Karachi: The Securities & Exchange Commission of Pakistan (SECP) has given its nod for the appointment of new directors to the board of M/s. Al Noor Modaraba Management (Private) Limited. This decision follows an application submitted by the company earlier this year, with the SECP confirming the appointments effective from June 30, 2025.

According to the SECP, the Registrar Modaraba has approved the election of seven directors to serve a three-year term on the board. The designated directors include Mr. Zia Zakaria as Non-Executive Director and Chairman, Mr. Noor Muhammad Zakaria as Non-Executive Director, Mr. Zainuddin as Executive Director and Chief Executive, Mr. Asad Ahmed Mohiuddin as Non-Executive Director, Mr. Tausif Ilyas as Independent Director, Ms. Naheed as Independent Director, and Mr. Kausar Ali Fecto as Independent Director.

The appointments were conducted in line with regulation 27 of the Modaraba Regulations, 2021, and the Fit and Proper Criteria under Schedule 1, Clause 2. According to information available from the Pakistan Stock Exchange (PSX), the Modaraba Company is expected to ensure that its directors remain informed about the latest developments in Islamic finance.

As part of the compliance process, Al Noor Modaraba Management has been advised to furnish a copy of Form 29, certified by the Company Registration Office, to the SECP for their records. The company operates within the designated market category of Islamic financial services, which remains a critical area for Pakistan’s financial sector.