Académique Documents
Professionnel Documents
Culture Documents
Hafiz yasir
Qasim Nawaz
Waseem Baig
M.Saqib
Sidra Mehboob
Hassan Mujtaba
Roll
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No
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13-0 2
13-10
13-28
13-48
13-53
13-54
13-55
Mudarba
Mudarba concept
Parties
Types of Mudarbah
Roles of Mudarib
Constitution
Structure
Rules and regulation for Rab-ul-mal & Mudarib
General rules and regulation
Regulatory Frame work
Benefit to Rab-ul-Mal
Mudarba companies work in Pakistan
Updating the legal frame work
Transparency Regulatory control
Development of islamic capital market
Mudarba
AL-QURAN
Believers, fear Allah and give up
what is still due to you from
usury, if you are believers;
[SURAH AL-BAQARAH AYAH 278]
Non-Banking Company
Rab-Ul-Mal (Invester)
1.Al
Mudarabah Al Muqayyadah
(Restricted Mudarabah)
2. Al Mudarabah Al Mutlaqah
(Unrestricted Mudarabah)
Ameen (Trustee)
2. Wakeel (Agent)
3.Shareek (Partner)
4. Zamin (Liable)
5. Ajeer (Employee)
He
He
Rab-ul-Mal
Where
is my money?
Where
to invest?
Work as manager
He works Seprately
STRUCTURE
Regulator
The Sector is monitored and regulated by the
Registrar
(Modaraba Companies and Modarabas)
SECP
Religious Board
Authority which certifies that Prospectus of the
Modaraba is Shariah Compliant
Justice/Ex-Justice of a Court plus 2 Scholars
Modaraba Fund
(Pool of Money of Rab-ul-Maal)
Separate Legal Entity
Prospectus
(business activities)
He cannot invest
It
Mudarabah
BENEFIT TO RABB-UL-MAL
One party has the funds but does not have the expertise and another party
has the expertise but does not have the funds. Modaraba gives opportunities
to both the parties i.e. Modarib and Rabb-ul-Mal to join hands for the
business under the Shariah.
Rabb-ul-Mal can liquidate his or her investment anytime by selling his/her
Modaraba Certificate through Stock markets to other Rabb-ul-Mal.
(Rs. in million)
2008
2009
2010
2011
2012
No.ofManagementCompanies
30
27
24
24
24
No.ofModarabas
32
28
25
25
24
PaidupCapital
7,827
7,406
6,999
6,644
7,175
TotalEquity
8,401
9,233
10,062
10,062
11,456
TotalAssets
17,574
21,131
23,736
23,736
29,281
TotalIncome
4,140
3,939
5,025
5,025
6,583
LeasingIncome
3,066
2,966
3,082
3,082
4,631
Musharaka&MorabahaIncome
271
323
410
410
624
Miscellaneous&OtherIncome
803
650
1,533
1,533
1,327
NetProfitafterTax
956
794
811
811
962
1)
2)
3)
4)
5)
6)
7)
New trends
Regulatory challenges
Minimum equity requirement to be raised
Stringent eligibility/fit and proper criteria and performance
benchmarks to be introduced, research capabilities to be
improved
Investor base broadened: (public sector) provident and pension
funds
International best practices to be implemented across the sector
Industry Associations role to be strengthened, in the areas of
training, examinations and licensing of intermediaries