South Asian Federation of Accountants (SAFA) in its Summit 2010 held in Nepal awarded a "Certificate of Merit Award" to First Habib Modaraba for "Best Presented Accounts" and "Corporate Governance Disclosures" for the year 2009. According to a press release issued here, this award has been given from the category of Non-Banking Financial Sector.
The SAFA is an Apex Body of South Asian Association for Regional Co-operation (SAARC) and a Regional Grouping of International Federation of Accountants (IFAC). The SAFA represents over 170000 accountants having membership of the national chartered accountancy and management accountancy institutions in the South Asian countries namely Bangladesh, India, Nepal, Pakistan and Sri Lanka.
No doubt, this is a great achievement not only for FHM but also for entire Modaraba and leasing sector. The recognition of Certificate of Merit Award by SAFA acknowledges the strong commitment of FHM for promotion of best business practices and good governance within the FHM while maintaining the financial discipline. At present the FHM is one of the leading Modaraba within the Modaraba sector. Through judicious administration of funds and sound investment policies, FHM has assembled a very handsome asset base and equity size. FHM is maintaining Highest Equity base and sound profitability within Modaraba sector since last several years.
The management of FHM is well poised on its path for growth and expansion. FHM will remain firmly committed to its well-defined and focused strategy. While remaining in core business of Islamic finance, FHM will continue to leverage innovative Shariah compliant business models that add value for customers and certificate holders. This Certificate of Merit Award was given by The Federal Minister of Finance of Nepal Surendra Pandey in presence of President of SAFA Komal Chitracar and Vice President A.N. Raman.-PR
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