Regulatory Alerts2025-02-10
Added · Updated
Consolidated Circular for Modarabas-amended upto 14.11.2024
Modaraba companies are prohibited from changing sponsors, promoters, substantial shareholders, directors, or chief executive officers without prior Registrar Modaraba approval, with shares and certificates required to be blocked in the Central Depository Company of Pakistan Limited. The notification mandates the appointment of acting chief executives upon resignation or removal, restricts fund-raising to specific Shariah-compliant instruments like Sukuk, and imposes strict conditions on real estate investments based on asset thresholds. Additionally, key professionals must obtain PMRP and FCM certifications, model financing agreements must be adopted, CIB data submitted monthly to the State Bank of Pakistan, and comprehensive Anti-Money Laundering and KYC procedures enforced for all customer accounts.