Trust Modaraba

What Trust Modaraba does

Trust Modaraba is a Pakistani perpetual, multi-purpose Modaraba (Islamic financial institution) that commenced operations in 1991 under registration K-03158 of 1991-92 and is managed by Al-Zamin Modaraba Management (Private) Limited. The institution is publicly listed on all three Pakistani stock exchanges under the ticker TRSM (PSX), with an authorized capital of Rs. 700 million and paid-up capital of Rs. 298 million, structured to deliver Riba-free investment and financing opportunities in line with Shariah principles.

The company's product suite comprises six Shariah-compliant offerings: Ijarah (medium-to-long-term asset financing for plants, machinery, and vehicles, with the Modaraba bearing asset risk), Musharaka (partnership-based running finance), Diminishing Musharaka (declining partnership financing for land, factory, and building acquisition), Murabaha (short-term cost-plus financing for raw materials and finished goods with spot, deferred, or installment structures), Project Financing (long-term infrastructure and industrial project funding), and ancillary services including equity marketing operations, trading, portfolio management, and consultancy/advisory for syndication of leasing and project financing. Distribution relies on a Karachi head office at Kassam Court, Clifton, and a Lahore regional office at Garden Heights, supplemented by a customer web portal and downloadable online application forms for individual and corporate Ijarah, Murabaha, and borrower fact sheets.

Trust Modaraba serves a hybrid mix of corporate and SME borrowers, salaried professionals, and business owners across Pakistan, earning revenue through mark-ups and rentals from Shariah-compliant financing transactions, returns on equity investments and trading activities, and fees from portfolio management and advisory mandates. Governance combines Shariah oversight with SECP-regulated disclosure (annual, quarterly, and half-yearly reports; shareholder pattern; free float disclosure), and customer testimonials cite quick processing and advisory-led service. FY2025 reporting shows earnings per share of 0.617 and a break-up value of Rs. 11.70 per share, with 22.64 million of 29.8 million shares in public free float.

Name

Trust Modaraba

Legal name

Trust Modaraba

Website

https://trustmodaraba.com

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

11–50 employees

Short description

Trust Modaraba is a publicly listed Pakistani Islamic financial institution operating since 1991, providing Shariah-compliant Ijarah, Murabaha, Musharaka, Diminishing Musharaka, and Project Financing to corporate, SME, and individual borrowers across Karachi, Lahore, and online channels.

Ownership category

akta.pro rank

Headquarters

HQ city

Karachi

HQ country

Pakistan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Islamic Financing Services: Trust Modaraba generates revenue through multiple Shariah-compliant financing arrangements including Murabaha (cost-plus financing), Musharaka (partnership financing), Diminishing Musharaka, Ijarah (leasing), and Project Financing. The institution also earns returns from equity investments, trading activities, managing portfolios, and providing consultancy and advisory services for syndication of leasing and project financing.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Trust Modaraba is a perpetual and multi-purpose Pakistani Modaraba that provides Shariah-compliant Islamic financing products including Ijarah (asset leasing for plants, machinery, and vehicles), Musharaka and Diminishing Musharaka (partnership-based financing), Murabaha (cost-plus financing for raw materials and finished goods), and Project Financing (long-term infrastructure and industrial financing). It also offers equity investments, trading activities, portfolio management, equity marketing operations, and consultancy/advisory services for syndication of leasing and project financing to corporate, SME, and individual customers across Pakistan.

Product overview

Trust Modaraba is a perpetual and multi-purpose Islamic financial institution offering Shariah-compliant financing products and services. The company operates as a unified portfolio of Islamic finance offerings comprising six core products: Ijarah (asset financing), Musharaka (partnership-based running finance), Diminishing Musharaka (declining partnership financing for projects), Murabaha (cost-plus financing for goods procurement), Project Financing (long-term infrastructure financing), and Other Services (equity marketing, advisory, and trading). Trust Modaraba commenced operations in 1991 and is managed by Al-Zamin Modaraba Management (Private) Limited.

Differentiator

Problem solved

Functional benefit

Products and services

• Ijarah

Quantifiable outcome

• Earnings Per Share of 0.617 for Year 2025
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• NBFI & Modaraba Association of PakistanminorOthersTrust Modaraba is associated with the NBFI (Non-Banking Finance Institutions) Modaraba Association of Pakistan. This association represents and supports Modaraba companies operating in Pakistan's Islamic finance sector.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Meezan Bank: Pakistan's largest Islamic bank with full-scale deposit-taking, corporate, consumer, and treasury Shariah-compliant services — a much larger incumbent that competes for the same Riba-free customer wallet.
• Al-Baraka Bank Pakistan: Subsidiary of Al-Baraka Banking Group offering full Islamic banking products in Pakistan — significant incumbent competitor in the Islamic financing space.
• BankIslami Pakistan: Full-service Islamic commercial bank offering corporate, SME, and consumer Shariah-compliant financing across Pakistan — broader scale but directly overlapping product categories.
• Dubai Islamic Bank Pakistan: Pakistan subsidiary of Dubai Islamic Bank providing Islamic corporate and consumer financing — competes for larger-ticket Shariah-compliant mandates that Trust Modaraba cannot match on balance sheet size.

Direct peers

• B.R.R. Guardian Modaraba: Pakistani Modaraba providing Shariah-compliant financing and investment services, listed on PSX, competing for the same SME and corporate Islamic finance customers.
• First National Bank Modaraba: One of the older multi-purpose Modarabas in Pakistan engaged in Islamic financing, equity investment, and trading — directly comparable business model and product suite.
• Standard Chartered Modaraba: Pakistani Modaraba offering Murabaha, Ijarah and Musharaka financing products under similar multi-purpose Modaraba regulation — closest peer in product offering and target market.
• First Habib Bank Modaraba: Pakistani Modaraba offering Murabaha, Ijarah, and Diminishing Musharaka financing — the same core Shariah-compliant product set as Trust Modaraba, with a similar listing profile on PSX.

Others

• Al-Zamin Modaraba Management: Trust Modaraba's own management company; included as an ecosystem peer representing the Modaraba management services vertical in Pakistan.
• NBFI & Modaraba Association of Pakistan: Industry association of which Trust Modaraba is a member — represents the collective regulatory and advocacy body for the Modaraba sub-sector, contextually comparable as the institutional ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/trust-modaraba

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Trust Modaraba