Karachi: A significant shift has occurred in the management of First Prudential Modaraba, as detailed by the latest corporate changes. According to information available from the Pakistan Stock Exchange (PSX), this strategic realignment comes after a series of corporate decisions and regulatory approvals culminating in September 2024.

First Prudential Modaraba, managed by Awwal Modaraba Management Limited (AMML), a subsidiary fully owned by Pak Brunei Investment Company Limited, has seen a change in ownership. The transfer of 100 percent shareholding from Pak Brunei to Wasl Investment Finance Limited was approved by the Registrar Modaraba, part of the Securities and Exchange Commission of Pakistan (SECP), on September 19, 2024. This approval paves the way for Wasl Investment Finance to take over both the shares and management rights of the Modaraba following the completion of all necessary corporate formalities.

The decision for divestment by Pak Brunei was made in September 2023, leading to a selection process for an appropriate buyer, culminating in a Share Purchase Agreement in April 2024. The strategic divestment aligns with Pak Brunei's operational adjustments and its broader financial strategy.

During this period of transition, First Prudential Modaraba has maintained a conservative approach in its operations to ensure robust asset quality and profitability. This management transition is seen as a strategic move to align First Prudential Modaraba with new growth avenues and maintain its pivotal role in providing Shariah-compliant financial solutions to its clients.