May 28, 2014
Notice for Sale of Financial Assets of First Habib Bank Modaraba (under voluntary winding up)
Mar 28, 2014
In the Extraordinary General Meeting of First Habib Bank Modaraba (FHBM) held on 27th March 2014, the Certificate Holders have resolved by Special Resolution THAT "First Habib Bank Modaraba be wound up voluntarily". The Certificate Holders have appointed Mr. Muhammad Aslam Gadit as Liquidator of First Habib Bank Modaraba.
First Habib Bank Modaraba Business
The Modaraba provides different Islamic financial products viz. Ijarah, Musharika and Morabaha for short as well as long term resource requirements of trade and industry however; the core activity of FHBM is Ijarah of plant, machinery, equipments, automobile and computers. FHBM also invest in listed equity securities, Certificates of Investment, Government of Pakistan Ijarah Sukuks and other high rated Sukuks issued by Public Companies. The Modaraba has more than two decade of experience in Ijarah business.
FHBM is one of the leading players in its sector with a short-term credit rating of A-1+ and medium to long-term credit rating of AA- with stable outlook as per last rating report of JCR-VIS. These ratings reflect adequate capitalization, and the business synergy that the company enjoys with HBL.