NBFI and Modaraba sector holds enormous untapped potential: SECP

KARACHI: The NBFI and Modaraba sector holds enormous untapped potential to support the growth of the economy by serving as a conduit between businesses and the capital market and needs to expand its role from complementing the banking sector to being at forefront of advancing financial inclusion in Pakistan.

This was stated by Aamir Khan, Chairman, SECP, while unveiling the Year Book - 2021 of NBFI and Modaraba Association in a ceremony held through zoom video link. The ceremony also included the announcement of Best Performance Awards to the top performers of the non-Banking and Modaraba Sector.

The ceremony was presided over by Aamir Khan, Chairman, SECP, and also attended by Sadia Khan, Commissioner, SECP, Tariq Naseem, Registrar Modaraba, SECP, Khalida Habib, Executive Director and other senior members of the SECP. Chief Executives of Modarabas, Leasing Companies, Investment Finance Services and senior officials from other financial entities also participated.

The year Book was presented to the Chief Guest by Khalida Habib and Tariq Naseem on behalf of the Association as the ceremony was arranged on zoom video link.

Raheel Qamar Ahmad, Chairman, NBFI and Modaraba Association of Pakistan thanked the Chairman SECP for gracing the event and in his welcome address shared the issues of the sector and requested the Chairman SECP for resolution of issues highlighted, he also mentioned the initiative taken by the association for the betterment of the sector like Hybrid Internship Program, Academia Course Development, Trade Association Awareness Seminars.

Best Performance Awards were also distributed during the event, based on 30th June, 2021 results, OLP Financial Services Pakistan Limited secured first position while First Habib Modaraba secured Second position. The third position award was given to OLP Modaraba and Allied Rental Modaraba. B.R.R. Guardian Modaraba, Orient Rental Modaraba, LSE Financial Services Limited were also awarded based on criteria of significant improvement/ growth (volume wise) in Profit and cash dividend payout.

In the end Basheer A Chowdry, CEO, Trust Modaraba offered vote of thanks to the Chief Guest Aamir Khan and his team for their continued support and guidance to the Sector.

Copyright Business Recorder, 2022