Religious Board for Modaraba reconstituted

The Federal Government has reconstituted the Religious Board for Modaraba under Section 9 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 read with Rule 6 of the Modaraba Companies and Modaraba Rules, 1981.
According to a notification issued by the Federal Government for reconstitution of the Religious Board for Modarabas, former Justice Syed Zahid Hussain Bukhari has been appointed as Chairman while Dr Muhammad Tahir Mansoori and Imran Ahsan Nyazee as Members of the Board. The Religious Board for Modaraba has been re-constituted for a term of three years and would start functioning with immediate effect.
The newly appointed Chairman of the Religious Board for Modaraba, Syed Zahid Hussain Bukhari, served as an Additional Judge of the Lahore High Court from October 10, 1995 to September 30, 1996 and is a known lawyer of the Lahore High Court and the Supreme Court of Pakistan. Dr Muhammad Tahir Mansoori and Imran Ahsan Nyazee, the members, are renowned Shariah scholars and are associated with the International Islamic University, Islamabad.
The Religious Board is a Shariah certifying body constituted by the Federal Government under the provisions of the Modaraba Ordinance. The Board evaluates and examines new business products for Modarabas under the tenets of Shariah and provides guidance to the Registrar (Modarabas), SECP, in determining whether or not the business operations of any Modaraba conform to the injunctions of Islam.