Tag: Modaraba

UAE-based renewable energy producer to float Pakistan’s first green energy modaraba worth $5.5 million

The Securities and Exchange Commission of Pakistan (SECP) has granted approval to Burj Energy International Management, a UAE-based renewable energy producer, to float the South Asian nation’s first green energy modaraba worth Rs1 billion (approximately $5.5 million), the watchdog and company officials said. Modarabas are equity-like financing vehicles that are a small but significant part of Islamic finance in the world’s second-largest Muslim nation.