The (PSX) hosted a gong ceremony to celebrate
the listing of Burj Clean Energy Modaraba
the first Shariah-compliant green energy fund
Business Reporter
Karachi: The Pakistan Stock Exchange (PSX) hosted a gong ceremony to celebrate the listing of Burj Clean Energy Modaraba, the first Shariah-compliant green energy fund on the PSX Growth Enterprise Market (GEM) Board. The ceremony was led by Mr. Muneer Kamal, Chairman of Burj Modaraba, and Mr. Saad Zaman, Sponsor Director, alongside top management and key figures from the financial industry.
A Milestone for Pakistan’s Renewable Energy Sector
The listing of Burj Modaraba represents a significant step for sustainable energy investments in Pakistan. As the country’s first green energy fund, Burj Modaraba aims to bridge clean energy projects with investors, fostering the growth of renewable initiatives. With a focus on solar, wind, and energy efficiency solutions, the fund seeks to reduce Pakistan’s dependence on conventional fuels and alleviate high electricity costs for consumers.
Supported by prominent partners like Meezan Bank Limited, Habib Bank Limited, and Arif Habib Corporation, Burj Modaraba is committed to driving renewable energy adoption across the country. AKD Securities served as the underwriter, with Arif Habib Limited acting as the financial advisor, and Usmani & Company Shariah Advisors (Pvt.) Limited as the Shariah advisor.
Strong Investor Interest in Burj Modaraba
During its Initial Offering, Burj Clean Energy Modaraba offered 10 million certificates, raising Rs 102.44 million, surpassing its Rs 100 million target. The capital will be used to install solar power solutions with a total capacity of 700 KWp for residential clients. The installations, spread across 71 sites, are set to be completed within six months.
PSX Leadership Highlights Shariah-Compliant Green Energy Opportunities
Mr. Nadeem Naqvi, Acting CEO of PSX, praised the listing, emphasizing the growing demand for solar energy globally. He noted that Burj Modaraba presents a unique, Shariah-compliant investment opportunity, bridging the gap between solar energy providers and institutional investors. He expressed optimism for the fund’s growth and its potential to attract new players into the market.
Transforming Pakistan’s Energy Landscape
Mr. Muneer Kamal, Chairman of Burj Clean Energy Modaraba, stated that the company aims to transform Pakistan’s energy market by offering holistic energy solutions. He emphasized the fund’s commitment to ESG principles, responsible energy practices, and Shariah-compliant financing.
Mr. Saad Zaman, Sponsor Director, shared that Burj Modaraba is focused on delivering cutting-edge energy solutions, including investments in energy storage technologies and promoting electric vehicle (EV) adoption.
AHL Applauds Burj Clean Energy’s Role in Renewable Sector
Mr. Shahid Ali Habib, CEO of Arif Habib Limited, lauded the successful listing and highlighted Burj Modaraba’s role in advancing renewable energy solutions in Pakistan. He emphasized the importance of Shariah-compliant, diversified energy offerings in the growing local market.
Ceremony Concludes with Tombstone Presentation
The event concluded with the distribution of commemorative tombstones to key participants, including Mr. Nadeem Naqvi of PSX, Mr. Fareed Alam of AKD Securities, Mr. Zia Ul Hasan of Meezan Bank, and Mr. Shahid Ali Habib of Arif Habib Limited.
