| dc.contributor.author |
Qurat-ul-Ain |
en_US |
| dc.contributor.author |
Sipra N |
en_US |
| dc.date.accessioned |
2017-01-30T08:15:55Z |
|
| dc.date.available |
2017-01-30T08:15:55Z |
|
| dc.identifier.uri |
http://hdl.handle.net/123456789/175207 |
|
| dc.identifier.uri |
http://localhost:8080/xmlui/handle/1/156 |
|
| dc.description.abstract |
In its judgment dated December 23, 1999 the Shariat Appellate Bench of the Supreme Court of Pakistan declared that all laws involving interest would cease to have effect by June 30, 2001. The Court concluded that the existing financial system had to be subjected to radical changes to bring it into conformity with Shariah. In response to the above directive as well as the desire of the owners of the company to rid the company of interest bearing debt Sitara Chemical Industries Ltd. (SCI) came out with its first issue of Musharika Term Finance Certificates (MTFC) in
1999-2000. This MTFC issue was the first of its kind and allegedly structured purely on the basis of Shariah. This Rs 150-million issue and the subsequent Rs 360 million MTFC were issued for the expansion of the chemicals division of SCI. |
en_US |
| dc.publisher |
YES |
en_US |
| dc.subject |
Chemical |
|
| dc.subject.classification |
Finance |
en_US |
| dc.title |
SITARA CHEMICAL INDUSTRIES LTD |
en_US |
| dc.type |
02-604-2003-1 |
en_US |
| dc.location |
Case Research Centre |
en_US |