SECP Approved Pakistan’s First Green Energy Modaraba Worth $5.5 Million

SECP Approved Pakistan's First Green Energy Modaraba
Burj Energy International Management (a UAE-based renewable energy producer) has got approval from Pakistan’s SECP to float the country’s first-ever green energy modaraba worth Rs.1 billion (around $5.5 million).

Modarabas was Pakistan’s first Islamic company model with a legal framework and precise regulations. Burj Modaraba Management Company will manage the approved flotation of the Burj Clean Energy Modaraba.

The director of Burj Energy International (Aamer Chishti) said, “This is Pakistan’s first renewable energy Modaraba, to minimize the carbon tread, which will support renewable hybrid, solar, and wind projects”.

According to him, the flotation of the latest modaraba will assist the financial services industry to form Shariah-compliant economic goods. After going through the appropriate channels, the Burj modaraba will be listed on the Pakistan Stock Exchange (PSX) within a year.

Additionally, Chishti added, “The first paid-up capital would be Rs.1 billion of which through the stock market Rs 300 million (30%) will be generated and the other Rs.700 million (70%) will be sponsored by Burj Energy International Management International.”

In Asian Region, the company has produced 52 megawatts of renewable energy and trimmed carbon emissions by 86,880 tons. It has joint experiences in Bangladesh and Malaysia and is striving to begin procedures in Sri Lanka as well. As per the 2020 study report by The Pakistan Credit Rating Agency, Pakistan has 28 modarabas with a combined asset base of almost Rs. 50 billion (PACRA).

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