In June 1980, legal framework was amended to permit issuance of a new, interestfree instrument of corporate financing called Participation Term Certificate (PTC). iv. A new law, namely, the Modaraba Companies and Modarabas Ordinance, 1980 along with the Modaraba Companies and Modaraba Rules, 1981 was promulgated to introduce modarabas, as a two-tier fund structure, for undertaking Shariah compliant businesses.
Reflections are now also under way on how the EU’s market force can be harnessed to accelerate the fight against climate change. The third aspect is linking Europe’s potential more visibly to people’s concerns.