This presentation discusses modaraba investment fraud in Pakistan. It provides an overview of common Islamic finance contract types like murabaha, ijara, and musharakah/mudarabah. Mudarabah is described as a partnership where one partner provides capital while the other provides management. The presentation then outlines several major fraud schemes totaling over 655 billion rupees, including the Spadix, Elixir, and Sami textile groups. Officials from these groups are currently in custody. Over 850 citizens filed claims of over 500 million rupees with the National Accountability Bureau against a sham modaraba company run by muftis.

1. Presentation TitlePresentation Title
Finance for Managers

2. Topic: Modaraba Investment
Fraud
Presenting By
Shakir Ullah
Binish Rabbani
Presenting To
Mr. Zahid Khan
Sub; Finance for Mangers

3. Murabaha,
Ijara, and musharakah/mudarabah
• contract types form the basis of a
variety of Shariah compliant
substitutes to conventional corporate
and trade financing solutions
today. The basic premise of Islamic
finance lies in the need to
eliminate both interest (Riba) and
uncertainty (Gharar) from financial
transactions.

4. Mudarabah
• "Mudarabah" is a special kind of partnership
where one partner gives money to another for
investing it in a commercial enterprise. The
investment comes from the first partner who
is called "rabb-ul-mal", while the management
and work is an exclusive responsibility of the
other, who is called "mudarib".

5. Rs 655+
billion
fraud• Spadix group of companies
• Elixir group of companies
• Sami textile
• Other Groups

6. Spadix group of companies
• Director Mufti Ehsan Ul Haq
• Fraud 280 billion
• Area of fraud Khyber Pakhtunkhwa, FATA & Gilgit
Baltistan
• Mufti Ehsan under custody of FIA Islamabad

7. Elixir Group Pakistan
• Directors Mulana Ibarheem
• Fraud 70 billion
• Area of fraud Punjab, Islamabad &
Kashmir
• Ibraheem under custody of FIA

8. Sami textile
• Chief Executive Shafiq Ur Rehman
• Director Zaid Shahyan Siddiqui ( seatth Memon Defence Wala)
• Fraud 305 billion
• Area of fraud Sindh & Baluchistan
• 10 members under custody of Sndh Police exept CE & Directos

9. Registered Complaint to NAB
• The newly exposed Modaraba scam, using religious
scholars to con people, is feared to have robbed
thousands of people of billions, a local English daily
reported.
Over 850 citizens have filed claims amounting to more
than Rs 500 million at the National Accountability Bureau
against a sham company run by a group of Muftis
(religious scholars) under the name of Modaraba and
Musharaka.

10. Sources: Local News paper &
Channels

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