance to the Sector.
Mr. Aamir Khan, Chairman, SECP Launching Year Book 2021 with Ms. Khalida Habib, Executive Director & Mr. Tariq Naseem, Registrar Modaraba
Mr. Ramon Alfrey, Dy. CEO, OLP Financial Services Pakistan Limited receiving the Award of 1st Position from Mr. Raheel Q. Ahmad, Chairman of the Association & CEO, OLP Modaraba
Mr. Muhammad Shoaib Ibrahim, CEO, First Habib Modaraba receiving the Award of 2nd Position from Mr. Raheel Q. Ahmad, Chairman of the Association & CEO, OLP Modaraba
Mr. Muhammad Saad, CFO, Allied Rental Modaraba receiving the Award of 3rd Position from Mr. Raheel Q. Ahmad, Chairman of the Association & CEO, OLP Modaraba
Mr. Raheel Q. Ahmad, CEO, OLP Modaraba receiving the Award of 3rd Position from Mr. Shaheen Amin, CEO, OLP Financial Services Pakistan Limited
Mr. Ayaz Dawood, CEO, B.R.R. Guardian Modaraba receiving the Award of significant improvement / growth (volume wise) in Profit and cash dividend payout from Mr. Raheel Q. Ahmad, Chairman of the Association & CEO, OLP Modaraba
Mr. Teizoon Kisat, CEO, Orient Rental Modaraba receiving the Award of significant improvement / growth (volume wise) in Profit and cash dividend payout from Mr. Raheel Q. Ahmad, Chairman of the Association & CEO, OLP Modaraba
Mr. Muhammad Shoaib Ibrahim, CEO, First Habib Modaraba receiving the Award on behalf of LSE Financial Services Limited of significant improvement / growth (volume wise) in Profit and cash dividend payout from Mr. Raheel Q. Ahmad, Chairman of the Association & CEO, OLP Modaraba
View of Participants
Group Photo of Participants of Launching Year Book 2021
NBFI & Modaraba Association of Pakistan & IoBM – MoU Signing Ceremony
NBFI & Modaraba Association of Pakistan and The Institute of Business Management (IoBM), Karachi, signed a memorandum of understanding (MoU) on 23rd February 2022.
The primary objective of this agreement is to create a means of awareness and promote the Islamic mode of Financing, Modarabas and NBFIs (non-bank financial institutions) to the students of IoBM and the general public. The signatories were Mr. Talib S. Karim, President IoBM and Mr. Raheel Qamar Ahmad, Chairman – NBFI & Modaraba Association of Pakistan. Among the various points agreed upon, IoBM shall facilitate in creating awareness and image building about Islamic mode of Financing, Modarabas and NBFIs to its students. Similarly, NBFI & MAP may work jointly with IoBM for the development of Islamic Financial Products and may collaborate with IoBM for the Capstone project being offered by IoBM on mutually agreed terms.
Workshop on “Applicability of IFRS-9”
NBFI & Modaraba Association of Pakistan in collaboration with Securities & Exchange Commission of Pakistan (SECP) and the Institute of Chartered Accountants of Pakistan (ICAP) organized a Workshop on “Applicability of IFRS-9” on 22nd February 2022 at the Conference Hall of the Association.
The participants attended the workshop both physically and virtually through zoom.
Syed Izzat Hussain – Secretary General, NBFI & MAP welcomed all and invited Mr. Aqeel Ahmad Zeeshan – Additional Director, SECP for a formal introduction of workshop.
Mr. Aqeel Ahmad Zeeshan briefly described about the workshop and its importance and thanked the ICAP.
Mr. Khattab Baig – Partner A. F Ferguson & Company, Mr. Muhammad Rehan – Senior Director EY Ford Rhodes and Mr. Shehzad Hussain – Senior Manager A.F Ferguson & Company conduct the workshop. Mr. Raheel Qamar Ahmad, MD & CEO, OLP Modaraba and Chairman of the Association presented concluding remarks and distributed Certificates to the participants and Plaques to the Trainers.
Meeting with Dr. Imam Uddin & Khwaja Masood Raza of IOBM
A meeting with Dr. Imam Uddin and Khwaja Masood Raza of Institute of Business Management (IOBM) was held on 17th December 2021 at the office of ORIX Modaraba. Mr. Raheel Qamar Ahmad, CEO & MD, ORIX Modaraba & Chairman NBFI & MAP, Mr. Qazi Obaid, CFO & CS, First Equity Modaraba & Member EC, Syed Izzat Hussain, Secretary General, NBFI & MAP, Ms. Asma Farooque, Coordinator CEO & MD ORIX Modaraba, and Ms. Sonya Pervez, Manager Operations NBFI & MAP attended.
The Chairman briefed about the Association’s objectives, performance and issues being faced by the NBFI and Modaraba sector and discussed various possibilities of mutual interest specially awareness of NBFI & Modaraba sector and a hybrid internship program to facilitate the students of universities. Dr. Imam appreciated the views of Mr. RQA and showed willingness to work with the sector. He added that there is a strong need to create awareness about Islamic mode of Financing as there is a lot of misconception about it in general public and can be achieved with mutual efforts.
Meeting with KATI
A delegation comprising 1) Mr. Raheel Qamar Ahmad - Chairman, NBFI & MAP and CEO, ORIX Modaraba, 2) Mr. Karim Hatim - Senior Vice Chairman, NBFI & MAP and CEO Awwal Modaraba, 3) Mr. Basheer A. Chowdry - Member RRC and CEO, Trust Modaraba, 4) Mr. Shoaib Ibrahim - Member RRC and CEO, First Habib Modaraba and 6) Syed Izzat Hussain - Secretary General, NBFI & MAP held a meeting with Core Committee of KATI. Comprising 1) Mr. S. M. Muneer, Patron in chief KATI, 2) Mr. Muhammad Salman Aslam, President – KATI, 3) Syed Farrukh Ali Qandhari, Vice President – KATI, 4) Mr. Mohammad Ghazanfar Ali Khan, Advisor – Trade and Investments, 5) Dr. Nouman Idris Butt, Nominee President for FPCCI, 6) Mr. Mohammad Zubair Chhaya, Chairman & CEO, KATI, 7) Mr. Hanif Goher, Former SVP, FPCCI, 8) Mr. Gulzar Firoze, Former President, KATI, 9) Mr. Farhan-ur-Rehman, Former President, KATI on December 08, 2021.
Mr. S. M. Muneer and Mr. Salman Aslam welcomed the delegation of Association on behalf of the Core Committee of Karachi Association Trade & Industries (KATI). Mr. Raheel Q. Ahmad spoke about NBFI & Modaraba sector, its Shariah compliant products and modus operandi with main focus on SMEs. Mr. Basheer A. Chowdry narrated the problems of NBFC’s.
Mr. S. M. Muneer assured of the support and invited NBFI sector to deliver lectures and arrange seminar/workshop on shariah compliant products & their modus operandi to enlighten the KATI members for establishing business relationship with NBFI sector. He pledged to apprise the Finance Minister and Prime Minister of the sector’s issues for their resolution.
Meeting with delegation of FPCCI
A delegation of FPCCI comprising: 1) Mr. Ghazanfar Ali Khan, 2) Mr. Khalid Tawab, 3) Mr. Zubair Tufail, 4) Dr. Ikhtiar Baig, 5) Mr. Zahid Umer, 6) Mr. Rizwan Jaffrani and 7) Mr. Humayoon Laeeq visited the Association to meet the Office Bearers on 4th November 2021 and discussed the matters of mutual interests.
Mr. Raheel Q. Ahmad, Chairman, NBFI & Modaraba Association Pakistan briefed about the Association’s objectives, performance and issues being faced by the NBFI and Modaraba sectors.
Mr. Baig, spoke about the recently announced incentives in the construction industry and asked about the role, NBFI & Modaraba Sector can play in this area. The Chairman said that financing to small construction projects can be undertaken. Mr. Baig extended his commitment and assurance of FPCCI to support NBFI and Modaraba sector for resolution of sectoral issues.
11th Annual General Meeting and Election Results 2021-22
The 11th Annual General Meeting of the Association held on 28th September 2021 at the Conference Hall of the Association as well as through Zoom video link.
As per announcement of Election Results Mr. Raheel Qamar Ahmad has been elected Chairman for the Year 2021-22 while Mr. Karim Hatim as Senior Vice Chairman and Mian Faysal Riaz as Vice Chairman of NBFI & Modaraba Association of Pakistan.
Mr. Basheer A. Chowdry outgoing Chairman while addressing the AGM briefed on the efforts and challenges of the sectors and congratulated the incoming Office Bearers and Executive Committee Members. Mr. Chowdry thanked to Mr. Muhammad Samiullah, the outgoing Secretary General and appreciated the services rendered by him to the Association and welcomed the incoming Secretary General Syed Izzat Hussain.
Mr. Muhammad Samiullah outgoing Secretary General thanked the Executive Committee and the Members of the Association for co-operation with him during his tenure. Syed Izzat Hussain incoming Secretary General also thanked the Executive Committee for his appointment and assured for his best services.
Mr. Raheel Qamar Ahmad incoming Chairman and Mr. Muhammad Shoaib Ibrahim also addressed the AGM.
Mr. Basheer A. Chowdry, Chairman presenting memento & bouquet to Mr. Muhammad Samiullah outgoing Secretary General 
Mr. Raheel Qamar Ahmad incoming Chairman presenting memento & bouquet to Mr. Basheer A. Chowdry outgoing Chairman
View of participants
Launching of Year Book 2020 and Best Performance Awards 2020
NBFI & MODARABA SECTOR NEEDS TO EXPAND ITS ROLE AS IT POSSESSES ENORMOUS UNTAPPED POTENTIAL
NBFI & Modarabas are essential components of Pakistan’s financial services segment and play a critical role in supporting the growth of the economy. The sector possesses untapped potential and there is a dire need to expand its role by taking on a broader and a wider risk that banks are unable to do. This was stated by Mr. Aamir Khan, Chairman, SECP, while unveiling the Year Book -2020 of NBFI & Modaraba Association in a ceremony through zoom video link held on 29 june 2021. The ceremony also included the announcement of Best Performance Awards to the top performer of the non-Banking and Modaraba Sector.
The ceremony was presided over by Mr. Aamir Khan, Chairman, SECP and also attended by Mr. Farrukh H. Sabzwari, Commissioner, Ms. Khalida Habib, Executive Director, Ms. Bushra Aslam, Registrar Modaraba, Ms. Musarat Jabeen, Executive Director and other senior members of the SECP. Chief Executives of Modarabas, Leasing Companies Investment Finance Services, Shariah Advisors and senior officials from other financial entities also participated. The year Book was presented to the Chief Guest by Ms. Musarat Jabeen, Executive Director, SECP on behalf of the Association as the ceremony was arranged on zoom video link.
While congratulating the Association on launching of the Year Book 2020 Mr. Khan said that it is a pleasure for him to note that the Association has continued with the important venture of publishing this book on regular basis despite the constraints it faces due to the ongoing pandemic.
He further stressed that the association needs to pay attention to such areas as technical advancement, innovation, product diversification, capacity building and adopting even higher governance standards.
Earlier Mr. Basheer A. Chowdry, Chairman, NBFI & Modaraba Association of Pakistan highlighted salient features of the performance of Modaraba and Leasing Sectors during the year. He said that in spite of facing numerous challenges such as limited resource mobilization, lack of level playing field, liquidity problem, Sales tax & Federal Excise issues, etc. the entire NBFI & Modaraba Sector has distributed an amount of Rs.1,673 million as cash/stock dividend to the shareholders which proves resilience and potential of the sector.
Mr. Chowdry highlighted that currently both the Non-Banking and Modaraba sectors are facing taxation issues which continue to impact the business of our members. The foremost issue is the withdrawal of Clause 100 of Second Schedule of Income Tax Ordinance, 2001 meant for exemption for Modarabas.
He further said that the Association always encourages the performance of its members by giving “Best Performance Awards” to the top achievers Mr. Muhammad Samiullah Secretary General highlighted the salient features of the performance award criteria on the basis of which the awards are determined every year. Based on 30th June, 2030 results, ORIX Leasing Pakistan Limited secured first position while First Habib Modaraba secured Second position. The third position award for the year was given to ORIX Modaraba.
In conclusion Mr. Basheer A. Chowdry, Chairman, NBFI & Modaraba Association offered thanks to the Chief Guest Mr. Aamir Khan and his team for their continued support and guidance to the Sector He also expressed his sincere thanks to the members of the NBFI & Modaraba sector for their valuable assistance to the Executive Committee for discharging their responsibilities.
Country Report on Non-Banking and Modaraba sector Launched
Launching Ceremony of Country Report 2020 on Non-Banking and Modaraba sector was held on 25th January 2021 at IBA Auditorium, Karachi through Zoom video link as well as physically.
Dr. Ishrat Husain, Advisor to the Prime Minister on Institutional Reforms and Austerity was the Chief Guest.
Dr. Akber Zaidi, Executive Director IBA, Mr. Farrukh H. Sabzwari, Commissioner, SECP also addressed the participants.
Mr. Basheer A. Chowdry, Chairman, NBFI & Modaraba Association of Pakistan presented the Report to Dr. Akber Zaidi.
In his address Mr. Chowdry said that the report includes various aspects of the Non-Banking and Modaraba sector encompassing its evolution, growth, structure, performance, Shariah compliance and regulatory framework, and provided comprehensive coverage of the sector.
Please click the below links to view speeches of Dr. Ishrat Husain and Mr. Basheer A. Chowdry.
Speech of Dr. Ishrat Husain
Speech of Mr. Basheer A. Chowdry
NBFI & Modaraba Association of Pakistan & ICMA – MoU Signing Ceremony
A MoU was signed between NBFI & Modaraba Association of Pakistan & Institute of Cost & Management Accountant of Pakistan (ICMAP) on 24th December, 2019 at the Conference Hall of the Association.
The MoU was signed by Mr. Muhammad Shoaib Ibrahim on behalf of NBFI & Modaraba Association and Mr. Asim Hussain Khan signed on behalf of ICMAP. The objectives of this MoU are:
- To work jointly on Capacity Building and conduct training workshops and seminars
- Research & Development Work
- Job Placement & Internship
- Awareness Sessions at ICMAP regarding Modaraba and NBFC Models
- HR Solutions of the NBFI & Modaraba Sector
- Participation of the staff of NBFI & Modaraba Sector in the courses arranged by the ICMAP from time to time, at a concessional fee
- Any other work/assignment with the mutual consent of both the institutions
Launching of Year Book 2018
NBFI & Modaraba Association of Pakistan arranged a launching ceremony of Year Book 2018 on Monday the June 24, 2019 at Pearl Continental Hotel, Karachi. Mr. Khalid Mirza, Chairman, Policy Board, SECP was the Chief Guest of the ceremony. Mr. Raheel Q. Ahmad, Chairman, NBFI & Modaraba Association of Pakistan addressed the ceremony and presented the Year Book 2018 to the Chief Guest. Ms. Musarat Jabeen, Executive Director, read speech of the Chairman Mr, Farrukh H. Sabzwari who could not attend the ceremony due to an urgent meeting at Islamabad. The ceremony was attended by senior officials from SECP, CEOs of Modarabas, Leasing Companies, Investment Finance Services, Shariah Advisors and Takaful Companies and other guests.
Best Performance Awards 2018
NBFI & Modaraba Association of Pakistan also arranged Best Performance Awards Distribution ceremony for the year 2017-18 on Monday the June 24, 2019 at Pearl Continental, Karachi to the following Award Winning Members:
ORIX Leasing Pakistan Limited - Winner of 1st Position
Allied Rental Modaraba - Winner of 2nd Position
First Habib Modaraba and ORIX Modaraba - Joint Winner of 3rd Position
1st Meeting of FPCCI Standing Committee on NBFI & Modaraba
1st meeting of FPCCI Standing Committee on NBFI & Modaraba held on June 21, 2019 at the FPCCI Head Office at Karachi and discuss various issues of NBFI & Modaraba sectors. The following members attended:
1.Mr. Raheel Q. Ahmad – Convener
2.Mr. Basheer A. Chowdry – Deputy Convener
3.Mrs. Arjumand A. Qazi – Deputy Convener
4.Mr. Muhammad Shoaib Ibrahim – Member
5.Mr. Muhammad Samiullah – Member
Meeting with IBA-CEIF Team
The Association intends to get a Research Report prepared by IBA-CEIF on NBFI & Modaraba sector. For the purpose a meeting was held with a team of IBA-CEIF led by Dr. Irum Saba, Assistant Professor, IBA on 17th May 2019 at the Association office which was attended by Mr. Raheel Q. Ahmad, Chairman and Mr. Muhammad Samiullah, Secretary General. Mr. Raheel gave a brief outline for the preparation of the report.
Meeting with President, KCCI
A delegation led by Mr. Raheel Q. Ahmad, Chairman accompanied by Mr. Muhammad Shoaib Ibrahim, CEO, First Habib Modaraba and Mr. Muhammad Samiullah, Secretary General visited Karachi Chamber of Commerce & Industry on 14th May 2019 to meet Mr. Junaid Ismail Makda, President, KCCI and discuss various issues including arrangement of awareness campaign for Modaraba Model for the Business Community and inclusion of NBFI & Modaraba sector in the concessional schemes of State Bank of Pakistan particularly for SMEs.
5th DGTO Consultative Session
The Directorate General of Trade Organization in collaboration with Pakistan Knitwear & Sweater Exporters Association (PAKSEA) arranged 5th DGTO Consultative Session for Secretary Generals and Office Bearers of Trade Associations on 29th April 2019 at Pearl Continental Hotel, Karachi. Mr. Muhammad Samiullah, Secretary General of the Association attended the session. The objective of the interactive session was to establish an active platform for mainstreaming legitimate trade bodies for improved compliance of regulatory requirements under the relevant law.
Luncheon Meeting with Mr. Omar Mustafa Ansari
NBFI & Modaraba Association of Pakistan arranged a luncheon meeting with Mr. Omar Mustafa Ansari, Deputy Secretary General, Auditing & Accounting Organization for Islamic Financial Institutions, AAOIFI on 27th February 2019 at Karachi Club. Mr. Raheel Q. Ahmad, Chairman, Mr. Basheer A. Chowdry, Mr. Muhammad Naimuddin Farooqui, Mr. Muhammad Shoaib Ibrahim and Mr. Muhammad Samiullah attended the luncheon meeting and discussed various issues of mutual interest.
Luncheon Meeting with Mian Muhammad Adrees, Chairman, Sitara Group of Companies
NBFI & Modaraba Association of Pakistan arranged a luncheon meeting with Mian Muhammad Adrees, Chairman, Sitara Group of Companies. The meeting was attended by Mr. Raheel Q. Ahmad, Chairman, Mr. Basheer A. Chowdry, Mr. Muhammad Naimuddin Farooqui, Mr. Muhammad Sadiq Sheikh, Mr. Ayaz Dawood, Mr. Arshad Abbas, Mr. Aftab Afroz Mahmoodi, Mr. Muhammad Samiullah, Mr. Mehmood Arshad and Dr. Imran Y. Muhammad, Counsel General, Philippines, Mufti Ibrahim Essa. Various matters of mutual interest were discussed.
Interactive session on applicability of IFRS-9
In order to discuss the applicability of IFRS-9 on Modarabas and Leasing Companies and other related issues, the Association arranged an interactive session with CFOs on 14th February 2019 in the Conference Hall of the Association. Mr. Raheel Q. Ahmad, Chairman and Mr. Hassan Marfani, Section Head of Compliance, BankIslami Pakistan Limited conducted the session.
A visit of the delegation of Indus Motor Company Limited
A delegation of Indus Motor Company Limited led by Mr. Keiji Tani, Project General Manager and Mr. Yoshihiro Mori, Project General Manager Sales Finance Group, Automotive Business Innovation Department, Toyota Tshusho Corporation, Tokeyo Head Office had a meeting with the representatives of NBFI & Modaraba Association of Pakistan in the office of the ORIX Modaraba led by its Chairman, Mr. Raheel Q. Ahmad on 20th February 2019.
Mr. Muhammad Naimuddin Farooqui, CEO, Sindh Modaraba, Mr. Muhammad Shoaib Ibrahim, CEO, First Habib Modaraba and Mr. Muhammad Samiullah, Secretary General of the Association participated the meeting.
Various matters pertaining to the Leasing Companies and Modarabas in relation to the automobile industry in Pakistan were discussed particularly financing, marketing etc. etc.
Half Day Workshop on Anti Money Laundering (AML) & Countering Financing of Terrorism (CFT)
NBFI & Modaraba Association of Pakistan organized a Half Day Workshop on Anti Money Laundering (AML) & Countering Financing of Terrorism (CFT) and Financial Action Task Force (FATF) Recommendations on Tuesday the 15th January 2019 at the Conference Hall of the Association. This was second session on the subject.
Mr. Raheel Q. Ahmad, CEO ORIX Modaraba & Chairman, NBFI & Modaraba Association of Pakistan and Ms. Sumera Baloch, Additional Director & Senior Analyst, Financial Monitoring Unit, Government of Pakistan conducted the workshop. The workshop was attended by 31 participants from NBFI & Modaraba sectors, Mutual Funds and other Financial Institutions. Certificates were given to the participants by Mr. Raheel Q. Ahmad, Chairman of the Association.
Link to the Presentation on AML/CFT Regulations issued by SECP by Ms. Sumera Baloch
Link to the Presentation on FATF Recommendations by Ms. Sumera Baloch
Half Day Workshop on IFRS-9 / SECP Supervision Mechanism
NBFI & Modaraba Association of Pakistan organized a Half Day Workshop on IFRS-9 / SECP Supervision Mechanism on Thursday the 27th December 2018 at the Conference Hall of the Association.
Mr. Hassan Marfani, Chartered Accountant, former CFO/CS, Modaraba Al-Mali and currently Section Head-Compliance, BankIslami Pakistan Limited and Mr. Kashif Ghani, Deputy Director, SCD, Supervision and Enforcement Department, SECP conducted the workshop. The workshop was attended by 26 participants from NBFI & Modaraba sectors, Mutual Funds and other Financial Institutions. The Workshop was inaugurated by Mr. Raheel Q. Ahmad, Chairman, NBFI & Modaraba Association of Pakistan.
Mr. Shahid Nasim, Executive Director, SECP & Mr. Basheer A. Chowdry, CEO, Trust Modaraba and former Chairman of the Association also addressed the participants thereafter certificates were distributed to the participants.
Link to Presentation of Mr. Hassan Marfani
Link to the model on Excel Sheet by Mr. Hassan Marfani
Link to Presentation of Mr. Kashif Ghani
Evolution of Islamic Financial System in Pakistan
The Association organised a talk by Mufti Irshad Ahmad Aijaz, renowned Shariah Scholar and Chairman, Shariah Advisory Board, BankIslami Pakistan Limited on Evolution of Islamic Financial System in Pakistan on Thursday the 6th December 2018 in the Conference Hall of the Association.
The event was attended by the senior officials from NBFI & Modaraba, Takaful and Securities Market.
Half Day Workshop on Anti Money Laundering (AML) & Countering Financing of Terrorism (CFT)
NBFI & Modaraba Association of Pakistan organized a Half Day Workshop on Anti Money Laundering (AML) & Countering Financing of Terrorism (CFT) on Wednesday the 28th November 2018 at the Conference Hall of the Association.
Mr. Raheel Q. Ahmad, CEO ORIX Modaraba & Chairman, NBFI & Modaraba Association of Pakistan and Ms. Sumera Baloch, Additional Director & Senior Analyst, Financial Monitoring Unit, Government of Pakistan conducted the workshop. The workshop was attended by 44 participants from NBFI & Modaraba sectors, Mutual Funds and other Financial Institutions. Certificates were given to the participants by Mr. Raheel Q. Ahmad, Chairman of the Association.
Meeting with Orient Rental Modaraba
A delegation of NBFI & Modaraba Association of Pakistan led by Mr. Raheel Q. Ahmad, Chairman visited Orient Rental Modaraba on 29th October 2018 and had a meeting with Engr. Muhammad Saeed, Chairman, Mr. Giasuddin, CEO and Member of Board of Directors of Orient Rental Modaraba and discussed various issued and challenges being faced by the Modaraba sector.
8th Annual General Meeting
The 8th Annual General Meeting of the Association held on 26th September 2018 at the Conference Hall of the Association.
Election Results 2018-19
Mr. Raheel Qamar Ahmad has been elected Chairman for the Year 2018-19 while Mr. Muhammad Adil Ghaffar as Senior Vice Chairman and Mr. Shiraz Butt as Vice Chairman of NBFI & Modaraba association of Pakistan.
Law Seminar on “Corporate Governance, Compliance and Litigation in Pakistan”
NBFI & Modaraba Association of Pakistan in collaboration with Pakistan Global Law Academy organized a Law Seminar on “Corporate Governance, Compliance and Litigation in Pakistan” on 2nd May 2018 at Karachi Gymkhana Auditorium. Hon Justice Mr. Muhammad Ali Mazhar, Sindh High Court was the Chief Guest while Mr. Basheer A. Chowdry, Chairman, NBFI & Modaraba Association of Pakistan presided over the Seminar.
Awwal Modaraba received Best Islamic Finance Award, 2018 at the 6th Global Forum on Islamic Finance from COMSATs, Institute of Information Technology, Lahore
Presentation on Modaraba sector in Pakistan
A delegation of International Shariah Research Academy for Islamic Finance (ISRA) Malaysia comprising of Dr. Marjan Muhammad, Senior Researcher and Ms. Ruslena Ramli, Head, Islamic Finance RAM Ratings Services Berhad, Malaysia visited the office of the NBFI & Modaraba Association on 11th April 2018.
Mr. Muhammad Shoaib Ibrahim, CEO, First Habib Modaraba and Mr. Muhammad Samiullah, Secretary General, NBFI & Modaraba Association of Pakistan gave a brief presentation on various aspects of the Modaraba sector in Pakistan. Also discussed the role of the Modaraba sector in the Islamic Financial Industry of Pakistan.
Half Day Workshop on AAOIFI Shariah Standards
NBFI & Modaraba Association of Pakistan organized a Half Day Workshop on “AAOIFI Shariah Standards” on Thursday the 22nd March 2018 at the Conference Hall of the Association.
Mufti Irshad Ahmad Aijaz, Chairman, Shariah Advisory Board, BankIslami Pakistan Limited conducted the workshop. The workshop was attended by Senior Executives of NBFI & Modaraba sector. Certificates were given to the participants by Mufti Irshad Ahmad Aijaz.
Launching Ceremony of Year Book 2017
NBFI & Modaraba Association of Pakistan arranged a launching ceremony of Year Book 2017 on Wednesday the February 14, 2018 at Karachi Marriott Hotel, Karachi. Mr. Imran Inayat Butt, Executive Director (SCD), SECP was the Chief Guest of the ceremony. Mr. Basheer A. Chowdry, Chairman, NBFI & Modaraba Association of Pakistan addressed the ceremony and presented the Year Book 2017 to the Chief Guest. The ceremony was attended by senior officials from SECP, CEOs of Modarabas, Leasing Companies, Shariah Advisors and Takaful Companies and other guests.
Best Performance Awards Distribution
NBFI & Modaraba Association of Pakistan also arranged Best Performance Awards Distribution ceremony for the year 2016-17 on Wednesday the February 14, 2018 at Karachi Marriott Hotel, Karachi to the following Award Winning Members:
First Position
ORIX Leasing Pakistan Limited - Winner of 1st Position
Second Position
First Habib Modaraba and ORIX Modaraba - Joint Winner of 2nd Position
Third Position
Allied Rental Modaraba - Winner of 3rd Position
Special Awards
NBFI & Modaraba Association of Pakistan also gave Special Award to for its achievements and recognition on National & International Forum
The Association also gave Special Award to Mr. M. Farhan Ul Haq Usmani, EVP & Head of Shariah Audit & Advisory Department, Meezan Bank Limited for his services to Modaraba sector
New Entrants
The Association welcomed the three (3) new entrants in the NBFI & Modaraba sectors and presented them to welcome shields
Presentation on Significant Changes in The Companies Act, 2017 and Modaraba Bill, 2018
NBFI & Modaraba Association of Pakistan organized a presentation on “Significant Changes in The Companies Act, 2017 and The Modaraba Bill, 2018” on Friday the 2nd February 2018 at the Conference Hall of the Association. The presentation was conducted by Mr. Jawed Hussain, Executive Director & Registrar Modaraba, SECP. The event was attended by Senior Executives of NBFI & Modaraba sector.
Presentation on significant changes in The Companies Act, 2017 and The Modaraba Bill, 2018
SAFA Best Presented Account Award -2016 - 8th Consecutive years to First Habib Modaraba
South Asian Federation of Accountants (SAFA) in its award ceremony held at Kathmandu, Nepal on 31st January, 2018, awarded SAFA BPA “Certificate of Merit” award to First Habib Modaraba (FHM) from the category of “Financial Services Sector” for “Best Presented Annual Report Award” on the Annual Report of 2016.
Presentation on Commodity Murabaha Transactions
NBFI & Modaraba Association of Pakistan organized a presentation on “Commodity Murabaha Transactions” on Wednesday the 17th January 2018 at the Conference Hall of the Association. The presentation was conducted by Pakistan Mercantile Exchange (PMEX) and Meezan Bank Limited jointly.
Mr. Farhanul Haq Usmani, EVP & Head of Shariah Audit & Advisory, Meezan Bank explained the mechanism of the transaction and opportunities available for the Islamic Banks, Corporate entities and SMEs.
Mr. Nauman Lakhani, Head of Marketing, Business Development and Mr. Hassan Mahmood, Head of Research & Product Development, PMEX gave a brief presentation on the working of PMEX and explained Transactional Process Flow and Account Opening Procedure at Shariah Compliant Commodity Trading Platform.
Mr. Basheer A. Chowdry said that the product will provide an opportunity to the Islamic Financial Institutions to expand their operational platform and appreciated the initiative taken by PMEX and Meezan Bank to develop the mechanism.
The event was attended by Senior Executives of NBFI & Modaraba sector and took keen interest in the facilities being provided by PMEX to the Islamic Financial Institutions.
Half Day Workshop on AAOIFI Shariah Standards
NBFI & Modaraba Association of Pakistan organized a Half Day Workshop on “AAOIFI Shariah Standards” on Wednesday the 17th January 2018 at the Conference Hall of the Association.
Mufti Irshad Ahmad Aijaz, Chairman, Shariah Advisory Board, BankIslami Pakistan Limited conducted the workshop. The event was attended by Senior Executives of NBFI & Modaraba sector. Certificates were given to the participants by Mufti Irshad Ahmad Aijaz.
12 Business Recorder Karachi
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Election Results 2017-18
Mr. Basheer A. Chowdry has been elected Chairman for the Year 2017-18 while Mr. Muhammad Naimuddin Farooqui as Senior Vice Chairman and Dr. Fakhara Rizwan as Vice Chairperson of NBFI & Modaraba association of Pakistan.
7th Annual General Meeting
The 7th Annual General Meeting of the Association held on 26th September 2017 at the Conference Hall of the Association.
Meeting with Registrar Modaraba
An interactive session with Mr. Jawed Hussain, Registrar Modaraba, SECP was held with the Rules & Regulations Committee of the Association followed by a consultative session with member Modarabas on 11th September 2017 at the Conference Hall of the Association and discussed the significant changes in the Draft Modaraba Act, 2017.
Election Schedule
The NBFI & Modaraba Association of Pakistan announced its Election Schedule for the election of Executive Committee and Office Bearers for the year 2017-18.
Launching Ceremony of Year Book 2016& Distribution of Best Performance Awards 2016
NBFI & Modaraba Association of Pakistan arranged a launching ceremony of Year Book 2016& Distribution of Best Performance Awards 2016 on Tuesday the May23, 2017 at Karachi Marriott Hotel, Karachi.
Mr. Shahid Nasim, Executive Director (SCD), SECP was the Chief Guest of the ceremony. The ceremony was attended by CEOs of Modarabas, Leasing Companies, Investment Banks and other guests.
Mr. Ayaz Dawood, Chairman, NBFI & Modaraba Association of Pakistan addressed the ceremony and presented the Year Book to the Chief Guest Mr. Shahid Nasim.
First Position
First Imrooz Modaraba -Mr.Ateed Riad, CFO, received the Award.
Second Position
First Habib Modaraba - Mr. Muhammad Shoaib Ibrahim, CEO, received the Award
Third Position
ORIX Modaraba - Mr. Raheel Q. Ahmad, CEO received the Award
SECP GRANTED AUTHORIZATION TO FLOAT TWO MODARABAS
The Securities & Exchange Commission of Pakistan (SECP) has issued formal authorization to the following Modaraba Management Companies to float Modarabas:
i. Habib Metropolitan Modaraba Management Company (Private) Limited (HMMMCPL), a wholly owned subsidiary company of Habib Metropolitan bank Limited (HMBL), to float another modaraba of Rs.300 million under the name of Habib Metro Modaraba. Habib Metro is currently managing First Habib Modaraba which is listed on the Stock Exchange. The new Modaraba will be a financial Modaraba, focusing on providing car financing solutions to individuals and corporate customers based on residual value car financing model. It will also provide solar power solutions to its customers based on Ijarah besides providing financing for generators, construction equipment, commercial and agricultural equipments etc.
ii. The Securities and Exchange Commission of Pakistan (SECP) has issued authorisation to Eman Management Private Ltd. (EMPL) to float Orient Rental Modaraba, having capital of Rs.500 million. The new modaraba will engage in providing rental equipment solutions, operations and maintenance services to its customers on Ijarah basis. The equipment selected for rental will include a fleet of power generation equipment, commercial vehicles, material handling equipment and construction machinery.
These authorisation by the SECP in the current month to float two modarabas shows the growing interest of prospective investors in Islamic finance especially in the modaraba sector.
ISLAMIC FINANCE CENTRE, SARMAYAKARI MARKAZ, MANSEHRA ROAD, ABBOTTABAD
NBFI & Modaraba Association of Pakistan established “Islamic Finance Centre” at Sarmayakari Markaz, Mansehra Road, Abbottabad. It is the country’s first ever Capital Market Business Hub, an endeavour conceived by the Securities and Exchange Commission of Pakistan. These Hubs will serve as a central location with presence of all major capital market entities at a single point greatly enhancing outreach and accessibility in second tier cities. The Markaz is being administered by the Central Depository Company (CDC).
Presently Six Mutual Funds, Two Brokerage Houses and one office each of SECP, CDC and PSX are located in the building.
NBFI & Modaraba Association of Pakistan has recently joined hands with SECP and CDC and opened a “Islamic Finance Centre” in order to promote the Islamic modes of financing in Abbottabad and surrounding areas of Northern part of the country. The Centre is being currently finance by two leading modarabas namely Allied Rental Modaraba and First Habib Modaraba.
The Association entered into an agreement to acquire an office premises at Sarmayakari Markaz Abbottabad to establish “Islamic Finance Centre” to promote the Islamic products in the northern area of the country. Mr. Ayaz Dawood, Chairman, NBFI & Modaraba Association and Mr. Aftab Dewan, CEO, Central Depository Company (CDC) signed the agreement on behalf of their respective entities on January 27, 2017
Half Day Workshop on “New Company Law in Pakistan” (Companies Ordinance, 2016)
NBFI & Modaraba Association of Pakistan organised a Half Day Workshop on “New Company Law in Pakistan” (Companies Ordinance, 2016) on Friday the 2nd December 2016 at the Conference Hall of the Association. The Workshop was designed for the Directors, CEOs and CFOs of the NBFI & Modaraba sector. Mr. Abdul Rahim Suriya FCA FCMA & Ms. Mahreen Nazar, Assistant Professor IBA LL.M James Beasley School of Law, Temple University, Philadelphia USA LL.B (Hons) Thames Valley University, London, UK conducted the workshop. Mr. Shahid Nasim, Executive Director, SECP also participate the workshop.
Half Day Workshop on “SUKUK”
NBFI & Modaraba Association of Pakistan organized a Half Day Workshop on “SUKUK” on Tuesday the 23rd August 2016 at the Conference Hall of the Association. Mr. Mahfuz-ur-Rehman Pasha, Chairman, NBFI & Modaraba Association of Pakistan inaugurated the workshop. Mufti Irshad Ahmad Aijaz, Chairman Shari'ah Board, BankIslami Pakistan Limited conducted the Workshop.
Election Results 2016-17
Mr. Ayaz Dawood has been elected Chairman for the Year 2016-17 while Mr. Murtaza Ahmed Ali as Senior Vice Chairman and Mr. Rashid Kamal Siddiqui as Vice Chairman of NBFI & Modaraba association of Pakistan.
6th Annual General Meeting
6th Annual General Meeting of the Association held on 21st September 2016 at the Conference Hall of the Association.
Election Schedule
The NBFI & Modaraba Association of Pakistan announced its Election Schedule for the election of Executive Committee and Office Bearers for the year 2016-2017.
“The Association organised a presentation on Mandatory Certification for the professional of NBFCs and Modarabas on Monday the 6th June 2016 at the Conference Hall of the Association.
Mr. Shahid Hussain, senior Program Manager, Institute of Capital Market (ICM) conducted the presentation and explained the salient features of the mandatory certification. Senior officials of Modarabas attended the presentation.”
“FPCCI Standing Committee on NBFI & Modaraba in collaboration with the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) organised a seminar on 24th May 2016 at the Auditorium of the Federation at Federation House, Clifton Karachi. Mr. Mohammad Hanif Gohar, Vice President of FPCCI & Chairman of Association of Builders & Developers (ABAD).
Mr. Muhammad Ibrahim Essa, Shariah Advisor gave a detailed presentation on Zakat, Salient Features & its Calculation while a Panel of Shariah Advisors including Mufti Muhammad Ibrahim Essa, Mufti Abdul Sattar Laghari, Mufti Zeeshan Abdul Aziz and Mufti Hassan Usmani, participated in a Question & Answer session.
Mr. Basheer A. Chowdry, Mr. M. Faiq Hussain & others from Modaraba & Leasing sector attended the seminar. Mr. Basheer A. Chowdry presented a memento of the NBFI & Modaraba Association to the Chief Guest Mr. Muhammad Hanif Gohar.”
Launching Ceremony of Year Book 2015 & Distribution of Best Performance Awards 2015
NBFI & Modaraba Association of Pakistan arranged a launching ceremony of Year Book 2015 & Distribution of Best Performance Awards 2015 on Thursday the March 17, 2016 at Movenpick Hotel, Karachi.
Mr. Zafar Abdullah, Commissioner (SCD), SECP was the Chief Guest, while Mr. Shahid Nasim, Mr. Imran Inayat Butt, Executive Director and Mr. Shahid Mahmood, Registrar Modaraba from SECP and Mr. S. Khalid Tawab, Senior Vice President, FPCCI participated in the ceremony. The ceremony was attended by CEOs of Modarabas, Leasing Companies, Investment Banks and other guests.
Mr. Mahfuz-ur Rehman Pasha, Chairman, NBFI & Modaraba Association of Pakistan addressed the ceremony and presented the Year Book to the Chief Guest Mr. Zafar Abdullah.
The Chief Guest distributed the Awards to the following winning top five best performers of NBFI & Modaraba sectors for the year ended 30th June, 2015:
First Position
ORIX Leasing Pakistan Limited - Mr. Ramon Alfrey, CFO received the Award.
Second Position
Allied Rental Modaraba - Mr. Murtaza Ahmed Ali, CEO, received the Award.
Third Position
First Habib Modaraba - Mr. Muhammad Shoaib Ibrahim, CEO, received the Award
Fourth Position
Standard Charted Modaraba - Mr. Raheel Q. Ahmad, CEO received the Award
Fifth Position
First UDL Modaraba - Mr. Ather Naqi, CEO received the Award
The Association also awarded a Special Award to Mr. Teizoon Kisat, former CEO, ORIX Leasing Pakistan Limited for his meritorious services to the leasing sector.
Workshop on Practical Problems in Ijarah & Diminishing Musharaka
NBFI & Modaraba Association of Pakistan organized a workshop on “Practical Problems in Ijarah & Diminishing Musharaka” on Tuesday the 15th March 2016 at the Conference Hall of the Association, Karachi. Mufti Ibrahim Essa, Shariah Advisor of ORIX Leasing Pakistan Limited conducted the Workshop.
In addition Mr. Intisar M. Usmani, Head of Credit, First Habib Modaraba the Industry Expert share his practical experience with the participants.14 participants attended the workshop.
SECP has extended the date of compliance to February 15, 2016 for updating websites in Urdu Language
ISLAMABAD: After receiving numerous complaints from companies that maintaining specific information in Urdu language at their websites was a difficult task, the Securities and Exchange Commission of Pakistan (SECP) has extended the date of compliance in this regard for listed and unlisted public companies to Feb 15, 2016.
Earlier, the SECP vide SRO1222 had directed public listed and unlisted companies to ensure provision of information of public interest including objectives, status, registration number, contact details of important persons, profiles of Board of Directors, name of auditor of company in Urdu and English on their websites with effect from Jan 1, 2016.
Published in Dawn, January 5th, 2016”
Meeting with world bank team
A meeting was held on 8th December, 2015 at the office of SECP with World Bank Group (WGB) led by Mr. Gabi George Afram, Program Leader, Private Sector Development to discuss the growth, issues and future outlook of NBFI & Modaraba Sector in Pakistan.
Mr. Mahfuz-ur-Rehman Pasha, Chairman, NBFI & MAP, Mr. Basheer A. Chowdry, Mr. Muhammad Shoaib Ibrahim, Ms. Effat Assad and Mr. Muhammad Samiullah attended the meeting and highlighted the performance and achievements, issues and constraints of the NBFI & Modraba Sector.
Workshop on Islamic Finance
NBFI & Modaraba Association of Pakistan organized a Workshop on “Islamic Finance” on Thursday the 19th November 2015 at Pearl Continental Hotel, Karachi. Mr. Mahfuz-ur-Rehman Pasha, Chairman, NBFI & Modaraba Association of Pakistan inaugurated the workshop. Mufti Irshad Ahmad Aijaz, Chairman Shari'ah Board, BankIslami Pakistan Limited and Mufti Zeeshan Abdul Abdul Aziz, Shariah Advisor of Sindh Modaraba conducted the Workshop. The Workshop was designed for the Directors and Senior Executives of the NBFI & Modaraba sector. The certificates were given to the participants by Mr. Mahfuz-ur-Rehman Pasha, Mr. Basheer A. Chowdry and Mr. Muhammad Shoaib Ibrahim jointly.
MoU Signing Ceremony
NBFI & Modaraba Association of Pakistan & Pak-Qatar General Takaful Limited signed an MoU on 30th September 2015 for providing Takaful coverage on the basis of Islamic modes to the members of the Association.
Mian Muhammad Adrees, President, The Federation of Pakistan Chambers of Commerce & Industry was the Chief Guest of the above event which was largely attended by the Senior Officials of Modarabas and Takaful sectors.
Interview of Mr. Muhammad Shoaib Ibrahim, Chairmain & Mr. Muhammad Samiullah, Secretary General, NBFI & Modaraba Association of Pakistan
Mr. Muhammad Shoaib Ibrahim, Chairman and Mr. Muhammad Samiullah, Secretary General, NBFI & Modaraba Association participated in a discussion program on “Concept of Modaraba & Modaraba Regulations, 2015” on Business Plus Channel on 22nd September, 2015. Mr. Khalil Ahmed, Anchor Person discussed various questions on the topic which were replied by both the participants. Click here to view the interview
Best Corporate Report Award– 2014
Joint Committee of Institute of Chartered Accountant of Pakistan (ICAP) and Institute of Cost & Management Accountant Pakistan (ICMAP) in their ceremony held on 4th September, 2015, has awarded “Best Corporate Report Award” to First Habib Modaraba (FHM) and secured “First Position” under the category of NBFIs. FHM has been receiving best corporate report award since last six consecutive years.
Workshop on Islamic Modes of Financing
NBFI & Modaraba Association of Pakistan is organizing one day workshop on “Islamic Modes of Financing” for Directors and Senior Executives of NBFI & Modaraba Sectors on Tuesday 18th August 2015.
The workshop will be conducted by Senior Shariah Scholars including Mufti Irshad Ahmed Aijaz, Mufti Muhammad Najeeb Khan, Mufti Ibrahim Essa, Mufti Abdul Sattar Laghari and Mufti Zeeshan Abdul Aziz.
The Association have specially invited Mr. Bilal Rasul, Executive Director & HOD of Islamic Finance Department, SECP who will discuss the Shariah Compliance and its regulatory aspects.
First Habib Modaraba announced their financial results
First Habib Modaraba announced their financial results for the year ended June 30, 2015 and booked profit of Rs.306 million as compared to Rs.285 million for the corresponding period last year. FHM also declared a cash dividend of 22% to its certificate holders.
Launching Ceremony of Year Book 2014
NBFI & Modaraba Association of Pakistan arranged a launching ceremony of Year Book 2014 on Thursday the February 26, 2015 at Pearl Continental Hotel, Karachi.
Mr. Fida Hussain Samoo, Commissioner, Insurance, SECP was the Chief Guest, while Mr. Shahid Nasim and Mr. Tariq Soomro from SECP participated the ceremony. The ceremony was attended by CEOs of Modaraba, Leasing Companies, Investment Banks and other guests.
Mr. Muhammad Shoaib Ibrahim, Chairman, NBFI & Modaraba Association of Pakistan addressed the ceremony and presented the Year Book to the Chief Guest Mr. Fida Hussain Samoo.
Distribution of Best Performance Awards
Best Performance Award Ceremony of NBFI & Modaraba Association of Pakistan held on Thursday February 26, 2015 at Pearl Continental Hotel, Karachi. Mr. Fida Hussain Samoo, Commissioner, Insurance, SECP distributed the Awards to the following members:
First Position
Allied Rental Modaraba Mr. Murtaza Ahmed Ali, CEO, received the Award.
Second Position
ORIX Leasing Pakistan Limited Mr. Teizoon Kisat, CEO received the Award.
Third Position
This year two members have acquired third positions by getting equal marks i.e. 75% each as such both the members have been given third position joint awards.
Standard Charted Modaraba Mr. Raheel Q. Ahmad, CEO received the Award
First Habib Modaraba Mr. Muhammad Shoaib, CEO, received the Award
Welcome Shield
During the year 2014-15 two new members joined the NBFI & Modaraba Association of Pakistan one Leasing Company and one Modaraba.
Sindh Leasing Company Limited - Mr. Naim Farooqui, CEO received the welcome shield
Sindh Modaraba - Mr. Jawed Iqbal, CEO received the welcome shield
Election Results 2014-15
Mr. Muhammad Shoaib Ibrahim has been elected Chairman for the Year 2014-15 while Mr. Naveed Amin as Senior Vice Chairman and Mr. Rashid Kamal Siddiqui as Vice Chairman of NBFI & Modaraba association of Pakistan.
4th Annual General Meeting
4th Annual General Meeting of the Association was held on 19th September 2014 at the Conference Hall of the Association.
Launching Ceremony of Year Book 2013
NBFI & Modaraba Association of Pakistan arranged a launching ceremony of Year Book 2013 on Friday the January 10, 2014 at Karachi Marriott Hotel.
Mr. Imtiaz Haider, Commissioner, Specialized Companies Division, SECP was the Chief Guest, while Mr. Asif Jalal Bhatti, Mr. Shahid Nasim, Mr. Jawed Hussain and Mr. Nasir Askar from SECP and Mr. Kazi Abdul Muktadir, Deputy Governor, State Bank of Pakistan participated the ceremony. The ceremony was attended by CEOs of Modaraba, Leasing Companies and Investment Banks and Shariah Advisors.
Mr. Murtaza Ahmed Ali, Chairman, NBFI & Modaraba Association of Pakistan address the ceremony.
Mr. Murtaza Ahmed Ali, Chairman presented the Year Book to the Chief Guest Mr. Imtiaz Haider.
Distribution of Best Performance Awards
Best Performance Award Ceremony of NBFI & Modaraba Association of Pakistan held on Friday January 10, 2014 at Karachi Marriott Hotel. Mr. Imtiaz Haider, Commissioner, Specialized Companies Division, SECP distributed the Awards to the following members:
First Position
First Habib Modaraba
Mr. Muhammad Shoaib, CEO, received the Award.
Second Position
Allied Rental Modaraba
Mr. Murtaza Ahmed Ali, CEO, received the Award.
Third Position
ORIX Leasing Pakistan Limited
Mr. Teizoon Kisat, CEO received the Award.
Turnaround Performance Category
- Saudi Pak Leasing Company Limited
Mr. Ahsanullah Khan, CEO received the Award.
- Invest Capital Investment Bank Limited
Mr. Muhammad Asif, CEO received the Award.
Growth in the Assets Category
Standard Chartered Modaraba
Mr. Raheel Q. Ahmad, CEO received the Award
Highest Cash Dividend Category
First Imrooz Modaraba
Mr. Nayyar Javeed, General Manager received the Award.
Workshop on “Risk Management”
NBFI & Modaraba Association of Pakistan organised a one day workshop on “Risk Management” on December 12, 2013 at the Conference Hall of the Association.
Meeting with the delegation of Mauritius
On November 20, 2013 a delegation from Mauritius along with the representatives of Meezan Bank Limited visited the office of NBFI & Modaraba Association of Pakistan.
Dinner to the participants of the Workshop
On November 18, 2013 NBFI & Modaraba Association of Pakistan arranged dinner to the participants of the two days workshop “Islamic Financial Products and Risk Management for Islamic Financial Institution” at Karachi Marriott Hotel.
Election Results 2013-14
Mr. Murtaza Ahmed Ali has been elected Chairman for the Year 2013-14 while Mr. Ahsanullah Khan as Senior Vice Chairman and Mr. Khaqan Hasnain Ibrahim as Vice Chairman of NBFI & Modaraba association of Pakistan.
3rd Annual General Meeting
3rd Annual General Meeting of the Association was held on 20th September 2013 at the Conference Hall of the Association.
Launching Ceremony of Year Book 2012
NBFI & Modaraba Association of Pakistan arranged a launching ceremony of Year Book 2012 on Monday the 8th July 2013 at Sheraton Karachi Hotel.
Mr. Asif Jalal Bhatti, Mr. Shahid Nasim, Mr. Jawed Hussain and Mr. Shahid Mahmood participated. The ceremony was attended by CEOs of Modaraba and Leasing sectors.
Mr. Raheel Q. Ahmad, Chairman, NBFI & MAP presented the Year Book to the Chief Guest Mr. Shahid Nasim.
Performance Awards were given to:
- Allied Rental Modaraba
Mr. Faisal Ali, Director, ARM received the Award.
- First Habib Modaraba
Mr. Muhammad Shoaib, CEO, received the Award.
- ORIX Leasing Pakistan Limited
Mr. Teizoon Kisat, CEO received the Award.
- Standard Chartered Modaraba
Mr. Raheel Q. Ahmad, CEO received the Award.
- First Habib Bank Modaraba
Mr. Shabi Hasan, CFO & CS received the Award.
- Award was also given to Modaraba Al-Mali for completing 25 Years of its operation.
NBFI & Modaraba Association of Pakistan arranged a launching ceremony of Year Book 2013 on Friday the January 10, 2014 at Karachi Marriott Hotel.
Mr. Imtiaz Haider, Commissioner, Specialized Companies Division, SECP was the Chief Guest, while Mr. Asif Jalal Bhatti, Mr. Shahid Nasim, Mr. Jawed Hussain and Mr. Nasir Askar from SECP and Mr. Kazi Abdul Muktadir, Deputy Governor, State Bank of Pakistan participated the ceremony. The ceremony was attended by CEOs of Modaraba, Leasing Companies and Investment Banks and Shariah Advisors.
Mr. Murtaza Ahmed Ali, Chairman, NBFI & Modaraba Association of Pakistan address the ceremony.
Mr. Murtaza Ahmed Ali, Chairman presented the Year Book to the Chief Guest Mr. Imtiaz Haider.
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NBFI & Modaraba Association of Pakistan organized a launching ceremony of Year Book 2011 on Monday the 21st May 2012 at Karachi Marriott Hotel. Mr. Jawed Hussain, Registrar Modaraba was the Chief Guest.
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NBFI & Modaraba Association of Pakistan awarded a trophy to Standard Chartered Modaraba on its completion of 25 year of business operations. Mr. Jawed Hussain, Registrar Modaraba, SECP awarded the trophy to Mr. Raheel Qamar Ahmad, CEO, Standard Chartered Modaraba in a ceremony held on Monday the 21st May 2012 at Karachi Marriott Hotel.
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NBFI & Modaraba Association of Pakistan organized a Seminar on “Revised Code of Corporate Governance” on Monday the 21st May 2012 at Karachi Marriott Hotel. Syed Asad Ali Shah, Managing Partner, M. Yousuf Adil Saleem & Co. Chartered Accountants, a member of Deloitte Pakistan, conducted the Seminar.
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The first meeting of the Shariah Advisors on the panel of NBFI & Modaraba Association of Pakistan with Mr. Jawed Hussain, Registrar Modaraba was arranged on Monday the 21st May 2012 at Karachi Marriott Hotel to discuss the various aspects of the Shariah Compliance and Shariah Audit Mechanism.
Mr. Basheer A. Chowdry, Chairman, NBFI & Modaraba Association of Pakistan and Mr. Murtaza Ahmed Ali, Vice Chairman also attended the meeting.
NBFI & Modaraba Association of Pakistan is organizing a four days workshop on “Shariah Compliance and Shariah Audit Mechanism” from 27th February, 2012 in collaboration with the Centre of Islamic Economics (CIE), A division of Darul Uloom, Korangi, Karachi at the office of First Punjab Modaraba.
The workshop will be attended by the middle management of various modarabas and senior Executives of Securities & Exchange Commission of Pakistan.
Mr. Murtaza Ahmed Ali, Vice Chairman, NBFI & MAP distributed Certificates to the participants of the Workshop on “Shariah Compliance & Shariah Audit Mechanism” held at Karachi from 13th December, 2011 to 1st February, 2012. Mufti Yahya Asim, Mufti Abdul Sattar Laghari, Mr. Muhammad Shoaib Ibrahim, Mr. Abdul Ghaffar Umer and Mr. Muhammad Samiullah also participated in the ceremony in addition to the participants of the Workshop.
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Introductory Session of the training course on "Shariah Principles for Islamic Bank & Finance" organized by NBFI & Modaraba Association of Pakistan in collaboration with Centre of Islamic Economic(CIE)(Jamia Darul Uloom, Korangi) was held on 13th December, 2011.
Mr. Abdul Ghaffar Umer, Chairman Training Inaugurated the workshop.
On the occasion Mr. Basheer A. Chowdary Chairman, NBFI & Modaraba Association highlighted the Importance of the training.
Maulana Abdul Aziz conducted the first session of the training workshop.
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The Association arranged a workshop on May 10, 2011 on "Overview of Asset & Liabilities Products" to train their staff. Mr..Omer Mustafa Ansari, Head of Islamic Financial Services Group, Ernsy & Young Ford Rhodes Sidat Hyder and Mufti Abdul Sattar Laghari, Shariah Advisor of NBFI & Modaraba Association jointly conducted the workshop.
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On September 19, 2011 the Association arranged the second workshop for the staff of Member Companies on "Sindh Sales Tax on Services", Mr. Adnan Mufti, Partner, Shekha & Mufti, Chartered Accountants conducted the workshop.