Modaraba Guidelines in Pakistan
From HodHood
Contents
Top 20 FREQUENT WORDS
modaraba 76 registrar 33 business 18 prospectus 15 registration 14 companies 13 directors 13 application 12 certificate 12 executive 11 management 11 statement 11 filed 10 floatation 10 years 9 account 8 copies 8 corporate 8 days 8 required 8
DOCUMENT KEY POINTS
- requirements for registration as modaraba company in order to be eligible for registration as modaraba company the following conditions have to be fulfilled a the company should be registered under the companies ordinance or be a body corporate formed under any law in force and owned or controlled whether directly or through a company or corporation by the federal government or a provincial government
- ii no modaraba company or any of its directors or their relatives shall obtain loan advance or credit from the funds of the modaraba or on the security of the assets of the modaraba section
- on account of registration and filing fee deposited in the head of account of the securities and exchange commission of pakistan maintained in the designated branches of habib bank limited annexure a
- v original depositor s challan on account of authorization fee to float modaraba deposited in the head of account of the securities and exchange commission of pakistan maintained in the designated branches of habib bank limited annexure a
- declaration before commencing business the modaraba cannot commence business till the minimum amount stated in the prospectus for business operation has been raised the modaraba certificates thereof have been allotted and a declaration as prescribed in this regard signed by chief executive has been filed with the registrar
- x the modaraba certificates to be subscribed by the management company and or sponsors of the modaraba company shall not be transferred except with the prior written authorization of the registrar
- xii a report about the public offer and subscription allotment basis fulfillment of underwriting obligations and related matters shall be furnished to the registrar within two months of the date of publication of the prospectus
- xvi details of the investment portfolio of the modaraba indicating with reference to each individual security share besides other matter the name and face value of the securities shares purchased the prices at which they were purchased their market value as on the last date of each half year percentage of share holding with reference to the modaraba fund and the total value of the individual security shares shall be furnished to the registrar within one month from the close of each half year
- xviii the modaraba company shall take a decision within ten days of the closure of subscription list as to what applications have been accepted and shall refund within ten days of decision the application money to the applicants whose applications have not been accepted
- ii the affairs of the modarabas shall be monitored under the prudential regulations for modarabas through various periodical statements as detailed below the formats of which were circulated vide circular no
- requirement under prudential regulations i all business transactions undertaken by the modarabas shall be in conformity with the prudential regulations for modarabas issued under circular no
- quarterly statement of doloans facilities sanctioned and disbursed by the modaraba during the quarter guidelines for existing as well as perspective applicants as determined by registrar modaraba from time to time a in the case of general modarabas the chief executive officer and one director must have considerable senior level funds investment experience
- e the sponsor director must have clean records if connected with corporate bodies in respect of transactions with the banks and dfis and payment of income tax excise and custom duties and sales tax
- j for both general and specific modarabas at least of the directors should have either experience of funds management or that of directorship of listed companies
- iv be or have been associated as director chief executive with the corporate bodies whose corporate and tax record including custom duties central excise and sales tax has been unsatisfactory
- o applications for registration as a modaraba company sponsored by people not related to each other will be given preference over application sponsored by people belonging to the same family
- l existing as well as future management companies are required to have a chartered accountant or an fcma as their chief accountant
- branch dossd do kpt indus gas hyderabad ssd branch central branch lahore wapda house dossd branch empress road dossd paris road sialkot ssd climaxabad gujranwala ssd branch coporate centre phr branch faisalabad corp faisalabad centre centre branch multan ac ashrafabad bahawalpur ssd branch jinnah road quetta branch
- branch corporate banch islamabad do do do do tower banch do central branch karachi state life branch dossd f
- other than an application by registrar or before the registrar by any person for inspection of records rs
- for certified copy of any document or extract at the rate of rs
Please note, This is an auto generated summary based on sentances position in the document and other factors
DOCUMENT WORD ANALYSIS
Main Category
- AlHuda Material\islamic banking
KeyWords
islamic risk murabaha minimum iifs NA customers financing customer banking profit credit maximum shariah underlying limit service corporate required mode
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DOCUMENT REFERENCES
Number of Pages
14
Published Date
2005-02-03 13:03:41
