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The Government of Sindh to further strengthen its footprints in financial sector announced in its budget speech in June, 2013 to set-up three separate companies in leasing, modaraba and insurance sectors. This decision was largely conceived on the successful launch of Sindh Bank Ltd three years ago, registering a phenomenal growth over a short period.
The Registrar, Modaraba Companies and Modarabas, Securities and Exchange Commission of Pakistan, (SECP) Islamabad has approved registration of Sindh Modaraba Management Ltd, the management company on 24th February 2014 for the floatation and listing of Sindh Modaraba. The Business Plan of Sindh Modaraba, reviewed by the Registrar, Modaraba Companies and Modarabas, SECP was developed with the guidance of Board of Directors.
Sindh Modaraba would capitalize on the strength of Sindh Bank Ltd to pursue its objective for targeting Small and Medium Enterprises and deepening its relationships with the existing customers of Sindh Bank Ltd. This would certainly help in reaching out to the areas, not currently under the scope of commercial banks in order to create employment opportunities and improving productivity of the province of Sindh in particular and the country in general.-PR

Copyright Business Recorder, 2014

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