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  • 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.
  • The 7th Annual General Meeting of the Association held on 26th September 2017 at the Conference Hall of the Association.
  • 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 of the Association held on 21st September 2016 at the Conference Hall of the Association.
  • SECP issued Draft Amendments in Modaraba Companies and Modaraba (Floatation & Control) Ordinance, 1980
  • The NBFI & Modaraba Association of Pakistan announced its Election Schedule for the election of Executive Committee and Office Bearers for the year 2017-2018

 

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

  1. Saudi Pak Leasing Company Limited
         Mr. Ahsanullah Khan, CEO received the Award.
  2. 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:

  1. Allied Rental Modaraba
         Mr. Faisal Ali, Director, ARM received the Award.
  2. First Habib Modaraba
         Mr. Muhammad Shoaib, CEO, received the Award.
  3. ORIX Leasing Pakistan Limited
         Mr. Teizoon Kisat, CEO received the Award.
  4. Standard Chartered Modaraba
         Mr. Raheel Q. Ahmad, CEO received the Award.
  5. First Habib Bank Modaraba
         Mr. Shabi Hasan, CFO & CS received the Award.
  6. 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.

Picture Gallery

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.

Picture Gallery

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.

Picture Gallery

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.


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