KARACHI, Nov 12: First Grindlays Modaraba, member of Standard Chartered Group in Pakistan, recently held its Second Review Meeting for 2001 for its certificate holders, a press statement by the Modaraba stated on Monday.

Speaking on the occasion, Waqar Chaudhry, Managing Director of the Modaraba was quoted to have said that the Modaraba had continued to strengthen franchise and capitalised on Standard Chartered Group’s presence in Pakistan. “This has helped us achieve growth in both revenue and profits. The results demonstrate both the commitment of the Group and the management team in understanding Pakistan’s markets and delivering consistently amidst a difficult economic environment,” Chaudhry said.

First Grindlays Modaraba announced cash dividend at 33 per cent for the year ended June 30, 2001, up from 30 per cent paid earlier year. The Modaraba also announced net profit reflecting 10 per cent growth over last year; operating income at over Rs1 billion and recorded highest lease disbursements of Rs966 million.

The Modaraba claimed that it was one of the largest leasing entities in Pakistan and the sole leasing Islamic finance vehicle for Standard Chartered Group in Pakistan. During the year, the Modaraba introduced Certificates of Musharika, one of its Islamic profit and loss sharing products, to the general public. “This product now allows both individuals as well as companies to make investments ranging from 3 months to 5 years,” the Modaraba said, adding that the rates of profit were competitive and total investments (to date) stood in excess of Rs220m. First Grindlays Modaraba maintained top tier entity rating of A2 by Pakistan Credit Rating Agency.