Unusual Movement in Price or Volume of Popular Islamic Modaraba

Karachi, Popular Islamic Modaraba informed Pakistan Stock Exchange that the Securities and Exchange Commission of Pakistan has accorded its approval for issuance of 4,0000,000 Modaraba Certificates at par value of Rs. 10 each to the Company the Manager/Management Company of the Company against the loan provided by the Company amounting to Rs. 40,000,000/-

Popular Islamic Modaraba is a company incorporated in Pakistan, established in 1994, floated under the Modaraba Ordinance of 1980. Popular Islamic Modaraba (Formerly: First Islamic Modaraba) is a multipurpose, perpetual and multi-dimensional Modaraba, It is now managed by Popular Islamic Modaraba Management Company (Private) Limited. Formerly, managed by Islamic Investment Bank Limited (Under Liquidation). In year 2013 Popular Islamic Modaraba (Formerly: First Islamic Modaraba) has been take over the management by Popular Group of Industries. It is listed on the Pakistan Stock Exchange. It is a member of NBFI & Modaraba association of Pakistan. It is an Islamic Financial Institution providing financial facilities in accordance with Shariah constraints.

The symbol “PIM” is being used by the stock exchange for the shares of Popular Islamic Modaraba.