Raheel Q. Ahmed, Chief Executive of Orix Modaraba has been elected as chairman of NBFI & Modaraba Association of Pakistan for the year 2018-19. In accordance with the DGTO Rules, 2013 NBFI & Modaraba Association of Pakistan conducted elections during annual general meeting held here.
Muhammad Adil Ghaffar, Chief Executive of First Equity Modaraba elected as Senior Vice Chairman and Shiraz Butt as Vice Chairman of the Association. The association is the representative body of Modarabas and leasing companies in Pakistan, which are the primary conduit for SME financing and inclusion, representing almost 30 percent of the investors on the Pakistan Stock Exchange.
Jalaluddin Ahmed CEO of First Al-Noor Modaraba, Shuja Malik Director of First UDL Modaraba, Karim Hatim CEO of Awwal Modaraba, Ahsan Ullah Khan CEO of Saudi Pak Leasing Company, Syed Wajih Hasan CEO of First Paramount Modaraba, Rana Shakeel Shaukat Company Secretary of First Treet Manufacturing Modaraba and Muhammad Hasan Marfani CFO/Company Secretary of Modaraba Al-Mali elected members Executive Committee of the Association.
The General Body approved the audited accounts of the Association for the year ended June 30, 2018 and appointed the Auditors for the year ending June 30, 2019. Earlier, Basheer A. Chowdry, outgoing chairman highlighted the events and activities undertaken by the NBFI & Modaraba Association of Pakistan during the last year.
He congratulated and welcomed the newly elected committee led by Raheel Q. Ahmed and said that he and his team has tried to resolve sector issues to a great extent but challenges still prevail particularly in the field of regulatory issues such as Amendment in Modaraba Rules and Modaraba Ordinance and Sales Tax issues with Sindh Revenue Board and other related issues.-PR
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