First Prudential
Modaraba was floated in December 1989 as a perpetual, multipurpose
Modaraba with an authorized capital of rupees 100 million. With effect
from July 2002, Second Prudential Modaraba and Third Prudential Modaraba
stand amalgamated into First Prudential Modaraba thereby making it one
of the largest capital based multipurpose Modaraba of Pakistan with a
paid up capital of rupees 872.176 million. The objective of the Modaraba
inter-alia include participating in Musharika, Morahaba and providing
financial assistance for working capital need, Ijaraha of all types of
assets with special emphasis on vehicle and industrial machinery,
including securitization of lease portfolio of leasing companies and
commercial activities including syndication and leveraged leasing,
underwriting of public issue of shares. Modaraba’s mission is to create
and maintain progressive position in Modaraba sector in Pakistan
endeavor to promote Riba-free economy in the country. |