First Paramount Modaraba to launch UK subsidiary

MG News | January 12, 2024 at 04:32 PM GMT+05:00

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January 12, 2024 (MLN): The Board of Directors of First Paramount Modaraba (PSX: FPRM) have decided to incorporate a wholly owned subsidiary of Paramount Compliance (Private) Limited in the United Kingdom (UK), the company informed through a notice sent to the local bourse today.

This decision aims to scale up the areas of operations of the AML CFT-related business.

First Paramount Modaraba will become the ultimate parent company of the UK-based company, the notice reads.

FPRM is a multi-purpose, perpetual and multidimensional Modaraba.

Modaraba's principal activities include deployment of funds on murabaha, modaraba, and musharaka arrangements.

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