Analyst
Behrooz Fareed
behrooz.fareed@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA Suspends Entity Ratings of First Fidelity Leasing Modaraba
Rating Type | Entity | |
Current (30-Jun-22 ) |
Previous (24-Sep-21 ) |
|
Action | Suspended | Maintain |
Long Term | - | BBB+ |
Short Term | - | A2 |
Outlook | Stable | |
Rating Watch | - | - |
Due to the non-availability of requisite information, the rating of the Company has been suspended.
PACRA dues have also not been paid.
About
the Entity
First Fidelity Leasing Modaraba (FFLM) is a perpetual, multipurpose Modaraba founded in 1991, engaged in Islamic mode of leasing and term financing under morabaha. Additionally, the Modaraba has developed a portfolio of investment properties, both land and building. Modaraba’ s assets also include membership of Pakistan Mercantile Exchange Limited (PMEX).
Fidelity Capital Management (Private) Limited (FCML) is the management company of the Modaraba. FCML is majority owned by Mughals Imperial (Pvt.) Ltd and two individuals (60%), whereas Chief Executive Officer of the Modaraba Mr. Wasim-ul-Haq Osmani (18%) and his associates (22%) owned the remainder of shares. FCML has 24% stake in the Modaraba (FFLM) while 66% is owned by general public.