Historical Perspective
The laws governing modarabas were introduced in Pakistan
in 1980 as one of the first steps taken by the Government
towards establishing a financial system in coherence with
the injunctions of Islam.
The formation of a Modaraba is done under an arrangement
made between two parties: one provides the capital (rabb-ul-maal),
and the other party, called the mudarib, contributes through
its skills. A Modaraba can undertake virtually any business
activity that is not repugnant to Shariah, the Islamic Law.
Moreover, a Modaraba may be either a multipurpose or a specific
purpose Modaraba, and can be formed for either a fixed or
an indefinite period. Capital is raised from the public in
the form of Modaraba Certificates, which are similar to shares
of companies.
More on Modaraba
Standard Chartered Modaraba (SCM)
Established in 1987, and listed on the Karachi and Lahore
stock exchanges, SCM is now one of the largest modarabas in
the country. SCM's management company (mudarib), Standard
Chartered Services of Pakistan (Pvt.) Ltd. (Formerly Grindlays
Services of Pakistan (Pvt.) Ltd.), is wholly owned by Standard
Chartered Group, which has over 150 years of banking experience.
Standard Chartered employs 30,000 people in over 500 locations
in more than 50 countries in the Asia Pacific Region, South
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Standard Chartered is well-established in growth markets and
aims to be the right partner for its customers. The Bank combines
deep local knowledge with global capability.
The Bank is trusted across its network for its standard of
governance and its commitment to making a difference in the
communities in which it operates. |
