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Muhammad Shoaib has reviewed three model Investment agreement of Ijarah, Musharaka and Mudaraba for the Modaraba Sector. |
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Muhammad Shoaib, CEO First Habib Modaraba has drafted three model investment agreements of Ijara (leasing), Mushraka and Murabaha. Modaraba Association of Pakistan has suggested that Religious Board of Modaraba should also accept these model agreements for the vast benefit of modaraba sector. It was decided in the meeting that by the middle of March 2007 the vetting of these agreements would be finalized. Basheer A. Chowdry, chairman of the MAP pointed out that Islamic financial accounting standards are not applicable to Modarabas as MAP has not received any instructions in this regard from Registrar Modaraba. He informed that some of the Modarabas have informed that their external auditors are of the view that these standards are applicable to Modabas, it needs to be clarified so that auditors may be informed accordingly
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