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          <h2 class="primary-color">Business Activities </h2> 
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            A Modaraba can undertake any business activity or offer any financial product based on Islamic concept, provided it is Shariah-Compliant and has the approval from the Religious Board. 
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          The funding and financial facilities provided by Modarabas have to be designed in Shariah-Compliant mode, which is mostly similar to the products offered by the Islamic banks.
                     
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            No Modaraba can operate in Pakistan unless its business and prospectus are cleared from the Religious Board. 
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              The prospectus and all products and business activities of a Modaraba are required to be approved by the Religious Board, which is facilitated by the Modaraba Wing headed by the Registrar Modaraba (Executive Director), Securities and Exchange Commission of Pakistan. 
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