New major steps likely to reinvigorate interest in modaraba sector.

Byline: Khalil Ahmed

SME, construction sectors set to grow under current Government's plans

PAGE: Tell me something about yourself and your organization please:

Naim Farooqui: I did my schooling from Karachi and proceeded to the United States in December 1973 for graduate studies. I obtained BSC in Industrial Engineering from University of Houston in 1978 and Masters in Business Administration from Texas Southern University in 1984. Upon my return to Pakistan I joined NDFC which was recruiting candidates with Engineering and Marketing background as the Institution was involved in financing industrial/manufacturing projects requiring technical expertise.

From NDFC, I was seconded to Asian Finance and Investment Corporation (AFIC) in 1992, an affiliate of Asian Development Bank, Manila where I served till June 1998. At AIFC, besides my other job responsibilities, I was also serving as a Director in ORIX Investment Bank (OIB) in Pakistan when ORIX Corporation, Japan offered me a job as CEO, OIB. I served OIB till March 2009 and for a short stint of a few months worked as Head of Compliance at Pak-Kuwait Investment Co. Ltd.

Subsequently, I joined Sindh Bank in December 2010 right after its incorporation as its Chief Operating Officer. At Sindh Bank, I served in various capacities, as President, Director in its affiliates at Sindh Leasing, Sindh Modaraba and Sindh Insurance and Chairman, Sindh Mirco Finance Bank. I have also served as CEO of Sindh Leasing and presently I am the Chief Executive Officer (CEO) of Sindh Modaraba since August 2016.

Sindh Modaraba:

Sindh Modaraba commenced its operations in February 2015. It is perpetual, and multipurpose Modaraba formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance 1980. The company is managed by Sindh Modaraba Management Limited (SMML) a company 100 percent owned by Government of Sindh, however, Sindh Modaraba's ownership structure is split into 5.64 percent (General Public) and 94.36 percent, (SMML).

Currently the Board of SMML comprises of seven Directors of which only one Director represents the owner i.e. GoS through its Secretary Finance while others are Executive Director, Independent Directors or non-independent Directors. By virtue of it being an Islamic Finance institution it is mandatory to appoint a Shariah Advisor to look after Shariah Compliance of the Modaraba Company. He reports directly to the Board. The Modaraba is rated A+ (long term) an A1 (short...