The chief executive of Trust Modaraba, Basheer A Chowdry has been elected as Chairman, Muhammad Naimuddin Farooqui, chief executive, Sindh Modaraba as Senior Vice Chairman and Dr Fakhara Rizwan, company secretary, ORIX Leasing Pakistan Limited as Vice Chairperson of NBFI & Modaraba Association of Pakistan for the year 2017-18.
This was announced by Jalaluddin Ahmed, election commissioner, in the 7th Annual General Meeting of NBFI & Modaraba Association of Pakistan, held at Conference Hall of the Association. According to the election commissioner, seven members including Aftab Afroz Mahmoodi, CEO, KASB Modaraba; Shiraz Butt, COO, First IBL Modaraba; Aamir Malik, CEO, First Punjab Modaraba; Wasim-ul-Haq Osmani, CEO, First Fidelity Leasing Modaraba; Rehan Anjum, CFO, Sindh Leasing Company Limited; Shabbir Ahmed Jamsa, CS, First Imrooz Modaraba and Syed Liaquat Ali, CFO, SME Leasing Limited were also elected as Member Executive Committee.
The General Body approved the audited accounts of the Association for the year ended 30th June, 2017 and appointed the Auditors for the year ending 30th June, 2018.
Earlier Ayaz Dawood, outgoing chairman, highlighted the events and activities undertaken by the NBFI & Modaraba Association of Pakistan during the last year. He congratulated and welcomed the newly elected Committee led by Basheer A Chowdry and said that he and his team has tried to resolve sector issues to a great extent but challenges still prevail particularly in the field of regulatory issues such as amendment in Modaraba Rules and Modaraba Ordinance and other related issues.
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The newly elected Chairman thanked the outgoing chairman and appreciated the work done by the outgoing Committee and the Secretary General and other staff of the Association.
He emphasised to have a synergy among the members to combat the challenges being faced by the NBFI & Modaraba sector. He also stressed the need to make the Association a vibrant and self-regulatory body to meet the challenges ahead.-PR