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 Growth Enterprise Market (GEM) Board. This landmark event underscores a significant advancement in Pakistan’s pursuit of sustainable energy solutions and capital market development.
According to Pakistan Stock Exchange Limited, the ceremony was attended by prominent figures including Mr. Muneer Kamal, Chairman of Burj Modaraba, and Mr. Saad Zaman, Sponsor Director, alongside senior management from Allied Bank and other key partners. Mr. Nadeem Naqvi, Acting CEO of PSX, and Mr. Shahid Ali Habib, CEO of Arif Habib Limited (Advisor to the Issue), were also present, highlighting the collaborative efforts that made this listing possible.
Burj Modaraba has set a benchmark in the financial sector by integrating sustainability with financial growth, focusing on investments in solar, wind, and other renewable energy projects. With a substantial initial offering that raised over PKR 100 million, the fund attracted significant interest, reflecting strong investor confidence in green energy initiatives.
The fund’s strategy is not only to provide financial returns but also to promote environmental sustainability. It aims to reduce Pakistan’s reliance on conventional fuel sources, alleviate high electricity costs, and advance the country’s energy security. The leadership of Burj Modaraba emphasized their commitment to transforming the energy market by providing holistic energy solutions that are environmentally friendly and compliant with global standards for Environmental, Social, and Governance (ESG) principles.
During the ceremony, Mr. Naqvi praised the initiative as a pioneering model for future investments in renewable energy. He expressed optimism about the potential growth of such funds and their move to the Main Board in the future. Mr. Kamal discussed the modaraba’s role in catalyzing sectoral change through innovative energy solutions, while Mr. Zaman highlighted their efforts to disrupt the market by delivering comprehensive energy services, including cutting-edge energy storage technologies and promoting electric mobility in Pakistan.
The gong ceremony not only marked the official trading of Burj Clean Energy Modaraba on the PSX but also celebrated the broader goal of enhancing sustainable investment practices in Pakistan’s financial landscape.