Popular Islamic Modaraba Issues New Certificates Boosting Paid-up Capital

Karachi: Popular Islamic Modaraba has successfully increased its paid-up capital through the issuance of 6 million new Modaraba certificates, according to a statement issued on October 14, 2024. This strategic financial maneuver was executed to convert a short-term loan of Rs. 60 million into Modaraba certificates, aimed at strengthening the institution’s capital base and supporting its growth objectives.

The issuance was officially reported to the Pakistan Stock Exchange on October 7, 2024, and was subsequently followed by the required regulatory and procedural approvals. According to information available from the Pakistan Stock Exchange (PSX), the additional certificates issued are priced at Rs. 10 each, elevating the total number of paid-up certificates to 20 million, from the previous 14 million.

Munif Ziauddin and Co., the chartered accountants overseeing the issuance, confirmed in a document dated August 16, 2024, that all legal and procedural requirements for the issuance under the Central Depository System Standard Operating Procedures have been meticulously adhered to. This includes the necessary audit confirmations and regulatory compliance checks to ensure the legitimacy and transparency of the capital increase.

This capital infusion is expected to bolster Popular Islamic Modaraba’s financial health and its ability to fund future expansions or operational requirements efficiently. The company has demonstrated compliance with relevant regulatory frameworks, ensuring that the issuance aligns with established financial standards and investor protection norms.

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