Magazine article Economic Review

First Al-Noor Modaraba

Magazine article Economic Review

First Al-Noor Modaraba

Article excerpt

First Al-Noor Modaraba managed by Al-Noor Modaraba Management (Pvt) Limited has successfully floated on 19th October, 1992 with the object to carry on domestic and international trading activities as a trading house under prevalent mercantile practices which are not violative of the injunctions of Islam. The Modaraba is specifically trading in the following commodities and products:-

(i) Agriculture and Food Products;

(ii) Chemical & Petrochemical Products;

(iii) Construction Materials and Capital Goods;

(iv) Jute and Jute Products;

(v) Leather and Leather Products; and

(vi) Textile Products and Fibre.

Capital Structure: The Authorised Capital of the company is Rs. 400.00 million divided into ordinary shares of Rs. 10/each, against which the Paid-up capital stood at Rs. 200.00 million. The company has made investments in various industrial sectors including: Banking and Investment, Construction, Fertilizer, Fibre Board, Insurance, Sugar and Trading. The company belongs to well known Al-Noor Industrial Group.

The Modaraba's Mission: The First Al-Noor Modaraba intends to promote mercantile and financial activities according to the spirit of Islam by absolute submission to the will of Allah in tradition of his Prophet (P.B.U.H.). The Modaraba maintains a close liaison with the experts and righteous Ulema-i-Din to seek guidance and inspiration in all its activities and systems. In all the business dealings of the modaraba, the rights of all certificate holders, investors, customers and all others are sincerely recognized and safeguarded. …

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