First Habib Modaraba (FHM) is operating in Pakistan's financial market as Non-Bank Islamic Financial Institution as one of the pioneers in Modaraba sector. The concept of Modaraba as a Shariah compliant mode of business was evolved and introduced as an institutional framework in Pakistan as back as in 1980 with proper legislation, regulatory and monitoring structure and operating guidelines.
FHM was a first perpetual Modaraba started its business operation in 1985 as a first full fledge Islamic Financial service provider within the financial sector of Pakistan. Before, there was one specific Real Estate Modaraba which started its operation in 1980 and wound up in 1983. Alhamdulillah, this year FHM has completed 30 years of successful business operation and grow over the year on sound footing with the commitment of adding value to all our stakeholders particularly Certificate Holders and investors.
With an enviable track record of almost 3 decades is the success story of sheer hard work and commitment to provide the investors a sound and continuous return. Consistency in distribution of dividends among the certificate holders along with increase in certificate holders' equity has made FHM a top performing Modaraba within Modaraba sector. Over the years the FHM has been continuously recognising for its excellent performance, good corporate governance, best report culture and sound and stable credit rating from various prestigious institutions.
Corporate strategy of FHM is derived from its vision and mission statements and with primary objective to make long term and sustainable development. The key elements of our corporate strategy are to effectively employ available resources, develop business segments and maximise business opportunities backed by innovative technological solutions. Due to FHM's strategic focus on growth in prudent manner and well define corporate policies are continuously delivering positive results.
With continuing sound financial positions, FHM is maintaining credit rating of "AA+" of long term and A1+ for short term for last several years. According to PACRA's assessment these rating denote a very low expectation of credit risk emanating from very strong capacity for timely payment of financial commitments and sound risk absorption capacity.
We have divided our strategy at three levels ie Corporate, Business and Operation. From time to time we review our strategies of various segments falling in under above broad categories and refresh them as per requirement of business development and operational efficiency. At FHM we have the legacy of making the finest mechanism of penetrating a good corporate environment and mitigate the potential risk and threats within our operations. The control index matrix at FHM primarily demonstrate through.
1. Quality human resource induction
2. Better infrastructure.
3. Well define policies and processes of operations.
The main component of success of FHM is excellent team work across all levels of the organisation. Due to hard and dedicated work of all staff members made FHM the premier Modaraba within the Modaraba sector.
Following achievements remained hallmark during the 30 years of operations of FHM.
Unbroken history of payment of dividend to Certificate holders since commencement of business.
Remained a profitable venture throughout the business operations. Recipient of "Corporate Excellence Award" from Management Association of Pakistan for last six years. Recipient of best performing Modaraba awards for last several years from NBFI and Modaraba Association of Pakistan. So far FHM has secured 14 awards within last 16 years.
Recipient of Best Corporate Report Award from the Joint Committee of ICAP & ICMAP for last six four consecutive years. This year FHM secured First Position" Recipient of Certificate of Merit Award from SAFA for Best Presented Accounts and Corporate Governance Disclosures for last five consecutive years. The management of FHM is fully committed for Shariah governance and Shariah compliance culture within the Modaraba. Strong and effective Shariah governance and compliance culture within the Modaraba is the prime objective of FHM. We thank Almighty Allah for His blessing and bestowing upon us of journey of continuous success. We are confident that in future we will continue to keep sound and stable position of FHM by following best business practices and good corporate governance by fulfilling all applicable regulatory and Shariah requirements.
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