Popular Islamic Modaraba (Formerly: First Islamic Modaraba) (PIM) was established in 1994 and floated under the Modaraba Ordinance of 1980. Popular Islamic Modaraba is a multipurpose, perpetual and multi dimensional Modaraba. It is listed on the Pakistan Stock Exchange, and is a member of NBFI & Modaraba Association of Pakistan.

Popular Islamic Modaraba has been acquired in 2013 by Popular Islamic Modaraba Management Company (Pvt.) Limited. popular Group of Industries is its main sponsor. The Popular Group of Industries is a conglomerate having different Industries such as Fruit Juices, Textile, Sugar, Plastic, Packaging, Cement, etc, The Group has now entered the field of Islamic Financing in order to play a vital role in the development of Islamic Financing in the country.

PIM is offering various modes of Islamic Financing viz., Ijarah, Diminishing Musharaka, Murahaba, Musharaka, Istisna, Salam, etc. besides Islamic Financing, PIM is also doing Shares Trading and Advisory Services also keen to entered in Live Stock Sector.