Basheer A Chowdry, Chairman, Modaraba Association of Pakistan (MAP) presented the Modaraba Year Book 2006 and summarised the performance of the sector during the year ended June 30, 2006. He said the total assets of the sector had increased to Rs 23.7 billion from Rs 21.1 billion last year showing a growth of 12.32 percent.

Income of the Modaraba had increased considerably from Rs 39 billion to Rs 5.1 billion showing a growth of 30.7 percent. He said Religious Board had approved setting up of six Modarabas during the last year, of which two Modarabas namely First Treet Manufacturing Modaraba and Allied Modaraba have since been floated with a paid up capital of Rs 143 million and Rs 300 million respectively.

He highlighted the fact that different modes of the new entrants reflected a well-diversified and strong business potential of Islamic concept of Modarabas. He was also appreciative of the development of the Islamic banking sector through which the Modarabas will be benefiting directly from the product development, public awareness of the Islamic finances and emergence of the Islamic money markets to be accelerated by the Islamic banks in the country.

He said the Association (MAP) is playing an active role in promoting a functional collaboration between Modarabas and Islamic banks. Nevertheless, Chowdry was of the view that the issues like capital enhancement, diversification of business modes, outreach in the market place, innovation in product acid services and enhancement of professional skills will be addressed by the Modaraba Sector with courage and speed. He said the Association was working very closely with the Registrar Modaraba to develop a comprehensive and progressive plan for growth of the sector in the immediate to medium timeframe.

The MAP Year Book 2006 contains an overview of the Modaraba Sector, individual performance of the members and useful article regarding Islamic finances. The ceremony was attended by Bilal Rasul, Registrar Modaraba and Shahid Mahmood, Deputy Registrar Modaraba, Shahid Nasim, Director, NBFC and representatives of Modaraba, leasing and Islamic banking sector