ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Monday authorised flotation of Burj Clean Energy Modaraba, an Islamic Financial Institution, managed by Burj Modaraba Management Company (Private) Limited, under the Modaraba Ordinance, 1980.

Flotation of the new Modaraba has been authorised by the SECP`s Registrar Modaraba, with approval of the regulator`s Religious Board.

The move is expected to facilitate the growth of Shariacompliant financial products in the financial services market.-Staff Reporter