The Modaraba Registrar of Securities & Exchange Commission of Pakistan’s (SECP) has approved the the floatation of Burj Clean Energy Modaraba (an Islamic Financial Institution), to be managed by Burj Modaraba Management Company (Private) Limited, under the Modaraba Ordinance, 1980.
The approval was given with the recommendation of the Shariah Board of SECP, in order to facilitate the Shariah-compliant financial products market. After due diligence, the Burj Modaraba is expected to be listed at the Pakistan Stock Exchange (PSX) within 12 months from its approval date, with target Capital of Rs. 1 billion.
The Modaraba will be engaged in the business of generation and supplying renewable energy and renting commissioned renewable energy equipment/plants after the completion of the public offering.
The sponsors of Burj Modaraba are already in the business of preparatory & development activities such as the origination of renewable energy projects, the execution of binding contracts with the customers, engineering design, and appointment of engineering, procurement, construction, and commissioning contractors.
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