KARACHI, Nov 25: Muhammad Shoaib of First Habib Modaraba was elected chairman and Murtaza Ahmed Ali of Allied Rental Modaraba, vice-chairman of Modaraba Association of Pakistan for the year 2008-09.

The 15th annual general meeting of the association also elected eight members to the executive committee, says a press release.

Addressing the meeting the new chairman highlighted the achievements of the association and said that with the approval of 12 new products the modaraba sector got a level-playing field.