First National Bank Modaraba

Islamic Modaraba Financingnbmodaraba.com

First National Bank Modaraba is a Lahore-based Islamic financial institution, established in 2003, offering Shariah-compliant Ijarah, Murabaha, and Musharaka financing products to corporate clients across diversified industries in Pakistan.

Company typePrivate
Founded2003
HeadquartersLahore, Pakistan
Headcount—
GTM typeB2B
OfferingServices

What First National Bank Modaraba does

First National Bank Modaraba (FNBM) is a perpetual, multi-purpose Islamic financial institution established in December 2003 and headquartered in Lahore, Pakistan. It is managed by National Bank Modaraba Management Company Limited (NBMMCL), a wholly owned subsidiary of National Bank of Pakistan, and operates under the supervision of a board of directors and a dedicated Shariah Advisor. FNBM operates strictly in accordance with Islamic Shariah principles and is regulated by the Securities and Exchange Commission of Pakistan (SECP) under the Modaraba framework.

FNBM delivers three core Shariah-compliant financing products to corporate clients: Ijarah (a leasing arrangement where the institution purchases and leases assets to clients for fixed rental payments), Murabaha (cost-plus financing for goods sold with deferred payment terms), and Musharaka (partnership-based joint venture financing with shared profits and losses). It serves corporate customers across widely diversified industries in Pakistan through these instruments. The business is operated by a specialized team with expertise in Islamic Banking and Finance.

Revenue is generated transactionally through lease rentals, cost-plus markups, and profit-share arrangements under these Islamic financing instruments. FNBM engages its certificate holders (the Modaraba equivalent of shareholders) via an investor relations website, Annual Review Meetings (the 22nd scheduled for October 27, 2025 to review the fiscal year ended June 30, 2025), and Corporate Briefing Sessions. Financial reporting is distributed via SECP-compliant QR code and weblink per S.R.O. No. 389(I)/2023, with annual audited statements and directors' reports made available to certificate holders.

First National Bank Modaraba firmographics

Firmographics

Name: First National Bank Modaraba
Legal name: First National Bank Modaraba
Website: https://nbmodaraba.com
Company type: Private
Founded year: 2003
Operating status: Operating
Short description: First National Bank Modaraba is a Lahore-based Islamic financial institution, established in 2003, offering Shariah-compliant Ijarah, Murabaha, and Musharaka financing products to corporate clients across diversified industries in Pakistan.
Ownership category
akta.pro rank

First National Bank Modaraba industry classification

Industry

Product category: Islamic Modaraba Financing
NAICS: Funds, Trusts, and Other Financial Vehicles (525)
SIC: Miscellaneous Business Credit Institution (6159)
akta.pro primary industry: Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)
akta.pro secondary industry: Islamic Corporate Banking (FSABAGAC)

Keywords

Islamic finance
Shariah-compliant financing
Corporate leasing
Modaraba services
Islamic banking products

Where First National Bank Modaraba is headquartered

Location

Headquarters

HQ city: Lahore
HQ country: Pakistan
HQ region: Asia

Offices2 records

Markets served

First National Bank Modaraba business model

Business model

GTM type: B2B
Offering type: Services
Cost components: Personnel, Operations, Others

Revenue model

Islamic Banking Products: FNBM generates revenue through Shariah-compliant financial products including Ijarah (leasing), Murabaha (cost-plus financing), and Musharaka (partnership-based financing). These are Islamic finance instruments operating under principles of Islamic Shariah.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

First National Bank Modaraba product offering

Product offering

Core offering

First National Bank Modaraba (FNBM) is an Islamic Modaraba institution that provides Shariah-compliant financing products to corporate customers across diversified industries in Pakistan. Its core offerings include Ijarah (leasing), Murabaha (cost-plus financing), and Musharaka (partnership-based joint venture financing), all operating strictly under Islamic Shariah principles as an interest-free alternative to conventional banking.

Product overview

First National Bank Modaraba operates as a perpetual, multi-purpose Islamic financial institution offering three core Shariah-compliant financing products: Ijarah (leasing), Murabaha (cost-plus financing), and Musharaka (partnership-based joint venture financing). The company functions as a traditional Modaraba structure under the management of National Bank Modaraba Management Company Limited, serving corporate customers across diversified industries through Islamic financial solutions.

Differentiator

Problem solved

Functional benefit

Products and services

Ijarah An Islamic leasing arrangement where the bank purchases an asset and leases it to the corporate customer for a specified period in exchange for rental payments. Offered to corporate customers seeking Shariah-compliant asset financing.
Murabaha A cost-plus financing arrangement where the bank sells goods to the corporate customer at a profit margin above the cost price, with deferred payment terms. Offered to corporate customers requiring Shariah-compliant trade and working capital financing.
Musharaka A partnership-based financing arrangement where parties contribute capital to a joint venture and share profits and losses according to pre-agreed ratios, operating under Islamic Shariah principles. Offered to corporate customers seeking Shariah-compliant equity-participation financing.

Companies that use First National Bank Modaraba

Customer profile

Segments1 record

Ideal customer profiles1 record

First National Bank Modaraba technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

First National Bank Modaraba partnerships and signals

Strategic signal

Scale indicators3 records

Recent moves4 records

Expansion highlights3 records

First National Bank Modaraba competitors and assessment

Company assessment

Direct peers

B.R.R. Guardian Modaraba: Pakistani Modaraba engaged in Shariah-compliant leasing and Murabaha financing for corporate borrowers. Closely mirrors FNBM's product set (Ijarah and Murabaha) and its perpetual Modaraba structure, competing for similar corporate finance mandates.
First Habib Modaraba: A perpetual Modaraba under the Habib group providing Ijarah, Murabaha, and Musharaka financing to Pakistani corporates. Overlaps directly with FNBM in funding structure, product offering, and target corporate segment.
Trust Modaraba: Pakistani Modaraba providing Shariah-compliant leasing and financing solutions to corporate clients. Directly comparable to FNBM in operating model, product set, and target market.
First Prudential Modaraba: Pakistani Modaraba offering Ijarah, Murabaha, and Musharaka financing to corporate customers. Directly comparable to FNBM in both legal form and product mix within Pakistan's Shariah-compliant corporate finance market.
OLP Modaraba (formerly ORIX Modaraba): One of the largest and longest-running Modarabas in Pakistan, offering Ijarah, Murabaha, and Musharaka-style financing to corporate clients. Directly comparable to FNBM in legal structure (perpetual Modaraba), product mix, and target customer segment.
Modaraba Al-Mali: Pakistan-based Modaraba engaged in Shariah-compliant leasing and Murabaha financing for corporates. Matches FNBM's product menu (Ijarah, Murabaha) and perpetual Modaraba structure, serving similar client segments.

Broad incumbents

BankIslami Pakistan: Full-fledged Islamic commercial bank in Pakistan providing corporate, consumer, and treasury Shariah-compliant products. A broader-scope competitor to FNBM in the Islamic corporate finance segment.
Dubai Islamic Bank Pakistan: Subsidiary of Dubai Islamic Bank offering Islamic corporate, trade, and treasury financing in Pakistan. Competes with FNBM for Islamic corporate mandates but with a stronger parent brand and full banking license.
Meezan Bank: Pakistan's largest full-service Islamic bank, offering Shariah-compliant corporate financing, deposits, and treasury products. Competes with FNBM for the same Shariah-conscious corporate clients but with a vastly broader product suite and deposit-funded balance sheet.

Others

National Bank of Pakistan: State-owned parent bank that wholly owns NBMMCL, the management company for FNBM. Adjacent rather than competing: NBP is a conventional commercial bank that also runs an Islamic banking division, and provides governance, brand, and institutional backing to FNBM.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

First National Bank Modaraba financial estimates

Financial estimate

Revenue estimate

Valuation estimate

First National Bank Modaraba leadership team

Management profile

Number of profiles

Profiles1 record

First National Bank Modaraba funding detail

Funding detail

Funding overview

Funding rounds

Investors

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

First National Bank Modaraba M&A and investment

M&A and investment

M&A

Investments

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

Frequently asked questions about First National Bank Modaraba

What does First National Bank Modaraba do?

Is First National Bank Modaraba a public or private company?

First National Bank Modaraba is a private company. It is classified as corporate owned and is currently operating.

When was First National Bank Modaraba founded?

First National Bank Modaraba was founded in 2003.

Where is First National Bank Modaraba based?

First National Bank Modaraba is headquartered in Lahore, Pakistan, in the Asia region.

How does First National Bank Modaraba make money?

One revenue line is on record: islamic Banking Products.

Who are First National Bank Modaraba's main competitors?

Direct peers on record are B.R.R. Guardian Modaraba, First Habib Modaraba, Trust Modaraba, First Prudential Modaraba, OLP Modaraba (formerly ORIX Modaraba) and Modaraba Al-Mali. Broad incumbents are BankIslami Pakistan, Dubai Islamic Bank Pakistan and Meezan Bank. National Bank of Pakistan is listed as an others.

Does First National Bank Modaraba have an API?

No public API is recorded for First National Bank Modaraba.

What industry is First National Bank Modaraba in?

First National Bank Modaraba's product category is Islamic Modaraba Financing. Its primary akta.pro industry code is FSABAGAH, Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam), with a secondary code of FSABAGAC, Islamic Corporate Banking. Its NAICS code is 525 and its SIC code is 6159.