A delegation of the NBFI & Modaraba Association of Pakistan met Mr Zafar Hijazi, Chairman, SECP to discuss various issues of the Modaraba Sector. During the discussion Chairman, SECP suggested various proposals for the growth of the modaraba Sector. One of the proposals was to participate in the commodity trading of commodities particularly RED CHILLI Project.
In this connection the NBFI & Modaraba Association has arranged meeting today morning in its office. The representatives of Pakistan Mercantile Exchange Limited (PMEX), Agility Logistics (Pvt) Limited, Pakistan Agriculture Coalition (CAP), Shariah Advisors and members of the Associations attended the meeting. The representative of PMEX, PAC and Agility) gave a brief presentation and highlighted the salient features of electronic trading of commodities particularly the RED CHILLI project. They informed that SECP is very keen on pursuing on electronic trading of commodities in Pakistan and this will have far reaching benefits for our farmers and economic development of the country.
The members of Modaraba sector discussed in detailed about the processes of the products, its quality assurance, storage and safety of its custody. Participants from the Modaraba sector showed their interest in the electronic trading of Red Chilli and discussed various options and applicable modes of financing in accordance with the Shariah rulings and products available to the Modarabas. The members requested Shariah Advisor for development of such products, where Modaraba sector can undertake such financing activity for benefit of the farmers.
The Secretary General of Association thanked the representatives of PMEX, Agility and PAC for the guidance and said that it will be a great opportunity to the modaraba sector to enter into a new market of financing. At the same time he thanked the Chairman, SECP and other Executives for their continued support and guidance for the growth of the modaraba sector.-PR