Awwal Modaraba Management Limited (AMML) is licensed by the Registrar of Modarabas, Securities and Exchange Commission of Pakistan to float and manage multipurpose Modaraba Funds. The Company was incorporated on June 5, 2014 with an authorized and paid-up capital of PKR 300 million and PKR 105 million, respectively, as a wholly owned subsidiary of Pak Brunei Investment Company Limited (“Pak Brunei”).
The establishment of a Modaraba Management Company (MMC) is expected to translate into significant financial benefits for its shareholders and investors in the Modaraba funds. Modarabas offer an efficiently capitalized structure, capable of raising funds from multiple markets; combined with tax exemptions, make them attractive vehicles to manage focused investment strategies that are responsive to client needs while delivering long-term value for Modaraba certificate holders.
Vision
AMML will play a role in the economic progress and development of Pakistan by providing a range of advisory services and financial support, through Shari’ah compliant modes; to viable projects in high growth, capital starved sectors of the economy.
Mission
AMML aims to be at the vanguard of innovation in modaraba management services, offering the best solutions to our customers, value to our shareholders and modaraba investors, complemented with a challenging, equal opportunity environment to our employees.
Auditor: Ernst & Young Ford Rhodes Sidat Hyder & Co. Chartered Accountants
Legal Advisor: Liaquat Merchant Associates
Shari’ah Advisor
Mufti Muhammad Hassaan Kaleem is currently Resident Member of DIBPL’s Shariah Board and Country Head of Shari’ah, DIBPL. Mufti Hassaan has vast experience in matters of Shari’ah teachings and advisory and has been teaching various courses in Islamic Studies and Arabic at Darl-ul-Uloom Karachi for the last 17 years. He is a member of Dar-ul-Ifta, Jamia Darul-ul-Uloom Karachi, Chairman Shari’ah Board of Securities& Exchange Commission of Pakistan (SECP), Shari’ah Board Member of Pak Kuwait Takaful Company Ltd., Shari’ah Board Member of Pak Qatar Family Takaful, Shari’ah Consultant for Deloitte (Global Islamic Finance Team), and Shari’ah Council Member of Al-Ameen UBL Funds. In addition, he is also a Shari’ah Board Member of Hanover Re Takaful Bahrain, Shari’ah Board Member of Takaful Emirate UAE, Shari’ah Board Member of Amana Bank Limited Sri Lanka, permanent faculty member of Center for Islamic Economics Karachi, Trainer of Shari’ah standards at Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Bahrain and visiting faculty member of National Institute of Banking and Finance (State Bank of Pakistan).