Financial Services
Pakistan has made significant progress towards a dual Islamic/conventional financial system. The Islamic Banking Industry (IBI) is increasing its share in all areas of the banking industry. According to the State Bank of Pakistan (SBP), the IBI recorded a profit growth of Rs 8.8 billion in the first half of 2017, showing an outstanding growth of 44 percent year-on-year or Rs 2.7 billion additional in overall profits. The IBI industry currently consists of 5 full-fledged Islamic Banks, along with 16 windows of Islamic Banking of conventional banks. This growth is attributable to the increasing acceptance of the public towards Sharia-based financing. Private individuals and companies of various sectors are shifting towards IBI from interest-based banking for their financial needs.
The Mizab group has already gained a foothold in the Islamic finance sector through a Modaraba company, First IBL Modaraba which is also listed in the KSE (Karachi Stock Exchange).
First IBL Modarba
Sanaullah Modarba Management (Pvt.) Ltd was a Company registered in 1989 under the Companies Ordinance, 1984. In 1990, the Company, with permission under the provisions of Modarba Companies and Modarba (Floatation and Control) Ordinance 1980, floated a Modarba named First Sanaullah Modarba. In December 2007, Dr Murad acquired the controlling interest of the Management Company of FIBLM from the IBL Group.