The appointment has been made in pursuance of Section 9 of the 1980 Modaraba Companies and Modaraba (Floatation and Control) Ordinance, said a statement issued here on Friday.

This position fell vacant with Mr. Imran Ahsan Nyazee's resignation. Mufti Munib ur Rehman will serve out the remaining term.

"The board considers applications for floatation of modaraba in light of Shariah. It provides guidance, based on the teachings of Islam, to the Registrar (Modarabas) of the Securities and Exchange Commission of Pakistan (SECP)", added the statement.