August 20, 2002	Tuesday	Jamadi-us-Saani 10, 1423

KARACHI, Aug 19: The Islamic Chamber of Commerce and Industry has helped the Modaraba Association of Pakistan to attend the private sector meeting of OIC Countries to be held at Sharjah in December 2002 so that it could explore the possibilities of funding from the Islamic countries for its diversified business ventures in Pakistan.

This was stated by Chairman of MAP, Bashir Chowdry, during a meeting with the Chairman of Securities and Exchange Commission of Pakistan Khalid A. Mirza here on Monday. He was heading a delegation of MAP members.

He said the Islamic Chamber was helping the Modarabas to project their potential and possibilities to other Islamic countries.

He said, to multiply avenues of resource mobilisation for Modarabas, the MAP was actively engaged in development of Islamic TFCs with the help of SECP, setting up of an Islamic Fund, pursuing multilateral agencies and Islamic Development Bank and attracting investments from overseas Pakistanis besides other Islamic countries.

The chairman, SECP, while addressing the delegation of Modaraba Association of Pakistan (MAP), advised the Leasing and Modaraba sector to develop and provide their specialised expertise to the lessees with better products and increased outreach to counter the commercial banks, doing leasing business.—APP