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First Al-Noor Modaraba.

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.

Resource Mobilisation: The company mobilizes additional resources without the element of Riba using the modes of Musharika, Morabaha, Modaraba and all other permissible Islamic modes approved by the Religious Board from time to time.

Concepts of Trading Transaction: The company abides by the following trading concepts:-

i) Modaraba does not enter into any transaction, business, sale or purchase dealing which is violative of the injunctions of Islam. In all its dealings and transactions the Modaraba observes the principles of Sharia.

ii) Modaraba only transact sale of the products and commodities which it owns as principal or when acting as agent, the product/commodity is owned by its principal.

iii) The products/commodities sold or purchased are in the physical or constructive possession of the seller who also bears the risk corresponding to the possession.

iv) The sale price on credit is disclosed before an offer of sale.

v) The contract of sale is not contingent.

vi) The delivery of goods or the payment of price is also not contingent on an event which may or may not occur in future.

Board of Directors of Al-Noor Modaraba

* Mr. S.M. Aminullah (Chief Executive),

* Mr. Ellias H. Zakaria,

* Mr. Ismail H. Zakaria,

* Mr. Yusuf Ayoob,

* Mr. Qaisar Perwaiz Mufti

* Mr. Suleman Ayoob

* Mr. A. Aziz Ayoob,

* Mr. Zia I. Zakaria, and

* Mr. Ebrahim Ayoob.
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Title Annotation:Pakistan
Publication:Economic Review
Date:Jun 1, 1993
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