ISLAMABAD – The federal government has appointed the renowned religious scholar Professor Mufti Munib ur Rehman as a member of the Religious Board for Modarabas (Islamic financial institutions) with immediate effect. His appointment has been made in pursuance of Section 9 of the 1980 Modaraba Companies and Modaraba (Floatation and Control) Ordinance. This position was left vacant after Imran Ahsan Nyazee’s resignation. Mufti Munib will serve in the remaining term.
In addition, the board considers applications for floatation of modaraba in light of Shariah. It provides guidance, based on the teachings of Islam, to the Registrar (Modarabas) of the Securities and Exchange Commission of Pakistan.
