KARACHI - Out of 24 Modarabas, 18 Modarabas have paid cash dividends between the range of 2.5 per cent to 65 per cent and two Modarabas have declared Bonus shares to their certificate-holders. First Imrooz Modaraba declared highest cash dividend of 65 per cent having an Earning Per Certificate (EPC) of Rs.8.33. this was revealed in the tenth Modaraba Association of Pakistan (MAP) Year Book 2007. According to the MAP Year Book 2007, First Habib Modaraba declared 20 per cent cash dividend and 100 per cent right shares at a premium of Rs.2.50. Standard Chartered Modaraba also paid a cash dividend of 15 per cent and 5pc Bonus shares to their certificate holders. Total assets of the Modaraba sector were Rs.26,009 million as compared to Rs.23,736 million depicting an increase of Rs.2,273 million i.e. 9.6 per cent .The total assets of First Habib Modaraba crossed Rs.5 billion which is a milestone in the growth achieved by any modaraba in the whole sector. The total cash & stock dividend distributed among the certificate holders comes to Rs.575million which constitute an average of 9 per cent of the paid up capital of the Modarabas, MAP book said. The book said that, AI-Zamin Leasing Modaraba has acquired majority shareholders and managements control of Crescent Leasing Corporation Ltd. AI-Zamin Leasing Modaraba has signed a MOU with international Multi-Leasing Corporation for its merger in to AI-Zamin upon satisfactory conclusion of its petition under consideration of the Honorable Supreme Court Of Pakistan. The Management of Modaraba AI-Mali has been taken over by Bank Islami Pakistan Ltd. The Management of First Mehran Modaraba has been taken over by KASB and the operations are being carried out under the new name KASB Modaraba. The year under review is marked with significant events, which took the association successfully. This pertains to the efforts for reviewing and redrafting the model agreements for the sake of simplification and standardization. Only three model agreements i.e. Musharaka, Murabaha and Ijara (Leasing) were approved by the Religious Board in late 80's. Thereafter, neither any modifications were made in the existing agreements nor any new financing agreement was introduced. However, with the support of Registrar Modaraba, the MAP has revised existing agreements in accordance with the present market practice of Islamic banks. MAP has sent seven new Islamic mode of finance to Religious Board through the office of Registrar Modaraba. Once these new mode of finance are approved this will bring new energy in the sector. This will definitely give support for business expansion of Islamic Financial services through the platform of Modaraba and also encourage new entrants in Modaraba sector, book said.