SECP Approves First IBL Modaraba Control Transfer

The Securities and Exchange Commission of Pakistan (SECP) has formally sanctioned the transfer of management control of First IBL Modaraba in favour of ZTP (Private) Limited, as disclosed in a notification submitted to the Pakistan Stock Exchange (PSX).

The company confirmed that the approval has been granted pursuant to Section 96 of the Securities Act, 2015, along with applicable PSX regulatory provisions. The authorization remains conditional upon compliance with all relevant statutory and regulatory prerequisites. Management has undertaken to keep the exchange apprised of any material progress concerning the transaction.

This regulatory milestone follows the execution of a Sale and Purchase Agreement (SPA) between the parties in September 2025. Subsequent to the agreement, ZTP (Private) Limited initiated formal proceedings before the Registrar Modaraba at the SECP to secure the necessary approvals required to consummate the acquisition.

First IBL Modaraba functions as a multi-purpose, perpetual Modaraba established under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980. The entity conducts Shariah-compliant financial operations, including Ijarah, Musharaka, and Murabaha-based financing structures, operating within Pakistan’s regulated Islamic finance framework.