year book 2015 - nbfi & modaraba
TRANSCRIPT
Year Book 2015
1
Contents1 Vision, Mission, Our Values & Core Objective 2
2 International & Regional Leasing Associations 4
3 Association’s Secretariat 5
4 Executive Committee Members 8
5 Messages
Ÿ Mr. Mohammad Ishaq Dar 12
Ÿ Mr. Zafar Ul Haq Hijazi 13
Ÿ Mian Muhammad Adrees 15
Ÿ Mr. Shahid Mahmood 16
6 Messages - NBFI & MAP
Ÿ Mr. Mahfuz-ur-Rehman Pasha 18
Ÿ Mr. Shuja Malik 20
Ÿ Ms. Effat Assad 21
7 Secretary General’s Report 22
8 Articles
Ÿ Anti-money Laundering & Counter Financing of Terrorism 28
Ÿ Ijarah; Practical Issues and their solutions- Shariah Perspective 30
Ÿ Role of Central Bank in Supporting NBFCs for Growth & Progress of SMEs 35
Ÿ A snap-shot of Islamic Banking & Finance in Sri Lanka 39
Ÿ Takaful 42
9 Events and Activities
Ÿ Launching Ceremony of Year Book 2014 46
Ÿ Best Performance Awards - 2014 47
Ÿ Fifth Annual General Meeting (AGM) 48
Ÿ MoU Signing Ceremony Between Pak Qatar General Takaful Ltd. & the Association 49
Ÿ Half Day Workshop On “Anti Money Laundering” 51
Ÿ Workshop on “Islamic Finance” For Directors & Senior Executives 52
Ÿ Interview on Business Plus TV Channel 53
Ÿ IBA – Centre for Excellence in Islamic Finance (CEIF) 53
Ÿ The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) 54
Ÿ Meeting with World Bank Group Mission 55
Ÿ SECP’s Three Days Conference On “Non-Bank Financial Sector & Capital Market 56
Ÿ Achievements of Members 57
Ÿ New Entrants in the NBFI & Modaraba Sector 59
10 Macro Perspective
Ÿ Sectors Performance 62
Ÿ Statistical Overview 69
11 Top ten members 72
12 Members at a Glance
Ÿ Financial Overview 76
Ÿ Comparative position of payout 77
Ÿ Market Capitalization 78
13 Company Profiles 80
14 Glossary 120
15 Members’ Directory 126
16 Advertisements 131
Year Book 2015
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MISSION STATEMENT
NBFI & Modaraba Association of Pakistan
To provide effective forum to address common and/or relevant issues, make available necessary support, facilitate to succeed through effective liaison, appropriate counselling, product innovation, research, capacity building and create conducive working environment based on trust, integrity and reliability.
To serve as an effective platform for the members of NBFI and Modaraba sector, to facilitate the growth, profiling and competitive power of NBFI & Modaraba Association members through collective and coordinated efforts.
Vision
Year Book 2015
3
NBFI & Modaraba Association of Pakistan
Collaboration
Integrity
Fairness
Excellence
Responsiveness
Ÿ To represent, profile and promote NBFI and Modaraba industry and protect the interest of Members.
Ÿ To encourage Islamic trade and finance through Modaraba venture and provide innovative Shariah compliant financial solutions for further progress and growth of the Modaraba sector.
Ÿ To maintain an active coordination and a relationship of trust with the regulatory authorities to achieve a consultative and supportive regulatory environment.
Ÿ To support environment where members work together to solve common challenges by sharing ideas and helping & supporting each other.
Ÿ To migrate best international practices and make information and analysis available on the profile and performance of individual members and the sector.
Ÿ To broaden the base of association through induction of new members from different segments within the NBFIs sector.
Ÿ To promote good governance, encourage performance based culture within members.
Ÿ To enhance professional capacity of members through workshops, seminars and interactive sessions.
Our Values
Core Objective
Year Book 2015
4
INTERNATIONAL FINANCE & INTERNATIONAL FINANCE &
LEASING ASSOCIATIONLEASING ASSOCIATIONNa Pankraci 310/60, 140 00 Praha 4, Na Pankraci 310/60, 140 00 Praha 4,
Czech RepublicCzech Republic
Tel: +420 602231495Tel: +420 602231495
Fax: +420 222 012 363Fax: +420 222 012 363
E-mail: [email protected]: [email protected]
Website: www.ifla.comWebsite: www.ifla.com
ASIAN FINANCIAL SERVICES ASIAN FINANCIAL SERVICES
ASSOCIATION (AFSA)ASSOCIATION (AFSA)EightyEight@Kasablanka, Tower A, 7th Floor, EightyEight@Kasablanka, Tower A, 7th Floor,
Unit D, JI. Casablanca Kavling 88, Unit D, JI. Casablanca Kavling 88,
Jakarta Selatan 12870,Jakarta Selatan 12870,
IndonesiaIndonesia
Tel: +62 21 2982 0180Tel: +62 21 2982 0180
Fax: +62 21 2982 0191Fax: +62 21 2982 0191
E-mail: [email protected]: [email protected]
Website: www.afsaworld.orgWebsite: www.afsaworld.org
INTERNATIONAL FINANCE &
LEASING ASSOCIATIONNa Pankraci 310/60, 140 00 Praha 4,
Czech Republic
Tel: +420 602231495
Fax: +420 222 012 363
E-mail: [email protected]
Website: www.ifla.com
ASIAN FINANCIAL SERVICES
ASSOCIATION (AFSA)EightyEight@Kasablanka, Tower A, 7th Floor,
Unit D, JI. Casablanca Kavling 88,
Jakarta Selatan 12870,
Indonesia
Tel: +62 21 2982 0180
Fax: +62 21 2982 0191
E-mail: [email protected]
Website: www.afsaworld.org
International & Regional Leasing Associations
FELALEASE - FEDERACION FELALEASE - FEDERACION
LATINOAMERICANA DE LEASINGLATINOAMERICANA DE LEASINGRua Diogo Moreira, 132 8º andar conj. 806 São Rua Diogo Moreira, 132 8º andar conj. 806 São
Paulo, BrazilPaulo, Brazil
Tel: +55 11 3095 9100,Tel: +55 11 3095 9100,
Fax +55 11 3095 9105Fax +55 11 3095 9105
E-mail: [email protected]: [email protected]
Website: www.felalease.orgWebsite: www.felalease.org
NBFI & MODARABA ASSOCIATION OF NBFI & MODARABA ASSOCIATION OF
PAKISTANPAKISTAN602, Progressive Centre, 30-A, Block-6, PECHS, 602, Progressive Centre, 30-A, Block-6, PECHS,
Shahrah-e-Faisal, Karachi-75400,Shahrah-e-Faisal, Karachi-75400,
PakistanPakistan
Tel: 92-21-34389774, 34322440Tel: 92-21-34389774, 34322440
Fax: 92-21-34389775Fax: 92-21-34389775
E-mail: [email protected]: [email protected]
Website: www.nbfi-modaraba.com.pkWebsite: www.nbfi-modaraba.com.pk
FELALEASE - FEDERACION
LATINOAMERICANA DE LEASINGRua Diogo Moreira, 132 8º andar conj. 806 São
Paulo, Brazil
Tel: +55 11 3095 9100,
Fax +55 11 3095 9105
E-mail: [email protected]
Website: www.felalease.org
NBFI & MODARABA ASSOCIATION OF
PAKISTAN602, Progressive Centre, 30-A, Block-6, PECHS,
Shahrah-e-Faisal, Karachi-75400,
Pakistan
Tel: 92-21-34389774, 34322440
Fax: 92-21-34389775
E-mail: [email protected]
Website: www.nbfi-modaraba.com.pk
LEASEUROPE, THE EUROPEAN FEDERATION LEASEUROPE, THE EUROPEAN FEDERATION
OF LEASING COMPANY ASSOCIATIONSOF LEASING COMPANY ASSOCIATIONSBoulevard Louis Schmidt 87, B - 1040 Brussels,Boulevard Louis Schmidt 87, B - 1040 Brussels,
BelgiumBelgium
Tel: +32 2 778 05 60Tel: +32 2 778 05 60
Fax: +32 2 778 05 78Fax: +32 2 778 05 78
E-mail: [email protected]: [email protected]
Website: www.leaseurope.orgWebsite: www.leaseurope.org
LEASEUROPE, THE EUROPEAN FEDERATION
OF LEASING COMPANY ASSOCIATIONSBoulevard Louis Schmidt 87, B - 1040 Brussels,
Belgium
Tel: +32 2 778 05 60
Fax: +32 2 778 05 78
E-mail: [email protected]
Website: www.leaseurope.org
Year Book 2015
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Registered Office
602, Progressive Centre, 30-A,
Block-6, P.E.C.H.S., Shahrah-e-Faisal,
Karachi-75400, Pakistan
Phone: (92-21) 34389774, 34322440Fax: (92-21) 34389775
E-mail: [email protected]: www.nbfi-modaraba.com.pk
Auditors
Baker Tilly Mehmood Idrees Qamar
Chartered Accountants
Tax Advisor
Legal Advisor
Bankers
Shekha & Mufti
Chartered Accountants
Mohsin Tayebaly & Co.
Advocates & Legal Consultants
BankIslami Pakistan Limited
Mr. Muhammad Samiullah, Secretary General, holds a master degree in Economics, L.L.B, DAIBP, PGD in Islamic Finance & Banking having a vast experience of banking and financial sector. Prior to joining Modaraba Association of Pakistan in 2001, he was Company Secretary, First Habib Bank Modaraba. He also officiated as Chief Executive of First Habib Bank Modaraba for quite some time.
He has been appointed as Chairman, FPCCI Standing Committee on NBFI & Modaraba for the year 2016. He was an active Member of FPCCI, Standing Committee for Islamic Banking & Takaful during the year 2015 and will continue the position for the year 2016 as well. He is also a Member of Arbitration Panel of Pakistan Stock Exchange Limited.
Association’s Secretariat
Muhammad SamiullahSecretary General
Year Book 2015
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Mr. Pasha posseses B.Sc. (Electrical Engineering) Degree from, Peshawar University. He is an Associate Member of the Institute of Engineers in Pakistan and holds Diploma in German Language.
He has served in the communication & work Department of KPK province as Assistant Executive Engineer from 1973-1981. In September 1981 he joined the Civil Services of Pakistan (Initially Income Tax group later renamed as Inland Revenue Service). Mr. Pasha served as Deputy Commissioner, Additional Commissioner & Commissioner in various branches of the service i.e. Audit, Enforcement, Legal, Tax Facilitation & Human Resource Development. In 2011 he retired in BS-21 after having served the Department for 30 years.
As Secretary International Taxes in the Federal Board of Revenue and Deputy Secretary, Economic Affairs Division, Ministry of Finance, Government of Pakistan, he actively interfaced with DFIs of Pakistan and their respective foreign investment agencies, besides various international multilateral financial institutions. Presently he is working as CEO of Pak-Gulf Leasing Company Limited
Executive Committee 2015-2016
Mahfuz-ur-Rehman PashaChairman
Mr. Shuja Malik is an Accounting and Finance graduate from the University of East London. He has experience of over 17 years in banking, sales and marketing of agro chemicals, stock market trading, pharmaceuticals, etc. He had previously been on the boards of two public limited companies, namely Searle Pakistan Limited and United Brands Limited. Currently he is on the board of First UDL Modaraba.
Shuja Malik
Senior Vice Chairman
Ms. Effat Assad is a Fellow Member of The Institute of Chartered Accountants of Pakistan. She joined the Finance Department of ORIX Leasing Pakistan Limited (OLP) in 1990 and served in various positions until 1999. Ms. Assad left the Company in April 1999 and was associated with the Institute of Chartered Accountants of Pakistan as a free lancer until September, 2005 when she rejoined OLP’s Finance Department. She assumed the charge of Company Secretary in September 2011.
Effat AssadVice Chairperson
Year Book 2015
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Executive Committee 2015-2016
Syed Wajih Hassan is Fellow of Chartered Accountant. He holds 20+ years of professional experience serving in MNC’s including leading Financial Institutions and IT companies at middle to senior level positions, before joining as CEO of First Paramount Modaraba. Having vast experience in the field of business and finance, Wajih has been instrumental in introducing new ventures to the Modaraba using Musharika and Modaraba modes of investments.
Syed Wajih Hassan
Member
Mr. Shiraz Butt holds Master Degree in Business Administration and has an experience of over 15 years in the Modaraba / Leasing and Investment Banking Sectors. Currently he is working as Chief Operating Officer of First IBL Modaraba. Mr. Shiraz started his professional carrier back in 1996 with a leasing company, and in 1999 he moved to Modaraba sector.
He initially worked on corporate financing side and in 2005 he switched over Micro and Small Enterprise (MSE) financing division in a Modaraba for extending Ijarah / Lease / Musharakah / Murabahah facilities to lower income/poor communities in order to enhance/ improve their income stream in collaboration with Swiss Agency for Development and Cooperation (SDC).
Shiraz ButtMember
Mr. Jalaluddin Ahmed holds degree in B.A. Economics Statistics and has over 30 years of experience in Commercial Banking and Islamic Financial Products. His Commercial Banking experience including 10 years of International exposure by serving United Bank Limited in various countries in the Middle East. Mr. Jalal is CEO of First Al-Noor Modaraba.
Jalaluddin AhmedMember
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Executive Committee 2015-2016
Mrs. Hamida Aqeel is working as Chief Operating Officer / Company Secretary of Trust Modaraba is an MBA from Institute of Business Administration, Karachi, having over 15 years of experience of credit and corporate affairs. She also holds a Diploma in "Management for General Manager" from Netherlands. She has previously worked in Pak-Libya Holding Co. (Pvt) Ltd. and was on the Board of AI-Zamin Leasing Modaraba as their nominee till 1995. She has been with Al Zamin Modaraba Management (Pvt) Limited since year 2000.
Qazi Obaid Ullah is a MBA-Banking & Finance and CA Intermediate, having more than 24 years of experience of Finance and Accounts, Audit, Fund Management Corporate & Legal Affairs, Capital Market Operations, having a diversified experience of IT and Financial Sector. Presently he is working as CFO, First Equity Modaraba.
Muhammad Siddique is working as CFO and Company Secretary of Standard Chartered Modaraba. He is an associate member of Institute of Chartered Accountants of Pakistan. He has over 14 years of experience in Audit, Finance, Company Sectretary and Treasury. Prior to joining SCM, he worked as CFO and Company Secretary of Standard Chartered Leasing Limited and Head of Finance Standard Chartered Bank (Pakistan) Limited – Islamic Banking Division.
Mr. Sajjad Haider Khan is Associate member of Cost & Management Accountants of Pakistan (ICMAP). He has vast experience in handling accounts and finance. He joined the Company in 1997. Presently he is serving to First Treet Manufacturing Modaraba as Chief Accountants.
Hamida AqeelMember
Qazi Obaid Ullah AnsariMember
Muhammad SiddiqueMember
Sajjad Haider KhanMember
Year Book 2015
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I am pleased to learn about the initiative taken by the NBFI &
Modarabas Association of Pakistan for publishing its Year Book for
the financial year 2014-2015 which represents a comprehensive
collation and analysis of all Leasing Companies, Investment Banks
and Modarabas operating in Pakistan.
The NBFIs (non-bank financial institutions), whether conventionally
operating, or on a Shariah-compliant basis, are meant to fulfil the
credit requirements and investment management needs, in
particular, of the individual entrepreneur and those of association of
persons (AoPs), falling under the category of Small & Medium
Enterprises (SMEs). Together, both constitute the primary level for
capital formation, which gradually evolves into larger manufacturing
and services providing enterprises, contributing to the overall
development and growth of the country’s economy. There is still a
great need for strengthening, expanding and promoting the NBFIs
Sector in Pakistan and our Government is prepared to play her part in
this matter, in consultation with NBFIs & Modarabas Association of
Pakistan and the Securities & Exchange Commission of Pakistan
(SECP).
Modaraba is an effective vehicle for undertaking an array of financial
services for the benefit of business and industrial enterprises
choosing to operate on Shariah-compliant basis. Modaraba Sector
has great potential for expansion and our Government is fully
cognizant of this sector’s immense utility in the years to come.
I wish the NBFI & Modarabas Association of Pakistan and all its
Member Institutions every success in their respective business
undertakings, while promising them my full support on behalf of our
Government.
Mr. Mohammad Ishaq DarMinister for Finance,
Revenue, Economic Affairs,
Statistics and Privatization
Message
Year Book 2015
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The Year Book of the NBFI and Modaraba Association has been an
important publication providing information for reviewing and
assessing the performance of the sector on a regular basis. I
congratulate the Association for launching the Year book for 2015.
Non-Banking Financial Institutions (NBFIs) have been an integral
part of the country’s regulated financial sector for the last more than
two decades. However, these institutions have not been able to make
the desired contribution to the overall financial system and the assets
of these institutions account for around 6% of the banking sector
assets only.
With the objective of nurturing Non-Bank Financial (NBF) Sector, the
Securities and Exchange Commission of Pakistan (SECP) has
revamped the entire regulatory framework.
The concept of small and mid-sized non-deposit taking Non-Banking
Finance Companies (NBFCs) with significantly reduced equity and
other requirements has been introduced. Contrary to the former
regime, the companies not incorporated as NBFCs but fulfill the
prescribed eligibility criteria may also obtain license for lending
activities.
A new class of NBFCs i.e. Non-Bank Micro Finance Companies has
been introduced along with a comprehensive framework for
providing finance to low income individuals and micro enterprises. In
order to regulate the non-bank micro finance institutions under NBFC
regime, appropriate amendments have also been incorporated.
Considering the interest of depositors, the concept of Capital
Adequacy Ratio (CAR) has been introduced and deposit raising
ability of NBFCs has been linked with equity, credit rating and CAR
along with introduction of various other risk management measures.
Instead of following a one-size-fits-all strategy, different eligibility
criteria encompassing various aspects such as type of company,
number of directors, rating requirements etc. have been prescribed
in view of the unique and diversified characteristics of each business
activity of NBFCs.
Mr. Zafar Ul Haq HijaziChairman, SECP
Message
Year Book 2015
14
Although, leasing companies have shown 11% growth in their assets over the last year, however only one
company out of nine leasing companies has distributed dividend in the year 2015. Despite the fact that
Modaraba can undertake a wide range of business activities and also enjoy tax free status, only six Modarabas
out of twenty five have distributed dividend above 10% for the financial year ended June 30, 2015.
The industry players must strive to explore relatively untapped markets such as SMEs and microfinance sector in
order to generate better returns for their shareholders. There is a strong need for majority players of industry to
assess their business operations’ viability in order to provide some reasonable return to their investors.
Modarabas through increased focus on product innovation and customer service, can play a vital role in
promoting Islamic mode of financing which has an immense growth potential.
The role of the Association is commendable as it has always contributed positively and provided the support
needed by the sectors in distressful times. However, the Association needs to be more vibrant and should lead
the way by crystallizing the future road map for the industries it represents. The NBFI and Modaraba association
has to critically review the performance of its members and shall help them in improving corporate governance,
risk management and Shariah compliance by imparting regular trainings. Although support and facilitation from
SECP shall always be available, nevertheless, we would expect the Association to make further efforts towards
development of a vibrant and progressive financial sector of the country.
In the end, I wish to emphasize that SECP is fully committed to support the NBFI and Modaraba sector.
Year Book 2015
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I congratulate the members of NBFI & Modaraba Association of
Pakistan for publishing their sixth Year Book for the year ended 30th
June 2015. The sustained efforts of the Association to document the
performance of NBFI & Modaraba sector is indeed commendable. I
am confident that this will serve as a useful tool for information on
NBFI & Modaraba sectors for all the stakeholders including potential
investors, research analysts & others.
NBFI & Modaraba sectors which include Leasing Companies,
Modarabas and Investment Banks, owing to their unique nature have
immense potential to support the overall financial system of the
country. The Modarabas have a great potential to grow through
covering the untapped markets i.e. SMEs, Microfinance and
Agriculture.
The Federation of Pakistan Chambers of Commerce & Industry
(FPCCI) is playing a very important role in the promotion of Islamic
Banking in the business community. The federation has constituted a
FPCCI Standing Committee on Islamic Banking and Takaful which is
organizing workshops / seminars with the help of other chambers in
the country to give awareness about the Islamic Products not only to
the business community but general public as well.
FPCCI fully support NBFI & Modaraba Association of Pakistan and
wish that the Association continues to play its due role in the growth of
the Islamic Finance Industry in Pakistan.
Mian Muhammad AdreesPresident, FPCCI
Message
Year Book 2015
16
I am pleased to note that the NBFI & Modaraba Association of
Pakistan is publishing its sixth year book - 2015. The year book has
been a source of information for the stakeholders, investors and
research analysts. Regular publication of the yearbook is creating
general awareness about the activities of NBFIs and Modaraba
Sector.
During the period 2014-15, 4 new companies were registered as
Modaraba companies under the Modaraba Ordinance, 1980. One
modaraba company floated a Modaraba. The remaining 3 Modaraba
Companies are expected to float Modarabas in near future. As per
the financial statements of 25 operational Modarabas as of June 30,
2015, the aggregate equity of the Modaraba was Rs.15.89 billion and
total assets of the Modaraba sector stood at Rs. 30.74 billion.
Out of 25 operational Modarabas, 21 modarabas declared cash
dividend. However, a critical analysis of the financial figures for the
year 2015 has revealed that except a few, dividend declared by the
bigger chunk is not up to the mark. The meagre returns being offered
by Modarabas cannot be considered competitive with the returns
offered by similar players in the financial sector. All the modaraba
companies need to review their performance and come up with new
business plans and strategies to boost the business, profitability and
returns of modarabas managed by them. I assure you that the SECP
would facilitate the modaraba sector in this drive.
Modarabas have great potential to grow as the appetite for Islamic
finance and products are increasing day-by-day. Modaraba sector
needs to tap the opportunity by offering unique and diversified
services and products to the customers. Securities and Exchange
Commission of Pakistan is committed to provide every help in
achieving this goal.
Mr. Shahid MahmoodRegistrar Modaraba,
SECP
Message
Year Book 2015
18
It gives me immense pleasure to present the 6th Year Book of the
NBFI & Modaraba Association of Pakistan covering the performance,
activities, analysis and other related data and information of not only
the individual members of the Association, but also of the entire NBFI
& Modaraba Sectors (excluding Mutual Funds), during the year
ended 30th June, 2015.
NBFI & Modaraba Association is presently a representative body for
a total of 38 Member Institutions, comprising of 10 Leasing
Companies, 25 Modarabas and 3 Investment Banks. The expected
addition, as a member, of Awwal Modaraba, sponsored by Pak
Brunei Investment Company Limited with a Paid-up Capital of Rs.
One billion, following completion of post-floatation formalities, shall
strengthen the Modaraba Sector’s position within the Association.
During the year under review, Securities & Exchange Commission of
Pakistan has registered four Modaraba Management Companies
under the Modaraba Ordinance, 1980, out of which one modaraba
management company has floated its Modaraba, while the
remaining three are expected to issue IPO’s in the near future.
Despite low economic growth, the Modaraba Sector has positioned
itself as a stable provider of a wide spectrum of Shariah compliant
financial products for its customers and has continued to perform
reasonably well. As per audited financial statements of 25
operational modarabas as on 30th June, 2015, the aggregate equity
of all modarabas stood at Rs.15,897 million with total assets of
Rs.30,739 million.
Likewise, the Leasing Sector consisting of 10 companies has also
performed well by booking a total profit of Rs.655 million against total
assets of Rs.40,624 million and total equity Rs.6,887 million.
In order to give a better environment to the Leasing & Modaraba
Sectors, SECP took various measures such as amending the NBFC
Regulations, 2008 and the NBFC Rules, 2003, besides issuing Draft
Modaraba Regulations, 2015 for comments and professional input of
the stakeholders.
Mr. Mahfuz-ur-Rehman PashaChairman
Chairman’s Message
Year Book 2015
19
In order for the Modarabas to be strictly Sharia-compliant, Insurance of assets has been switched from the
conventional to the Takaful (Islamic) mode. The Association, following discussions on the subject with various
Takaful companies, has finally entered into a MoU with Pak Qatar General Takaful Limited, under which the latter
shall provide better and competitive rates to all members of the Association. This would encourage the members
to promote Sharia-compliant insurance cover to assets financed by them on account of their clients.
The Association has also supported SECP in its Investor Education Program, under the brand name of “Jama
Punji”. All member institutions have published advertisements for this brand in their respective annual reports
for making the investors more aware of the products offered by NBFIs and Modarabas and of the inherent risks
and rewards for making use of them. The Association is also contributing advertisements in the prominent
newspapers, on behalf of the SECP, for making the latter’s print media campaign for this purpose.
NBFI & Modaraba Association is playing an important role in promoting the sectors it represents by enhancing its
activities, with a view to making it an active and professionally vibrant representative body for its constituents.
This proactive involvement of the Association for the benefit of its Member Institutions shall continue to be
enlarged and expanded in the time to come.
On behalf of the NBFI & Modaraba Association, I thank Mr. Muhammad Ishaq Dar, Federal Minister for Finance,
Mr. Zafarul Haq Hijazi, Chairman, SECP, Mr. Zafar Abdullah, Commissioner (SCD), SECP, Mr. Asif Jalal Bhatti,
Executive Director, Mr. Shahid Naseem, Executive Director, Mr. Shahid Mahmood, Registrar Modaraba and
other officials of SECP for their continued support and guidance.
I also express my gratitude to the members of NBFI & Modaraba Association and members of the Executive
Committee for their confidence reposed in me for electing me as Chairman of the Association.
I also wish to place on record my appreciation of the consistent hard work undertaken by Mr. Muhammad
Samiullah, Secretary General of the Association and the contribution of other staff, towards making the
Association’s position, efforts and output more meaningful for our Members.
Year Book 2015
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It is a matter of immense pride that NBFI & Modaraba Association is
publishing its Sixth Year Book. Over a period of time the year book
has attained the status of a useful document which provides
comprehensive details about the NBFI & Modaraba Sectors to its
stakeholders, investors and analysts.
Since 1980, when the Modaraba Ordinance was promulgated, the
Modaraba Sector has witnessed ups and downs. The number of
modarabas at one time, rose to 52 and thereafter, due to many factors
have reduced to 25, however, the performance of the Sector is on an
improving trend which is evident from the statistics. Moreover, the
Modaraba sector over the years is now not limited to financial
activities but a few have also entered into manufacturing and Trading
as well.
During the year 2014-15 the modaraba sector booked a profit of
Rs.1,353 million, whereas, the total assets were Rs.30,738 million
and the total equity was Rs.15,894 million. The modarabas declared
cash dividend to its certificate holders between the range of 0.90% to
90% and the payout was Rs.1,049 million.
The leading modarabas in terms of profit declared during the year
were Allied Rental Modaraba Rs.403 million, First Habib Modaraba
Rs.306 million, Standard Chartered Modaraba Rs.195 million, First
UDL Modaraba Rs.150 million and Treet Manufacturing Modaraba
Rs.136 million. The dividend declared by the modarabas are 90% by
First Imrooz Modaraba, 45% by First UDL Modaraba, 33% by
Standard Chartered Modaraba, 23% by First paramount modaraba,
22% by First Habib modaraba and 20% By Allied Rental Modaraba.
One of the milestones achieved by the Modaraba Sector is that
Proper Shariah Guidelines for the sector are now in place and the
activities are now monitored by a shariah advisor. Therefore, when
making investment decisions, the investors are now more confident
of the Modaraba sector regarding Shariah compliance. The
association is also working very hard for the improvement in the
shariah compliance and shariah audit mechanism and other aspects
of shariah to strengthen the modarabas as a true Islamic sector.
I wish NBFI & Modaraba Association, every success in its endeavors.
Mr. Shuja MalikSenior Vice Chairman
Message
Year Book 2015
21
I would like to congratulate NBFI & Modaraba Association of Pakistan
on bringing out its sixth year book for the year ended 30th June, 2015.
Leasing sector is an important segment of Pakistan’s financial sector
which played a vital role in the development of SME Sector.
In Pakistan leasing started, as an organized sector, in the mid-
eighties with the establishment of the first leasing company in 1984.
Over the period the number of leasing companies in the Country rose
to 41 until it was hit by liquidity crisis in 2008 – 2009. Non-availability
of long-term funds and withdrawal of credit lines by the banks after
the financial crisis of 2008-2009 resulted in closure / merger of a
number of leasing companies. Over a decade, only one new leasing
company has acquired the leasing license which has revived the
overall market sentiments. At present, number of active leasing
companies stands at 10.
The Securities & Exchange Commission of Pakistan amended NBFC
Regulations, 2008 and NBFC Rules, 2003. According to new
regulations, NBFCs have been segregated between deposit-taking
and non-deposit taking entities. Minimum capital requirement for
non-deposit taking entity is reduced drastically in order to encourage
such companies. This is likely to facilitate new companies to enter
into leasing business and encourage informal players to register as
leasing companies.
Leasing Sector during the year under review has performed well and
booked a profit of Rs.655 million as compared to a profit of Rs.585
million in the corresponding period. The Asset base of the leasing
sector was Rs.40,624 million while the total equity was Rs.6,887
million. The payout to its shareholders was Rs.369 million. ORIX
Leasing Pakistan Limited is the major player of the leasing sector
whose assets alone were Rs.28,449 million and equity was Rs.3,548
million and profit of Rs.671 million.
I congratulate all the Chief Executives and concerned CFOs and their
teams for providing the data enabling the Association to compile a
valuable information. The General Secretary of the Association and
his team also deserve appreciation for their effort to publish the Year
Book for years so regularly.
Ms. Effat AssadVice Chairperson
Message
Year Book 2015
22
Mr. Muhammad SamiullahSecretary General
Secretary General’s Report
The NBFI & Modaraba Association of Pakistan undertook following
activities during the year ended 30th June, 2015:
LAUNCHING OF YEAR BOOK – 2014:
Launching of 5th Year Book of NBFI & Modaraba Association of
Pakistan was held on 26th February, 2015 at Pearl Continental Hotel,
Karachi. Mr. Fida Hussain Samoo, Commissioner (Insurance), SECP
presided over the ceremony while Mr. Shahid Nasim, Executive
Director and Mr. Tariq Soomro, Director, SECP also attended the
ceremony.
BEST PERFORMANCE AWARDS FOR 2014:
In order to acknowledge the performance, the Association every year
gives Best Performance Awards to the outstanding performers of the
NBFI & Modaraba Sectors.
Based on the results of 30th June, 2014, the following members were
adjudged best performers for the year 2014 in accordance with the
criteria approved by the Executive Committee:
1st Position - Allied Rental Modaraba
2nd Position - ORIX Leasing Pakistan Limited
3rd Position - First Habib Modaraba & Standard Chartered
Modaraba (jointly) both the members acquired equal
marks as such they were declared joint winners of
third position.
5TH ANNUAL GENERAL MEETING:
Fifth Annual General Meeting of NBFI & Modaraba Association of
Pakistan was held on 17th September, 2015 at the Conference Hall of
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23
the Association. In the said meeting Annual Accounts of the Association for the period ended 30th June, 2015
were approved by the General Body and Auditors for the year 2015-16 were re-appointed. The Election
Commission announced the results of the Office Bearers and Executive Committee Members for the year 2015-
16. The outgoing Chairman highlighted the performance of the NBFI & Modaraba Sector and activities of the
Association during his tenure. The incoming Chairman appreciated the work done by the Executive Committee
and assured that he will continue the pace of the work and make more efforts to complete some of the goals
which could not be achieved during the last tenure such as Tax Refund of the Association etc.
TAX REFUND OF THE ASSOCIATION:
Due to the persistent efforts of the Association, tax refund amounting to Rs.522,852 for the three years have been
received by the Income Tax Authorities. Refund of Tax for the period 2014 and a portion of refund for other years
could not be issued due to certain IT problems which were being faced by the Department however, the
Department has assured that as soon as the problems are resolved balance refund would also be issued. The
Association is following up the matter vigorously.
INTERACTION WITH THE REGULATORS:
Ÿ Amendments in NBFC Regulations, 2008 & NBFC Rules, 2003:
Securities & Exchange Commission of Pakistan (SECP) issued Draft Amendments in NBFC Regulations,
2008 and Draft Amendments in NBFC Rules, 2003 and invited comments/input from all the stakeholders.
The NBFI & Modaraba Association undertook an in-depth discussion with the members and after getting
feedback from them, forwarded comprehensive recommendations to SECP. Thereafter, a delegation from
the Association went to Islamabad for detailed discussion with the SECP Officials. Now the final
amendments in the NBFC Regulations, 2008 & NBFC Rules, 2003 have been received from SECP.
Ÿ Amendments in Modaraba Regulations, 2015:
The Registrar Modaraba issued Draft Modaraba Regulations, 2015 and invited comments/input from the
Association. The Association held various discussions with the members and after their concurrence
finalized the recommendations to the Registrar Modaraba for consideration, which is still pending with the
SECP.
Ÿ Companies Act, 2015
SECP issued Draft Companies Bill, 2015 wherein amendments and consolidation of law relating to
Companies, Non-Banking Finance Companies for the purpose of regulation of the entire corporate sector
and for protection of investors and creditors, promotion of investments and development of economy and
other matters connected have been made. SECP also invited comments/input of the stakeholders on the
above.
TRAINING & WORKSHOPS:
Ÿ WORKSHOP ON ANTI-MONEY LAUNDERING
Half day Workshop on “Anti-Money Laundering, Counter Terrorist Financing & Sanctions” was organized on
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24
16th June, 2015 at the Conference Hall of the Association. Ms. Farhat Ansari, Head of Legal, Compliance &
HR, Standard Chartered Leasing Limited conducted the workshop. Employees from Leasing and
Modaraba Sector attended the workshop.
Ÿ WORKSHOP ON ISLAMIC FINANCE FOR DIRECTORS & SENIOR EXECUTIVES
The Association organized a workshop on “Islamic Finance” for Directors and Senior Executives of the NBFI
& Modaraba Sector on 19th November, 2015 at Pearl Continental Hotel, Karachi. The workshop was
conducted by Mufti Irshad Ahmed Aijaz, Chairman, Shariah Board, Bank Islami Pakistan and Mufti Zeeshan
Abdul Aziz, Shariah Advisor, Sindh Modaraba. The workshop was attended by a large number of Directors
and Senior Executives particularly six directors from Sindh Modaraba attended the workshop.
Mr. Mahfuz-ur Rehman Pasha, Chairman, NBFI & Modaraba Association inaugurated the workshop and
emphasized the importance of seminars and workshops in the development of Islamic financial industry in
the country. On conclusion of the workshop participants were given certificates by Mr. Mahfuz-ur Rehman
Pasha, Mr. Basheer A. Chowdry and Mr. Muhammad Shoaib Ibrahim.
Ÿ THREE DAYS CONFERENCE ON NON-BANKING FINANCE SECTOR & CAPITAL
MARKET
Securities & Exchange Commission of Pakistan (SECP) in collaboration with USAID organized three days
Conference on Non-Banking Finance Sector & Capital Market from 13th to 15th January, 2016 at Marriot
Hotel, Karachi. There were eight sessions in the Conference which included two sessions on (i) Leasing
Sector and (ii) Modaraba Sector.
In the first session the Speakers were Mr. Mahfuz-ur Rehman Pasha, Chairman, NBFI & Modaraba
Association & CEO, Pak Gulf Leasing Limited, Mr. Teizoon Kisat, CEO, ORIX Leasing Pakistan Limited, Mrs.
Arjumand A. Qazi, Group Head, Pak Brunei Investment Limited and Mr. Ravi Tessera, Chief Executive –
LOLC Sri Lanka, while in the Panel discussion Mr. Basheer A. Chowdry was the Moderator and the Panel
was comprised of Mr. Mahfuz-ur Rehman Pasha, Mr. Teizoon Kisat, Mrs. Arjumand A. Qazi and Mr. Ravi
Tessera and Mr. Raja Hassanein Jawed, Provincial Chief, SMEDA, Punjab.
In the second session the Speakers were Mr. Saeed Ahmed, Deputy Governor, State Bank of Pakistan, Mr.
Raheel Q. Ahmad, CEO, Standard Chartered Modaraba, Mr. Zamir Iqbal, Head – World Bank Global Islamic
Finance Development Centre and Mr. Muhammad Tahir Mansoori. Member, Shariah Advisory Board, SECP
and Mr. Zamir Iqbal was the Moderator while in the Panel discussion Mr. Saeed Ahmed, Mr. Raheel Q.
Ahmad, Mr. Tahir Mansoori, Dr. Muhammad Imran Usmani and Mr. Khaleel Ahmed, CIO – Global Financial
Institutions Group – IFC participated.
Both the sessions were very useful and informative and the participants discussed various aspects of the
Leasing and Modaraba Sectors and recommended a number of suggestions for the improvement of both
the sectors.
MoU SIGNING CEREMONY:
NBFI & Modaraba Association of Pakistan signed an MoU with Pak Qatar General Takaful Limited on 30th
September, 2015 to launch a powerful program for promoting Shariah Compliant Takaful Products for the
members of the modarabas. Mian Muhammad Adrees, President, FPCCI the Chief Guest appreciated this joint
Year Book 2015
25
initiative and said that this is a significant event in the history of both the institutions and this collaboration is a big
milestone for the promotion of Islamic financial system. Mr. Muhammad Shoaib Ibrahim, the then Chairman, NBFI
& Modaraba Association and Mr. Javed Muslim, Chief Executive Officer, Pak Qatar General Takaful Limited
addressed the participants. In conclusion Mr. Basheer A. Chowdry, CEO, Trust modaraba thanked the Chief
Guest for sharing his thoughts with the participants.
MEDIA PARTICIPATION:
Ÿ Business Recorder celebrated its golden Jubilee on 27th April, 2015. On this occasion, Business Recorder
published a special supplement in which NBFI & Modaraba Association of Pakistan also participated and a
half page advertisement was extended to them depicting names and logos of all the members of the
Association.
Ÿ In order to give awareness to the general public about the Modaraba, an interview was arranged on
Business Plus TV Channel in a program “Aap aur Karobar” in which Mr. Muhammad Shoaib Ibrahim,
Chairman and Mr. Muhammad Samiullah, Secretary General participated.
FLEET OPERATORS ASSOCIATION OF PAKISTAN:
During the year under review the NBFI & Modaraba Association of Pakistan continued to provide corporate
services to the Fleet Operators Association of Pakistan and completed various tasks. The Association earned an
amount of Rs.600,000/- during the year on account of rendering services to FOAP.
FUTURE OUTLOOK:
In order to make the Association a fully active, vibrant and profit making entity, various measures have been
planned during the year 2015-16. Moreover to give awareness and highlight the existence & importance of NBFI
& Modaraba sectors in the financial industry of Pakistan interaction with various institutions such as FPCCI, IBA
Centre of Excellence in Islamic Banking, Islamic Banks and Pakistan Stock Exchange Limited etc. have been
enhanced.
CONCLUSION:
In the month of October, 2015, the new Executive Committee took over the charge under the Chairmanship of Mr.
Mahfuz-ur Rehman Pasha and took various measures to improve the working of the Association. I assure the
Executive Committee that the Secretarial staff will extend its full support and facilitate all the members in all the
aspects of NBFI & Modaraba Sector.
I wish NBFI & Modaraba Association, every success in its endeavors.
Year Book 2015
28
What scares a criminal most is that his criminal activities are discovered and the criminal proceeds that he has
hard earned are confiscated by the authorities. Such rational fears have given rise to different techniques which
are used by the criminals to a) disguise the criminal proceeds into legal money and b) getting rid of the
incriminating evidences that can lead back to their crimes. For years, criminals have sought to launder dirty
money, for example, by converting illicit money into gold, as gold can be melted and converted into different
forms or through investments in art work.
But those were the days when laws did not reflect money laundering trends much and often criminal proceeds
went undetected. In today’s age and era, globalization has lent a hand in both, combating money laundering
and terrorist financing, as well as providing criminals with more opportunities, what with the reduced travel
barriers and ability of wiring amounts to different jurisdictions.
But what is money laundering and how exactly do criminals achieve it? It is the process a criminal adopts to
disguise the true origin of criminal proceeds, in anticipation of utilizing those proceeds for legal and illegal
activities.
For starters, criminal, or someone hired by the criminal, invests the ill-gotten money into financial institutions and
different businesses. Then the money is re-invested, moved through different jurisdictions, funnelled into off-
shore accounts and bought-with luxury items; creating a complex trail of transactions to obscure the true origin
of the criminal proceeds. Finally, the money is re-introduced into the financial system by means of normal or
personal transactions. This gives off the perception of a legal source and so by this stage, it is increasingly
difficult for law agencies to separate illegal money from legal source and indict criminals.
Here, the criminal and the person involved in managing the criminal proceeds, both are punishable under laws
of many countries. Aiding, facilitating, commissioning and participating in money laundering are considered as
offences of money laundering. Tipping-off the criminal of investigation, confiscation of criminal
proceeds/property or of arrest is also included in the offenses. Though there still are many countries with high-
levels of corruption that have not included such acts as money laundering offenses and deemed as punishable.
Criminalisation of money laundering serves to take the profit out of the crime, as money laundering encourages
criminals and serves to stifle the economy and growth of legitimate businesses, leading to demoralization,
corruption, organized crimes, bribery and terrorist funding.
However, Terrorist Financing (TF) does not need to be conducted using illicit money only. Whereas, funds used
for money laundering are derived from criminal activities, terrorist financing may include funds from perfectly
legitimate sources used to finance acts of terrorism. Unlike money laundering, terrorists seek to disguise the
“purpose” of the funds rather than the source. They structure their transactions in such ways to avoid reporting
and often use financial systems that offer secrecy and immediate access to funds. Terrorist organisations
smartly disguise themselves behind entities such as NGOs, charities etc. The money collected for charities and
such causes is used to fund terrorism instead.
Money Laundering and Terrorist Financing are both, global and national issues. At global level, an inter-
governmental body, Financial Action Task Force (FATF) is present, with 36 members currently and two main
objectives: To set standards & to promote effective implementation of legal, regulatory and operational
measures for combating money laundering, terrorist financing (TF) and other related threats to the integrity of the
international financial system. Countries are encouraged to strengthen their AML/CFT laws, using FATF
recommendations as guidelines. Countries with weak AML/CFT controls pose high risks to global economy and
may become subject to sanctions.
Anti-money Laundering & Counter Financing Of Terrorism
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Since money laundering can serve to destabilize the soundness of financial system and adversely impact the
economy, many countries are taking steps toward strengthening their AML/CFT laws. Even though ML can be
conducted using different mediums, but due to the high number of products provided by financial institutions,
they are also the most vulnerable.
Since aiding criminals by providing financial services to them is a money laundering offence and one that can
lead to heavy penalties, imprisonment of involved parties and reputational damage, it has become imperative for
Financial Institutions (FIs) to form policies and procedures that can help prevent criminals from using their
organization for siphoning criminal proceeds out of the country.
Strict Know Your Client (KYC) and Customer Due Diligence (CDD) procedures at institution’s level can help
prevent from entering into business with criminal or sanctioned individuals/entities. Identification and verification
of customer, business, source of income/funds/wealth, purpose of account opening or investment etc can help
in knowing the client better. FIs should monitor clients’ account activity and should report suspicions to
authorities with evidence. Failure to report suspicion in certain countries is also considered offense and can
result in heavy penalties.
Pakistan is a member state of Asian Pacific Group on Money Laundering (APG), which is one of the observing
associate members of FATF. Pakistan has been actively involved in mitigating AML / CFT risks being faced at
national level. It established its Financial Intelligence Unit in December 2007. For prevention of ML and forfeiture
of property derived from ML and other incidental matters, Government of Pakistan (GoP) enacted Anti Money
Laundering Ordinance (AMLO) in 2007. After it lost its legal authority in 2009, Anti-Money Laundering Act
(AMLA), 2010 was passed by the parliament as measure to provide for prevention of money laundering,
financing of terrorism and forfeiture of property derived from, or involved in money laundering and financing of
terrorism and for matters connected and incidental thereto.
From time to time Financial Monitoring Unit (FMU) issues AML Regulations, providing further guidelines to FIs on
AML/CFT related issues and also format of reports that can be filed to FMU in case of suspicious transactions
and activities. Recently, parliament has also passed Anti-Money Laundering Act (amendment) bill, 2015, in its
attempt to strengthen Pakistan’s AML/CFT laws.
Countries all over the world are working toward combating money laundering and counter financing of terrorism,
policies are being revised to reflect the latest trends and techniques being used by money launderers and
terrorist financers. Though with each money laundering/terrorist financing case we lose the battle, but with our
continuous endeavours at strengthening legal system, we can win the war against criminals.
This Article has been written by Ms. Farhat Ansari, Head of Legal Compliance & HR, Standard Chartered Leasing Company Ltd
Year Book 2015
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Ijarah; Practical Issues and their solutions- Shariah PerspectiveIjarah; Practical Issues and their solutions- Shariah Perspective
Ijarah Muntahiya Bit Tamlik is a product that has widely been used by Islamic Financial Institutions and
Modarabas, about which much has been written so far and Shari’ah Scholars have extensively explained
Shari’ah Principles of Ijarah Muntahiya Bit Tamlik thereupon. AAOIFI has a complete set of Standard
dedicated to Shari’ah Rulings of Ijarah. These Principles and Shari’ah Rulings are not intended to discuss in
this Article, rather it is my intention to discuss the practical issues being faced by most of the Islamic
Financial Institutions and Modarabas in today’s dynamical environment of Islamic Finance Industry. In fact, I
had an opportunity to work with an institution whose core business is Ijarah, where I experienced several
practical forms of Ijarah with their distinct Process Flows, without applying the correct Process Flow,
sometimes resulting a transaction impermissible/unlawful.
In the following paras, these issues are being discussed which are generally found in Ijarah:-
1. Direct Ijarah:
What I mean from Direct Ijarah is, an Islamic Financial Institution upon request of its client, purchases the
required asset directly from supplier, upon purchase and physical possession thereof, leases out to the
client. For example, a client requests an Islamic Financial Institution to purchase Honda City Car, Model
2015 and to lease him out, the Islamic Financial Institution issues a Purchase Order to Honda Atlas Cars
(Pakistan) Limited and makes payment of the Car and after some period,the Car reaches the
Showroom.
In this matter it is essential to understand that unless the car reaches the showroom, Ijarah Agreement
can’t be executed, however; “Undertaking to take the asset on Ijarah” can be signed. Here, at this stage
sometimes, Ijarah Agreement is signed alongwith Undertaking, whereas the Car is still under booking,
therefore; it is evident that this contract is impermissible in the light of Shari’ah Principles, hence; this
must be avoided. Ijarah transaction should only be processed upon physical delivery of Car by the
Company.
In this matter, there is yet another drawback that comes up while paying for Registration Expenses and
Takaful of the Car, which are as per Shari’ah Principles, the prime responsibility of the Car Owner who is
in this case the Islamic Financial Institution.
In this situation, permissible way is the Islamic Financial Institution to pay for these charges by itself and
may recover the same through lease installments in the light of Shari’ah Guidelines, but; sometimes it so
happens that Islamic Financial Institution upheld its clients liable to pay Registration and Takaful
Charges of the Car and doesn’t pay these charges at its end, nor include the same in lease installments
which is impermissible as per Shari’ah Guidelines. Nevertheless, the right way is that Islamic Financial
Institution to pay for these expenses from its sources directly or else through appointing the client as its
Agent for the payment of these charges, however; such payments can be recovered by including in
lease installments.
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2. Car Ijarah thru Dealers’ Quota:
It has been a routine practice that Cars’ Manufacturers appoint Authorized Dealers of their cars in
various cities for the convenience of general public who prefer to purchase cars ex-stock for ready
delivery instead of booking with the manufacturer and wait. The manufacturing companies allocate
quota to dealers per their capacity. Once the car has been delivered to the Authorized Dealers, now it’s
their risk and responsibility in all respects being the owners of the cars. Now that any client requests an
Islamic Financial Institution that he intends to take a car on Ijarah from Authorized Dealer’s quota, in this
case the appropriate way is that the Islamic Financial Institution will purchase car from the Authorized
Dealer, take the physical possession and then lease out to the client on Ijarah. In this kind of matter,
usually there occurs a mistake that Islamic Financial Institution issues Purchase Order to the Car
Manufacturing Company him whereas the Car already exists in the Dealer’s Showroom and Ijarah
Transaction is executed with the customer directly without execution of sale agreement between Car
Dealer and Islamic Financial Institution. According to Shari’ah Principles it is incorrect because in this
situation Islamic Financial Institution leased out to its Customer the Car which is not owned by them,
rather the Car is owned by the Authorized Dealer and Purchase Order has been issued to the Car
Manufacturing Company.
The right way of doing transaction is to purchase from the Authorized Dealer whose property is the Car
by execution of sale deed between Car dealer and Islamic Financial Institution, then after; Ijara
agreement could be signed with the customer, not merely issuing Purchase Order to the Car
Manufacturing Company for the permissibility of the Lease Contract.
3. Sale and Lease Back:
Sometimes, it so happen that Sale and Lease Back transaction is done on a vehicle or any Asset, which
means the Islamic Financial Institution purchases the asset from a seller and leases back the same asset
to him, in this case transaction is processed in the following two ways:
1. The asset is property of the Client from whom the Islamic Financial Institution purchases then leases
out the same asset to its Client.
2. The asset is not a property of the Client rather he intends to purchase from the market/unauthorized
dealer, in this situation, the Client is appointed as its agent as there being no authorized dealer from
whom the Islamic Financial Institution could purchase the asset directly, therefore; the Client acting
as the agent of Islamic Financial Institution purchases the asset and the Islamic Financial Institution
pays the price to the Client who ultimately pays to the Supplier and subsequently, the asset is leased
out to the Client.
There are some practical issues in the both above mentioned cases of the Sale and Lease Back
Transaction. Insufficient knowledge of the transaction sometimes causes to making mistakes which are
very critical and need to be rectified and their solutions are being discussed in the following paras:
a In the first kind of the Sale and Lease Back Transaction, it is essential that Sale and Lease must be
separate in two contracts one after another.
Here, it happens sometimes that Lease Agreement is signed first by the Customer, then after Sale
Transaction is completed, that means the Islamic Financial Institution has leased out an asset which
is not in its ownership, in other words, Islamic Financial Institution has leased out an asset before
having it in its ownership. The reason why this problem is faced that Sale and Lease Agreements are
signed in the same meetings instead of separate meetings for each subject.
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To overcome this problem it is necessary that Sale and Lease are contracted after one by one, Sale
Contract should be executed first and then Ijarah (Lease Agreement) be executed in the second
phase. It is recommended to execute these two contracts in two separate meetings with the gap of
at least one day.
b According to Shari’ah Principles Sale does not held completed unless the Sale Contract is signed by
both, Seller and Buyer. Therefore; in case Sale is thru written agreement and only one party has
signed, it does not held a complete Sale until the other party signs too.
In first kind of Sale and Lease Back Transaction, it so happens sometimes that Sale and Lease
Agreement both are given to the Client together for his signature whereas the Islamic Financial
Institution has not yet signed any one of them, however; the Client first signed the Sale Agreement
and then Lease Agreement, after signing by the Client, Islamic Financial Institution first signs Sale
Agreement then Lease Agreement. It is evident that in this situation the Client has signed Lease
Agreement prior to completion of Sale Agreement which is absolutely wrong in the light of Shari’ah
Rulings. Therefore; appropriate way is both the parties first complete the Sale Agreement then
proceed to Lease Agreement.
Keeping in view the above theoretical situation, there are some practical issues which need to be
addressed as well. Often, it happens that the Islamic Financial Institution and Client are not located
in the same place, in this case; if Sale Agreement is signed first by both the parties, then the official
of the Islamic Financial Institution will have to go to the Client once again for getting his signature on
Ijarah Agreement which may be difficult practically. Although we prefer that there should be a gap of
one day in signing Sale and Ijarah Agreements means one day Sale Agreement is signed and the
other day Lease Agreement is signed which is as per the spirit of Shari’ah Principles but where it is
really difficult to overcome this issue, in this case; when Sale and Lease Agreements are given to the
Client then the Islamic Financial Institution would sign the Sale Agreement first and handover both
the agreements to the Client advising him to first sign the Sale Agreement then the Lease Agreement
to fulfill the Shari’ah requirement in true sense.
c There is yet another issue which needs to be described here necessarily that sometimes officials of
the Islamic Financial Institutions don’t reach to the Customer’s place for signing the Agreements,
instead, dispatch the same to him by post or TCS. In this case, there are doubtless possibilities that
the Customer signs Lease Agreement first and then the Sale Agreement. Evidently, it is not correct
according to the Shari’ah Principles. In such a situation, it is mandatory to advise the Customer
either by telephone or by an email to follow the Shari’ah Principles by signing first the Sale
Agreement and then Lease Agreement. Further, it is mandatory for the Islamic Financial Institution to
sign the Sale Agreement before sending both the Agreements to the Client as described earlier.
Some Issues related to 2nd kind of Sale and Lease Back:
In this situation, the asset is not a property of the Client rather he intends to purchase from the market.
Since the Supplier of the asset is not an Authorized Dealer, therefore; the Islamic Financial Institution
can’t purchase the asset from the suppliers directly. In this situation, usually the Client is appointed as
the Agent and he purchases the asset from the Supplier on behalf of the Islamic Financial Institution and
thereafter, such asset is given to the Client on Ijarah. In this case, price of the Leased asset can’t be paid
directly to Supplier, therefore; the Islamic Financial Institution pays the amount to the Client who
ultimately pays to the Supplier.
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In this kind of Sale and Lease, yet there are certain issues being faced by the Islamic Financial
Institutions which are elaborated hereinbelow:-
1. Sometimes the Client had purchased asset but full price of the asset has not been paid instead only
token money has been paid. Since the Client doesn’t have the balance amount to be paid to the
Supplier, he approaches the Islamic Financial Institution for leasing the same. In this case the Client
is the owner of the asset but he doesn’t have the physical possession, therefore; it is un-Islamic for
the Islamic Financial Institution to purchase such asset from the Client and lease out to him because
he (client) does not has its physical possession due to non-payment of full price to supplier. Further,
Islamic Financial Institution can’t purchase that asset from an Unauthorized Dealer because the
asset is not owned by him, in fact, it is owned by the Client.
In this case, Ijarah is only possible when:-
a The Customer cancels his previous deal,
b Thereafter, Islamic Financial Institution appoints its Client as Agent to purchase that asset from
the Supplier,
c After purchasing the asset, Lease Agreement can be signed with the Client.
In case the deal is not cancelled as explained above, then it will become un-Islamic, therefore; it is
the responsibility of the Islamic Financial Institution to ensure while dealing with an Unauthorized
Dealer that the Client has not concluded deal of the asset with Unauthorized Dealer and in case if
the Client has done so that must be cancelled before proceeding to Agency, Sale and Lease as
described in above paras.
2. In some cases it happens that the Islamic Financial Institutions appoint its Clients as their agents to
purchase assets from the Unauthorized Dealers whereas the asset is lying ex-stock and is ready or
in finished form, the Customer issues a Purchase Order instead signing the Sale Agreement with the
Unauthorized Dealer then after, Islamic Financial Institution signs Ijarah with its Customer. Here, it
must be remembered that this transaction is impermissible because the property is not owned by
Islamic financial Institution and the basic principle behind this is the Purchase Order simply is an
order for supply of asset and Sale Agreement can only be completed upon having the physical
possession of the asset or by execution sale agreement (offer and acceptance), therefore; in this
situation Ijarah Contract prior to having physical possession of the asset is incorrect as per Shari’ah
Principles. As for solution, the Client should not only issue the Purchase Order but also executes the
Sale Agreement with the Supplier, after signing the Sale Agreement, the asset will become the
property of the Islamic Financial Institution. Thereafter, the Islamic Financial Institution is at liberty to
sign the Lease Agreement with its customer.
4. General Issues:
Now hereunder, following issues are described which are being generally faced in Ijarah Transaction:-
1. As per Shari’ah Ruling under Ijarah, the Islamic Financial Institution is responsible for loss of asset
related to ownership. To cover themselves from such losses, the Islamic Financial Institutions opt for
Takaful, hence; in case of any loss, Takaful Companies reimburse the amount of loss but Takaful
Companies don’t bear the amount of depreciation on that asset e.g. a car was on lease with a
customer, in an accident the door of the car was severally damaged, whereas cost of the door is
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34
approx. Rs. 50,000/- while against the claim, Takaful Company will reimburse Rs. 40,000/-
considering the depreciation factor. In this case who will be responsible for the balance Rs. 10,000/-
? In case of Ijarah this becomes the responsibility of the Islamic Financial Institution subject to such
loss is occurred not due to negligence of the Customer. Most of times the Islamic Financial
Institutions didn’t pay such claims even on demand of the Customers which is against the Shari’ah
Principles. Therefore; in such matters, Islamic Financial Institutions should bear these kinds of losses
to fulfill their Shari’ah Obligations.
2. In Ijarah, asset is the property of the Islamic Financial Institutions but they opt for general insurance
instead Takaful, this is against Shari’ah in the situations where the facility of Takaful is available.
Keeping in view the prevailing situation, most of the Insurance Companies have also started Takaful
windows, therefore; it has become so easy to avail Takaful facility for the coverage of the assets,
hence; it is mandatory for the Islamic Financial Institutions to adopt Takaful instead of general
insurance, particularly for Modarabas whose value of the assets is not high in volume that Takaful or
Window Takaful Companies can’t cover.
3. Registration charges of cars are responsibility of the Islamic Financial Institutions, likewise; Takaful
Contribution is also responsibility of the Islamic Financial Institutions, however; it is permissible to
include these expenses in the Lease Rentals.
Sometimes the Islamic Financial Institutions appoint their Client as their agents to pay registration and
Takaful charges who pays off on their behalf and the Islamic Financial Institutions don’t bear this burden.
As per Shari’ah Principles, it is wrong, such expenses are the responsibility of the Islamic Financial
Institutions even in case the Islamic Financial Institutions have appointed their Client and the Client has
paid off such expenses then it is responsibility of the Islamic Financial Institutions to reimburse these
expenses to the Client. There is yet another possibility that the Client pays off for these expenses and
deduct the same amount from Lease Rentals.
According to the ruling of the SECP, it is mandatory to appoint Shari’ah Advisor at the Islamic Financial
Institutions and Modaraba Companies and Al Hamdo Lillah, Shari’ah Advisors are now working at all
Mudaraha Companies, therefore; it is compulsory for all Islamic Financial Institutions to abide by their
Shari’ah Advisors’ guidelines while doing transactions and by way of this, Islamic Financial Institutions
will safeguard them of doing anything un-Islamic.
Mufti Ibrahim EssaDecember 05, 2015
This article has been written by mufti Ibrabim Essa, Shariah Advisor
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35
Role of Central Bank in Supporting NBFCs for Growth & Progress of SMEs
Demographic Dividend
The ‘demographic transition’ in Pakistan, which may lead to high fertility rates; longer spans of life due to
decreasing mortality rates; increasing urbanization; and lower utilization of labor in agrarian activities, is at a
nascent stage: yet too far from a position to distribute any demographic dividend to the National Income. But
we can see around us changes in our demographic complexion, which if duly harnessed, could reduce the
usual transition period from 5 decades to a lesser period.
We have a huge population of around 189 million, growing at the rate of 1.64% per annum; the Median Age
is at 23.2 years; average life span has grown to around 67.73 years, and the high fertility rate of 3.22 has
given rise to one of the highest number of potential work force (39%), which is aged between 15 to 39 years.
Not only is there an increased inflow of population to the cities, with the Urban Population standing at 38%,
but rural areas are continuously getting urbanized at a fast pace due to advancement, among other things,
in electronic communication.
Contribution of Small & Medium Enterprises (SMEs) to National Economy
According to SMEDA’s assessment, 80% of Pakistan’s non-agricultural workforce is employed with Small &
Medium Enterprises (SMEs), which constitute 90% of all the enterprises of the country contributing 40% to
the country’s GDP.
Most SMEs in Pakistan are carrying out the very important job of being the Vendor Industry for most Large
Scale Manufacturing entities (LSMs). The continuing escalation in the sale of Motor Vehicles, for instance,
would not be possible without the support of a huge number of SMEs producing smaller automobile parts
and accessories. Same is true for electronic and electrical vendor industry servicing the needs of so many
varieties of locally manufactured and finished consumer products, such as televisions, refrigerators, air
conditioners, fans, washing machines, generators and motorized pumps of various specification, not to
mention the active contribution of such vendors in heavier mechanical products, some of which are also
used by the Defense Production Industry. Construction, transportation and real estate development
industries also benefit from services provided by SMEs.
Fulfilling Funding Requirements of SMEs
The foregoing preamble is necessary to highlight the importance of the non-traditional borrowers comprising
mainly of SMEs, which tend to remain disenfranchised from the usual credit facilities offered by Commercial
Banks and Development Financial Institutions (DFIs) falling under the regulatory umbrella of the State Bank
of Pakistan (Central Bank).
All of us are aware of the reluctance of Banks & DFIs in Pakistan to undertake high credit risk and the cost of
administration thereof, when interest arbitrage options are available by channeling funds in gilt-edged
securities. The fringe borrowers, chiefly the SMEs, are therefore left to approach Non-Banking Finance
Companies (NBFCs) including Modarabas, which are more inclined, if only for the sake of their own survival,
to find ways of fulfilling the credit needs of such SMEs.
Securities & Exchange Commission of Pakistan (SECP) versus State Bank of Pakistan (SBP)
The Securities & Exchange Commission of Pakistan (SECP), not differently from SEC’s role in the U.S.,
ensures administration of Laws governing NBFCs, albeit those primarily associated with the Securities
Year Book 2015
36
Market. In contradiction, however, to the extensive and all-inclusive role assumed by the Federal Reserve
Board of the U.S. in ensuring the financial viability and liquidity profile not only of Commercial Banks, but
also the Shadow Banking System (including NBFCs), the State Bank of Pakistan (SBP) has chosen since the
end of year 2002 , not to have anything to do with the aforesaid key issues relating to NBFCs. SBP has left
the entire regulatory control of NBFCs to SECP, without the latter having the fiduciary wherewithal to
monetarily manage, support or bail out NBFCs in financial distress.
Adverse Impact on NBFCs Arising from Delinking with SBP
Most NBFCs, excluding those carrying out Securities Operations, are quasi-banking institutions, in as much
as they are required to channelize their Financial Resources (Equity+ Certificates of Deposits+ Bank
Borrowings) into Lending Operations in the form usually of Medium Term commitments. Consequently, their
core assets comprise of term financing, requiring prudential credit risk management. Funding by NBFCs, for
such operations is arranged by leveraging their Equity by creating a liabilities portfolio comprising of funds
borrowed from the Public and/or other Financial Institutions. The quality of their fund management
determines their ability to keep their cost of funds low and ensuring that there are no mismatches between
the funds advanced and borrowed and that any surplus between the sources/uses remains profitably and
securely invested. More importantly, such NBFCs must ensure that there are no hiccups in recovery of their
advances from their borrowers on due dates.
A Central Bank has the wherewithal, by the very nature of its regulatory experience and access to both
macro as well as micro aspects of the Economy of the country, to ensure that all the foregoing norms are
duly fulfilled and wholeheartedly complied with, in the prescribed manner, by the NBFCs. Backing of a
Central Bank is also important to provide security and psychological comfort to investors and lenders of any
NBFC. The presence of a Lender of Last Resort, access to the Central Bank’s Discount Window and, if
available, the fall back on a Depositors’ Insurance Fund, all taken together, ensure liquidity and competent
risk management for NBFCs. Hence, despite their limited scope of activities, NBFCs attain the ability to enjoy
a respectable place among Financial Intermediaries, including Commercial Banks and DFIs, enabling them,
as a result, to also become an active participant in the Inter-bank Money Market operations.
When the entire regulatory control of NBFCs was transferred in late 2002, by SBP to SECP, it was perhaps
inadvertently overlooked that SECP would have no fiduciary powers, as opposed to SBP. Moreover, an
administrative control alone by the SECP would not, like the SBP, have the capacity to devise policies for
NBFCs, based on fiscal management comprising of money supply, credit expansion, interest rates and
sector-wise distribution of NBFCs collective credit portfolio.
Law Makers also failed to perceive that NBFCs, under SECP’s sole Regulatory umbrella, would be deprived
of the multifarious and lucrative Refinancing and Long Term Specialized Financing Schemes offered by SBP
(including those reserved for SMEs, in particular), to only those Banks and Financial Institutions which
functioned under SBP’s direct regulatory control.
Competition from Commercial Banks
A rather unexpected phenomenon, resulting from withdrawal of SBP’s control over NBFCs, was the sudden
increase in the propensity of commercial banks to offer those very services, which had hitherto been the
domain exclusively of NBFCs. Not that commercial banks were previously debarred from carrying out
“NBFCs-specific” functions. However, they were earlier reluctant to get into the field as they did not possess
the professionally competent Human Resource to manage those functions. They had been eyeing the
feasibility of undertaking transactions carried out by the NBFCs, in the backdrop of the significant growth of
NBFCs from 1985 to 2002, but were shy of taking a plunge in the field. With the SBP having withdrawn as a
Regulator of NBFCs, at the end of 2002, an immediate decline was witnessed in the growth and profitability
Year Book 2015
37
of NBFCs. As a consequence thereof, adequate Human Resource from NBFCs was willing to switch sides
by joining commercial banks to contribute in terms of its expertise in enabling banks to competently carry
out NBFCs-specific functions.
Banks already had sufficient supply of low cost liquidity available for diversification into high yielding
transactions, which NBFCs were exclusively assigned and accustomed to undertake. With the availability of
former NBFCs employees guaranteed, they availed of the opportunity by sponsoring their own subsidiaries
and/or by creating specialized intra-institutional Divisions, for initiating NBFCs functions within the banks.
Consequently, banks were able to undercut NBFCs on Interest Rates, besides withdrawing credit lines which
they were earlier prepared to offer to NBFCs.
Devoid of Bank Borrowings at reasonable terms and unable to compete with Banks on cost of funds,
besides the additional facilities and services offered by the banks to their erstwhile customers, NBFCs
began to lose both their qualified and experienced HR, as well as established clients, both the parties
getting better terms. As a result, the decline and fall of NBFCs set in and the process could never be
reversed. The result is reflected in the diminishing number of operational Discount Houses, Housing Finance
Companies, Venture Capital Finance Companies, Investment Banks, Leasing Companies and Modarabas as
per the following Chart :
Type of Institution No as on 30-06-2000 No as on 31-12- 2002 No as on 31-12- 2013
Investment Banks 16 14 07
Leasing Companies 33 25 08
Modarabas 46 40 23
Housing Finance Cos. 04 04 Nil
Discount Houses 04 04 Nil
Venture Capital Cos. 02 04 Nil
Central Bank’s Function as a Liquidity Provider & Lender of Last Resort
Any Central Bank is privy to a whole lot of information about the financial markets, as a matter of policy and
privilege, which enables it to preempt and rectify aberrations arising in those markets as a result of illiquidity
and credit demands, in addition to undue risk undertaken by individual financial institutions leading to
wholesale delinquencies. Under such circumstances, a Central Bank does not differentiate between Banks
and the Shadow Banking System, including NBFCs.
From mid-2007 until early 2009, central banks extended the equivalent of about US$4 trillion in liquidity
support to banks and non-banks. In particular, the loan to Bear Stearns was the first time the Federal
Reserve had used its authority to lend to non-banks since the 1930’s.
Conclusion
The NBF Sector Reform Committee of SECP did acknowledge (and indeed recommended) for SBP to
reassume its fiduciary disciplining powers over at least all “Deposit Taking” NBFCs, with only the
administrative control, relating to the underlying legislation, remaining with SECP. However, this proposition
failed to make a comeback when the Amended Non-Banking Entities Regulations 2008 were recently
notified.
Year Book 2015
38
The only recipe for the revival of NBFCs in Pakistan is for the SBP to re-assume its Lender of Last Resort
(LOLR) position, if not the full Regulator’s role, for the entire NBFCs Sector. While doing so, SBP must
undertake an intensive exercise to independently assess the underlying difficulties faced by the Sector, with
regard to protecting the interest of all concerned stakeholders. SECP may continue with the Corporate
Affairs and Administrative Compliance issues relating to NBFCs. Once the NBFCs regain their protective
umbrella from the SBP, all issues relating to Liquidity and Credit Risk Management would automatically be
resolved and the NBFCs Sector would be in a position to contribute to the growth and wellbeing of the
SMEs, which by some estimates represent an Asset Base of around US$ 65 billion and have an immense
capacity of creating job opportunities for millions of unemployed Pakistanis, besides adding to Tax Revenue
for the National Exchequer.
The writer Mr. Khalil Anwer Hassan is an Investment & Commercial Banker
with an International experience in the fields extending over 50 years. He
is presently employed as Chief Manager with Pak-Gulf Leasing Company
Limited (PGL), Karachi, Pakistan
Year Book 2015
39
Sri Lanka is a multi-ethnic island-nation with a population estimate of 21 million, of which composite comprises of
a majority of 70.2% Buddhists and other minorities of 12.6% Hindus, 6.1% of Roman Catholics, 9.7% Muslims
and 1.4% of other religions. The origin of the Muslim community comprises domiciled traders of Moors of Arab
origin, Malays from South-east Asian descent and of Indian origin Tamil Muslims, Memons, Bohras and Khojas
(www.statistics.gov.lk, 2012).
Islamic Finance (IF) practice in Sri Lanka dates back to the origins of the Muslims in Sri Lanka and stems through
informal sources, where fellow tradesmen transacted within a closed group to facilitate basic financial needs for
routine trade & commerce within the business community. To date, this informal practice exists in the common
market-place.
Muslims that make an approximate 10% of the Sri Lankan population and that is believed to contribute an
estimated 15% to the GDP is significant. With this status, the demand for Islamic Financial Services (IFS) was
evident, where there was a vacuum to be filled, both to facilitate and accommodate the entirety of this community
to the banking & finance sector. Deliberations of business leaders and religious scholars over 20 years ago,
focused on this growing need of the 2 million Muslims, paved way for the formalization of IFS in Sri Lanka.
As per the Sri Lanka Islamic Finance Country Report (2011), in an attempt to formalize the practice of IFS in the
Sri Lankan banking & finance industry, with the influence and deliberations of industry practitioners and
stakeholders collective lobbying, the Banking Act No. 30 of 1988 was amended in 2005 to permit licensed
commercial banks (LCB) and licensed specialized banks (LSB) to offer deposit instruments under Islamic
finance precepts. Further, the Central Bank of Sri Lanka (CBSL) also made proposals to the Finance Companies
act no. 78 of 1988 for Non-Bank Financial Institutes (NBFI) to enter the foray of deposit instruments based on
Islamic Finance methodology.
Key legislative amendments on the Revised Banking (Amendment) Act No.2 of 2005 permits LCB’s and
Specialized banks to offer Islamic financial instruments provided on schedule II and IV of the Banking Act that
allows banks to participate in IFS concepts such as Mudharabah, Murabahah, Musharakah and Ijarah etc.
According to the Sri Lanka Islamic Finance Country Report (2011), the two legislative amendments are;
1. “Acceptance of a sum of money in any manner or form from any person for a fixed period of time for investment
in a business venture of the bank on the basis that profits or losses of the venture will be shared with the person
from whom such money is accepted in a manner determined at the time the money is accepted” and
2. “The purchase of goods, to be sold immediately upon purchase to a buyer on deferred payment terms
provided that the goods and their suppliers are specified by such buyer and the price at which such goods are
sold to the buyer and the deferred payment terms are determined at the time the bank agrees with the buyer to
purchase the said goods for sale to the buyer”.
Financial services sector comprises of 22 LCB’s, 14 LSB’s, 36 registered NBFIs and 18 Insurance companies
with a gamut of other stakeholders and ancillary service providers of IFS in the country. To cater to the demands
of offering IFS by majority, regulators and authorities such as the Ministry of Finance, Inland Revenue & Tax policy
makers, The Insurance Board of Sri Lanka, The Securities & Exchange Commission, Chartered Accountants of
Sri Lanka on International Financial Reporting Standards (IFRS) by issuing Sri Lanka Financial Reporting
Standards (SLFRS) and Sri Lanka Accounting Standards (SLAS) and also the Legal system enacted statutes
and are keenly accommodating proposals related to commercial areas of banking, finance leasing, exchange
control, bills of exchange, treasury bills & bonds insurance, consumer credit & protection, sale of goods,
partnerships & company law to welcome IFS to its foray. The deliberations and recommendations by these
A snap-shot of Islamic Banking & Finance in Sri Lanka
Year Book 2015
40
bodies to take required measures to promote & create a level playing field for Islamic Financial Instruments as
against Conventional Financial Instruments are encouraging (Sri Lanka Islamic Finance Country Report, 2011 ;
INSTITUTIONS AUTHORISED TO ACCEPT DEPOSITS FROM THE PUBLIC, 2006).
Limited & closed sources of funding and matters arising relating to specific regulation, accounting standards,
taxation & legal framework are hurdles that the IFS industry practitioners are collectively lobbying to overcome
with standard-setting bodies at present.
The practitioners formed an Islamic Finance Focus Group (IFFG) comprising Islamic finance industry experts
and interest groups under the guidance of KPMG of Sri Lanka several years ago. This focus group continued to
play a pivotal role in the development of new tax legislation and regulations in Sri Lanka to facilitate Shari’ah
based financing. The inauguration of the Association of Alternate Financial Institutions (AAFI) in 29th October
2015 is an outcome of this deliberation. The main objective of AAFI is to lobby the regulatory bodies to permit
alternate financing with Shari’ah precepts and compete on a level playing field with conventional financial
services.
A listing of IFS industry practitioners & stakeholders are as follows;
Name Status Islamic Financial Services
Amana Bank Ltd. Private Commercial Bank Islamic Bank
Bank Of Ceylon State Commercial Bank Islamic Banking Window - An Noor
Commercial Bank PLC Listed Commercial Bank Islamic Banking Window - Al Adalah
Hatton National Bank PLC Listed Commercial Bank Islamic Banking Window - Al Najah
MCB Bank Foreign Commercial Bank Islamic Banking Window - Al Makhraj
LOLC Finance PLC Non-Bank Financial Inst. Islamic Banking Window - Al Falaah
LB Finance PLC Non-Bank Financial Inst. Islamic Banking Window - Al Salamah
Peoples Leasing PLC Non-Bank Financial Inst. Islamic Banking Window - Al Safa
CDB Finance PLC Non-Bank Financial Inst. Islamic Banking Window - Meezan
Muslim Aid Micro Credit Guarantee Ltd. Micro Finance Islamic Micro Finance
Amana Takaful PLC (LIFE) Insurance Company Islamic Insurance (Life Takaful)
Amana Takaful PLC (General) Insurance Company Islamic Insurance (General Takaful)
HNB Assurance PLC (General) Insurance Company Islamic Insurance (General Takaful)
LOLC Insurance PLC (General) Insurance Company Islamic Insurance (General Takaful)
ADL Capital Pvt. Ltd. Financial Advisory Islamic Finance Consultants
Amana Global Ltd. Financial Advisory Islamic Capital Markets
Amana Asset Mgt. Ltd. Financial Advisory Islamic Capital Markets
Comtrust Asset Mgt. Ltd. Financial Advisory Islamic Capital Markets
KPMG F, R, T & Co. Financial Advisory Islamic Fin. Advisory & Tax Consultants
Ernst & Young Financial Advisory Islamic Fin. Advisory & Tax Consultants
RAM Ratings (Lanka) Ltd. Rating Agency Islamic Financial Rating
Research Intelligence Unit Research Agency Islamic Finance Research
First Global Academy Educational Services Islamic Finance Training
Institute of Bankers of SL Educational Services Islamic Finance Training
Institute of Business Studies Educational Services Islamic Finance Training
UTO Educonsult Pvt. Ltd. Educational Services Islamic Finance Training
Zailan Educonsultants Educational Services Islamic Finance Training
Cosmopolitan College of B&T Educational Services Islamic Finance Training
(Source: Azharseylan.wordpress.com, 2014 ; Respective Company websites)
Year Book 2015
41
A listing of Top IFS providers and its estimated market share are as follows;
Instituition Market Share Assets Portfolio Liabilities Portfolio
(Assets/Rs.Mn) (Rs.Mn) (Rs.Mn)
Amana Bank 49.23% 25,600 30,100
LOLC Finance PLC 13.74% 7,147 5,259
People’s Leasing 11.35% 5,900 2,000
Hatton Nat. Bank 7.50% 3,900 4,100
Muslim Com. Bank 5.04% 2,620 3,450
Commercial Bank 4.04% 2,100 2,000
LB Finance 2.92% 1,520 180
Arpico Finance 2.11% 1,100 100
Bank Of Ceylon 1.61% 840 1,900
Nat. Dev. Bank 1.35% 700 150
Richard Pieris 0.30% 158 0
Others including Capital Markets (Approx.) 0.81% 415 2,761
(Source: Information from available market sources as at 31.03.2015.)
References
Azharseylan.wordpress.com, (2014). Islamic Finance Directory Sri Lanka | Islamic Finance in Sri Lanka. [online] Available at:
https://azharseylan.wordpress.com/category/islamic-finance-directory-sri-lanka/ [Accessed 10 Feb. 2015].
INSTITUTIONS AUTHORISED TO ACCEPT DEPOSITS FROM THE PUBLIC. (2006). Pamphlet series 5. Colombo: Central Bank Of Sri Lanka. Available at:
http://www.cbsl.gov.lk/pics_n_docs/10_pub/_docs/pa/pamphlet/pl_5.pdf [Accessed 10 Feb. 2015].
Sri Lanka Islamic Finance Country Report. (2011). 1st ed. [ebook] Colombo: KPMG Ford, Rhodes, Thornton & Co., Sri Lanka. Available at:
https://www.kpmg.com/LK/en/Documents/SriLankaIslamicFinanceCountryReport.pdf [Accessed 10 Feb. 2015].
www.statistics.gov.lk, (2012). Population by religion according to districts, 2012. [online] Available at:
http://www.statistics.gov.lk/PopHouSat/CPH2011/Pages/Activities/Reports/cph2011Pub/pop43.pdf [Accessed 10 Feb. 2015].
By Shiraz Refai MBA(UK), MCMI(UK), MABE(UK)Asst. General Manager - Al-Falaah, Islamic Business Unit,LOLC Finance PLC. No: 100/1, Sri Jayawardenapura Mawatha, Rajagiriya, Sri Lanka.Dir: +94 11 5 880867 Mob: +94 77 3 476565 Fax: +94 11 2 861616E-mail: [email protected] Web: www.lankaorix.com
Æ
Year Book 2015
42
Takaful
The year 2015 has been marked as another year of growth of Takaful in the world. In Pakistan, introduction of
window Takaful has also resulted in the increased reach of Takaful in consumer and corporate markets. But
despite major initiatives taken by stakeholders, there is still need of more efforts to promote awareness about
Takaful in the market. There are plenty of questions that come to mind when we consider Takaful as an
alternative to conventional insurance. The question is.
How is it different from conventional insurance?
Before we start to explore the different complexities of Takaful, it will be prudent to first understand what
Takaful means and how it works. Takaful is a community pooling system whereby individuals in the
community jointly mitigate their risk against loss or damage by sharing a small portion of their incomes or
savings. For example, individuals can make contributions to a common fund from which they may each draw
in the event that they suffer loss to their assets or lives. Takaful is free from the three factors of conventional
insurance that deem it un-islamic. These are Al-Gharar (uncertainty), Al-Maisir (gambling) and Riba (usury).
Most importantly Takaful is a contract of risk sharing instead of the risk sale or risk transfer contract which is
used in insurance.
In terms of how it works, on the functional side, it is very similar to Conventional Insurance. With the client
making the payment to an entity to safeguard his interest by protecting himself from any unforeseen future
harm.
But the difference and essentially the essence of Takaful is found in the fact that it is based on the Basis of
Co-operation and on the Basis of Mutual Protection. Takaful applies the co-operative and mutual model that
is accepted under Islamic law.
Takaful can therefore be described as a co-operative system of reimbursement or repayment in case of loss,
paid to people and companies
concerned about hazards,
compensated out of a fund to which
they agree to donate small regular
contributions managed on behalf by a
Takaful operator or the guardian of
the Fund. It is defined as an Islamic
insurance concept which is grounded
in Islamic muamalat (Islamic
banking), observing the rules and
regulations of Islamic law. This
concept has been practiced in
various forms since 622 AD. Muslim
jurists acknowledge that the basis of
shared responsibility (in the system of
aquila as practiced between Muslims
of Mecca and Medina) laid the
foundation of mutual insurance.
World excluding Iran GCC countries included are Bahrain, Kuwait, Qatar and UAE, excluding Saudi Arabia Data for Bahrain, Indonesia, Malaysia, Qatar and Saudi Arabia has been cross-checked with other secondary sources. Data for Malaysia is net takaful contributions.Sources: World Islamic Insurance Directory 2013, Middle East Insurance Review; EY analysis
Year Book 2015
43
Inception and Growth
Introduced first in 1979 in Sudan, the modern form of Takaful experienced exceptional growth over the last
three decades. The growth in demand for Islamic insurance over recent years largely stemmed from the
ASEAN region and the GCC countries. More recently there has been a proliferation of new companies
offering Islamic insurance products in these markets. The majority of these firms are full-fledged takaful
operators, but conventional insurance companies have also entered the market offering Takaful window
operations.
Although it has only been introduced relatively recently in Pakistan, Takaful has been making significant
strides in Pakistan. Strong and consistent growth of Islamic Banking in the country has also resulted in the
promotion of Takaful at different levels of society.
Government is also taking serious majors to lay down foundations for a strong Islamic financial regulatory
system that is sure to catalyze the awareness of Takaful in the country. As the awareness of Islamic financing
takes root in the country, people from the country’s majority Muslim population are beginning to be more
acceptable towards solutions that offer them relief from Riba and other elements of modern finance that are
severely prohibited in Islam.
This article has been written by Mr. Mehmood Arshad, EVT, Pak Qatar Takaful Limited
Year Book 2015
46
Launching Ceremony of 5th Year Book – 2014 of NBFI & Modaraba Association of Pakistan was held on 26th
February, 2015 at Pearl Continental Hotel, Karachi. Mr. Fida Hussain Samoo, Commissioner (Insurance), SECP
presided over the ceremony while Mr. Shahid Nasim, Executive Director and Mr. Tariq Soomro, Director, SECP
also attended the ceremony. The ceremony was also attended by the Chief Executives of Modarabas, Leasing
Companies, Investment Banks and senior executives from other financial institutions.
Launching Ceremony of Year Book 2014
Mr. Muhammad Shoaib Ibrahim, Chairman, NBFI & Modaraba
Association of Pakistan addressing the participants
Mr. Muhammad Shoaib Ibrahim, Chairman, NBFI & Modaraba
Association of Pakistan presenting the Year Book 2014 to the Chief
Guest Mr. Fida Hussain Samoo
Participants of Launching Ceremony of Year Book 2014
Year Book 2015
47
In order to acknowledge the performance, the Association every year gives Best Performance Awards to the
outstanding performers of NBFI & Modaraba Sectors.
Based on the results of 30th June, 2014, the following members were adjudged best performers for the year
2014 in accordance with the criteria approved by the Executive Committee:
1st Position - Allied Rental Modaraba
2nd Position - ORIX Leasing Pakistan Limited
3rd Position - First Habib Modaraba & Standard Chartered Modaraba (Jointly). Both the members
acquired equal marks as such were declared joint winners of third position.
Best Performance Awards - 2014
Mr. Murtaza Ahmed Ali, CEO, Allied Rental Modaraba is receiving the
Best Performance Award 2014 (1st Position) from Mr. Fida Hussain
Samoo, Commissioner (Insurance), SECP.
Mr. Teizoon Kisat, CEO, ORIX Leasing Pakistan Limited is receiving the
Best Performance Award 2014 (2nd Position) from Mr. Fida Hussain
Samoo, Commissioner (Insurance), SECP.
Mr. Muhammad Shoaib Ibrahim, CEO, First Habib Modaraba is
receiving the Best Performance Award 2014 (3rd Position) from Mr. Fida
Hussain Samoo, Commissioner (Insurance), SECP.
Mr. Raheel Q. Ahmad, CEO, Standard Chartered Modaraba is receiving
the Best Performance Award 2014 (3rd Position) from Mr. Fida Hussain
Samoo, Commissioner (Insurance), SECP.
Year Book 2015
48
Mr. Mahfuz-ur-Rehman Pasha, Incoming Chairman is presenting
Memento to Mr. Muhammad Shoaib Ibrahim, Outgoing Chairman
Mr. Raheel Q. Ahmad is presenting Memento to Mr. Rashid K. Siddiqui,
Outgoing Vice Chairman.
Group Photo of Participants of 5th AGM
Fifth Annual General Meeting (AGM)
Fifth Annual General Meeting of NBFI & Modaraba Association of Pakistan was held on 17th September, 2015 at
the Conference Hall of the Association for approval of accounts and other matters.
Mr. Muhammad Shoaib Ibrahim addressing the participants of 5th AGM
Year Book 2015
49
NBFI & Modaraba Association of Pakistan (NBFI &
MAP) & Pak Qatar General Takaful Limited (PQGTL)
joined hands for the promotion of Takaful Products.
MoU was singed between the two institutions in a
ceremony held on 30th September, 2015 for
providing Takaful products to the members of NBFI &
MAP. Mian Muhammad Adress, President of FPCCI
was Chief Guest of said ceremony.
Mian Muhammad Adrees, while addressing the
ceremony, said that it is a significant event in the
history of both the institutions and it is a milestone of
collaboration for promotion of Islamic financial
system and hopefully have its visible impact soon.
Mr. Muhammad Shoaib Ibrahim, Chairman, NBFI & MAP and Mr. Javed
Muslim, CEO, Pak-Qatar General Takaful Limited exchanging the MoU
Mian Muhammed Adrees, President, FPCCI addressing the MoU
Signing Ceremony
Earlier Mr. Javed Muslim, Chief Executive Pak
Qatar Takaful Limited addressed the
participants and said that the signing of this
MoU will develop the mutually beneficial
relationship between Takaful Companies and
Members of NBFI & Modaraba Association of
Pakistan.
Mr. Muhammad Shoaib
Ibrahim Chairman NBFI &
Modaraba Association of
Pakistan highlighted the
p e r f o r m a n c e o f t h e
Modaraba Sector and
hoped that with the signing
o f t h i s M o U Ta k a f u l
products in the financial
sector would grow and
Takaful companies shall
provide risk coverage on
the basis of Islamic modes to the members of the Association. He appreciated the contribution of the Chief
Guest Mian Muhammad Adrees towards the growth of Islamic finance in the country. He suggested that Mian
Saheb to consider and explore the possibility to establish a new Modaraba under the Sitara Group of
Companies.
MoU Signing Ceremony Between Pak Qatar General Takaful Limited & the Association
Group Photo of participants of MoU signing ceremony
Year Book 2015
50
Mr. Basheer A. Chowdry while thanking the Chief Guest for devoting his time to this event reminded the
participants that first Term Finance Certificates (TFCs) on Musharaka basis were introduced by the Sitara Group
which was the beginning of the Islamic financial activities in the Country.
Mr. Muhammad Shoaib Ibrahim, Chairman, NBFI & Modaraba Association of Pakistan
and Mr. Javed Muslim, CEO, Pak-Qatar General Takaful Limited presenting the
memento to the Chief Guest Mian Muhammad Adrees, President, FPCCI
Mr. Basheer A. Chowdry offering vote of thanking to the Chief Guest
The ceremony was largely attended by the Chief Executives and senior officials of NBFI & Modaraba Sectors
and Pak Qatar General Takaful Limited. Dr. Syed Arif Hussain, CEO Takaful Pakistan Limited and senior officials
of Pak Kuwait Takaful Company Limited also attended the ceremony.
In conclusion Mr. Muhammad Shoaib Ibrahim and Mr. Javed Muslim presented a Shield and souvenir to the
Chief Guest.
MoU Signing Ceremony Between Pak Qatar General Takaful Limited & the Association
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51
Half Day Workshop on “Anti Money Laundering”
The Association organized a half day workshop on “Anti-Money Laundering, Counter Terrorist Financing &
Sanctions” on 16th July, 2015. Ms. Farhat Ansari, Head of Legal, Compliance & HR, Standard Chartered Leasing
Limited conducted the workshop. The workshop was attended by the staff of Modarabas and leasing
companies.
Group Photo of Workshop Participants
Year Book 2015
52
Workshop on “islamic Finance” for Directors & Senior Executives
NBFI & Modaraba Association of Pakistan organized a workshop on “Islamic Finance” for Directors and Senior
Executives on 19th November, 2015 at Pearl Continental Hotel, Karachi. Eminent Shariah Scholar Mufti Irshad
Ahmed Aijaz, Chairman, Shariah Board, Bank Islamic Pakistan and Mufti Zeeshan Abdul Aziz, Shariah Advisor,
Sindh Modaraba conducted the workshop. The participants were included Directors, Chief Executives and
CFOs/Company Secretaries of NBFI & Modaraba Sectors.
Mr. Mahfuz ur Rehman Pasha, Chairman, NBFI & Modaraba Association inaugurated the workshop. In his
speech, he highlighted the growth of Islamic finance industry in the country and achievements of the modaraba
sector during the year ended 30th June, 2015.
Group Photo of Workshop
Mr. Mehfoz ur Rehman Pasha, Chairman NBFI & MAP inaugurating the
workshop
Mr. Mahfuz ur Rehman Pasha, Mr. Basheer A. Chowdry and Mr. Muhammad Shoaib Ibrahim distributed the
certificates to the participants.
Mr. Basheer A. Chowdry giving concluding remarks appreciated the
interest shown by the Directors and Senior Executive in attending this
workshop.
Year Book 2015
53
The Association arranged an interview on Business Plus TV Channel with Mr. Muhammad Shoaib Ibrahim,
Chairman and Mr. Muhammad Samiullah, Secretary General, NBFI & Modaraba Association of Pakistan on 27th
October 2015.
The focus of the discussion was various aspects of Modaraba sector including Modaraba Regulations, 2015
IBA – Centre for Excellence in Islamic Finance (CEIF)
The Centre for Excellence in Islamic Finance (CEIF) was inaugurated y Federal Finance Minister Mr. Muhammad
Ishaq Dar on Friday 27th November 2015 at IBA City Campus. Also present on the occasion was Governor, SBP
Mr. Ashraf Wathra. From NBFI & Modaraba sector Mr. Muhammad Shoaib Ibrahim, CEO, First Habib Modaraba
and Mr. Muhammad Samiullah, Secretary General, NBFI & Modaraba Association of Pakistan attended the
ceremony.
A Group Photo of the participants of the meetingMr. Muhammad Ishaq Dar, Finance Minister addressing the participants
Interview on Business Plus TV Channel
Year Book 2015
54
The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has selected/appointed the following
from NBFI & Modaraba sector for the year 2016:
1. Mr. Basheer A. Chowdry, Chief Executive, Trust Modaraba
elected as Member Executive Committee & General Body
Member, FPCCI
2. Mr. Murtaza Ahmed Ali, Chief Executive, Allied Rental Modaraba
elected as Member of the General Body, FPCCI
3. Mr. Muhammad Samiullah, Secretary General NBFI & Modaraba
Association of Pakistan appointed as Chairman, FPCCI Standing
Committee on “NBFI & Modaraba” .
The Federation of Pakistan Chambers of Commerce & Industry (FPCCI)
Year Book 2015
55
Meeting with World Bank Group Mission
A meeting was held on 8th December, 2015 at the office of SECP with World Bank Group (WBG) mission co-led
by Mr. Gabi George Afram, Program Leader, Private Sector Development and Mr. Marius Vismantas, Lead
Financial Sector Specialist to conduct a scoping exercise for the Financial Sector Assessment Program (FSAP)
Development Module.
The focus of the FSAP Development Module was on the non-bank-financial institutions (NBFI) sector and capital
markets. The overall objective is to deepen the analysis on the financial sector’s capabilities in serving
underserved market segments such as micro, small and medium enterprises. The objective of the scoping
mission will be to finalize with the relevant authorities the areas to be covered under diagnostic, which will be
communicated formally through the Aide Memoire of the mission.
Mr. Mahfuz-ur-Rehman Pasha, Chairman, NBFI & MAP, Mr. Basheer A. Chowdry, Mr. Muhammad Shoaib
Ibrahim, Ms. Effat Assad and Mr. Muhammad Samiullah attended the meeting and gave a brief presentation to
the mission on the performance and achievements, issues and constraints of the NBFI & Modaraba Sector in
Pakistan.
A Group Photo of the participants of the meeting
Year Book 2015
56
Securities & Exchange Commission of Pakistan (SECP) in collaboration with USAID organized a three days’ Conference on “Non-Bank Financial Sector & Capital Market” from 13th to 15th January, 2016 at Karachi.
The first two days were dedicated to NBF & Modaraba Sector whereas on the last day dynamics and outlook of Capital Markets were deliberated.
The first session was on “Leasing Sector” and the Speakers were Mr. Mahfuz-ur Rehman Pasha, Chairman, NBFI & Modaraba Association of Pakistan, Mr. Teizoon Kisat, CEO, ORIX Leasing Pakistan Limited, Ms. Arjumand A. Qazi, Group Head – SME Banking, Pak Brunei Investment Company Limited, Mr. Ravi Tissera, CEO, LOLC, Sri Lanka. Thereafter a Panel discussion was arranged. Mr. Basheer A. Chowdry, CEO, Trust Modaraba was the Moderator for the session and the Panel members were Mr. Mahfuz-ur Rehman Pasha, Mr. Teizoon Kisat, Ms. Arjumand Qazi, Mr. Raja Hassanein Jawed and Mr. Ravi Tissera.
The major recommendations for leasing sector included (i) access to SBP’s SME Schemes to NBFCs (ii) financing by Commercial Banks to NBFCs for onward lending to SME Sector etc.
Session on “Modarabas & Islamic Finance Sector” was held on the second day of the Conference. In this session the Speakers were Mr. Saeed Ahmed, Deputy Governor, SBP, Mr. Raheel Q. Ahmad, CEO, Standard Chartered Modaraba, Mr. Muhammad Tahir Mansoori, Member Shariah Advisory Board, SECP, Mr. Zamir Iqbal, Head-World Bank Global Islamic Finance Development Centre, Turkey.
Mr. Zamir Iqbal was the Moderator of the Session while Mr. Raheel Q. Ahmad, Mr. Tahir Mansoori, Dr. Muhammad Imran Ashraf Usmani, were included in the panel discussion.
The major recommendations for Modaraba Sector included (i) Islamic Banks’ financing to modarabas for onward lending to SME Sector and (ii) It was also suggested that regulatory framework may be reviewed.
Mr. Mahfuz-ur Rehman Pasha, Chairman, NBFI & MAP & CEO, Pak-Gulf
Leasing Company Ltd. addressing the conference participants
Mr. Teizoon Kisat, CEO, ORIX Leasing Pakistan Limited addressing the
conference participants
Mr. Basheer A. Chowdry, CEO, Trust Modaraba addressing the
conference participants
Mr. Raheel Q. Ahmad, CEO, Standard Chartered Modaraba addressing
the conference participants
Secp’s Three Days Conference On “Non-Bank Financial Sector & Capital Market
Year Book 2015
57
Achievements of Members
Allied rental modaraba has been awarded the 2015 Verified Leasder Award in the power rental market in Pakistan.
Mr. Murtaza Ahmed Ali, CEO, Allied Rental Modaraba is receiving 5-Star Award in a ceremony held during “2015 Caterpillar Rental Power Dealer Meeting” in Atlanta, USA.
Allied Rental Modaraba
Year Book 2015
58
First Habib Modaraba
Achievements of Members
Mr. Muhammad Shoaib
Ibrahim, CEO, First Habib
Modaraba, is receiving “1st
Position”, 3rd FPCCI
Achievement Award on 1st
October 2015 from Mamnoon
Hussain Honourable President
of Islamic Republic of Pakistan
for promotion of Islamic
Finance within NBFI &
Modaraba sector
Mr. Muhammad Shoaib Ibrahim, CEO, First Habib Modaraba, is receiving
“1st Position”, Best Corporate and Sustainability Report Award 2014
from the President of ICAP and ICMAP within the NBFI sector
Mr. Muhammad Shoaib Ibrahim, CEO, First Habib
Modaraba, is receiving SAFA BPA “Certificate of Merit”
award on 30th January 2016 from the Federal Minister
of Finance, Mr. Mohammad Ishaq Dar from the category
of “Financial Services Sector” for “Best Presented
Accounts” for the Year 2014.FHM has been receiving
this award since last six five consecutive years.
Year Book 2015
59
New Entrants in the NBFI & Modaraba Sector
The membership threshold of the NBFI & Modaraba Association of Pakistan enhanced by two new entrants, a
Modaraba and a NBFC and now the total number of Members have been increased to 40 i.e. 26 Modarabas, 11
Leasing Companies and 3 Investment Banks.
Recently SECP has registered four Modaraba Management Companies out of which one MMC have floated the
Modaraba while the remaining three MMC will float the Modarabas in the near future.
The Association has also invited memberships to REIT & Takaful Companies, which are in process.
AWWAL MODARABA
Awwal Modaraba is a multi-purpose and perpetual Modaraba having a Paid-up Capital of Rs.1 billion. Awwal
Modaraba Management Limited, the Management Company, is a wholly owned subsidiary of Pak Brunei
Investment Company Limited. It is an unlisted public limited company incorporated under Companies
Ordinance, 1984.
The authorized capital of Awwal Modaraba Management Company Limited is Rs.300 million whereas the Paid-
up Capital is Rs.105 million. The Paid-up Capital of the Modaraba is Rs.1 billion.
The Modaraba is floated with a view to support start up, growth and financially distressed companies engaged in
Shariah Compliant businesses. It would include equity investments in new and existing companies, Musharaka,
Murabahah, Mudarabah, Istisna, Salam and / or other Shariah compliant modes of financing. The Modaraba
aims to provide an opportunity to certificate holders to earn Shariah compliant returns on their investments.
LSE FINANCIAL SERVICES LIMITED(Formerly: Lahore Stock Exchange Limited)
LSE Financial Services Ltd. (formerly: Lahore Stock Exchange Ltd.) has been emerged as a NBFC, after
integration of exchange's business of former Lahore Stock Exchange Ltd. with former Karachi Stock Exchange
Ltd., to form Pakistan Stock Exchange on January 11, 2016. The Company has been licensed by SECP to carry
out Investment Finance Services.
The Company has a paid up capital of Rs.1.282 billion. With the change of name, almost all the inherited
shareholders of the Company are brokers or their representatives. There is no majority shareholder of the
Company. There are two independent directors including the Chairman on the Board of Directors of the
Company. Mr. Aftab Ahmad Ch. is the Managing Director/CEO of the Company.
Year Book 2015
62
Sectors Performance
The following sections contain a description of the overall size of leasing companies, investment
banks and modaraba sectors in Pakistan and its performance during the years.
Trends of Aggregate Indicators
The number of companies and the paid up capital are Industry’s input parameters whereas
revenues, profits, financial charges and investments are the output parameters indicating the
extent of the benefits provided by the industry to the lessors, shareholders etc.
The trends of sector aggregate indicators for the years are given below: -
Leasing Companies 2015 2014
No of Companies 10 10
Paid-up Capital 5,613 5,613
Reserves 1,314 916
Total Equity 6,927 6,529
Investment in Lease Finance 29,404 25,964
Investments 4,195 3,293
Borrowings 21,088 15,321
Revenues 5,273 4,891
Operating Expenditure 1,921 2,022
Financial Charges 2,135 2,073
Taxation 266 212
Net Profit 655 584
Cash Dividend 369 365
Total Assets 40,595 36,558
(Rs. in Million)
TOTAL EQUITY
6,000
6,500
7,000
2015 2014
INVESTMENT IN LEASE FINANCE
24,000
27,000
30,000
2015 2014
INVESTMENTS
1,000
3,000
5,000
2015 2014
Year Book 2015
63
TOTAL ASSETS
36,000
38,500
41,000
2015 2014
CASH DIVIDEND
364
367
370
2015 2014
NET PROFIT
500
600
700
2015 2014
TAXATION
100
200
300
2015 2014
FINANCIAL CHARGES
1,850
2,000
2,150
2015 2014
OPERATING EXPENSES
1,800
1,950
2,100
2015 2014
REVENUES
4,700
5,050
5,400
2015 2014
BORROWINGS
10,000
20,000
30,000
2015 2014
Year Book 2015
64
Investment Banks 2015 2014
No of Companies 3 3
Paid-up Capital 5,155 5,083
Reserves (3,655) (3,586)
Total Equity 1,500 1,497
Investment in Lease Finance 1,483 1,844
Investments 431 1,535
Borrowings 3,755 1,870
Revenues 189 409
Operating Expenditure 208 356
Financial Charges 40 88
Taxation 2 3
Net Profit 27 (38)
Cash Dividend - -
Total Assets 6,588 7,016
(Rs. in Million)
OPERATING EXPENSES
0
200
400
2015 2014
REVENUES
150
300
450
2015 2014
BORROWINGS
0
2,000
4,000
2015 2014
INVESTMENTS
300
950
1,900
2015 2014
INVESTMENT IN LEASE FINANCE
1,000
1,500
2,000
2015 2014
TOTAL EQUITY
1,495
1,500
1,505
2015 2014
Year Book 2015
65
Modarabas 2015 2014
No of Companies 24 * 25
Paid up Capital 10,112 9,718
Reserves 5,782 5,378
Total Equity 15,894 15,096
Investment in Lease Finance 14,375 13,737
Investments 3,041 3,537
Borrowings 10,231 9,224
Revenues 6,442 9,023
Operating Expenditure 4,035 6,433
Financial Charges 979 1,119
Taxation 38 13
Net Profit 1,353 1,458
Cash Dividend 1,052 1,023
Total Assets 30,736 30,896
* Figures of Unicap Modaraba not available
(Rs. in Million)
TOTAL ASSETS
6,500
7,000
7,500
2015 2014
NET PROFIT
-20
0
20
40
2015 2014
TAXATION
0
2
4
2015 2014
FINANCIAL CHARGES
0
50
100
2015 2014-40
Year Book 2015
66
TOTAL ASSETS
30,600
30,750
30,900
2015 2014
CASH DIVIDEND
800
950
1,100
2015 2014
NET PROFIT
1,250
1,350
1,500
2015 2014
TAXATION
10
25
40
2015 2014
FINANCIAL CHARGES
900
1050
1200
2015 2014
OPERATING EXPENDITURE
3,500
5,000
6,500
2015 2014
REVENUES
3,000
6,400
9,800
2015 2014
BORROWINGS
7,500
8,950
10,400
2015 2014
INVESTMENTS
2,800
3,300
3,800
2015 2014
INVESTMENT IN LEASE FINANCE
7,000
11,000
15,000
2015 2014
TOTAL EQUITY
0
10,000
20,000
2015 2014
Year Book 2015
67
Consolidated Trends of Aggregate Indicators 2015 2014
No of Companies 37 38
Paid up Capital 20,880 20,414
Reserves 3,441 2,708
Total Equity 24,321 23,122
Investment in Lease Finance 45,262 41,545
Investments 7,668 8,365
Borrowings 35,073 26,415
Revenues 11,904 14,323
Operating Expenditure 6,165 8,810
Financial Charges 3,154 3,280
Taxation 305 228
Net Profit 2,035 2,004
Cash Dividend 1,421 1,388
Total Assets 77,919 74,470
(Rs. in Million)
Trends of Key Ratios
The following tables show the key ratios of the Leasing Companies, Investment Banks and
Modarabas:
Leasing Companies 2015 2014
Earning per Share (Rs.) 1.17 1.04
Return on Equity (%) 9.74 10.55
Return on Assets (%) 1.70 1.64
Current Ratio (X) 1.29 1.24
Investment in lease finance (%) 72.43 71.02
Book value per Share (Rs.) 12.34 11.63
Time Interest Earned (X) 1.43 1.49
Total Assets / Net Worth (X) 5.86 5.60
Financial Charges / Total Expanses (%) 49.06 50.63
Dividend per share (Rs.) 0.66 0.65
Year Book 2015
68
Investment Banks 2015 2014
Earning per Share (Rs.) 0.05 (0.08)
Return on Equity (%) 1.78 (2.52)
Return on Assets (%) 0.39 (0.55)
Current Ratio (X) 0.64 0.76
Investment in lease finance (%) 22.51 26.28
Book value per Share (Rs.) 2.91 2.94
Time Interest Earned (X) 1.72 0.64
Total Assets / Net Worth (X) 4.39 4.69
Financial Charges / Total Expanses (%) 24.68 19.72
Dividend per share (Rs.) - -
Modarabas 2015 2014
Earning per Certificate (Rs.) 1.34 1.50
Return on Equity (%) 8.73 10.08
Return on Assets (%) 4.39 4.68
Current Ratio (X) 1.18 1.18
Investment in lease finance (%) 46.77 44.46
Book value per Share (Rs.) 15.72 15.53
Time Interest Earned (X) 2.42 2.33
Total Assets / Net Worth (X) 1.93 2.05
Financial Charges / Total Expanses (%) 19.39 14.82
Dividend per certificate (Rs.) 1.04 1.05
Consolidated Trends of Key Ratios 2015 2014
Earning per Share/Certificate (Rs.) 0.97 0.98
Return on Equity (%) 8.58 9.32
Return on Assets (%) 2.67 2.72
Current Ratio (X) 1.15 1.13
Investment in lease finance (%) 58.09 55.79
Book value per Share/Certificate (Rs.) 11.65 11.33
Time Interest Earned (X) 1.74 1.75
Total Assets / Net Worth (X) 3.20 3.22
Financial Charges / Total Expanses (%) 32.98 27.13
Dividend per certificate / share (Rs.) 0.68 0.68
Year Book 2015
69
Transport & CommunicationAuto & AlliedTextileServicesChemical, Fertilizers & PharmaPetroleum, Energy, Fuel, Oil & GasFood, Tobacco & BeveragesIndividualsEngineering & AlliedSugarOthersTotal
7,532.925,522.694,361.084,298.823,380.802,545.672,380.882,177.911,664.921,412.30
14,287.2049,565.17
15.20 11.14
8.808.676.825.144.804.393.362.85
28.83100.00
38.94
29.45
22.18
6.23
3.19
100.00
18,664.73
14,115.10
10,631.47
2,987.67
1,530.86
47,929.84
Plant & Machinery
Vehicles Private
Vehicles Commercial
Equipments
Others
Total
25,000.00
Statistical Overview
19,592 6,0452014
Year wise Lease Disbursement
Investment in Lease (Assets Wise) 2014-2015
Sector wise Exposure 2014-2015
27,251 10,9732015
30,000.00
Year Book 2015
72
(Rs. in Million)
Top Ten Members
S. NO NAME PROFIT
1 ORIX Leasing Pakistan Limited 670.90
2 Allied Rental Modaraba 403.53
3 First Habib Modaraba 306.50
4 Standard Chartered Modaraba 195.47
5 First UDL Modaraba 149.74
6 First Treet Manufacturing Modaraba 136.32
7 First Punjab Modaraba 94.53
8 Standard Chartered Leasing Limited 82.69
9 B.R.R. Guardian Modaraba 70.23
10 Pak-Gulf Leasing Company Limited 50.28
S. NO NAME ASSETS
1 ORIX Leasing Pakistan Limited 28,317.65
2 First Habib Modaraba 6,393.29
3 Allied Rental Modaraba 5,933.98
4 Standard Chartered Leasing Limited 5,224.94
5 Standard Chartered Modaraba 5,180.25
6 Trust Investment Bank Limited 4,409.07
7 B.R.R. Guardian Modaraba 2,206.42
8 First Treet Manufacturing Modaraba 2,052.77
9 Pak-Gulf Leasing Company Limited 1,500.76
10 NBP Leasing Limited 1,326.68
S. NO NAME EQUITY
1 Allied Rental Modaraba 3,703.87
2 ORIX Leasing Pakistan Limited 3,549.03
3 First Habib Modaraba 3,256.86
4 First Treet Manufacturing Modaraba 1,692.44
5 Standard Chartered Modaraba 1,152.82
6 Trust Investment Bank Limited 1,134.70
7 Sindh Leasing Company Limited 1,059.75
8 B.R.R. Guardian Modaraba 991.13
9 Standard Chartered Leasing Limited 963.98
10 NBP Leasing Limited 787.22
Year Book 2015
73
S. NO NAME EPC/EPS
1 First Imrooz Modaraba 9.05
2 ORIX Leasing Pakistan Limited 8.18
3 First UDL Modaraba 5.67
4 Standard Chartered Modaraba 4.31
5 Allied Rental Modaraba 2.89
6 First Punjab Modaraba 2.78
7 Pak-Gulf Leasing Company Limited 1.98
8 First Habib Modaraba 1.52
9 Capital Assets Leasing Corporation Ltd. 1.30
10 B.F. Modaraba 1.21
S. No. Name Credit Rating Agency
1(a) First Habib Modaraba AA+ PACRA 1(b) ORIX Leasing Pakistan Limited AA+ PACRA 1(c) Standard Chartered Leasing Limited AA+ PACRA 1(d) Standard Chartered Modaraba AA+ PACRA 2(a) Allied Rental Modaraba A+ JCR-VIS 2(b) NBP Leasing Limited A+ JCR-VIS 3(a) First National Bank Modaraba A JCR-VIS 3(b) Sindh Leasing Company Limited A JCR-VIS 4(a) Modaraba Al-Mali A- PACRA 4(b) Pak-Gulf Leasing Company Limited A- JCR-VIS 5(a) First Fidelity Leasing Modaraba BBB+ PACRA 5(b) First Punjab Modaraba BBB+ PACRA 5(c) KASB Modaraba BBB+ PACRA6(a) First Paramount Modaraba BBB JCR-VIS 7 SME Leasing Limited BB+ JCR-VIS 8 Grays Leasing Limited BB- JCR-VIS
S. No Name Dividend % Rs. (Million)
1 First Imrooz Modaraba 90.00 27.00
3 First UDL Modaraba 45.00 118.74
2 ORIX Leasing Pakistan Limited 45.00 369.24
4 Standard Chartered Modaraba 33.00 149.77
5 First Paramount Modaraba 23.00 27.58
6 First Habib Modaraba 22.00 221.76
7 Allied Rental Modaraba 20.00 292.50
8 B. F. Modaraba 7.00 5.26
9 First Treet Manufacturing Modaraba 6.20 80.85
10 First Elite Capital Modaraba 5.50 6.24
Year Book 2015
76
1 5,933.98 19.31 3,703.87 23.30 403.53 29.83 2.89 5,584.13 Allied Rental Modaraba 1,462.50 20.00 292.50
2 151.72 0.49 148.53 0.93 9.12 0.67 1.21 43.03 B. F. Modaraba 75.15 7.00 5.26
3 2,206.42 7.18 991.13 6.24 70.23 5.19 0.90 233.43 B.R.R. Guardian Modaraba 780.46 4.05 31.61
4 138.98 0.45 117.63 0.74 (7.14) (0.53) (0.36) 64.88 Crescent Standard Modaraba 200.00 - -
5 359.03 1.17 305.54 1.92 (14.53) (1.07) (0.69) 116.88 First Al-Noor Modaraba 210.00 5.00 10.50
6 203.34 0.66 142.19 0.89 8.58 0.63 0.76 156.31 First Elite Capital Modaraba 113.40 5.50 6.24
7 685.60 2.23 630.75 3.97 11.40 0.84 0.22 159.32 First Equity Modaraba 524.40 1.70 8.91
8 367.18 1.19 341.61 2.15 (7.30) (0.54) (0.28) 105.08 First Fidelity Leasing Modaraba 264.14 - -
9 6,393.29 20.80 3,256.86 20.49 306.50 22.66 1.52 4,805.03 First Habib Modaraba 1,008.00 22.00 221.76
10 212.44 0.69 176.12 1.11 5.33 0.39 0.26 71.12 First IBL Modaraba 201.88 2.00 4.04
11 292.24 0.95 129.63 0.82 27.15 2.01 9.05 270.04 First Imrooz Modaraba 30.00 90.00 27.00
12 1,248.35 4.06 141.53 0.89 (122.18) (9.03) (4.89) 805.55 First National Bank Modaraba 250.00 - -
13 66.69 0.22 60.74 0.38 1.56 0.12 0.12 9.59 First Pak Modaraba 125.40 0.90 1.13
14 439.85 1.43 206.41 1.30 10.15 0.75 1.02 228.13 First Paramount Modaraba 119.90 23.00 27.58
15 511.97 1.67 450.95 2.84 27.17 2.01 0.31 102.79 First Prudential Modaraba 872.18 2.30 20.06
16 1,205.74 3.92 170.72 1.07 94.53 6.99 2.78 574.81 First Punjab Modaraba 340.20 5.00 17.01
17 2,052.77 6.68 1,692.44 10.65 136.32 10.08 1.05 889.03 First Treet Manufacturing Modaraba 1,304.00 6.20 80.85
18 867.46 2.82 630.73 3.97 149.74 11.07 5.67 210.17 First UDL Modaraba 263.87 45.00 118.74
19 982.73 3.20 385.23 2.42 11.15 0.82 0.23 772.75 KASB Modaraba 480.66 1.10 5.29
20 205.71 0.67 158.77 1.00 4.70 0.35 0.26 85.94 Modaraba Al-Mali 184.24 2.00 3.68
21 140.47 0.46 130.31 0.82 4.11 0.30 0.41 111.69 Popular Islamic Modaraba 100.00 - -
22 478.41 1.56 459.59 2.89 9.59 0.71 0.21 163.22 Sindh Modaraba 450.00 1.60 7.20
23 5,180.25 16.85 1,152.82 7.25 195.47 14.45 4.31 4,705.66 Standard Chartered Modaraba 453.83 33.00 149.76
24 411.44 1.34 310.06 1.95 17.41 1.29 0.58 183.61 Trust Modaraba 298.00 4.25 12.67
25 - - - Unicap Modaraba -
30,736.09 100.00 15,894.16 100.00 1,352.60 100.00 20,452.20 TOTAL (A) 10,112.21 1,051.78
-
LEASING COMPANIES1 212.58 0.52 148.15 2.14 13.99 2.14 1.30 9.29 Capital Assets Leasing Corporation Ltd. 107.44 - -
2 234.46 0.58 75.25 1.09 0.10 0.02 0.01 219.67 Grays Leasing Limited 215.00 - -
3 1,326.68 3.27 787.22 11.36 37.16 5.67 0.74 1,268.57 NBP Leasing Limited 500.00 - -
4 28,317.65 69.76 3,549.03 51.24 670.90 102.37 8.18 11,763.22 ORIX Leasing Pakistan Limited 820.53 45.00 369.24
5 1,500.76 3.70 547.45 7.90 50.28 7.67 1.98 1,289.56 Pak-Gulf Leasing Company Limited 253.70 - -
6 1,013.68 2.50 (530.99) (7.67) (192.93) (29.44) (4.27) 770.11 Saudi Pak Leasing Company Limited 979.81 - -
7 863.64 2.13 136.51 1.97 (28.52) (4.35) (0.79) 232.65 Security Leasing Corporation Limited 438.03 - -
8 1,242.44 3.06 1,059.75 15.30 32.71 4.99 0.33 357.05 Sindh Leasing Company Limited 1,000.00 - -
9 658.38 1.62 190.47 2.75 (11.05) (1.69) (0.35) 519.17 SME Leasing Limited 320.00 - -
10 5,224.94 12.87 963.98 13.92 82.69 12.62 0.85 2,720.49 Standard Chartered Leasing Limited 978.35 - -
40,595.20 100.00 6,926.82 100.00 655.35 100.00 19,149.78 TOTAL (B) 5,612.86 369.24
-
INVESTMENT BANKS1 965.86 14.66 182.03 12.14 6.51 24.44 0.09 559.29 First Dawood Investment Bank Limited 1,483.90 - -
2 1,212.83 18.41 183.23 12.22 6.16 23.12 0.02 631.44 Invest Capital Investment Bank Limited 2,848.67 - -
3 4,409.07 66.93 1,134.70 75.65 13.96 52.44 0.17 1,014.04 Trust Investment Bank Limited 822.03 - -
6,587.76 100.00 1,499.96 100.00 26.63 100.00 2,204.77 TOTAL (C) 5,154.60 -
77,919.05 24,320.95 2,034.57 41,806.76 GRAND TOTAL 20,879.67 1,421.02
S.No.
Name of the CompanyFinancing/Trading/
Mfg.AssetsAssets % Equity %Profit /(Loss)
%EPS
Total Assets Total Equity Net Profit/(Loss)
(Rs. in Million)
Financial Overview
MODARABAS
Year Book 2015
77
Modarabas1 382 1462.50 20.00 292.50 334 1218.75 30.00 365.63Allied Rental Modaraba 2 1171 75.15 7.00 5.26 1135 75.15 - - B.F. Modaraba 3 6821 780.46 4.05 31.61 7062 780.46 2.40 18.73B.R.R. Guardian Modaraba 4 1704 200.00 - - 1812 200.00 1.50 3.00Crescent Standard Modaraba 5 652 210.00 5.00 10.50 575 210.00 7.50 15.75First Al-Noor Modaraba 6 4442 113.40 5.50 6.24 4463 113.40 5.50 6.24First Elite Capital Modaraba 7 5208 524.40 1.70 8.91 5333 524.40 3.75 19.67First Equity Modaraba 8 8081 264.14 - - 8196 264.14 - - First Fidelity Leasing Modaraba 9 N/A - - - 3879 397.07 14.00 55.59First Habib Bank Modaraba 10 4780 1008.00 22.00 221.76 4880 1008.00 22.00 221.76First Habib Modaraba 11 1206 201.88 2.00 4.04 1238 201.88 3.31 6.68First IBL Modaraba 12 358 30.00 90.00 27.00 364 30.00 50.00 15.00First Imrooz Modaraba 13 1118 250.00 - - 1138 250.00 - - First National Bank Modaraba 14 4026 125.40 0.90 1.13 4070 125.40 - - First Pak Modaraba 15 1255 119.90 23.00 27.58 1209 83.85 23.00 19.28First Paramount Modaraba 16 10843 872.18 2.30 20.06 10867 872.18 - - First Prudential Modaraba 17 4470 340.20 5.00 17.01 4553 340.20 5.00 17.01First Punjab Modaraba 18 39 1304.00 6.20 80.85 39 1304.00 3.45 44.99First Treet Manufacturing Modaraba 19 3316 263.87 45.00 118.74 3244 263.87 21.00 55.41First UDL Modaraba 20 1120 480.66 1.10 5.29 1124 282.74 2.40 6.79KASB Modaraba 21 3695 184.24 2.00 3.68 3793 184.24 - - Modaraba Al-Mali 22 988 100.00 - - 1021 100.00 - - Popular Islamic Modaraba 23 739 450.00 1.60 7.20 - - - - Sindh Modaraba 24 8536 453.84 33.00 149.77 8647 453.84 30.00 136.15Standard Chartered Modaraba 25 2522 298.00 4.25 12.67 2595 298.00 5.00 14.90Trust Modaraba 26 N/A - - - 4879 136.40 - - Unicap Modaraba
77,472 10,112.21 1,051.79 86,450 9,717.95 1,022.57 Total "A"
Leasing Companies
27 717 107.44 - - 744 107.44 - - Capital Assets Leasing Corporation Ltd.28 362 215.00 - - 375 215.00 - - Grays Leasing Limited 29 3 500.00 - - 3 500.00 - - NBP Leasing Limited 30 3,397 820.53 45.00 369.24 3,680 820.53 35.00 287.19 ORIX Leasing Pakistan Limited 31 157 253.70 - - 154 253.70 - - Pak-Gulf Leasing Company Limited 32 N/A 979.81 - - 1,858 979.81 - - Saudi Pak Leasing Company Limited 33 345 438.03 - - 308 438.03 - - Security Leasing Corporation Limited 34 8 1,000.00 - - 6 1,000.00 - - Sindh Leasing Company Limited 35 314 320.00 - - 313 320.00 - - SME Leasing Limited 36 3,000 978.35 - - 3,065 978.35 8.00 78.27 Standard Chartered Leasing Limited
8,303 5,612.87 369.24 10,506 5,612.87 365.45 Total "B"
Investment Banks
37 2,901 1,483.90 - - 2,834 1,342.33 - - First Dawood Investment Bank Ltd 38 8,834 2,848.67 - - 8,939 2,848.67 - - Invest Capital Investment Bank Ltd 39 2,284 822.03 - - 2,289 892.03 - - Trust Investment Bank Limited
14,019 5,154.60 - 14,062 5,083.02 - Total "C"
99,794 20,879.67 1,421.03 111,018 20,413.85 1,388.02 Total (A+B+C)
S. NO
Name Paid-up Capital
Dividend%
Payout
June 30, 2014
Comparative Position of Payout AS ON JUNE 30, 2015
No. ofShare-holders
Paid-up Capital
Dividend%
PayoutNo. ofShare-holders
June 30, 2015
Year Book 2015
78
Modarabas1 1,462,500,000 40.90 5,981,625,000 1,218,750,000 56.70 6,910,312,500 Allied Rental Modaraba 2 75,151,587 7.56 56,814,600 75,151,587 4.95 37,200,036 B.F. Modaraba 3 780,462,550 7.73 603,297,551 780,462,550 6.00 468,277,530 B.R.R. Guardian Modaraba 4 200,000,000 1.80 36,000,000 200,000,000 1.87 37,400,000 Crescent Standard Modaraba 5 210,000,000 4.30 90,300,000 210,000,000 6.00 126,000,000 First Al-Noor Modaraba 6 113,400,000 4.18 47,401,200 113,400,000 4.45 50,463,000 First Elite Capital Modaraba 7 524,400,000 4.30 225,492,000 524,400,000 4.25 222,870,000 First Equity Modaraba 8 264,138,040 2.98 78,713,136 264,138,040 3.06 80,826,240 First Fidelity Leasing Modaraba 9 N/A - 397,072,000 - First Habib Bank Modaraba 10 1,008,000,000 10.40 2,096,640,000 1,008,000,000 9.75 1,965,600,000 First Habib Modaraba 11 201,875,000 2.61 52,689,375 201,875,000 2.70 54,506,250 First IBL Modaraba 12 30,000,000 53.00 159,000,000 30,000,000 53.72 161,160,000 First Imrooz Modaraba 13 250,000,000 3.99 99,750,000 250,000,000 3.67 91,750,000 First National Bank Modaraba 14 125,400,000 1.80 22,572,000 125,400,000 2.15 26,961,000 First Pak Modaraba 15 119,899,298 14.35 172,055,493 83,845,663 13.50 113,191,645 First Paramount Modaraba 16 872,176,600 1.90 165,713,554 872,176,600 1.92 167,457,907 First Prudential Modaraba 17 340,200,000 5.37 182,687,400 340,200,000 3.78 128,595,600 First Punjab Modaraba 18 1,304,000,000 - 1,304,000,000 - First Treet Manufacturing Modaraba 19 263,865,890 24.78 653,859,675 263,865,890 18.78 495,540,141 First UDL Modaraba 20 480,664,800 3.29 1,581,387,192 282,744,000 3.75 106,029,000 KASB Modaraba 21 184,239,450 2.60 47,902,257 184,239,450 2.38 43,848,989 Modaraba Al-Mali 22 100,000,000 - 100,000,000 - Popular Islamic Modaraba 23 450,000,000 6.99 314,550,000 - - Sindh Modaraba 24 453,835,300 30.00 1,361,505,900 453,835,300 22.00 998,437,660 Standard Chartered Modaraba 25 298,000,000 10.01 298,298,000 298,000,000 4.50 134,100,000 Trust Modaraba 26 N/A - - 136,400,000 2.20 30,008,000 Unicap Modaraba
10,112,208,515 12,905,005,860 9,717,956,080 12,450,535,499 Total "A"
- Leasing Companies 27 107,444,130 10.00 107,444,130 107,444,130 6.00 64,466,478 Capital Assets Leasing Corporation Ltd. 28 215,000,000 5.22 112,230,000 215,000,000 5.74 123,410,000 Grays Leasing Limited 29 500,000,000 - 500,000,000 - NBP Leasing Limited 30 820,529,300 61.72 5,064,306,840 820,529,300 33.94 2,784,876,444 ORIX Leasing Pakistan Limited 31 253,698,000 18.70 474,415,260 253,698,000 14.90 378,010,020 Pak-Gulf Leasing Company Limited 32 979,813,500 1.90 186,164,565 979,813,500 2.91 285,125,729 Saudi Pak Leasing Company Limited 33 438,027,750 2.99 130,970,297 438,027,750 3.98 174,335,045 Security Leasing Corporation Limited 34 1,000,000,000 - 1,000,000,000 - Sindh Leasing Company Limited 35 320,000,000 - 320,000,000 - SME Leasing Limited 36 978,354,800 8.70 851,168,676 978,354,800 7.35 719,090,778 Standard Chartered Leasing Limited
5,612,867,480 6,926,699,768 5,612,867,480 4,529,314,493 Total "B"
- Investment Banks 37 1,483,900,230 1.80 267,102,041 1,342,326,440 1.50 201,348,966 First Dawood Investment Bank Ltd 38 2,848,668,960 1.45 413,056,999 2,848,668,960 2.00 569,733,792 Invest Capital Investment Bank Ltd 39 822,028,729 1.50 123,304,309 892,028,729 1.41 125,776,051 Trust Investment Bank Limited
5,154,597,919 803,463,350 5,083,024,129 896,858,809 Total "C" 20,879,673,914 20,635,168,978 20,413,847,689 17,876,708,801 Total (A+B+C)
S. NO
NamePaid-up Capital
2015 2014
Market Capitalization
MarketRate
Market Capitalization
Paid-up Capital
MarketRate
Market Capitalization
Year Book 2015
80
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Khawaja Asif Rahman ChairmanMr. Murtaza Ahmed Ali Chief ExecutiveSyed Feisal Ali Non Executive DirectorMr. Raees A. Khan Non-Executive DirectorMr. Ali Akbar Non-Executive DirectorMr. Hassan Shehzad Abidi Non-Executive DirectorMr. Abdul Rahim Suriya Non-Executive Director (Independent)
Allied Rental Modaraba was formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed thereunder and is managed by the Allied Engineering Management Company (Private) Limited (the ‘Modaraba Management Company'), which is a wholly owned subsidiary of Allied Engineering and Services (Private) Limited. The Modaraba Management company is incorporated in Pakistan under the Companies Ordinance, 1984 and is registered with the Registrar of Modaraba Companies and Modarabas under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance,1980.
The Modaraba is a perpetual Modaraba and is primarily engaged in rental/Ijaraha/leasing and operation and maintenance of Caterpillar and other equipment (i.e. generators, forklifts, compactors etc.).The registered office of the Modaraba is located at 21/3, Sector 22, Korangi Industrial Area, Karachi. The Modaraba is listed on the Pakistan Stock Exchange Limited. The Modaraba commenced its operations on January 10, 2007
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Jun-14Jun-15
Jun-14Jun-15
Rating Agency
Commenced Business on : January 10, 2007
Head Office : 21/3, Sector-22, Korangi Industrial Area, Karachi
Tel : (92-21) 111-250-250, 35066901-13
Fax : (92-21) 35066915-16
Email : [email protected]
Website : www.arm.com.pk
Offices at : Lahore, Islamabad, Multan, Peshawar, Quetta & Faisalabad
Listed at : Pakistan Stock Exchange Limited
Auditors : A.F. Ferguson & Co.
Legal Advisors : Mr. Khalil Ahmed Siddiqui, Advocate
Shariah Advisor : Mufti Irshad Ahmad Aijaz
CORPORATE INFORMATION
Mr. Murtaza Ahmed Ali Chief Executive OfficerMr. Naveed Shaheen Chief Financial OfficerMr. Muhammad Saad Company SecretaryMr. Abid Altaf Head of Internal AuditMr. Rashid Jehangiri Head of Operations - NorthMr. Ali Ahsan Head of Operations - SouthMr. Hammad Iftikhar Business Manager - Logistics & MHESyed Zulqarnian Jafri National Sales Manager - Rental PowerMr. Ali Ammar Business Administrator
BOARD OF DIRECTORS
KEY PERSONS
6,000
5,000
4,000
3,000
2,00020142015
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATINGShort Term
Long Term
Mr. Murtaza Ahmed AliChief Executive
Rs. In Million
4,000
3,500
3,000
2,500
2,000
20142015
Rs. In Million
Income from financing assets 98.62Capital Gain on Investment 0.43Other Income 0.96
Operating expenses 90.33Financial expenses 8.93Provision for bad debts / Impairments 0.38WWF 0.35
%
%
ALLIED RENTAL MODARABA
EQUITYIssued, Subscribed & Paid up Capital 1,462.50 1,218.75
Reserves & Retained Earning 2,241.37 1,899.94
Total Equity 3,703.87 3,118.69
LIABILITIES
Total Borrowings 1,702.00 1,729.19
Deposits (COI/COD/COM) - -
Other Liabilities 528.11 508.75
Total Liabilities 2,230.11 2,237.94
TOTAL EQUITY & LIABILITIES 5,933.98 5,356.64
ASSETS
Fixed Assets 76.08 65.03
Financing Assets 5,102.14 4,644.85
Investments - -
Other Assets 755.77 646.75
Total Assets 5,933.98 5,356.64
SIGNIFICANT RATIOSGearing (x) 0.59 0.70
Current Ratio (x) 0.48 0.38
Break-up Value (Rs.) 25.33 25.59
INCOME
Income from financing assets 2,699.43 2,542.21
Capital Gain on Investment 11.74 14.32
Dividend Income - -
Other Income 26.27 59.96
Total Income 2,737.43 2,616.50
EXPENSES
Operating expenses 2,107.54 1,767.80
Financial expenses 209.24 165.75
Provision for bad debts / Impairments 8.89 18.19
Provision for impairment on investment - -
WWF 8.24 13.30
Total Expenses 2,333.90 1,965.04
Profit Before Tax 403.53 651.46
Taxation - -
Net Profit 403.53 651.46
Dividend Payment (Rs.) 292.50 365.63
SIGNIFICANT RATIOSEarning per Share (Rs.) 2.89 5.52
Dividend per Share (%) 20.00 30.00JCR-VIS Credit Rating Company Ltd.
A-1
A+
Year Book 2015
81
(Rupees in Million)
(Rupees in Million)
Rating AgencyShort Term
Long Term
COMPANY INFORMATION
Mr. Ahmed Ali Muhammad Amin Bawany Chairman
Mr. Muhammad Omar Amin Bawany Chief Executive
Mr. Hamza Omar Bawany Director
Mr. Abdul Ghaffar Umer Director
B. F. Modaraba (The Modaraba) was formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed thereunder. The Modaraba is managed by E. A. Management (Pvt.) Limited. The registered office of the Modaraba is situated at Habib Square, M. A. Jinnah Road, Karachi. The Modaraba is listed on the Pakistan Stock Exchange Limited.
It is a perpetual multi-purpose Modaraba and is primarily engaged in leasing, investments, trading, musharika and morabaha transactions.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : June 11, 1989
Head Office : 4th Floor, Bank House No.1, Habib Square, M.A.
Jinnah Road, Karachi.
Tel : (92-21) 111 786 878, 32413240
Fax : (92-21) 32421010
Email : [email protected]
Website : www.bfmodaraba.com.pk
Offices at : Karachi
Listed at : Pakistan Stock Exchange Limited
Auditors : Avais Hyder Liaquat Nauman, Chartered
Accountants
Legal Advisors : Mr. Ghullam Rasool Korai
Shari'ah Advisor : Mufti Zubair Usmani
CORPORATE INFORMATION
Mr. Muhammad Ayub C.F.O & Company Secretary
Mr. Jhangir Adam Internal & Shariah Auditor
Mufti Zubair Usmani Shariah Advisor
Mr. Muhammad Bilal Asst Manager Finance & Corporate
BOARD OF DIRECTORS
KEY PERSONS
200
150
100
50
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
B.F MODARABA
Mr. Muhammad Omar Amin BawanyChief Executive
EQUITY
Issued, Subscribed & Paid up Capital 75.15 75.15
Reserves & Retained Earning 73.38 59.17
Total Equity 148.53 134.32
LIABILITIES
Total Borrowings - -
Deposits - -
Other Liabilities 3.19 2.22
Total Liabilities 3.19 2.22
TOTAL EQUITY & LIABILITIES 151.72 136.54
ASSETSFixed Assets 0.13 0.16
Financing Assets - -
Investments 83.26 57.68
Other Assets 68.33 78.69
Total Assets 151.72 136.54
SIGNIFICANT RATIOS
Gearing (x) 0.02 0.02
Current Ratio (x) 47.51 61.46
Earning per Share (Rs.) 1.21 0.59
INCOME
Income from financing assets/Trading profit 2.51 5.39
Capital Gain on Investment 9.64 4.28
Dividend Income 3.22 2.56
Other Income - -
Total Income 15.38 12.22
EXPENSES
Operating expenses 5.87 6.91
Financial expenses - -Provision for bad debts / Impairments - -
Provision for impairment on investment - -
WWF 0.19 0.11
Total Expenses 6.06 7.02
Profit Before Tax 9.32 5.20
Taxation 0.20 0.77
Net Profit 9.129.12 4.444.44
Dividend Payment (Rs.)
SIGNIFICANT RATIOS
Break-up Value (Rs.) 19.76 17.87
Dividend per Share (%) 7.00 -
Rs. In Million
200
150
100
50
Rs. In Million
Income from financing assets/Trading profit 16.35Capital Gain on Investment 62.71Dividend Income 20.94
Operating expenses 96.86WWF 3.14
%
%
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
-- -
5.26 -
Year Book 2015
82
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Rafique Dawood Chairman
Mr. Ayaz Dawood Chief Executive
Syed Ali Raza Director
Mr. Waqas Anwar Qureshi Director
B.R.R. Guardian Modaraba (the Modaraba) is a multipurpose, perpetual Modaraba floated under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framed there under and is managed by B.R.R. Investments (Private) Limited, having its registered office at 18th Floor, BRR Tower, Hassan Ali Street, of I.I. Chundrigar Road, Karachi.
The Modaraba is listed on the Pakistan Stock Exchange Limited. The Modaraba's principal activity is leasing (Ijarah) of assets, deployment of funds in musharakas, murabahas and investment in properties, equity and debt securities. The Modaraba also provides custodial and management services in the name of B.R.R. Security Vault.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : November 1985
Head Office : 18th Floor, BRR Tower, Hassan Ali Street, of I.I.
Chundrigar Road, Karachi.
Tel : (92-21) 32602401-06
Fax : (92-21) 32271912
Email : [email protected]
Website : www.firstdawood.com/brr
Offices at : Karachi, Lahore and Islamabad
Listed at : Pakistan Stock Exchange Limited
Auditors : BDO Ebrahim & Co., Chartered Accountants
Legal Advisors : S.&B Durrani Law Associate
Rauf and Ghaffar Law Associates
Malik & Malik Law Associates
Shari'ah Advisor : Mufti Syed Sabir Hussain
CORPORATE INFORMATION
Mr. Ayaz Dawood Chief Executive
Syed Tariq Masood Chief Financial Officer
Mr. Tahir Mehmood Company Secretary
BOARD OF DIRECTORS
KEY PERSONS
1,000
800
600
400
200
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
2,500
2,000
1500
1,000
500
Rs. In Million
Income from financing assets 42.68Capital Gain on Investment 5.52Dividend Income 3.06Other Income 48.74
Operating expenses 61.89Financial expenses 27.34Provision for bad debts / Impairments 10.28WWF 0.49
%
%
Rating AgencyShort Term
Long Term
B.R.R. GUARDIAN MODARABA
Mr. Ayaz DawoodChief Executive Officer
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
EQUITY
Issued, Subscribed & Paid up Capital
Reserves & Retained Earning
Total Equity
LIABILITIES
Total Borrowings
Deposits (COI/COD/COM)
Other Liabilities
Total Liabilities
TOTAL EQUITY & LIABILITIES
ASSETS
Fixed Assets
Financing Assets
Investments
Other Assets
Total Assets
SIGNIFICANT RATIOS
Gearing (x)
Current Ratio (x)
Break-up Value (Rs.)
INCOME
Income from financing assets
Capital Gain on Investment
Dividend Income
Other Income
Total Income
EXPENSES
Operating expenses
Financial expenses
Provision for bad debts / Impairments
Provision for impairment on investment
WWF
Total Expenses
Profit Before Tax
Taxation
Net Profit
Dividend Payment (Rs.)
SIGNIFICANT RATIOS
Earning per Share (Rs.)
Dividend per Share (%)
780.46
210.67
991.13
699.71
-
515.58
1,215.29
2,206.42
95.64
232.21
546.31
1,332.27
2,206.42
0.81
12.70
153.99
19.93
11.05
175.86
360.83
179.85
79.44
29.87
-
1.43
290.60
70.23
-
70.23
31.61
0.90
4.05
780.46
73.84
854.30
949.22
-
502.29
1,451.51
2,305.81
97.76
378.20
455.54
1,374.32
2,305.81
0.72
10.95
174.18
22.33
7.12
124.12
327.75
136.53
135.56
13.37
-
0.85
286.30
41.45
-
41.45
18.73
0.53
2.40
Year Book 2015
83
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Asad Nasir ChairmanMr. Saad Saeed Faruqui Chief ExecutiveSyed Hasan Akbar Kazmi DirectorMr. Shahrukh Saeed Faruqui DirectorMr. Brig (R) Yasub Ali Dogar DirectorMr. Junaid Imran DirectorMr. Sarfaraz Anis Director
The company and its business CAPITAL ASSETS LEASING CORPORATION LIMITED was incorporated on April 1, 1992 in Pakistan as a public limited company and its shares are quoted on the Pakistan Stock Exchange Limited. The principal activity of the Company is to carry on leasing business. In addition, the company is also engaged in renting out of vehicles through its holding company.
The registered office of the company is situated at 14th Floor, Chapal Plaza, Hasrat Mohani Road, Karachi. The company is a subsidiary of M/s. Optimus Limited which holds 83.96% ordinary share capital of the company
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : April 01, 1992
Head Office : 14th Floor, Chapal Plaza, Hasrat Mohani Road, Karachi.
Tel : (92+21) 32431181 - 88
Fax : (92+21) 32465703
Emai : [email protected]
Website : www.calcorp.com.pk
Offices at : Karachi
Listed at : Pakistan Stock Exchange Limited
Auditors : Baker Tilly Mehmood Idrees Qamar
Legal Advisors : Mohsin Tayebaly & Co. Advocates
Hosain & Rahim, Advocates & Corporate Counsel
CORPORATE INFORMATION
Mr. Saad Saeed Faruqui Chief Executive Officer
Mr. Moiz Ali Chief Financial Officer & Company Secretary
Ms. Summia Shah Head of Internal Audit
BOARD OF DIRECTORS
KEY PERSONS
250
200
150
100
50
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
200
150
100
50
Rs. In Million
Income from renting of vehicles 96.18Other Income 3.82
Operating expenses 62.89Financial expenses 44.31Provision for bad debts / Impairments -10.26WWF 3.06
%
%
Rating AgencyShort Term
Long Term
Mr. Saad Saeed FaruquiChief Executive Officer
CAPITAL ASSETS LEASING CORPORATION LIMITED
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
EQUITY
Issued, Subscribed & Paid up Capital
Reserves & Retained Earning
Total Equity
LIABILITIES
Total Borrowings
Deposits (COI/COD/COM)
Other Liabilities
Total Liabilities
TOTAL EQUITY & LIABILITIES
ASSETS
Fixed Assets
Financing Assets
Investments
Other Assets
Total Assets
SIGNIFICANT RATIOS
Gearing (x)
Current Ratio (x)
Break-up Value (Rs.)
INCOME
Income from renting of vehicles
Capital Gain on Investment
Dividend Income
Other Income
Total Income
EXPENSES
Operating expenses
Financial expenses
Provision for bad debts / Impairments
Provision for impairment on investment
WWF
Total Expenses
Profit Before Tax
Taxation
Net Profit
Dividend Payment (Rs.)
SIGNIFICANT RATIOS
Earning per Share (Rs.)
Dividend per Share (%)
107.44
40.71
148.15
46.65
-
17.78
64.43
212.58
86.54
9.29
-
116.74
212.58
0.43
2.53
13.79
34.04
-
-
1.35
35.39
8.90
6.27
(1.45)
-
0.43
14.16
21.23
7.24
13.99
-
1.30
-
107.44
26.71
134.16
37.36
-
17.33
54.69
188.85
89.79
9.53
-
89.53
188.85
0.41
2.36
12.49
34.83
-
-
0.65
35.48
8.46
5.83
-
-
0.42
14.72
20.76
7.63
13.13
-
1.22
--- -
Year Book 2015
84
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Rafique Dawood Chairman
Mr. Ayaz Dawood Chief Executive
Syed Ali Raza Director
Mr. Waqas Anwar Qureshi Director
Crescent Standard Modaraba (the Modaraba) was formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980) and the Rules framed thereunder. Modaraba was managed by Financial Link Limited upto January 19, 2007, however, the Deputy Registrar, Modaraba Wing, SECP, vide order No. SC/M/RW/CSM2006-32 dated January 19, 2007 transferred management of Modaraba to Providence Modaraba Limited. During the year 2008, Providence Modaraba Limited merged with and into B.R.R. Investments (Private) Limited, and since then the Modaraba is under management of B.R.R. Investments (Private) Limited.
It is a perpetual and multipurpose Modaraba. It is engaged in investments in making equity and debt securities, musharaka and murabaha finance, etc. The certificates of the Modaraba are quoted on Pakistan Stock Exchange Limited.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : July 04, 1992
Head Office : 18th Floor, BRR Tower, Hassan Ali Street, of I.I.
Chundrigar Road, Karachi.
Tel : (92-21) 322602401-06
Fax : (92-21) 32271912
Email : [email protected]
Website : www.firstdawood.com/csm
Offices at : Karachi
Listed at : Pakistan Stock Exchange Limited
Auditors : BDO Ebrahim & Co., Chartered Accountants
Legal Advisors : Malik & Malik Law Associates
S. & B. Durrani Law Associate
Shari'ah Advisor : Mufti Syed Sabir Hussain
CORPORATE INFORMATION
Mr. Ayaz Dawood Chief Executive
Syed Tariq Masood Chief Financial Officer
Mr. Tahir Mehmood Company Secretary
BOARD OF DIRECTORS
KEY PERSONS
200
150
100
50
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Chief Executive
Rs. In Million
200
150
100
50
Rs. In Million
Income from financing assets 59.94Capital Gain on Investment 36.47Dividend Income 2.71
Operating expenses 57.60Financial expenses 0.01Provision for bad debts / Impairments 42.40
%
%
Rating AgencyShort Term
Long Term
Mr. Ayaz Dawood
CRESCENT STANDARD MODARABA
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
EQUITY
Issued, Subscribed & Paid up Capital 200.00 200.00
Reserves & Retained Earning (82.37) (72.22)
Total Equity 117.63 127.78
LIABILITIES
Total Borrowings - -
Deposits (COI/COD/COM) - -
Other Liabilities 21.34 16.31
Total Liabilities 21.34 16.31
TOTAL EQUITY & LIABILITIES 138.98 144.09
ASSETS
Fixed Assets 0.68 1.03
Financing Assets 64.88 49.92
Investments 52.56 35.60
Other Assets 20.87 57.54
Total Assets 138.98 144.09
SIGNIFICANT RATIOS
Gearing (x) - -
Current Ratio (x) 13.20 9.77
Break-up Value (Rs.) 5.88 6.39
INCOME
Income from financing assets 18.39 13.40
Capital Gain on Investment 11.19 12.02
Dividend Income 0.83 0.84
Other Income 0.27 22.88
Total Income 30.68 49.14
EXPENSES
Operating expenses 21.79 18.06
Financial expenses 0.00 0.00
Provision for bad debts / Impairments 16.04 25.04
Provision for impairment on investment - -
WWF - 0.12
Total Expenses 37.83 43.21
Profit Before Tax (7.14) 5.93
Taxation - -
Net Profit (7.14) 5.93
Dividend Payment (Rs.) - 3.00
SIGNIFICANT RATIOS
Earning per Share (Rs.) (0.36) 0.30
Dividend per Share (%) - 1.50-- -
Year Book 2015
85
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Ismail H. Zakaria ChairmanMr. Yusuf Ayoob DirectorMr. Suleman Ayoob DirectorMr. Aziz Ayoob DirectorMr. Mansoor Alam (Independent) DirectorMr. Zia Zakaria DirectorMr. Jalaluddin Ahmed Chief ExecutiveMr. Zain Ayoob Director
The First Al-Noor Modaraba was formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed thereunder and is managed by Al Noor Modaraba Management (Private) Limited, a company incorporated in Pakistan. The address of its registered office is 96-A, Sindhi Muslim Cooperative Housing Society, Karachi. The Modaraba was floated on October 19, 1992 and commenced its business on November 02, 1992.
The Modaraba is a multipurpose perpetual modaraba and is primarily engaged in ijarah financing, musharikah, murabaha, musawamah, modaraba, equity investment, Ijarah and trading activities. The Modaraba is listed on the Pakistan Stock Exchange Limited.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : November 02, 1992
Head Office : 96-A, Sindhi Muslim Cooperative Housing
Society, Karachi.
Tel : (92-21) 34558268, 34552943, 34553067
Fax : (92-21) 34553137
Email : [email protected]
Website : www.fanm.co
Offices at : Karachi
Listed at : Pakistan Stock Exchange Limited
Auditors : Rehman Sarfaraz Rahim Iqbal Rafiq, Chartered
Accountants
Legal Advisors : Muhammad Jamshid Malik, Barrister-at-Law
Shari'ah Advisor : Mufti Muhammad Ibrahim Essa
CORPORATE INFORMATION
Mr. Jalaluddin Ahmed Chief Executive
Mr. Roofi Abdul Razzak Company Secretary
BOARD OF DIRECTORS
KEY PERSONS
400
350
300
250
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
350
300
250
200
150
Rs. In Million
Income from financing assets/trading -9.25Income from Investment 79.38Other Income 29.87
Operating expenses 119.93Financial expenses 0.55Provision for impairment on investment -20.48
%
%
Rating AgencyShort Term
Long Term
Mr. Jalaluddin AhmedChief Executive Officer
FIRST AL-NOOR MODARABA
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
EQUITY
Issued, Subscribed & Paid up Capital 210.00 210.00Reserves & Retained Earning 95.54 123.40Total Equity 305.54 333.40LIABILITIES
Total Borrowings - -Deposits (COI/COD/COM) - -Other Liabilities 53.51 42.69Total Liabilities 53.51 42.69
TOTAL EQUITY & LIABILITIES 359.05 376.09ASSETSFixed Assets 2.75 4.24Financing Assets 116.88 93.04
Investments 82.86 58.42Other Assets 156.54 220.38Total Assets 359.03 376.09
SIGNIFICANT RATIOSGearing (x) 53.49 42.68Current Ratio (x) 8.73 12.60Break-up Value (Rs.) 14.55 15.88
INCOME
Income from financing assets/trading (0.84) 34.31
Income from Investment 7.20 7.76
Dividend Income - -
Other Income 2.71 4.57
Total Income 9.08 46.65
EXPENSES
Operating expenses 28.11 27.87
Financial expenses 0.13 0.15
Provision for bad debts / Impairments - -
Provision for impairment on investment (4.80) (3.26)
WWF - 0.44
Total Expenses 23.44 25.20
Profit Before Tax (14.36) 21.45
Taxation 0.17 0.05
Net Profit (14.53) 21.40
Dividend Payment (Rs.) 10.50 15.75
SIGNIFICANT RATIOS
Earning per Share (Rs.) (0.69) 1.02
Dividend per Share (%) 5.00 7.50-- -
Year Book 2015
86
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Rafique Dawood Chairman
Mr. Abu Khursheed M. Arif Director & CEO (Not assumed charge as CEO)
Mr. Ayaz Dawood Director
Mr. Asad Hussain Bokhari Director
Mr. Khurshid A. Khair Director
First Dawood Investment Bank Limited ("the Company") was incorporated on June 22, 1994 as a public limited company in Pakistan under the Companies Ordinance, 1984 and is listed on the Pakistan Stock Exchange Limited. The registered office of the Company is situated in Karachi, Pakistan. The Company had obtained the licenses of Leasing Business and Investment and Finance Services under the Non Banking Finance Companies (Establishment and Regulation) Rules, 2003 ("the Rules") and Non Banking Finance Companies and Notified Entities Regulation,2008 ("the Regulation") from the Securities and Exchange Commission of Pakistan(SECP) which has been expired and awaiting renewal.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : June 22, 1994
Head Office : 18th Floor, BRR Tower, Hassan Ali Street, off. I..I. Chundrigar Road, Karachi
Tel : (92-21) 32602401-06
Fax : (92-21) 32271912
Email : [email protected]
Website : www.firstdawood.com
Offices at : Karachi
Listed at : Pakistan Stock Exchange Limited
Auditors : Haroon Zakaria & Co., Chartered Accountants
Legal Advisors : A.Q. Abbasi & Associates
Kabraji & Talibuddin
Kamal Azfar & Associates
Khalil Asif Ejaz & Co.
Mohsin Tayebaly & Co.
Minto & Mirza
Nishtar & Zafar
S & B Durrani Law Associates
CORPORATE INFORMATION
Mr. Ayaz Dawood Director
Syed Musharaf Ali Chief Financial Officer
Mr. Naveed Ahmed Company Secretary
BOARD OF DIRECTORS
KEY PERSONS
1,100
900
700
500
300
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
200
150
100
50
Rs. In Million
Income from financing assets 68.09Capital Gain on Investment 17.29Dividend Income 2.62Other Income 12.00
Operating expenses 106.96Financial expenses 116.38Provision for bad debts / Impairments -136.34Provision for impairment on investment 13.00
%
%
Rating AgencyShort Term
Long Term
FIRST DAWOOD INVESTMENT BANK LIMITED
Jun-14Jun-15
Jun-14Jun-15
EQUITY
Issued, Subscribed & Paid up Capital 1,483.90 1,342.33
Reserves & Retained Earning (1,301.87) (1,286.73)
Total Equity 182.03 55.60
LIABILITIES
Total Borrowings 513.99 524.87
Deposits 0.00 88.50
Other Liabilities 269.84 333.92
Total Liabilities 783.83 947.29
TOTAL EQUITY & LIABILITIES 965.86 1,002.89
ASSETSFixed Assets 2.29 5.52
Financing Assets 316.42 330.63
Investments 244.66 245.88
Other Assets 402.49 420.85
Total Assets 965.86 1,002.89
SIGNIFICANT RATIOS
Gearing (x) 4.31 17.04
Current Ratio (x) 0.61 0.56
Earning per Share (Rs.) 0.09 (0.97)
INCOME
Income from financing assets 31.25 8.45
Capital Gain on Investment 7.93 12.42
Dividend Income 1.20 0.54
Other Income 5.51 6.41
Total Income 45.90 27.83
EXPENSES
Operating expenses 41.85 66.02
Financial expenses 45.53 49.48Provision for bad debts / Impairments (53.34) 37.05
Provision for impairment on investment 5.09 16.18
WWF - -
Total Expenses 39.12 168.73
Profit Before Tax 6.78 (140.91)
Taxation 0.27 0.04
Net Profit 6.51 (140.95)
Dividend Payment (Rs.) - -
SIGNIFICANT RATIOS
Break-up Value (Rs.) 12.27 4.14
Dividend per Share (%) - -
20142015
20142015
Year Book 2015
87
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Muneeb Ahmed Dar ChairmanMr. Aamir Iftikhar Khan Chief ExecutiveDr. Sardar Ahmad Khan DirectorMr. Ghazanfar Farrokh DirectorMr. Muhammad Javed Amin DirectorMrs. Rukhsana Javed Amin DirectorMrs. Shahana Javed Amin Director
First Elite Capital Modaraba ("the Modaraba") is a perpetual, multi-purpose and
multi-dimensional non-trading modaraba formed under the Modraba Companies
and Modaraba (Floatation and Control) Ordiance, 1980 and the Rules framed there
under and is managed by Crescent Modaraba Management Company Limited )"the
Management Company"), a company incorporated in Pakistan under the Companies
Ordiance, 1984. The registered office of the Modaraba is situated at 31/10-A, Abu
Baker Block, New Garden Town, Lahore. The Modaraba was floated on September
26, 1991 and is listed on the Pakistan Stock Exchange Limited. The Modaraba is
primarly engaged in the business of ijarah, musharakah and murabahah financing,
investment in marketable secruities and other related business.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : September 26, 1991
Head Office : 31/10-A, Abu Baker Block, New Garden Town,
Lahore.
Tel : (92-42) 35913701-02
Fax : (92-42) 35913703
Email : [email protected]
Website : www.fecm.com.pk
Offices at : Lahore
Listed at : Pakistan Stock Exchange Limited
Auditors : Ilyas Saeed & Co., Chartered Accountants
Legal Advisors : Mr. Haq Nawaz Chattha
International Legal Services
Shari'ah Advisor : Mufti Tayyab Amin
CORPORATE INFORMATION
Mr. Aamir Iftikhar Khan Chief Executive
Mr. Muhammad Arif Hilal Company Secretary
BOARD OF DIRECTORS
KEY PERSONS
250
200
150
100
50
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
200
150
100
50
Rs. In Million
Income from financing assets 93.44Capital Gain on Investment 1.26Dividend Income 1.95Other Income 3.35
Operating expenses 99.98Financial expenses 0.02
%
%
Rating AgencyShort Term
Long Term
Mr. Aamir Iftikhar KhanChief Executive Officer
FIRST ELITE CAPITAL MODARABA
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
EQUITY
Issued, Subscribed & Paid up Capital 113.40 113.40Reserves & Retained Earning 28.79 24.76Total Equity 142.19 138.16LIABILITIES
Total Borrowings - -Deposits (COI/COD/COM) - -Other Liabilities 61.16 57.96Total Liabilities 61.16 57.96
TOTAL EQUITY & LIABILITIES 203.34 196.11ASSETSFixed Assets 1.84 2.07Financing Assets 154.17 114.18
Investments 22.39 19.07Other Assets 24.94 60.80Total Assets 203.34 196.11
SIGNIFICANT RATIOSGearing (x) 0.43 0.42Current Ratio (x) 3.62 3.96Break-up Value (Rs.) 12.54 12.18
INCOME
Income from financing assets 54.72 57.25
Capital Gain on Investment 0.74 0.81
Dividend Income 1.14 1.24
Other Income 1.96 3.24
Total Income 58.55 62.54
EXPENSES
Operating expenses 49.96 53.45
Financial expenses 0.01 0.01
Provision for bad debts / Impairments - -
Provision for impairment on investment - -
WWF - -
Total Expenses 49.97 53.46
Profit Before Tax 8.58 9.07
Taxation - -
Net Profit 8.58 9.07
Dividend Payment (Rs.) 6.24 6.24
SIGNIFICANT RATIOS
Earning per Share (Rs.) 0.76 0.80
Dividend per Share (%) 5.50 5.50-- -
Year Book 2015
88
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Zahid Bashir Director
Mr. Nadeem Maqbool Director
Mr. Adil A. Ghaffar Chief Executive
First Equity Modaraba (the Modaraba) was formed in 1991 under the Modaraba
Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules
framed there under and is managed by Premier Financial Services (Private) Limited
(the Modaraba Management Company), a Company incorporated in Pakistan. The
Modaraba is a perpetual, multipurpose modaraba able to undertake a variety of fund
and fee based activities. These include trading, manufacturing, equity investment
and their financing and facilitation. The Modaraba is a trading right entitlement
certificate holder of the Pakistan Stock Exchange Limited and is currently operating
its brokerage activities in Karachi Stock Exchange. The Modaraba is listed on
Pakistan Stock Exchange Limited. The registered office of the Modaraba is situated
at B-1004, 10th Floor, Lakson Square Building No.3, Sarwar Shaheed Road, Karachi.
The modaraba is holding Equity Textiles Limited as a wholly owned subsidiary
company.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : January 1992
Head Office : B-1004, 10th Floor, Lakson Square Building No.3,
Sarwar Shaheed Road, Karachi
Tel : (92-21) 35672815-8
Fax : (92-21) 35686116
Email : [email protected]
Website : www.firstequitymodaraba.com.pk
Offices at : Karachi
Listed at : Pakistan Stock Exchange Limited
Auditors : Avais Hyder Liaquat Nauman, Chartered Accountants
Legal Advisors : Mohsin M. Tayebaly & Co., Advocates &
Legal Consultants
Shari'ah Advisor : Mufti Abdul Qadir
CORPORATE INFORMATION
Mr. Adil A. Ghaffar Chief Executive
Qazi Obaid Ullah Ansari CFO & Company Secretary
BOARD OF DIRECTORS
KEY PERSONS
700
600
500
400
300
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
650
600
550
500
450
400
Rs. In Million
Income from financing assets/Brokerage Comm. 66.42Capital Gain on Investment 16.81Dividend Income 12.07Other Income 4.71
Operating expenses 98.99WWF 1.01
%
%
Rating AgencyShort Term
Long Term
Mr. Adil A. GhaffarChief Executive/Director
FIRST EQUITY MODARABA
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
EQUITY
Issued, Subscribed & Paid up Capital 524.40 524.40
Reserves & Retained Earning 106.35 122.36
Total Equity 630.75 646.76
LIABILITIES
Total Borrowings - -
Deposits (COI/COD/COM) - -
Other Liabilities 54.85 39.58
Total Liabilities 54.85 39.58
TOTAL EQUITY & LIABILITIES 685.60 686.34
ASSETS
Fixed Assets 17.38 17.85
Financing Assets 153.00 159.32
Investments 423.89 431.78
Other Assets 91.33 77.39
Total Assets 685.60 686.34
SIGNIFICANT RATIOS
Gearing (x) 0.09 0.06
Current Ratio (x) 6.15 8.50
Break-up Value (Rs.) 12.03 12.33
INCOME
Income from financing assets/Brokerage Commission 23.04 20.64
Capital Gain on Investment 5.83 21.80
Dividend Income 4.19 3.79
Other Income 1.63 0.71
Total Income 34.68 46.94
EXPENSES
Operating expenses 23.05 21.73
Financial expenses 0.00 0.01
Provision for bad debts / Impairments - -
Provision for impairment on investment - -
WWF 0.23 0.50
Total Expenses 23.29 22.24
Profit Before Tax 11.40 24.70
Taxation - -
Net Profit 11.40 24.70
Dividend Payment (Rs.) 8.91 19.67
SIGNIFICANT RATIOS
Earning per Share (Rs.) 0.22 0.47
Dividend per Share (%) 1.70 3.75-- -
Year Book 2015
89
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Siyyid Tahir Nawazish Chairman
Mr. Wasim-ul-Haq Osmani Chief Executive
Sheikh Muhammad Nasim Director
Mr. Abdul Hameed Kiayani Director
First Fidelity Leasing Modaraba ('the Modaraba') is a perpetual, multi-purpose and
multi-dimensional modaraba formed under the Modaraba Companies and Modaraba
(Floatation and Control) Ordinance, 1980 and the Rules framed there under and is
managed by Fidelity Capital Management (Private) Limited ('the Management
Company'), a company incorporated in Pakistan under the Companies Ordinance
1984. The registered office of the Modaraba is situated at Ground Floor 90, A-1
Canal Bank, Gulberg-II, Lahore. The Modaraba was floated on December 05, 1991
and is listed on all stock exchanges in Pakistan. The Modaraba is primarily engaged
in the business of ijarah, musharakah and murabahah financing, equity investment,
brokerage and other related business. The Modaraba is a member of the Pakistan
Stock Exchange Limited and Pakistan Mercantile Exchange Limited
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : December 05, 1991
Head Office : Ground Floor, 90, A-1, Canal Bank, Gulberg-II, Lahore
Tel : (92-42) 35713461-64
Fax : (92-42) 35759122
Email : [email protected]
Website : www.fidelitymodaraba.com
Offices at : Lahore
Listed at : Pakistan Stock Exchange Limited
Auditors : Rahman Sarfaraz Rahim Iqbal Rafiq, Chartered
Accountants
Legal Advisors : Salim & Baig (Advocates)
Shari'ah Advisor : Mufti Muhammad Umar Ashraf
CORPORATE INFORMATION
Mr. Wasim-ul-Haq Osmani Chief Executive
Mr. Mohammed Waheed Company Secretary / CFO
BOARD OF DIRECTORS
KEY PERSONS
400
300
200
100
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
350
300
250
200
Rs. In Million
Income from financing assets 99.47Capital Gain on Investment 0.23Other Income 0.30
Operating expenses 113.59Financial expenses 0.10Provision for bad debts / Impairments -13.70
%
%
Rating AgencyShort Term
Long Term
Mr. Wasim-ul-Haq OsmaniCEO / Director
FIRST FIDELITY LEASING MODARABA
Jun-14Jun-15
Jun-14Jun-15
A2
BBB+
EQUITY
Issued, Subscribed & Paid up Capital 264.14 264.14Reserves & Retained Earning 77.47 84.71
Total Equity 341.61 348.84
LIABILITIESTotal Borrowings - -
Deposits - -
Other Liabilities 25.57 26.96Total Liabilities 25.57 26.96
TOTAL EQUITY & LIABILITIES 367.18 375.80
ASSETSFixed Assets 226.21 227.47
Financing Assets 104.24 105.46
Investments 5.75 5.78Other Assets 30.99 37.10
Total Assets 367.18 375.80
SIGNIFICANT RATIOS
Gearing (x) 0.07 0.08
Current Ratio (x) 5.54 5.76
Earning per Share (Rs.) (0.28) 0.14
INCOME
Income from financing assets 11.51 26.36Capital Gain on Investment 0.03 14.24
Dividend Income - -
Other Income 0.04 0.12Total Income 11.57 40.72
EXPENSES
Operating expenses 21.44 23.44Financial expenses 0.02 0.03
Provision for bad debts / Impairments (2.59) 13.46
Provision for impairment on investment - -
WWF - -Total Expenses 18.88 36.93
Profit Before Tax (7.30) 3.79
Taxation - 0.02Net Profit (7.30) 3.76
Dividend Payment (Rs.) - -
SIGNIFICANT RATIOS
Break-up Value (Rs.) 12.93 13.21
Dividend per Share (%) - -
20142015
20142015
Pakistan Credit Rating Agency Ltd.
Year Book 2015
90
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Wazir Mumtaz Ahmed Chairman (Non-Executive Director)
Mr. Muhammad Shoaib Ibrahim Chief Executive Officer
Mr. Abbas Ali Muhammad Non-Executive Director
Mr. Mohammad Hashim Non-Executive Director
Syed Rasheed Akhtar Non-Executive Independent Director
First Habib Modaraba (the Modaraba) is a perpetual, multi-purpose modaraba floated and managed by Habib Modaraba Management (Private) Limited (the Modaraba Management Company) having its registered office at 5th Floor, HBZ Plaza, I.I. Chundrigar Road, Karachi. The Modaraba is listed on the Pakistan Stock Exchange Limited. The Modaraba is engaged in the business of leasing (Ijarah), Musharaka, Murabaha financing and other related business
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : March 1985
Head Office : 5th Floor, HBZ Plaza, I.I. Chundrigar Road,
Karachi.
Tel : (92-21) 32635949-51 UAN: 111-346-346
Fax : (92-21) 32627373
Email : [email protected]
Website : www.habibmodaraba.com
Offices at : Karachi, Lahore, Islamabad & Multan
Listed at : Pakistan Stock Exchange Limited
Auditors : Muniff Ziauddin & Co. Chartered Accountants
Legal Advisors : Mohsin Tayebaly & Company
Ahmed & Qazi Advocate & Legal Consultants
Shariah Advisor : Mufti Abdul Sattar Laghari
CORPORATE INFORMATION
Mr. Muhammad Shoaib Ibrahim Chief Executive Officer
Mr. Adnan Thanwey Company Secretary
Mr. Tehsin Abbas Chief Financial Officer
Mr. Amir Kaleem Head of Marketing
Mr. Intisar Muhammad Usmani Head of Credit
Mr. Zahid Hassan Head of I.T.
BOARD OF DIRECTORS
KEY PERSONS
6,500
5,000
3,500
2,000
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
FIRST HABIB MODARABA
Rs. In Million
3,500
3,000
2,500
2,000
Rs. In Million
Income from financing assets 77.57Capital Gain on Investment 0.13Dividend Income 1.43
Operating expenses 44.40Financial expenses 53.21WWF 2.39
%
%
Rating Agency
Pakistan Credit Rating Agency Ltd.
Short Term A1+
Long Term AA+
Mr. Muhammad Shoaib IbrahimManaging Director / CEO
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
EQUITYIssued, Subscribed & Paid up Capital
Reserves
Total Equity
LIABILITIES
Total Borrowings
Deposits (COI/COD/COM)Other Liabilities
Total Liabilities
TOTAL EQUITY & LIABILITIES
ASSETS
Fixed Assets
Financing Assets
Investments
Other Assets
Total Assets
SIGNIFICANT RATIOSGearing (x)
Current Ratio (x)
Break-up Value (Rs.)
INCOMEIncome from financing assets
Capital Gain on Investment
Dividend Income
Other Income
Total Income
EXPENSES
Operating expenses
Financial expenses
Provision for bad debts / Impairments
Provision for impairment on investment
WWF
Total Expenses
Profit Before Tax
Taxation
Net Profit
Dividend Payment (Rs.)
SIGNIFICANT RATIOSEarning per Share (Rs.)
Dividend per Share (%)
1,008.00
2,248.86
3,256.86
-
2,360.08
776.36
3,136.43
6,393.29
8.64
4,801.43
985.22
598.00
6,393.29
0.72
0.82
16.16
440.34
0.73
8.09
118.52
567.68
115.95
138.97
-
-
6.26
261.18
306.50
-
306.50
221.76
1.52
22.00
1,008.00
2,200.62
3,208.62
-
1,533.67
650.71
2,184.38
5,393.00
11.20
3,929.74
975.23
476.82
5,392.99
0.48
1.00
15.92
391.51
0.02
5.78
118.36
515.66
109.62
114.77
-
-
5.83
230.22
285.44
-
285.44
221.76
1.42
22.00
Year Book 2015
91
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Dr. Hasan Sohaib Murad Chairman & CEO
Mr. Shaheen Rashid Director
Mr. Arslan Khan Khakwani Director
Mr. Naveed Amin Director
First IBL Modaraba ("the Modaraba") is a multi purpose, perpetual and dimensional Modaraba formed under the Modaraba Companies & Modaraba (Floatation & Control) Ordinance, 1980 and rules framed thereunder, having its registered office at Suite # 105, 1st Floor, Fortune Center, 45-A, Block-6, PECHS, Shahrah-e-Faisal, Karachi. The Modaraba is managed by IBL Modaraba Management (Pvt.) Limited (Modaraba Management Company) incorporated in Pakistan under the Companies Ordinance, 1984 and registered with the Registrar of Modaraba Companies.
The Modaraba is listed on Pakistan Stock Exchange Limited. It commenced its operations on October 19, 1989 and is currently engaged in various Islamic modes of financing and operations including Ijarah, Musharaka and Murabaha arrangements.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : October 19, 1989
Head Office : 87-Aurangzaib Block, New Garden Town, Lahore.
Tel : (92-42) 35952148-9
Fax : (92-42) 35952150
Email : [email protected]
Website : www.firstibl.com
Offices at : Lahore and Karachi
Listed at : Pakistan Stock Exchange Limited
Auditors : Horwath Hussain Chaudhury & Co., Chartered
Accountants
Legal Advisors : Holscott International [Legal Services]
Shari'ah Advisor : Dr. Mufti Salman Ahmad Khan
CORPORATE INFORMATION
Mr. Shiraz Butt Chief Operatoing Officer
Mr. M. Sohail A. Sheikh Company Secretary
Mr. Zeeshan Ahmed Chief Financial Officer
Mr. Muhammad Ilyas Internal Auditor
BOARD OF DIRECTORS
KEY PERSONS
250
200
150
100
50
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
200
150
100
50
Rs. In Million
Income from financing assets 43.14Capital Gain on Investment 11.07Other Income 45.79
Operating expenses 100.00
%
%
Rating AgencyShort Term
Long Term
FIRST IBL MODARABA
Mr. Hasan Sohaib MuradChairman
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
EQUITY
Issued, Subscribed & Paid up Capital 201.88 201.88Reserves & Retained Earning (25.75) (22.09)Total Equity 176.12 179.79LIABILITIES
Total Borrowings 8.20 11.20Deposits (COI/COD/COM) - -Other Liabilities 28.12 32.72Total Liabilities 36.32 43.92
TOTAL EQUITY & LIABILITIES 212.44 223.71ASSETSFixed Assets 1.28 1.74Financing Assets 70.59 54.93
Investments 11.87 7.77Other Assets 128.70 159.27Total Assets 212.44 223.71
SIGNIFICANT RATIOSGearing (x) 0.21 0.24Current Ratio (x) 3.43 2.37Break-up Value (Rs.) 8.72 8.91
INCOME
Income from financing assets 15.43 10.28
Capital Gain on Investment 3.96 0.17
Dividend Income - -
Other Income 16.38 25.62
Total Income 35.77 36.07
EXPENSES
Operating expenses 30.44 26.80
Financial expenses - -
Provision for bad debts / Impairments - -
Provision for impairment on investment - -
WWF - -
Total Expenses 30.44 26.80
Profit Before Tax 5.33 9.27
Taxation - -
Net Profit 5.33 9.27
Dividend Payment (Rs.) 4.04 6.68
SIGNIFICANT RATIOS
Earning per Share (Rs.) 0.26 0.46
Dividend per Share (%) 2.00 3.31-- -
Year Book 2015
92
COMPANY INFORMATION
Mr. Naveed Riaz Chief Executive
Mrs. Saadat Ikram Director
Mr. Ameed Riaz Director
Mr. Omar Mohammad Khan Director
First Imrooz Modaraba was formed on 27 September 1993 under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framed thereunder and is managed by A R Management Services (Pvt.) Limited. The Modaraba issued its certificate capital to the general public on February 01, 1994 and commenced operations from March 01, 1994, the date on which the minimum subscription certificate was issued by the Registrar Modaraba.
It is a multi purpose, perpetual Modaraba and is mainly engaged in domestic and international trading activities.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : March 01, 1994
Head Office : 405, 4th Floor, Beaumont Plaza, Beaumont Road,
Civil Lines Quarters, Karachi.
Tel : (92-21) 35222743-5
Fax : (92-21) 35222668
Email : [email protected]
Website : www.firstimrooz.com
Offices at : Karachi & Lahore
Listed at : Pakistan Stock Exchange Limited
Auditors : BDO Ebrahim & Co. Chartered Accountants
Legal Advisors : Mr. Altaf Hussain, Advocate
M. Akram Zuberi & Company Advocates
Shariah Advisor : Mufti Abdul Qadir
CORPORATE INFORMATION
Mr. Naveed Riaz Chief Executive
Mr. Ateed Riaz Chief Financial Officer
Mr. Shabbir Ahmed Jamsa Company Secretary
Mr. Abbas Kerani Chief Internal Auditor
BOARD OF DIRECTORS
KEY PERSONS
300
250
200
150
100
50
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
200
150
100
50
Rs. In Million
Income from Trading 99.34Other Income 0.66
Operating expenses 87.34Financial expenses 8.06Provision for bad debts / Impairments 4.60
%
%
Rating AgencyShort Term
Long Term
Mr. Naveed RiazChief Executive
FIRST IMROOZ MODARABA
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
EQUITY
Issued, Subscribed & Paid up Capital 30.00 30.00
Reserves & Retained Earning 99.63 87.48Total Equity 129.63 117.48LIABILITIES
Total Borrowings 26.89 29.31
Deposits (COI/COD/COM) - -
Other Liabilities 135.73 126.76Total Liabilities 162.62 156.07TOTAL EQUITY & LIABILITIES 292.24 273.54
ASSETS
Fixed Assets 6.98 7.41
Financing Assets - -
Investments - -
Other Assets 285.26 266.13Total Assets 292.24 273.54
SIGNIFICANT RATIOS
Gearing (x) 3.00 2.63
Current Ratio (x) 1.95 1.89
Break-up Value (Rs.) 43.21 39.16
INCOME
Income from Trading 106.03 80.36Capital Gain on Investment - -
Dividend Income - -
Other Income 0.70 2.97
Total Income 106.73 83.33EXPENSES
Operating expenses 40.93 36.29
Financial expenses 3.78 2.60
Provision for bad debts / Impairments 2.16 1.38
Provision for impairment on investment - -
WWF - -Total Expenses 46.87 40.27Profit Before Tax 59.87 43.06
Taxation 32.72 26.55
Net Profit 27.15 16.52
Dividend Payment (Rs.) 27.00 15.00
SIGNIFICANT RATIOS
Earning per Share (Rs.) 9.05 5.51
Dividend per Share (%) 90.00 50.00-
-
-
(Rupees in Million)
(Rupees in Million)
Year Book 2015
93
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Wajahat A. Baqai ChairmanMr. Khawaja Muhammad Amin-ul-Azam DirectorMr. Khawaja Waheed Raza DirectorSyed Mustafa Kamal DirectorMr. Jamal Nasim DirectorMr. Muhammad Iqbal Hussain DirectorMr. Khaqan Hasnain Ibrahim Chief Executive Officer
First National Bank Modaraba ("the Modaraba") is a multi-purpose, perpetual and multi-dimensional Modaraba formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and Rules framed thereunder. The Modaraba is managed by National Bank Modaraba Management Company Limited (a wholly owned subsidiary of National Bank of Pakistan), incorporated in Pakistan under the Companies Ordinance, 1984 and registered with the Registrar of Modaraba Companies. The registered office of the Modaraba is situated at 5th Floor, National Bank of Pakistan, Regional Headquarters Building, 26-McLagon Road, Lahore.
The Modaraba is listed on Pakistan Stock Exchange Limited. It commenced its operations on 04 December, 2003 and is currently engaged in various Islamic modes of financing and operations including ijarah, musharaka and murabaha arrangements.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : December 03, 2003
Head Office : 5th Floor, NBP RHQs Building, 26-McLagon
Road, Lahore.
Tel : (92-42) 99211200
Fax : (92-42) 99213247
Email : [email protected]
Website : www.nbmodaraba.com
Offices at : Lahore
Listed at : Pakistan Stock Exchange Limited
Auditors : Riaz Ahmad & Co., Chartered Accountants
Legal Advisors :
Shari'ah Advisor : Mufti Abdul Sattar Laghari
CORPORATE INFORMATION
Mr. Khaqan Hasnain Ibrahim Chief Executive Officer
Mr. Abbas Azam CFO / Company Secretary
Mr. Ali Abbass Head of Internal Audit
BOARD OF DIRECTORS
KEY PERSONS
1,800
1,500
1,200
900
600
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
300
250
200
150
100
Rs. In Million
Income from financing assets 94.88Capital Gain on Investment 2.96Other Income 2.17
Operating expenses 64.57Financial expenses 15.71Provision for bad debts / Impairments 19.72
%
%
Rating Agency
JCR-VIS Credit Rating Company Ltd.
Short Term A-1
Long Term A
Mr. Khaqan Hasnain IbrahimChief Executive Officer
FIRST NATIONAL BANK MODARABA
Jun-14Jun-15
Jun-14Jun-15
EQUITY
Issued, Subscribed & Paid up Capital 250.00 250.00
Reserves & Retained Earning (108.47) 13.70
Total Equity 141.53 263.70
LIABILITIES
Total Borrowings 436.68 779.96
Deposits 295.60 258.58
Other Liabilities 374.55 398.33
Total Liabilities 1,106.82 1,436.87
TOTAL EQUITY & LIABILITIES 1,248.35 1,700.57
ASSETS
Fixed Assets 0.51 1.09
Financing Assets 791.09 1,068.43
Investments 271.66 463.00
Other Assets 185.09 168.05
Total Assets 1,248.35 1,700.57
SIGNIFICANT RATIOS
Gearing (x) 7.82 5.45
Current Ratio (x) 0.47 0.69
Earning per Share (Rs.) (4.89) (1.37)
INCOME
Income from financing assets 428.27 510.18
Capital Gain on Investment 13.36 43.31
Dividend Income - -
Other Income 9.77 4.63
Total Income 451.40 558.12
EXPENSES
Operating expenses 370.34 439.09
Financial expenses 90.11 120.72
Provision for bad debts / Impairments 113.13 32.53
Provision for impairment on investment - -
WWF - -
Total Expenses 573.58 592.34
Profit Before Tax (122.18) (34.21)
Taxation - -
Net Profit (122.18) (34.21)
Dividend Payment (Rs.) - -
SIGNIFICANT RATIOS
Break-up Value (Rs.) 5.66 10.55
Dividend per Share (%) - -
20142015
20142015
Year Book 2015
94
(Rupees in Million)
(Rupees in Million)
CREDIT RATINGRating Agency
-
Short Term -
Long Term -
FIRST PAK MODARABA
COMPANY INFORMATION
Syed Waseem-ul-Haq Haqqie Chairman
Syed Muhammad Rehmanullah Director
Mr. Farrukh S. Ansari Director
Mr. Rashid K. Siddiqui Chief Executive Officer
First Pak Modaraba (the Modaraba) is a multipurpose, perpetual Modaraba. The Modaraba is registered under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Modaraba Companies and Modaraba Rules, 1981 and was managed by Royal Management Services (Pvt) Limited. In pursuance of instructions received from Securities and Exchange Commission of Pakistan (SECP), KASB Invest (Private) Limited has taken over the management and administrative control of First Pak Modaraba effective from November 13, 2014.
The registered office of First Pak Modaraba is situated at 8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, Karachi. The Modaraba is listed on Pakistan Stock Exchange Limited. The Modaraba is currently engaged in various modes of Islamic fundings and businesses which include ijarah financing, deployment of fund in Musharaka, morabaha and investment in securities.
Commenced Business on : August 15, 1991
Head Office : 8-C, Block-6, PECHS, Off. Shahrah-e-Faisal,
Karachi.
Tel : (92-21) 34398852-5, 34370143
Fax : (92-21) 34398858
Email : [email protected]
Website : www.firstpakmodaraba.com
Offices at : Karachi, Lahore and Islamabad
Listed at : Pakistan Stock Exchange Limited
Auditors : RSM Avais Hyder Liaquat Nauman, Chartered
Accountants
Legal Advisors : Ahmed & Qazi Advocates
Shari'ah Advisor : Mufti Muhammad Ibrahim Essa
CORPORATE INFORMATION
Mr. Rashid K. Siddiqui Chief Executive Officer
Mr. Aftab Afroz Mahmoodi Chief Financial Officer
Mr. Zia-ul-Haq Company Secretary
Syed Shahid Owais Head of Internal Audit
BOARD OF DIRECTORS
KEY PERSONS
80
60
40
20
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
80
60
40
20
Rs. In Million
Income from financing assets 23.42Capital Gain on Investment 23.04Dividend Income 4.35Other Income 49.19
Operating expenses 101.94Provision for impairment on investment -2.53WWF 0.59
%
%
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Jun-14Jun-15
Jun-14Jun-15
Chief ExecutiveMr. Rashid K. Siddiqui
20142015
20142015
EQUITY
Issued, Subscribed & Paid up Capital 125.40 125.40Reserves & Retained Earning (64.66) (66.22)Total Equity 60.74 59.18
LIABILITIESTotal Borrowings - -Deposits (COI/COD/COM) - -Other Liabilities 5.96 8.03
Total Liabilities 5.96 8.03TOTAL EQUITY & LIABILITIES 66.69 67.21ASSETSFixed Assets 0.07 0.11
Financing Assets 9.59 12.14Investments 2.22 14.45Other Assets 54.81 40.51Total Assets 66.69 67.21
SIGNIFICANT RATIOSGearing (x) - -Current Ratio (x) 10.26 7.11
Break-up Value (Rs.) 4.84 4.72
INCOME
Income from financing assets 1.59 0.98
Capital Gain on Investment 1.57 2.27
Dividend Income 0.30 0.42
Other Income 3.34 3.20
Total Income 6.80 6.87
EXPENSES
Operating expenses 5.35 3.70
Financial expenses - -
Provision for bad debts / Impairments - 13.36
Provision for impairment on investment (0.13) 5.47
WWF 0.03 -
Total Expenses 5.25 22.53
Profit Before Tax 1.56 (15.66)
Taxation - -
Net Profit 1.56 (15.66)
Dividend Payment (Rs.) 1.13 -
SIGNIFICANT RATIOS
Earning per Share (Rs.) 0.12 (1.25)
Dividend per Share (%) 0.90 -
Year Book 2015
95
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Tanveer Ahmed Magoon Chairman
Syed Wajih Hassan Chief Executive
Pir Muhammad Kalia Director
Mr. Abdul Razzak Jandga Director
Mr. Nadeem Iqbal Independent Director
Mr. Humayun Mazhar Qureshi Director
Mr. Khalid Rehman Director
First Paramount Modaraba (the Modaraba) is a multi purpose, perpetual and multidimensional Modaraba floated under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed there under and is managed by Paramount Investments Limited (the Management Company), a company incorporated in Pakistan. The Modaraba is listed on the Pakistan Stock Exchange Limited. The registered office of the Modaraba is situated at Karachi. Modaraba's principal activities include deployment of funds on murabaha and musharaka arrangements and its in-house venture are (A) Generator rental and sale project under the name "AL-BURQ Associates", (B) Weaving business under the name of "FPM Weaving" (C) Electrical maintenance and troubleshooting services' business under the name of "FPM Solutions" and (D) Chemical business under the name of "FPM Petro Services"
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : January 19, 1995
Head Office : Suit # 107, 108, 1st Floor, P.E.C.H.S.
Community Office Complex, Block-2, PECHS,
Shahrah-e-Quaiden, Karachi.
Tel : (92-21) 34381037-38-52
Fax : (92-21) 34534410
Email : [email protected]
Website : www.fpm.com.pk
Offices at : Karachi & Lahore
Listed at : Pakistan Stock Exchange Limited
Auditors : Ernst & Young Ford Rhodes Sidat Hyder
Legal Advisors : Raja Qasit Nawaz
Shariah Advisor : Mufti Muhammad Najeeb Khan
CORPORATE INFORMATION
Syed Wajih Hassan Chief Executive Officer
Mr. Abdullah Khan Chief Financial Officer & Company Secretary
BOARD OF DIRECTORS
KEY PERSONS
500
400
300
200
100
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
250
200
150
100
50
Rs. In Million
Income from financing assets 95.99Non Interest Income 1.80Other Income 2.21
Operating expenses 81.31Financial expenses 18.01Provision for bad debts / Impairments 0.36WWF 0.32
%
%
Rating Agency
JCR-VIS Credit Rating Company Ltd.
Short Term A-3
Long Term BBB
Syed Wajih HassanCEO
FIRST PARAMOUNT MODARABA
Jun-14Jun-15
Jun-14Jun-15
EQUITYIssued, Subscribed & Paid up Capital 119.90 83.85
Reserves & Retained Earning 86.52 95.65
Total Equity 206.41 179.49
LIABILITIES
Total Borrowings - -
Deposits 175.38 93.88
Other Liabilities 58.06 47.69
Total Liabilities 233.44 141.58
TOTAL EQUITY & LIABILITIES 439.85 321.07
ASSETSFixed Assets 55.64 60.19
Financing Assets 278.66 192.54
Investments - -
Other Assets 105.55 68.34
Total Assets 439.85 321.07
SIGNIFICANT RATIOS
Gearing (x) 1.13 0.79
Current Ratio (x) 2.98 2.98
Earning per Share (Rs.) 1.02 1.30
INCOME
Income from financing assets 80.14 55.20
Capital Gain on Investment - 0.23
Non Interest Income 1.50 0.50
Other Income 1.85 0.73
Total Income 83.49 56.67
EXPENSES
Operating expenses 59.63 37.27
Financial expenses 13.21 6.45
Provision for bad debts / Impairments 0.26 0.29
Provision for impairment on investment - -
WWF 0.23 0.29
Total Expenses 73.34 44.29
Profit Before Tax 10.15 12.38
Taxation - -
Net Profit 10.15 12.38
Dividend / Bonus Payment (Rs.) 27.58 19.28
SIGNIFICANT RATIOS
Break-up Value (Rs.) 17.22 21.41
Dividend / Bonus per Share (%) 23.00 23.00
20142015
20142015
Year Book 2015
96
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Syed Waseem-ul-Haq Haqqie Chairman
Syed Muhammad Rehmanullah Director
Mr. Farrukh S. Ansari Director
Mr. Rashid K. Siddiqui Chief Executive Officer
First Prudential Modaraba (the Modaraba) is a multipurpose, perpetual Modaraba. The Modaraba is registered under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Modaraba Companies and Modaraba Rules, 1981 and was managed by Prudential Capital Management Limited (PCML) a company incorporated in Pakistan under the Companies Ordinance, 1984. In pursuance of a show cause notice dated June 9, 2010 issued to the PCML and after taking approval from the Securities and Exchange Commission of Pakistan (SECP) under 20(2) of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, the Registrar Modarabas passed an order dated October 28, 2010 under section 20(1)(a)(iii) to remove the Modaraba Company, PCML and appointed another Modaraba Management Company as Administrator to takeover and manage the affairs of the Modaraba in place of PCML.PCML had challenged the order in the Sindh High Court (SHC) and SHC gave a verdict against the appeal dated May 22, 2014. PCML instituted a case against this order of SHC in the Supreme Court of Pakistan. On October 23, 2014, the Supreme Court of Pakistan upheld the verdict of the Sindh High Court on removal of the existing management of Prudential Capital Management Limited. Accordingly, the orders of the Registrar Modaraba dated October 28, 2010 stood restored and effective on the basis of which KASB Invest (Private) Limited (formerly KASB Modaraba Management (Private) Limited took over the management and control of First Prudential Modaraba from November 13, 2014.
The registered office of KASB Invest (Private) Limited is situated at 8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, Karachi. The Modaraba is listed on Pakistan Stock Exchange Limited. The Modaraba is currently engaged in various modes of Islamic fundings and businesses which includes ijarah financing, deployment of fund in musharaka, morabaha and investment in securities.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : December 04, 1989
Head Office : 8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, Karachi.
Tel : (92-21) 34398852-5, 34370141
Fax : (92-21) 34398858
Email : [email protected]
Website : www.firstprudentialmodaraba.com
Offices at : Karachi, Lahore and Islamabad
Listed at : Pakistan Stock Exchange Limited
Auditors : RSM Avais Hyder Liaquat Nauman, Chartered Accountants
Legal Advisors : Ahmed & Qazi
Shari'ah Advisor : Mufti Muhammad Ibrahim Essa
CORPORATE INFORMATION
Mr. Rashid K. Siddiqui Chief Executive Officer
Mr. Aftab Afroz Mahmoodi Chief Financial Officer
Mr. Zia-ul-Haq Company Secretary
Syed Shahid Owais Head of Internal Audit
BOARD OF DIRECTORS
KEY PERSONS
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
500
400
300
200
100
Rs. In Million
Income from financing assets 38.62Capital Gain on Investment 23.40Dividend Income 5.46Other Income 32.52
Operating expenses 117.16Financial expenses 0.27Provision for bad debts / Impairments -10.56Provision for impairment on investment -8.77WWF 1.89
%
%
Rating AgencyShort Term
Long Term
FIRST PRUDENTIAL MODARABA
Jun-14Jun-15
Jun-14Jun-15
Chief ExecutiveMr. Rashid K. Siddiqui
600
500
400
300
200
100
20142015
20142015
-- -
EQUITYIssued, Subscribed & Paid up Capital 872.18 872.18
Reserves & Retained Earning (421.23) (449.19)Total Equity 450.95 422.99LIABILITIES
Total Borrowings 0.00 0.00Deposits (COI/COD/COM) 0.00 0.00Other Liabilities 61.02 61.57Total Liabilities 61.02 61.57
TOTAL EQUITY & LIABILITIES 511.97 484.56ASSETSFixed Assets 21.12 22.53Financing Assets 101.78 125.53
Investments 30.45 95.01Other Assets 358.63 241.50Total Assets 511.97 484.56
SIGNIFICANT RATIOSGearing (x) - -Current Ratio (x) 6.77 5.67Break-up Value (Rs.) 5.17 4.85
INCOME
Income from financing assets 21.58 32.69Capital Gain on Investment 13.08 12.14Dividend Income 3.05 2.94Other Income 18.18 16.67
Total Income 55.90 64.44EXPENSESOperating expenses 33.66 43.05Financial expenses 0.08 0.04
Provision for bad debts / Impairments (3.03) 90.35Provision for impairment on investment (2.52) 3.26WWF 0.54 -Total Expenses 28.73 136.70
Profit Before Tax 27.17 (72.26)Taxation - -Net Profit 27.17 (72.26)Dividend Payment (Rs.)
SIGNIFICANT RATIOSEarning per Share (Rs.) 0.31 (0.83)Dividend per Share (%) 2.30 -
Year Book 2015
97
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Khalid Siddiq Tirmizey Chairman
Mr. Aamir Malik Chief Executive
Mr. Khawaja Farooq Saeed Director
Mr. Nadeem Amir Director
Mr. Mahboob-ul-Hassan Director
First Punjab Modaraba (the Modaraba) was formed under the Modaraba Companies and Modaraba (Flotation and Control) Ordinance, 1980 and rules framed there under and is managed by Punjab Modaraba Services (Private) Limited (wholly owned subsidiary of The Bank of Punjab), a company incorporated in Pakistan. The registered office of the Modaraba is situated at 1st Floor, 10-B, Block-E-II, Main Boulevard, Gulberg-III, Lahore. The Modaraba commenced its operations from 23 December 1992. The Modaraba is listed on Pakistan Stock Exchange Limited.
The Modaraba is a perpetual and multi-=dimensional Modaraba and is primearily engaged in the business of Ijarah, Musharikah and Morabaha financing, equity investment and other releated businesses in accordance with the injunctions of Islam.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : December 23, 1992
Head Office : BOP Tower, 1st Floor, 10-B, Block-E-II, Main
: Boulevard, Gulberg-III, Lahore.
Tel : (92-42) 35783676
Fax : (92-42) 35784068
Email : [email protected]
Website : www.punjabmodaraba.com.pk
Offices at : Lahore
Listed at : Pakistan Stock Exchange Limited
Auditors : Ernst & Young Ford Rhodes Sidat Hyder
Legal Advisors : Mr. Nadeem Saeed, Advocate Supreme Court
Shariah Advisor : Mufti Tayyab Amin
CORPORATE INFORMATION
Mr. Aamir Malik Chief Executive Officer
Mr. Mudassar Kaiser Pal Chief Financial Officer & Company Secretary
BOARD OF DIRECTORS
KEY PERSONS
1,500
1,200
900
600
300
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
200
150
100
50
Rs. In Million
Income from financing assets 51.80Capital Gain on fixed assets 44.32Other Income 3.87
Operating expenses 66.07Financial expenses 24.80Provision for bad debts / Impairments 9.14
%
%
Rating Agency
Pakistan Credit Rating Agency Limited
Short Term A2
Long Term BBB+
Aamir MalikCEO
FIRST PUNJAB MODARABA
Jun-14Jun-15
Jun-14Jun-15
EQUITY
Issued, Subscribed & Paid up Capital 340.20 340.20Reserves & Retained Earning (169.48) (247.47)Total Equity 170.72 92.73LIABILITIES
Total Borrowings 734.13 896.95Deposits 100.00 100.00Other Liabilities 200.89 234.74Total Liabilities 1,035.02 1,231.69TOTAL EQUITY & LIABILITIES 1,205.74 1,324.42ASSETSFixed Assets 0.91 1.32Financing Assets 695.53 861.61Investments 18.82 18.61Other Assets 490.48 442.88Total Assets 1,205.74 1,324.42
SIGNIFICANT RATIOS
Gearing (x)Current Ratio (x) 3.93 3.89
Earning per Share (Rs.) 2.78 2.18
INCOME
Income from financing assets 182.97 263.24Capital Gain on fixed assets 156.55 22.79Dividend IncomeOther Income 13.69 11.50Total Income 353.21 297.53EXPENSESOperating expenses 168.29 207.55Financial expenses 63.17 86.97
Provision for bad debts / Impairments 23.27 (55.93)
Provision for impairment on investment - -WWF - -Total Expenses 254.74 238.59Profit Before Tax 98.47 58.94Taxation 3.94 (15.35)Net Profit 94.53 74.30Dividend Payment (Rs.) 17.01 17.01
SIGNIFICANT RATIOS
Break-up Value (Rs.) 5.02 2.73
Dividend per Share (%) 5.00 5.00
20142015
20142015
Year Book 2015
98
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Dr. Mrs. Niloufer Qasim Mahdi Chairperson
Syed Shahid Ali Shah Chief Executive Officer
Syed Sheharyar Ali Director
Dr. Salman Faridi Director
Mr. Imran Azim Director
Mr. Munir Karim Bana Director
Mr. Saulat Said Director
Mr. Muhammad Shafique Anjum Director
First Treet Manufacturing Modaraba ("the Modaraba" is amultipurpose, perpetual and multi-dimensional Modaraba formed on July 27, 2005 under the Modaraba Companies and Modaraba (Floatation and Contrl) Ordinance, 1980 and rules framed ther-under and is managed by Treet Holdings Limited (formerly Global Econo Trade Limited (a wholly owned subsidiary of Treet Corporation Limited), incorporated in Pakistan under the Companies Ordinance, 1984 and registered with the Rergistrar of Modaraba Companies. The registered offfice of the Modaraba is situated at 72-B, Kot Lakhpat, Industrial Area, Lahore. The Modaraba is engaged in the manufacture and sale of corrugated boxes, paper board and soaps.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : July 27, 2005
Head Office : 72-B, Industrial Area, Kot Lakhpat, Lahore.
Tel : (92-42) 35830881, 35156567
Fax : (92-42) 35114127, 35117650
Email : [email protected]
Website : www.treetgroup.com
Offices at : Lahore
Listed at : Pakistan Stock Exchange Limited
Auditors : KPMG Taseer Hadi & Co., Chartered Accountants
Legal Advisors : Saleem & Baig Advocates
Shari'ah Advisor : Mufti Muhammad Iftikhar Baig
CORPORATE INFORMATION
Syed Shahid Ali Shah Chief Executive Officer
Mr. Sohail Habib Chief Accountants Modaraba Company
Mr. Sajjad Haider Khan Chief Accountants Modaraba
Rana Shakeel Shaukat Company Secretary
BOARD OF DIRECTORS
KEY PERSONS
2,100
1,750
1,400
1,050
700
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
1,700
1,400
1,100
800
500
Rs. In Million
Income from sales 104.99Other Income -4.99
Operating expenses 98.51Financial expenses 1.49
%
%
Rating AgencyShort Term
Long Term
Syed Shahid AliChief Executive Officer
FIRST TREET MANUFACTURING MODARABA
Jun-14Jun-15
Jun-14Jun-15
EQUITYIssued, Subscribed & Paid up Capital 1,304.00 1,304.00Reserves & Retained Earning 388.44 297.10Total Equity 1,692.44 1,601.10LIABILITIESTotal Borrowings - -Deposits - -Other Liabilities 360.34 128.22Total Liabilities 360.34 128.22TOTAL EQUITY & LIABILITIES 2,052.77 1,729.32ASSETSFixed Assets 665.12 461.57Financing Assets/Stores & spares, stock-in-trade 524.02 507.42Investments 200.00 -Other Assets 663.63 760.34Total Assets 2,052.77 1,729.32
SIGNIFICANT RATIOSGearing (x) 0.21 0.08Current Ratio (x) 7.10 9.59
Earning per Share (Rs.) 1.05 0.66
INCOMEIncome from sales 295.44 187.49Capital Gain on Investment - -Dividend Income - -Other Income (14.03) 19.03Total Income 281.41 206.53EXPENSESOperating expenses 142.92 117.47Financial expenses 2.17 3.15Provision for bad debts / Impairments - -Provision for impairment on investment - -WWFTotal Expenses 145.09 120.62Profit Before Tax 136.32 85.91Taxation - -Net Profit 136.32 85.91Dividend Payment (Rs.) 80.85 44.99
SIGNIFICANT RATIOS
Break-up Value (Rs.) 12.98 12.28
Dividend per Share (%) 6.20 3.45
20142015
20142015
N/A
Year Book 2015
99
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Majid Hasan Chairman (Non Executive Director)
Mr. Ather Naqi Chief Executive
Mr. Shuja Malik Executive Director
Mr. S.M. Nasr Raza Non-Executive Director
Mr. Abdul Rahim Suriya Non-Executive Director
First UDL Modaraba (the Modaraba) was formed in 1991 under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framed there under, having its registered office at C-117/1, KDA Scheme No. 1, Tipu Sultan Road, Karachi and is managed by UDL Modaraba Management (Private) Limited, a company incorporated in Pakistan. It is a perpetual, multipurpose and multidimensional Modaraba engaged in providing finance under Murabaha and Musharaka arrangements, Ijarah, commodity trading, manufacturing and trading of pharmaceutical products, and trading in listed and non-interest bearing securities. The Modaraba is listed on Pakistan Stock Exchange Limited.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : May 1991
Head Office : C-117/1, KDA Scheme No.1, Tipu Sultan Road, Karachi
Factory : E-44/45, North Western Industrial Zone, Port Qasim, Karachi
Tel : (92-21) 34315591-5
Fax : (92-21) 34315596
Email : [email protected]
Website : www.udlmodaraba.com
Offices at : Karachi
Listed at : Pakistan Stock Exchange Limited
Auditors : Avais Hyder Liaquat Nauman & Co.
Legal Advisors : Mohsin Tayebaly & Co.
Shariah Advisor : Mufti Abdul Qadir
CORPORATE INFORMATION
Mr. Ather Naqi Chief Executive Officer
Mr. Shuja Malik Executive Director
Syed Aamir Hussain Chief Financial Officer & Company Secretary
BOARD OF DIRECTORS
KEY PERSONS
1000
800
600
400
200
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
700
600
500
400
300
200
100
Rs. In Million
Income from financing assets 58.56Capital Gain on Investment 26.97Pharma Business 9.89Other Income 4.58
Operating expenses 310.65Financial expenses 0.13Provision for impairment on investment -214.64WWF 3.86
%
%
Rating AgencyShort Term
Long Term
Mr. Ather NaqiCEO
FIRST UDL MODARABA
Jun-14Jun-15
Jun-14Jun-15
EQUITY
Issued, Subscribed & Paid up Capital 263.87 263.87
Reserves 366.86 314.02
Total Equity 630.73 577.89
LIABILITIES
Total Borrowings - -
Deposits - -
Other Liabilities 236.73 250.86
Total Liabilities 236.73 250.86
TOTAL EQUITY & LIABILITIES 867.46 828.75
ASSETS
Fixed Assets 187.18 193.24
Financing Assets 207.79 282.46
Investments 273.88 185.28
Other Assets 198.60 167.76
Total Assets 867.46 828.75
SIGNIFICANT RATIOS
Gearing (x) 0.38 0.43
Current Ratio (x) 2.65 2.61
Earning per Share (Rs.) 5.67 2.59
INCOME
Income from financing assets 134.09 158.39
Capital Gain on Investment 61.77 72.35
Pharma Business 22.65 17.95
Other Income 10.48 8.08
Total Income 228.99 256.77
EXPENSES
Operating expenses 246.19 218.42
Financial expenses 0.11 0.03
Provision for bad debts / Impairments - -
Provision for impairment on investment (170.11) (31.52)
WWF 3.06 1.40
Total Expenses 79.25 188.33
Profit Before Tax 149.74 68.44
Taxation - -
Net Profit 149.74 68.44
Dividend Payment (Rs.) 118.74 55.41
SIGNIFICANT RATIOS
Break-up Value (Rs.) 23.90 21.90
Dividend per Share (%) 45.00 21.00
20142015
20142015
-- -
Year Book 2015
100
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Khawar Anwar Khawaja Chairman
Mr. Muhammad Tahir Butt Chief Executive
Mr. Neil Douglas James Gray Director
Mr. Khurram Anwar Khawaja Director
Khawaja Zaka-ud-Din Director
Mr. Iftikhar Ahmad Butt Director
Mr. Omer Khawar Khawaja Director
Grays Leasing Limited ("the company") is a public Limited Company incorporated in Pakistan under the Companies Ordinance ,1984 on 31 August 1995. The company's shares are listed on Pakistan Stock Exchange Limited. The company is engaged in leasing business. It has been classified as a Non-Banking Finance Company (NBFC). Its registered office is situated at 701-A, 7th Floor, City Towers, 6-K, Main Boulevard, Gulberg-II, Lahore.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : August 31, 1995
Head Office : 701-A, 7th Floor, City Towers, 6-K, Main
Boulevard, Gulberg-II, Lahore
Tel : (92-42) 35770381-2
Fax : (92-42) 35770389
Email : [email protected]
Website : www.graysleasing.com
Offices at : Lahore, Sialkot, Karachi, Faisalabad & Islamabad
Listed at : Pakistan Stock Exchange Limited
Auditors : Riaz Ahmad & Co., Chartered Accountants
Legal Advisors : Lexicon Law Firm
CORPORATE INFORMATION
Mr. Muhammad Tahir Butt Chief Executive
Mr. Muhammad Adil Munir Company Secretary
Mr. Avais Ibrahim Chief Financial Officer
Mr. Bilal Arsalan Mir Head of Internal Audit
BOARD OF DIRECTORS
KEY PERSONS
250
200
150
100
50
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
100
80
60
40
20
Rs. In Million
Income from financing assets 97.10Capital Gain on Investment 1.39Other Income 1.51
Operating expenses 94.85Financial expenses 16.76Provision for bad debts / Impairments -11.61
%
%
Rating Agency
JCR-VIS Credit Rating Company Ltd.
Short Term
Long Term
Mr. Muhammad Tahir ButChief Executive Officer
GRAYS LEASING LIMITED
Jun-14Jun-15
Jun-14Jun-15
B
BB-
EQUITY
Issued, Subscribed & Paid up Capital 215.00 215.00
Reserves & Retained Earning (139.75) (139.86)
Total Equity 75.25 75.14
LIABILITIES
Total Borrowings 25.00 15.00
Deposits - -
Other Liabilities 134.21 133.69
Total Liabilities 159.21 148.69
TOTAL EQUITY & LIABILITIES 234.46 223.83
ASSETSFixed Assets 1.76 2.11
Financing Assets 219.67 217.62
Investments - -
Other Assets 13.04 4.11
Total Assets 234.46 223.83
SIGNIFICANT RATIOS
Gearing (x) 0.44 0.25
Current Ratio (x) 0.47 0.23
Earning per Share (Rs.) 0.01 (0.05)
INCOME
Income from financing assets 10.67 9.54
Capital Gain on Investment 0.15 0.23
Dividend Income
Other Income 0.17 0.47
Total Income 10.99 10.25
EXPENSES
Operating expenses 12.04 11.21
Financial expenses 2.13 1.10Provision for bad debts / Impairments (1.47) (6.65)
Provision for impairment on investment - 5.26
WWF - -
Total Expenses 12.69 10.92
Profit Before Tax (1.71) (0.68)
Taxation (1.81) 0.40
Net Profit 0.10 (1.08)
Dividend Payment (Rs.) - -
SIGNIFICANT RATIOS
Break-up Value (Rs.) 3.49 3.50
Dividend per Share (%) - -
- -
20142015
20142015
Year Book 2015
101
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Ms. Fiza Zahid Chairperson
Mr. Muhammad Asif Chief Executive
Mr. Shahab Ud Din Khan Director
Mr. Muhammad Qasim Director
Ms. Ayesha Zahid Director
Mr. Shahbaz Haider Agha Director
Mr. Hasan Ahmed Director
Invest Capital Investment Bank Limited ("the Company") is a public limited company incorporated in Pakistan under the Companies Ordinance, 1984. The Company is engaged in the business of leasing and investment finance activities as Non- Banking Finance Company (NBFC) and is regulated by the Securities and Exchange Commission of Pakistan (SECP). The Company is listed on the Pakistan Stock Exchange Limited. The registered office of the Company is situated at A-603, 604, 6th Floor, Lakson Square Building No.3, Sarwar Shaheed Road, Karachi in the provice of Sindh
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : March 27, 2007
Head Office : 703-C, City Tower,6-K, Main Boulevard,
Gulberg-II, Lahore
Tel : (92-42) 35770383-4
Fax : (92-42) 35788711
Email : [email protected]
Website : www.icibl.com
Offices at : Karachi, Lahore, Islamabad, Peshawar, Faisalabad
and Gujranwala
Listed at : Pakistan Stock Exchange Limited
Auditors : Awais Haider Liaquat Nauman, Chartered
Accountants
Legal Advisors : Ahmad & Qazi
CORPORATE INFORMATION
Mr. Muhammad Asif Chief Executive
Mr. M. Naim Ashraf CFO & Company Secretary
BOARD OF DIRECTORS
KEY PERSONS
1,400
1,200
1,000
800
600
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
200
150
100
50
Rs. In Million
Income from financing assets 49.93Capital Gain on Investment 27.64Dividend Income 2.68Other Income 19.75
Operating expenses 78.58Financial expenses (11.96)Provision for bad debts / Impairments 33.37
%
%
Rating Agency
JCR-VIS Credit Rating Company Ltd.
Short Term A-1
Long Term A+
Mr. Muhammad AsifCEO
INVEST CAPITAL INVESTMENT BANK LIMITED
Jun-14Jun-15
Jun-14Jun-15
2,848.67 2,848.67
(2,665.44) (2,666.69)
183.23 181.98
375.84 453.53
31.20 68.33
622.56 648.82
1,029.60 1,170.68
1,212.83 1,352.65
153.99 70.49
526.80 631.44
132.26 129.18
399.79 521.54
1,212.83 1,352.65
5.62 6.43
0.80 0.83
INCOME
Income from financing assets 40.04 62.15
Capital Gain on Investment 22.16 11.59
Dividend Income 2.15 2.42
Other Income 15.83 96.69
Total Income 80.18 172.85
EXPENSES
Operating expenses 57.63 51.78
Financial expenses (8.77) 24.65
Provision for bad debts / Impairments 24.48 (4.16)
Provision for impairment on investment - -
WWF - -
Total Expenses 73.34 72.28
Profit Before Tax 6.84 100.57
Taxation 0.69 1.84
Net Profit 6.16 98.72
Dividend Payment (Rs.) - -
SIGNIFICANT RATIOS
Break-up Value (Rs.) 0.64 0.64
Dividend per Share (%) - -
20142015
20142015
EQUITY
Issued, Subscribed & Paid up Capital
Reserves & Retained Earning
Total Equity
LIABILITIES
Total Borrowings
Deposits
Other Liabilities
Total Liabilities
TOTAL EQUITY & LIABILITIES
ASSETS
Fixed Assets
Financing Assets
Investments
Other Assets
Total Assets
SIGNIFICANT RATIOS
Gearing (x)
Current Ratio (x)
0.02 0.35Earning per Share (Rs.)
Year Book 2015
102
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Syed Waseem-ul-Haq Haqqie Chairman
Mr. Rashid K. Siddiqui Chief Executive Officer
Syed Muhammad Rehmanullah Director
Mr. Farrukh S. Ansari Director
KASB Modaraba (the Modaraba) was formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed thereunder and is managed by KASB Invest (Private) Limited (the Management Company), a company incorporated in Pakistan. The registered office of the Modaraba is located at 8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, Karachi.
The Modaraba is a multipurpose perpetual modaraba and is primarily engaged in ijarah financing, musharaka financing, morabaha financing, modaraba financing, diminishing musharaka and investing in sukuk bonds and mutual funds. The Modaraba is listed on Pakistan Stock Exchange Limited.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : October 22, 1990
Head Office : 8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, Karachi.
Tel : (92-21) 34398852-5
Fax : (92-21) 34398858
Email : [email protected]
Website : www.kasbmodaraba.com
Offices at : Karachi, Lahore and Islamabad
Listed at : Pakistan Stock Exchange Limited
Auditors : Ernst & Young Ford Rhodes Sidat Hyder, Chartered Accountants
Legal Advisors : Ahmed & Qazi
: S&B Durrani Law Associates
Shari'ah Advisor : Mufti Abdul Sattar Laghari
CORPORATE INFORMATION
Mr. Rashid K. Siddiqui Chief Executive Officer
Mr. Aftab Afroz Mahmoodi Chief Financial Officer
Mr. Zia-ul-Haq Company Secretary
Syed Shahid Owais Head of Internal Audit
BOARD OF DIRECTORS
KEY PERSONS
1,400
1,200
1,000
800
600
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Chief Executive
Rs. In Million
400
300
200
100
Rs. In Million
Income from financing assets 87.59Capital Gain on Investment 7.50Other Income 4.91
Operating expenses 64.18Financial expenses 35.70WWF 0.12
%
%
Rating Agency
Pakistan Credit Rating Agency Limited
Short Term A2
Long Term BBB+
Mr. Rashid K. Siddiqui
KASB MODARABA
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
EQUITY
Issued, Subscribed & Paid up Capital 480.66 282.74
Reserves & Retained Earning (95.43) 6.93
Total Equity 385.23 289.67
LIABILITIES
Total Borrowings - -
Deposits (COI/COD/COM) 529.92 925.49
Other Liabilities 67.57 90.40
Total Liabilities 597.49 1,015.89
TOTAL EQUITY & LIABILITIES 982.73 1,305.56
ASSETS
Fixed Assets 14.32 6.93
Financing Assets 770.12 997.42
Investments 3.61 64.49
Other Assets 194.68 236.71
Total Assets 982.73 1,305.56
SIGNIFICANT RATIOS
Gearing (x) 1.55 3.51
Current Ratio (x) 1.97 1.19
Break-up Value (Rs.) 8.01 10.25
INCOME
Income from financing assets 171.49 171.98
Capital Gain on Investment 2.07 -
Dividend Income - -
Other Income 21.63 21.55
Total Income 195.19 193.53
EXPENSES
Operating expenses 118.11 72.34
Financial expenses 65.70 96.76
Provision for bad debts / Impairments - -
Provision for impairment on investment - -
WWF 0.22 0.44
Total Expenses 184.03 169.53
Profit Before Tax 11.15 23.99
Taxation - -
Net Profit 11.15 23.99
Dividend Payment (Rs.) 5.29 11.53
SIGNIFICANT RATIOS
Earning per Share (Rs.) 0.23 0.85
Dividend per Share (%) 1.10 2.40
Year Book 2015
103
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Muhammad Hamid ChairmanMr. Muhammad Faisal Shaikh DirectorMr. Rehan Shuja Zaidi DirectorSyed Mujtaba Hussain Kazmi DirectorSyed Akhtar Ausaf DirectorMr. Tariq Usman Bhatti DirectorMr. Zahid Ali H. Jamall DirectorMr. Aziz Adil Chief Executive
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : July 08, 1987
Head Office : 10th Floor, Progressive Square, Sharea Faisal,
Karachi.
Tel : (92-21) 34547521-25
Fax : (92-21) 34547526
Email : [email protected]
Website : www.modarabaalmali.com
Offices at : Karachi
Listed at : Pakistan Stock Exchange Limited
Auditors : Ernst & Young Ford Rhodes Siddat Haider,
Chartered Accountants
Legal Advisors : Mohsin Tayebali & Co.
Shari'ah Advisor : Mufti Irshad Ahmed Aijaz
CORPORATE INFORMATION
Mr. Aziz Adil Chief ExecutiveMr. Zafar Ahmed Khan CFO & Company SecretaryMr. Zeeshan Bin Farrukh Head of I.T / AdminMr. Shah Muhammad Abdullah Head of CAD
BOARD OF DIRECTORS
KEY PERSONS
250
200
150
100
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Chief Executive
Rs. In Million
200
150
100
50
Rs. In Million
Income from financing assets 66.10Capital Gain on disposal of property & equipment 9.47Other Income 24.44
Operating expenses 119.77Provision for bad debts / Impairments (20.08)WWF 0.30
%
%
Rating Agency
Pakistan Credit Rating Agency Limited
Short Term A2
Long Term A-
MODARABA AL-MALI
Aziz Adil
Modaraba Al-Mali (the "Modaraba") is a multipurpose and perpetual Modaraba floated in Pakistan on July 8, 1987 under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 ("Modaraba Ordinance, 1980"), and Modaraba Companies and Modaraba Rules, 1981 (Modaraba Rules, 1981) and is managed by BankIslami Modaraba Investments Limited (the "Management Company", a company registered under the Companies Ordinance, 1984. The Modaraba is listed on the Pakistan Stock Exchange Limited. Registered office is situated at Progressive Square, Shahrae Faisal, Karachi, in the province of Sindh.
The Modaraba is engaged in the business of leasing, murabaha, musharaka financing, operation of petrol and diesel filling / service station.
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
EQUITY
Issued, Subscribed & Paid up Capital 184.24 184.24Reserves & Retained Earning (25.47) (30.30)Total Equity 158.77 153.94LIABILITIES
Total Borrowings - -Deposits (COI/COD/COM) - -Other Liabilities 46.95 54.31Total Liabilities 46.95 54.31
TOTAL EQUITY & LIABILITIES 205.71 208.26ASSETSFixed Assets 73.56 77.41Financing Assets 85.94 38.61
Investments - -Other Assets 46.21 92.24Total Assets 205.71 208.26
SIGNIFICANT RATIOSGearing (x) 0.30 0.35Current Ratio (x) 1.44 2.42Break-up Value (Rs.) 8.62 8.36
INCOME
Income from financing assets 26.40 11.49
Capital Gain on disposal of property & equipment 3.78 0.47
Dividend Income - -
Other Income 9.76 5.51
Total Income 39.94 17.47
EXPENSES
Operating expenses 41.65 42.22
Financial expenses - -
Provision for bad debts / Impairments (6.98) (0.37)
Provision for impairment on investment - -
WWF 0.11 -
Total Expenses 34.78 41.85
Profit Before Tax 5.17 (24.38)
Taxation 0.46 0.34
Net Profit 4.70 (24.72)
Dividend Payment (Rs.) 3.68 -
SIGNIFICANT RATIOS
Earning per Share (Rs.) 0.26 (1.34)
Dividend per Share (%) 2.00 -
Year Book 2015
104
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Tariq Jamali Chairman
Mr. Mohammad Rizwan Masood CEO / MD
Mr. Nasir Husain Director
Mr. Muhammad Naeemuddin Director
Mr. Hamid Husain Director
Mr. Rehman Ghani Director
Syed Altaf Hussain Mashadi Director
NBP Leasing Limited (the Company) was incorporated in Pakistan on 7 November 1994 as an unlisted public Company under the Companies Ordinance, 1984. The registered office of the Company is situated 4th Floor, PRC Towers, 32/A, Lalazar Drive, M.T. Khan Road, Karachi. The Company is a wholly owned subsidiary of National Bank of Pakistan (the Holding Company). The Company is principally engaged in the business of leasing as licensed under the Non-Banking Finance Companies Rules, 2003 (the NBFC Rules). The Company was also engaged previously in the business of discounting / trade of negotiable instruments which has been discontinued since 15 May 2008, due to changes in Non-Banking Finance Companies and Notified Entities Regulations, 2008.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : November 07, 1995
Head Office : 4th Floor, PRC Towers, 32/A, Lalazar Drive, M.T.
Khan Road, Karachi
Tel : (92-21) 99210601-5
Fax : (92-21) 99210600
Email : [email protected]
Website : www.nbpleasing.com
Offices at : Karachi
Listed at : N/A
Auditors : Ernst & Young Ford Rhodes Sidat Hyder,
Chartered Accountants
Legal Advisors : Sofia Saeed & Associates
CORPORATE INFORMATION
Mr. Mohammad Rizwan Masood CEO / MD
Syed Muhammad Nasrullah CFO & Company Secretary
Mr. S. M. Faraz Naseem Sr. Manager Credit & Marketing
Syed Hasnain Ali Zaidi Head Credit Administration
Mr. Muhammad Samad Ilyas Head of Internal Audit
BOARD OF DIRECTORS
KEY PERSONS
1,400
1,200
1,000
800
600
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
800
600
400
200
Rs. In Million
Income from financing assets 98.69Capital Gain on Investment 0.40Other Income 0.91
Operating expenses 74.51Financial expenses 24.29Provision for bad debts / Impairments -1.76Provision for impairment on investment 1.65WWF 1.31
%
%
Rating Agency
JCR-VIS Credit Rating Company Ltd.
Short Term A-1
Long Term A+
Mr. Mohammad Rizwan MasoodCEO / MD
NBP LEASING LIMITED
Jun-14Jun-15
Jun-14Jun-15
EQUITY
Issued, Subscribed & Paid up Capital 500.00 500.00
Reserves & Retained Earning 287.22 251.05
Total Equity 787.22 751.05
LIABILITIES
Total Borrowings 174.88 187.40
Deposits - -
Other Liabilities 364.58 325.93
Total Liabilities 539.46 513.33
TOTAL EQUITY & LIABILITIES 1,326.68 1,264.38
ASSETS
Fixed Assets 6.59 7.16
Financing Assets 1,268.57 1,203.48
Investments 13.11 24.99
Other Assets 38.41 28.75
Total Assets 1,326.68 1,264.38
SIGNIFICANT RATIOS
Gearing (x) 0.22 0.25
Current Ratio (x) 1.76 2.13
Earning per Share (Rs.) 0.74 0.46
INCOME
Income from financing assets 120.19 111.77
Capital Gain on Investment - (0.07)
Dividend Income - -
Other Income 2.66 2.66
Total Income 122.85 114.36
EXPENSES
Operating expenses 55.00 51.49
Financial expenses 16.27 23.77
Provision for bad debts / Impairments (21.66) 7.68
Provision for impairment on investment 9.93 1.83
WWF 1.27 1.63
Total Expenses 60.81 86.40
Profit Before Tax 62.04 27.96
Taxation 24.88 4.76
Net Profit 37.16 23.20
Dividend Payment (Rs.) - -
SIGNIFICANT RATIOS
Break-up Value (Rs.) 15.74 15.02
Dividend per Share (%) - -
20142015
20142015
Year Book 2015
105
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Kunwar Idris Chairman
Mr. Harukazu Yamaguchi Non Executive Director
Mr. Humayun Murad SI Non Executive Director
Ms. Nargis Ghaloo Non Executive Director
Mr. Shahid Usman Independent Non Executive Director
Mr. Shaheen Amin Non Executive Director
Mr. Kazuhito Inoue Non Executive Director
Mr. Teizoon Kisat Executive Director/Chief Executive
ORIX Leasing Pakistan Limited (“the Company”) was incorporated in Pakistan as a private limited company on July 1,1986 under the Companies Ordinance, 1984 and was converted into a public limited company on December 23, 1987. The Company is listed on the Pakistan Stock Exchange Limited. The registered office of the Company is situated at Islamic Chamber of Commerce Building, Clifton, Karachi. The Company is licensed to carry out leasing business as a Non-Banking Finance Company (NBFC) under the Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003 (NBFC Rules) issued by the Securities and Exchange Commission of Pakistan (SECP).
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : January 01, 1987
Head Office : ORIX Building, Plot No.16, Sector-24, Korangi Industrial Area, Karachi.
Tel : (92-21) 35144029-40 UAN: 111242424
Fax : (92-21) 35144002, 35144020
Email : [email protected]
Website : www.orixpakistan.com
Offices at : Karachi, Lahore, Islamabad, Peshawar, 26 other cities & towns
Listed at : Pakistan Stock Exchange Limited
Auditors : A.F. Ferguson & Company, Chartered Accountants
Legal Advisors : Mansoor Ahmad Khan & Co., Walker Martineau & Saleem
Shari'ah Advisor : Mufti Ibrahim Essa
CORPORATE INFORMATION
Mr. Teizoon Kisat Chief ExecutiveMr. Ramon Alfrey Chief Financial OfficerMs. Effat Assad Company SecretaryMs. Maryam Aziz Head of Internal Audit
BOARD OF DIRECTORS
KEY PERSONS
30,000
25,000
20,000
15,000
10,000
5000
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
4,000
3,500
3,000
2,500
2,000
Rs. In Million
Income from financing assets 86.08Capital Gain on Investment 1.80Dividend Income 0.01Other Income 12.11
Operating expenses 43.41Financial expenses 51.59Provision for bad debts / Impairments 3.63Provision for impairment on investment 0.85WWF 0.52
%
%
Rating Agency
Pakistan Credit Rating Agency Limited
Short Term A1+
Long Term AA+
ORIX LEASING PAKISTAN LIMITED
Mr. Teizoon KisatCEO
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
EQUITY
Issued, Subscribed & Paid up Capital 820.53 820.53Reserves & Retained Earning 2,728.50 2,243.40Total Equity 3,549.03 3,063.93LIABILITIES
Total Borrowings 9,297.12 7,627.71Deposits (COD/COI/COM) 6,983.26 6,312.17Other Liabilities 8,488.23 7,444.91Total Liabilities 24,768.62 21,384.78
TOTAL EQUITY & LIABILITIES 28,317.65 24,448.71ASSETSFixed Assets 1,770.44 1,777.60Financing Assets 22,608.57 19,294.43
Investments 3,296.70 2,802.99Other Assets 641.93 573.70Total Assets 28,317.65 24,448.71
SIGNIFICANT RATIOSGearing (x) 4.59 4.55Current Ratio (x) 1.35 1.18Break-up Value (Rs.) 41.89 36.35
INCOMEIncome from financing assets 3,623.10 3,372.60
Capital Gain on Investment 75.69 68.94Dividend Income 0.57 3.04Other Income 509.62 375.28Total Income 4,208.97 3,819.87
EXPENSESOperating expenses 1,453.82 1,337.58Financial expenses 1,727.69 1,658.38Provision for bad debts / Impairments 121.67 136.88
Provision for impairment on investment 28.39 33.43WWF 17.50 13.50Total Expenses 3,349.07 3,179.76Profit Before Tax 859.90 640.10
Taxation 189.00 123.99Net Profit 670.90 516.11Dividend Payment (Rs.) 369.24 287.19
SIGNIFICANT RATIOSEarning per Share (Rs.) 8.18 6.29Dividend per Share (%) 45.00 35.00
Year Book 2015
106
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Sohail Inam Ellahi Chairman
Air Marshal Syed Masood Hatif (Retd.) Vice Chairman
Mr. Pervez Inam Non-Executive Director
Mr. Fawad Salim Malik Non-Executive Director
Mr. Shaheed H. Gaylani Non-Executive Director
Brig. Naveed Nasar Khan (Retd.) Non-Executive Director
Mr. Rizwan Humayun Non-Executive Director
Lt. Col. Saleem Ahmed Zafar (Retd.) Executive Director
Mr. Mahfuz-ur-Rehman Pasha Chief Executive Officer
PGL, a privately-sponsored Leasing Company, has been profitably operating for the past 19 years. It is listed on Pakistan Stock Exchange Limited. PGL follows a highly prudent and consistent policy for undertaking risk, which has kept its Rental Recovery Rate to over 95%. PGL also offers Shariah-compliant Ijarah Leases to its customers. For larger exposures in Plant/Equipment/Machinery leases, the Company safeguards itself by obtaining additional collateral securities. PGL manages its tax liabilities well and is frugal in increasing its fixed costs.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : September 16, 1996
Head Office : The FORUM, 125-127, First Floor, G-20, Block-9, Main Khayaban-e-Jami, Clifton, Karachi.
Tel : (92-21) 35820301, 35820965-6. 35824401, 35375986-7
Fax : (92-21) 35820302, 35375985
Email : [email protected]
Website : www.pakgulfleasing.com
Offices at : Karachi, Pakistan
Listed at : Pakistan Stock Exchange Limited
Auditors : BDO Ebrahim & Co. Chartered Accountants
Legal Advisors : Mohsin Tayebaly & Co.
Shari'ah Advisor : Mufti Muhammad Ibrahim Essa
CORPORATE INFORMATION
Mr. Mahfuz-ur-Rehman Pasha Chief Executive OfficerMr. Khalil Anwer Hassan Chief ManagerLt. Col. Saleem Ahmed Zafar (Retd.) Chief Operating OfficerMr. Afzal-ul-Haque DCOO & Senior Manager RiskMs. Mehreen Usama Company Secretary / CFOMs. Farah Farooq Head of AuditMajor Arifullah Lodhi (Retd.) Manager HR & AdministrationMr. Ayaz Latif Manager IT
BOARD OF DIRECTORS
KEY PERSONS
1,600
1,200
800
400
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
600
500
400
300
200
100
Rs. In Million
Income from financing assets 96.98Capital Gain on Investment 3.00Other Income 0.02
Operating expenses 69.54Financial expenses 30.54Provision for bad debts / Impairments -0.08
%
%
Rating Agency
JCR-VIS Credit Rating Company Ltd.
Short Term A-2
Long Term A-
Mr. Mahfuz-ur-Rehman PashaChief Executive Officer
PAK-GULF LEASING COMPANY LIMITED
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
EQUITYIssued, Subscribed & Paid up Capital 253.70 253.70Reserves and Retained Earning 293.75 241.12
Total Equity 547.45 494.82LIABILITIESTotal Borrowings 232.86 121.92
Deposits (COI/COD/COM) 156.47 137.11Other Liabilities 563.98 455.28Total Liabilities 953.31 714.31TOTAL EQUITY & LIABILITIES 1,500.76 1,209.13
ASSETSFixed Assets 73.91 77.75Financing Assets 1,341.41 1,075.85Investments 28.21 23.94
Other Assets 57.23 31.59Total Assets 1,500.76 1,209.13
SIGNIFICANT RATIOS
Gearing (x) 0.71 0.52Current Ratio (x) 1.07 1.22Break-up Value (Rs.) 21.58 19.50
INCOMEIncome from financing assets 117.15 89.27
Profit on Investment and bank accounts 3.41 5.13Dividend IncomeOther Income 0.02 0.05Total Income 120.80 94.65
EXPENSESOperating expenses 45.12 36.21Financial expenses 20.31 8.37Provision for bad debts / Impairments (0.05) 1.42
Provision for impairment on investment - -WWFTotal Expenses 66.49 46.97Profit Before Tax 54.31 47.68
Taxation 4.03 18.46Net Profit 50.28 29.22Dividend Payment (Rs.) - -
SIGNIFICANT RATIOSEarning per Share (Rs.) 1.98 1.15Dividend per Share (%) - -
0.22 0.20
1.11 0.97
Year Book 2015
107
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Imamuddin Shouqeen Chairman
Mr. Shahbaz Ali Malik Director
Saiyed Faiq Hussain Director / Chief Executive
Mr. Malik Junaid Emam Director
Mr. Kamran Hussain Mughal Director / Company Secretary
Popular Islamic Modaraba (Formerly First Islamic Modaraba) is a multipurpose, perpetual Modaraba formed under the Modaraba and Modaraba (floatation and control) Ordinance, 1980 and the rules framed there under and is managed by the Popular Islamic Modaraba Management Company (Private) Limited (formerly by Islamic Investment Bank Limited - under liquidation), a company incorporated in Pakistan under the Companies Ordinance, 1984 and registered with Registrar of Modaraba Companies. The registered office of the modaraba is situated at 813, 8th Floor, Chappal Plaza, Hasrat Mohani Road, Off I.I.Chundrigar Road, Karachi. The Modaraba is listed on Pakistan Stock Exchange Limited.
The Modaraba is engaged in various Islamic modes of financing and business including ijarah, musharaka, murabaha arrangements, trading in listed securities and other commodities.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : August 6, 2013
Head Office : 813, 8th Floor, Chappal Plaza, Hasrat Mohani
Road, Off. I.I. Chundrigar Road, Karachi.
Tel : (92-21) 32471892
Fax :
Email : [email protected]
Website : www.popularislamicmodaraba.com
Offices at : Karachi
Listed at : Pakistan Stock Exchange Limited
Auditors : Avais Hyder Liaquat Nauman, Chartered
Accountants
Legal Advisors : Zafar Ali Shah Advocate, Bukhari Law Associates
Shari'ah Advisor : Mufti Muhammad Ibrahim Essa
CORPORATE INFORMATION
Saiyed Faiq Hussain Chief Executive
Mr. Kamran Hussain Mughal Company Secretary
Mr. Ali Hasan Kalroo Chief Financial Officer
Mr. Adnan Ali Manager Operation
BOARD OF DIRECTORS
KEY PERSONS
200
150
100
50
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
200
150
100
50
Rs. In Million
Income from financing assets 96.11Capital Gain on Investment 3.64Other Income 0.25
Operating expenses 133.69Provision for impairment on investment (34.48)WWF 0.80
%
%
Rating Agency
-
Short Term -
Long Term -
S. Faiq HusainChief Executive Officer
Jun-14Jun-15
Jun-14Jun-15
POPULAR ISLAMIC MODARABA (FORMERLY FIRST ISLAMIC MODARABA)
EQUITY
Issued, Subscribed & Paid up Capital 100.00 100.00
Reserves & Retained Earning 30.31 26.20
Total Equity 130.31 126.20
LIABILITIES
Total Borrowings - -
Deposits - -
Other Liabilities 10.16 6.19
Total Liabilities 10.16 6.19
TOTAL EQUITY & LIABILITIES 140.47 132.38
ASSETSFixed Assets 0.03 0.06
Financing Assets 105.85 106.36
Investments 14.32 7.31
Other Assets 20.26 18.66
Total Assets 140.47 132.38
SIGNIFICANT RATIOS
Gearing (x) 0.02 0.04
Current Ratio (x) 41.94 25.24
Earning per Share (Rs.) 0.41 0.14
INCOME
Income from financing assets 15.48 3.38
Capital Gain on Investment 0.59 3.13
Dividend Income - 0.70
Other Income 0.04 0.03
Total Income 16.10 7.24
EXPENSES
Operating expenses 15.48 5.09
Financial expenses - -Provision for bad debts / Impairments - -
Provision for impairment on investment (3.99) 0.65
WWF 0.09 0.00
Total Expenses 11.58 5.74
Profit Before Tax 4.52 1.50
Taxation 0.41 0.07
Net Profit 4.11 1.43
Dividend Payment (Rs.)
SIGNIFICANT RATIOS
Break-up Value (Rs.) 13.03 12.62
Dividend per Share (%) - -
20142015
20142015
Year Book 2015
108
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Niaz Ahmed Khan Chairman
Mr. Muhammad Tariq Masud Chief Executive Officer
Ms. Parveen A. Malik Director
Mr. Arsalan Iftikhar Khan Director
Mr. Hazrat Wali Director
Saudi Pak Leasing Company Limited ("the Company") was incorporated in Pakistan on 08 January 1991 and is listed on all the three stock exchanges in Pakistan. the registered office of the Company is situated at 6th Floor, Lakson Square Building No.1, Sarwar Shaheed Road, Saddar, Karachi. The main business activity of the Company is leasing of assets. The Company's license to carry out the business of leasing had expired on 18 May 2010 and its renewal is pending with the Securities and Exchange Commission of Pakistan (SECP). The Company has not been doing business of new leases since 2008.
Saudi Pak Industrial & Agricultural Investment Company Limited (SAPICO) is the parent company (by virtue of management rights) and as of 30 June 2015 holds 35.06% (30 June 2014; 35.06%) of issued ordinary share capital of the Company and 63% (30 June 2014; 63%) of issued preference share capital of the Company.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : January 1991
Head Office : 6th Floor, Lakson Square Building #1, Sarwar
Shaheed Road, Karachi
Tel : (92-21) 35655181-85
Fax : (92-21) 35210607-9
Email : [email protected]
Website : www.saudipakleasing.com
Offices at : Karachi, Lahore & Islamabad
Listed at : Pakistan Stock Exchange Limited
Auditors : KPMG Taseer Hadi & Co., Chartered Accountants
Legal Advisors : Zafar & Zafar Law Associates
CORPORATE INFORMATION
BOARD OF DIRECTORS
KEY PERSONS
1,250
1,100
950
800
650
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
(250)
(350)
(450)
(550)
Rs. In Million
Rating AgencyShort Term
Long Term
SAUDI PAK LEASING COMPANY LIMITED
Mr. Muhammad Tariq MasudChief Executive Officer / Managing Director
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
Mr. Muhammad Tariq Masud Chief Executive Officer
Mr. Zahirudin Kazi CFO & Company Secretary
Mr. Yousuf H. Makhdum General Manager
Mr. Faisal Shiraz Sr. Manager Finance & Accounts Deparment
-- -
EQUITY
Issued, Subscribed & Paid up Capital
Reserves & Retained Earning
Total Equity
LIABILITIES
Total Borrowings
Deposits (COI/COD/COM)
Other Liabilities
Total Liabilities
TOTAL EQUITY & LIABILITIES
ASSETS
Fixed Assets
Financing Assets
Investments
Other Assets
Total Assets
SIGNIFICANT RATIOS
Gearing (x)
Current Ratio (x)
Break-up Value (Rs.)
979.81
(1,510.81)
(530.99)
610.69
122.74
811.23
1,544.67
1,013.68
64.67
770.11
88.41
90.49
1,013.68
(2.16)
0.61
(11.61)
979.81
(1,317.52)
(337.70)
649.66
124.74
785.81
1,560.21
1,222.50
21.64
967.91
38.72
194.23
1,222.50
(4.62)
0.73
(7.48)
INCOME
Income from financing assets
Capital Gain on Investment
Dividend Income
Other Income
Total Income
EXPENSES
Operating expenses
Financial expenses
Provision for bad debts / Impairments
Provision for impairment on investment
WWF
Total Expenses
Profit Before Tax
Taxation
Net Profit
Dividend Payment (Rs.)
SIGNIFICANT RATIOS
Earning per Share (Rs.)
Dividend per Share (%)
18.75
-
-
42.13
60.88
69.20
51.14
132.10
(0.72)
-
251.71
(190.83)
2.10
(192.93)
-
(4.27)
-
49.81
0.14
0.02
157.85
207.82
76.11
56.28
66.48
4.09
-
202.96
4.86
(2.36)
7.22
-
0.03
-
Operating expenses 27.49Financial expenses 20.32Provision for bad debts / Impairments 52.48Provision for impairment on investment -0.29
%
%
Income from financing assets 30.80Other Income 69.20
Year Book 2015
109
(Rupees in Million)
(Rupees in Million)INCOMEIncome from financing assets 36.06
Capital Gain on Investment -Dividend Income -Other Income (69.79)Total Income (33.73)
EXPENSESOperating expenses 80.08Financial expenses 3.38Provision for bad debts / Impairments 16.42
Provision for impairment on investment -WWF -Total Expenses 99.87Profit Before Tax (133.60)
Taxation 1.33Net Profit (134.93)Dividend Payment (Rs.) -
SIGNIFICANT RATIOSEarning per Share (Rs.) (3.72)Dividend per Share (%) -
EQUITYIssued, Subscribed & Paid up Capital 438.03Reserves & Retained Earning (275.69)
Total Equity 162.34LIABILITIESTotal Borrowings 479.97
Deposits (COI/COD/COM) -Other Liabilities 276.64Total Liabilities 756.61TOTAL EQUITY & LIABILITIES 918.95
ASSETSFixed Assets 12.69Financing Assets 232.65Investments -
Other Assets 673.61Total Assets 918.95
SIGNIFICANT RATIOS
Gearing (x) 4.66Current Ratio (x) 0.73Break-up Value (Rs.) 3.71
COMPANY INFORMATION
Mr. M R Khan Chairman
Mr. S M Nadim Shafiqullah Vice Chairman
Syed Nauman Akhtar Chief Executive Officer
Mr. Mohammed Khalid Ali Director
Mr. Azim Azfar Director
Mr. Shafiq-ur-Rehman Director
Mr. Abdul Ghafoor Director
Mr. Naeem Shafi Director
Security Leasing Corporation Limited ("the Company") was incorporated in Pakistan on December 6, 1993 and commenced its operations on May 21, 1995. The Company is a Non-Banking Finance Company (NBFC) under Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 and engaged in the business of leasing.
The registered office of the Company is situated at Block-B, 5th Floor, Lakson Square Building No.3, Sarwar Shaheed Road, Karachi. The Company is listed on Pakistan Stock Exchange Limited.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : May 21, 1995
Head Office : Block-B, 5th Floor, Lakson Square Building No.3,
Sarwar Shaheed Road, Karachi
Tel : (92-21) 35205379, UAN: 111-111-902
Fax : (92-21) 35689854
Email : [email protected]
Website : www.seclease.com
Offices at : Karachi and Lahore
Listed at : Pakistan Stock Exchange Limited
Auditors : Avais Hyder Liaquat Nauman, Chartered
Accountants
Legal Advisors : Ali Raza Habb & Co., Advocates, Solicitors &
Legal Advisor
CORPORATE INFORMATION
Syed Nauman Akhtar Chief Executive Officer
Ms. Farah Azeem Company Secretary
BOARD OF DIRECTORS
KEY PERSONS
1,000
800
600
400
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
200
150
100
50
Rs. In Million
Income from financing assets 100.00
Operating expenses 123.65Financial expenses 7.09Provision for bad debts / Impairments -30.74
%
%
Rating AgencyShort Term
Long Term
SECURITY LEASING CORPORATION LIMITED
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
17.55
---
17.55
79.894.58
(19.86)
--
64.62(47.07)
(18.54)(28.52)
-
(0.79)-
438.03(301.52)
136.51
466.39
-260.74727.13863.64
93.42390.41
-
379.80863.64
5.330.843.12
Syed Nauman AkhtarChief Executive Officer
-- -
Year Book 2015
110
(Rupees in Million)
(Rupees in Million)
SINDH EL ASING
COMPANY INFORMATION
Mr. Muhammad Bilal Sheikh Chairman (Non Executive Director)
Mr. Sohail Khan Rajput Non-Executive Director
Syed Shahnawaz Nadir Shah Non-Executive Director
Syed Saeed Reza Independent Non-Executive Director
Mr. Muhammad Imran Malik Independent Non-Executive Director
Mr. Ali Murtaza Kazmi Independent Non-Executive Director
Mr. Naim Farooqui Chief Executive - Executive Director
Sindh Leasing Company Limited (the Company) was incorporated in Pakistan on December 16, 2013 as an unlisted public company under the Companies Ordinance, 1984. The Company was granted licence on March 27, 2014 to carry out leasing business as a Non-Banking Finance Company (NBFC) under the Non-Banking Finance Companies (Established and Regulations) Rules, 2003. The registered office of the Company is situated at 3rd Floor, Imperial Court Building, Dr. Ziauddin Ahmad Road, Karachi.
100% shares of the Company are held by the Government of Sindh
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : March 27, 2014
Head Office : 3rd Floor, Imperial Court, Dr. Ziauddin Ahmed
Road, Karachi.
Tel : (92-21) 35640701-3
Fax : (92-21) 35640704
Email : [email protected]
Website : www.sindhleasingltd.com
Offices at : Karachi, Larkana/Naudero & Hyderabad
Auditors : BDO Ebrahim & Co., Chartered Accountants
Legal Advisors : Muhammad Nadeem Khan
CORPORATE INFORMATION
Mr. Naim Farooqui Chief Executive Officer
Mr. Rehan Anjum Chief Financial Officer & Company Secretary
Mr. Hasnain Raza Head of CAD
Syed Farrukh Hussain Head of IT
Syed Atta Abbas Naqvi Manager Credit and Marketing
BOARD OF DIRECTORS
KEY PERSONS
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
1,200
1,000
800
600
400
200
Rs. In Million
Income from financing assets 19.43Capital Gain on Investment 68.31Dividend Income 12.00Other Income 0.26
Operating expenses 88.18Financial expenses 1.56Provision for bad debts / Impairments 7.02WWF 3.24
%
Rating AgencyShort Term
Long Term
SINDH LEASING COMPANY LIMITED
Jun-14Jun-15
Jun-14Jun-15
JCR-VIS Credit Rating Company Ltd.
A-2
A
1,400
1,200
1,000
800
600
400
200
20142015
20142015
EQUITYIssued, Subscribed & Paid up Capital 1,000.00 1,000.00Reserves & Retained Earning 59.75 27.04
Total Equity 1,059.75 1,027.04LIABILITIESTotal Borrowings 95.00 -
Deposits (COI/COD/COM) - -Other Liabilities 87.69 23.93Total Liabilities 182.69 23.93TOTAL EQUITY & LIABILITIES 1,242.44 1,050.97
ASSETSFixed Assets 32.37 34.10Financing Assets 440.38 29.69Investments 347.67 900.00
Other Assets 422.02 87.18Total Assets 1,242.44 1,050.97
SIGNIFICANT RATIOS
Gearing (x) 0.17 0.02Current Ratio (x) 7.89 60.61Break-up Value (Rs.) 10.60 10.27
INCOME
Income from financing assets 19.55 0.63
Capital Gain on Investment 68.73 49.68
Dividend Income 12.08 -
Other Income 0.26 0.01
Total Income 100.62 50.32
EXPENSES
Operating expenses 47.83 10.55
Financial expenses 0.85 0.00
Provision for bad debts / Impairments 3.81 -
Provision for impairment on investment - -
WWF 1.76 -
Total Expenses 54.24 10.56
Profit Before Tax 46.38 39.76
Taxation 13.67 12.73
Net Profit 32.71 27.04
Dividend Payment (Rs.) - -
SIGNIFICANT RATIOS
Earning per Share (Rs.) 0.33 0.27
Dividend per Share (%) - -
Mr. Naim FarooquiChief Executive Officer
Year Book 2015
111
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Muhammad Bilal Shaikh Chairman (Non Executive Director)
Mr. Muhammad Sohail Khan Rajput Non-Executive Director
Mr. Muhammad Naimuddin Farooqui Non-Executive Director
Syed Shahnawaz Nadir Shah Non-Executive Director
Mr. Muhammad Shahid Murtaza Independent Director
Mr. Asif Haider Mirza Independent Director
Mr. Moin Mohajir Independent Director
Mr. Javed Iqbal Chief Executive
Sindh Modaraba, listed on Karachi Stock Exchange, commenced its business operation since 9th February, 2015 and is managed by Sindh Modaraba Management Limited having paid-up capital of Rs. 500 million. The registered office of Sindh Modaraba is 1st Floor, Imperial Courts, Dr. Ziauddin Ahmed Road, Karachi
Sindh Modaraba is a perpetual, multi-purpose and multi-dimensional Modaraba and is primarily engaged in providing Shariah compliant financing facilities to credit worthy customers.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : February 09, 2015
Head Office : 1st Floor, Imperial Court, Dr. Ziauddin Ahmed Road, Karachi.
Tel : (92-21) 35640708-9
Fax : (92-21) 35640711
Email : [email protected]
Website : www.sindhmodarabaltd.com
Offices at : Karachi
Listed at : Pakistan Stock Exchange Limited
Auditors : Grant Thornton Anjum Rahman, Chartered Accountants
Legal Advisors : Mohsin Tayebaly & Co.
Shariah Advisor : Mufti Zeeshan Abdul Aziz
CORPORATE INFORMATION
Mr. Javed Iqbal Chief Executive Officer
Mr. Zulfiqar Ali Chief Financial Officer & Company Secretary
BOARD OF DIRECTORS
KEY PERSONS
500
400
300
200
100
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
Rs. In Million
Income from financing assets 16.06Capital Gain on Investment 1.97Dividend Income/income on bank deposit 81.64Other Income 0.34
Operating expenses 98.58WWF 1.42
%
%
Rating AgencyShort Term
Long Term
SINDH MODARABA
Jun-14Jun-15
Jun-14Jun-15
500
400
300
200
100
SINDH
Javed IqbalC.E.O.
20142015
20142015
INCOME
Income from financing assets 3.75
Capital Gain on Investment 0.46
Dividend Income/income on bank deposit 19.09
Other Income 0.08
Total Income 23.38 -
EXPENSES
Operating expenses 13.60
Financial expenses -
Provision for bad debts / Impairments -
Provision for impairment on investment
WWF 0.19
Total Expenses 13.79 -
Profit Before Tax 9.59 -
Taxation - -
Net Profit 9.59 -
Dividend Payment (Rs.) 7.20
SIGNIFICANT RATIOS
Earning per Share (Rs.) 0.21
Dividend per Share (%) 1.60
EQUITY
Issued, Subscribed & Paid up Capital 450.00Reserves & Retained Earning 9.59
Total Equity 459.59 -LIABILITIESTotal Borrowings -Deposits (COI/COD/COM) -
Other Liabilities 18.82Total Liabilities 18.82 -TOTAL EQUITY & LIABILITIES 478.41 -ASSETS
Fixed Assets 0.27Financing Assets 163.96Investments -Other Assets 314.18
Total Assets 478.41 -
SIGNIFICANT RATIOSGearing (x) 0.04 -
Current Ratio (x) 34.15Break-up Value (Rs.) 10.22
-- -
Year Book 2015
112
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Ms. Mehnaz Kaludi Chairperson
Mr. Ihsan ul Haq Khan Director
Mr. Ali A. Rahim Director
Mr. Dilshad Ali Ahmad Director
Mian Tahir Bashir Director
Mr. Ateeq Ur Rehman Director
SME Leasing Limited (the Company) was incorporated in Pakistan on July 12, 2002 as an unlisted public company and acquired the status of a listed company on December 13, 2006. The company is a subsidiary of SME Bank Limited holding company), which holds 73.14% (31 December 2013: 73.14%) of the Company's share. At the time of incorporation, the company was a wholly owned subsidiary of SME Bank Limited, whereby under an arrangement the assets and liabilities of the leasing division of SME Bank Limited were transferred to the Company on 28 January 2003. The company is listed on Pakistan Stock Exchange Limited and its registered office is situated at 56-F Nizam-ul-Din Road, Blue Area, Islamabad. The core objective of the company is to extend lease and working capital financing facilities to small and medium enterprises of the country.
PERFORMANCE HIGHLIGHTS 2013-2014BALANCE SHEET
PROFIT & LOSS
Commenced Business on : January 28, 2003
Head Office : 304, 3rd Floor, Business Arcade, Shahrah-e-
Faisal, Karachi.
Tel : (92-21) 34322128-129-137
Fax : (92-21) 34322082
Email : [email protected]
Website : www.smelease.com
Offices at : Karachi, Hyderabad, Lahore, Islamabad, Sialkot
and Peshawar
Listed at : Pakistan Stock Exchange Limited
Auditors : KPMG Taseer Hadi & Co., Chartered Accountants
Legal Advisors : Mohsin Tayebaly & Company, Advocate & Legal
Consultant
CORPORATE INFORMATION
Mir Javed Hashmat Chief Executive OfficerMr. Osama Iqbal Company Secretary & CFOMs. Shafque Akhter Internal Auditor
BOARD OF DIRECTORS
KEY PERSONS
700
600
500
400
Balance Sheet Growth
Equity Growth
Revenue Analysis (2013-14)
Cost Analysis (2013-14)
CREDIT RATING
Rs. In Million
250
200
150
100
Rs. In Million
Income from financing assets 99.66Capital Gain on Investment 0.16Other Income 0.18
Operating expenses 66.80Financial expenses 29.11Provision for bad debts / Impairments 4.09
%
%
Rating Agency
JCR-VIS Credit Rating Company Ltd.
Short Term B
Long Term BB+
SME LEASING LIMITED
Dec-13Dec-14
20132014
20132014
INCOMEIncome from financing assets 46.06 26.20
Capital Gain on Investment 0.08 0.42Dividend Income - -Other Income 0.08 1.76Total Income 46.22 28.39
EXPENSESOperating expenses 37.95 29.42Financial expenses 16.54 7.36Provision for bad debts / Impairments 2.32 (0.95)
Provision for impairment on investment - -WWF - -Total Expenses 56.80 35.83Profit Before Tax (10.58) (7.43)
Taxation 0.46 0.28Net Profit (11.05) (7.72)Dividend Payment (Rs.) - -
SIGNIFICANT RATIOSEarning per Share (Rs.) (0.35) (0.24)Dividend per Share (%) - -
EQUITYIssued, Subscribed & Paid up Capital 320.00 320.00Reserves & Retained Earning (129.53) (119.67)
Total Equity 190.47 200.33LIABILITIESTotal Borrowings 155.32 37.53
Deposits (COI/COD/COM) - 0.20Other Liabilities 312.59 304.02Total Liabilities 467.91 341.75TOTAL EQUITY & LIABILITIES 658.38 542.08
ASSETSFixed Assets 10.47 14.21Financing Assets 629.07 512.74Investments 3.21 3.99
Other Assets 15.63 11.14Total Assets 658.38 542.08
SIGNIFICANT RATIOS
Gearing (x) 2.46 1.71Current Ratio (x) 1.08 1.51Break-up Value (Rs.) 5.95 6.26
Dec-13Dec-14
Mir Javed HashmatChief Executive Officer
Year Book 2015
113
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Khurram Shahzad Khan Chairman - Non Executive Director
Mr. Arjumand Ahmed Minai Chief Executive - Executive Director
Mr. Najam I. Chaudhri Independent Non-Executive Director
Mr. Moin Mohajir Independent Non-Executive Director
Mr. Najam Siddiqi Non-Executive Director
Syed Naseer ul Hasan Non-Executive Director
Mr. Shahid Mustafa Non-Executive Director
Standard Chartered Leasing Limited (‘the Company’) was incorporated in Pakistan on 02 October 1993 under the Companies Ordinance, 1984. The Company is a subsidiary of Standard Chartered Bank (Pakistan) Limited, ('the Bank'). The Company is principally engaged in business of leasing. The Company is listed on the Pakistan Stock Exchange Limited. The Holding Company, Standard Chartered Bank (Pakistan) Limited, owns 84,579,276 ordinary shares which constitutes 86.45 percent of the total issued, subscribed and paid-up capital. The registered and the principal office of the Company is situated at First Floor, Plot # SC-7, Street-17, Sector-15, Korangi Industrial Area, Korangi, Karachi. The Company also has branch offices located at Lahore, Faisalabad and Islamabad.
Standard Chartered Bank (Pakistan) Limited (SCBPL), has entered into a non-binding Memorandum of Understanding with ORIX Leasing Pakistan Limited (OLPL) with regard to prospective divestment of its stake in the Company. This transaction is subject to execution of a sale and purchase agreement between SCBPL & OLPL and applicable regulatory approvals.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : May 1994
Head Office : 1st Floor, Plot # SC-7, Street-17, Sector-15,
Korangi Industrial Area, Karachi
Tel : (92-21) 38183333
Fax : (92-21) 35114210
Email : [email protected]
Website : www.standardcharteredleasing.com
Offices at : Karachi, Lahore, Islamabad and Faisalabad
Listed at : Pakistan Stock Exchange Limited
Auditors : KPMG Taseer Hadi & Co., Chartered
Accountants
Legal Advisors : Mansoor Ahmad Khan & Company
CORPORATE INFORMATION
Mr. Arjumand Ahmad Minai Chief Executive Officer
Mr. Mahmood Ghafoor CFO / Company Secretary
Mr. Ahmed Haroon Head of Recovery/Collection & CRC
Syed Haris Ali Head of Credit & Risk Management
Ms. Farhat Ansari Head of Legal & Compliance/HR
Mr. Sarmad Aman Regional Manager - North and Central
Mr. Muhammad Essa Regional Manager - South
Mr. Asif Muhammad Head of Information Technology
BOARD OF DIRECTORS
KEY PERSONS
5,600
4,500
3,400
2,200
1,200
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Chief Executive
Rs. In Million
1,000
800
600
400
200
Rs. In Million
Income from financing assets 88.39Capital Gain on Investment 9.39Other Income 2.22
Operating expenses 26.51Financial expenses 68.65Provision for bad debts / Impairments 4.84
%
%
Rating Agency
Pakistan Credit Rating Agency Limited
Short Term A1+
Long Term AA+
Mr. Arjumand Ahmed Minai
STANDARD CHARTERED LEASING LIMITED
Jun-14Jun-15
Jun-14Jun-15
EQUITY
Issued, Subscribed & Paid up Capital 978.35 978.35
Reserves & Retained Earning (14.37) (18.79)
Total Equity 963.98 959.56
LIABILITIES
Total Borrowings 660.11 824.48
Deposits 2,184.00 2,387.60
Other Liabilities 1,416.84 1,353.44
Total Liabilities 4,260.95 4,565.52
TOTAL EQUITY & LIABILITIES 5,224.94 5,525.09
ASSETSFixed Assets 2.70 4.27
Financing Assets 4,663.60 4,955.97
Investments 418.05 417.31
Other Assets 140.59 147.54
Total Assets 5,224.94 5,525.09
SIGNIFICANT RATIOS
Gearing (x) 2.95 3.35
Current Ratio (x) 1.27 1.31
Earning per Share (Rs.) 0.85 1.12
INCOME
Income from financing assets 484.74 509.34
Capital Gain on Investment 51.52 40.92
Dividend Income - -
Other Income 12.15 14.15
Total Income 548.41 564.40
EXPENSES
Operating expenses 111.63 117.94
Financial expenses 289.00 303.04Provision for bad debts / Impairments 20.37 (14.52)
Provision for impairment on investment - -
WWF
Total Expenses 421.00 406.46
Profit Before Tax 127.41 157.94
Taxation 44.72 48.12
Net Profit 82.69 109.82
Dividend Payment (Rs.) - 78.27
SIGNIFICANT RATIOS
Break-up Value (Rs.) 9.85 9.81
Dividend per Share (%) - 8.00
20142015
20142015
Year Book 2015
114
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Khurram Shahzad Khan ChairmanMr. Raheel Qamar Ahmad MD/Chief ExecutiveSyed Zaheer Mehdi DirectorMr. Salar Hasan Khan DirectorMr. Najam Siddiqi DirectorMr. Shezad Arif Director
Standard Chartered Modaraba (the Modaraba) was formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framed thereunder and is managed by Standard Chartered Services of Pakistan (Private) Limited. The Management Company is a wholly owned subsidiary of Standard Chartered Bank (Pakistan) Limited. The registered office is situated at Standard Chartered Bank Building, I.I. Chundrigar Road, Karachi, Pakistan.
The Modaraba is a perpetual Modaraba and is primarily engaged in leasing / Ijarah of plant, machinery, motor vehicles (both commercial and private) and computer equipment, etc. The Modaraba may also invest in commercial and industrial ventures suitable for the Modaraba. The Modaraba is listed on the Pakistan Stock Exchange Limited.
On 2 September 2015, Standard Chartered Bank (Pakistan) Limited has entered into a share and certificate purchase agreement with Orix Leasing Pakistan Limited with regard to proposed divestment of its 100% stake in Standard Chartered Services of Pakistan (Private) Limited (Modaraba's Management Company) and 20% stake (10% directly and 10% through Standard Chartered Services of Pakistan (Private) Limited) in Standard Chartered Modaraba. This transaction and its implementation is subject to satisfaction of various conditions including regulatory approvals contained in the agreements.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : August 1987Head Office : Standard Chartered Bank, Main Building,
I.I. Chundrigar Road, Karachi.Tel : (92-21) 342450000Fax : (92-21) 32400200, 38140801-803Email : [email protected] : www.modaraba.standardchartered.comOffices at : Karachi, Lahore & IslamabadListed at : Pakistan Stock Exchange LimitedAuditors : KPMG Taseer Hadi & Co.Legal Advisors : Fazle Ghani Adocates Izhar Law Associates Sirajul Haque & Co. Orr Dignam & Co. Mohsin Tayebaly & Co. Liaquat Marchant AssociatesShariah Advisor : Mufti Abdul Sattar Laghari
CORPORATE INFORMATION
Mr. Raheel Qamar Ahmad MD/Chief Executive Officer
Mr. Muhammad Siddique Chief Financial Officer & Company Secretary
BOARD OF DIRECTORS
KEY PERSONS
7,000
6,000
5,000
4,000
3,000
2,000
1,000
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
1200
1000
800
6000
400
200
Rs. In Million
Income from financing assets 84.97Other Income 15.03
Operating expenses 26.63Financial expenses 68.52Provision for bad debts / Impairments 3.98WWF 0.87
%
%
Rating Agency
Pakistan Credit Rating Agency
Short Term A1+
Long Term AA+
Mr. Raheel Qamar AhmadCEO
STANDARD CHARTERED MODARABA
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
EQUITYIssued, Subscribed & Paid up Capital 453.84 453.84Reserves 698.99 639.67Total Equity 1,152.82 1,093.50LIABILITIESTotal Borrowings 478.16 1,041.04Deposits (COI/COD/COM) 2,683.95 2,774.41Other Liabilities 865.32 1,126.36Total Liabilities 4,027.42 4,941.81TOTAL EQUITY & LIABILITIES 5,180.25 6,035.32ASSETSFixed Assets 14.51 23.07Financing Assets 4,705.29 5,547.40Investments - -Other Assets 460.44 464.84Total Assets 5,180.25 6,035.32
SIGNIFICANT RATIOS
Gearing (x) 3.49 4.52Current Ratio (x) 0.44 0.33Break-up Value (Rs.) 25.40 24.09
INCOMEIncome from financing assets 554.60 635.96Capital Gain on Investment - -Dividend Income - -Other Income 98.08 53.62Total Income 652.68 689.58EXPENSESOperating expenses 121.74 112.09Financial expenses 313.30 385.70Provision for bad debts / Impairments 18.19 0.42Provision for impairment on investment - 5.96WWF 3.99 3.71Total Expenses 457.21 507.87Profit Before Tax 195.47 181.70Taxation - -Net Profit 195.47 181.70Dividend Payment (Rs.) 149.77 136.15
SIGNIFICANT RATIOSEarning per Share (Rs.) 4.31 4.00Dividend per Share (%) 33.00 30.00
Year Book 2015
115
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Asif Kamal Director
Mr. Tariq Husain Director
Syed Sajjad Hussain Rizvi Director
Mr. Mamoon-ur-Rashid Qureishi Director
Mr. Abdul Shakeel Director
Mr. Asad Ali Kazmie Director
Mr. Ahsan Rafique Director/Chief Executive Officer
Trust Investment Bank Limited and its subsidiary company ("the Group") comprises of holding company Trust Investment Bank Limited ("TIBL") and a wholly owned subsidiary company Trust Capital (Private) Limited ("TCPL"). Trust Investment Bank Limited ("the Company") was incorporated in 1992 as a public limited Company under the Companies Ordinance, 1984 and is listed on Pakistan Stock Exchange Limited. The registered office of the Company is situated at 6th Floor, M M Tower, 28 - A/ K, Gulberg II, Lahore. The Company is mainly engaged in the business of investment finance services. It is classified as a Non-Banking Finance Company (NBFC) and is regulated by the Securities and Exchange Commission of Pakistan (SECP).
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : February 23, 1992
Head Office : 6th Floor, M.M. Tower, 28-A/K, Gulberg-II, Lahore
Tel : (92-42) 35817601-05
Fax : (92-42) 35817600
Email : [email protected]
Website : www.trustbank.com.pk
Offices at : Lahore, Faisalabad, Multan & Islamabad
Listed at : Pakistan Stock Exchange Limited
Auditors : Tariq Abdul Ghani Maqbool and Co. Chartered
Accountants
Legal Advisors : Chaudhry Mahmood-ur-Rehman
CORPORATE INFORMATION
Mr. Ahsan Rafique Chief Executive Officer
Ms. Zahra Khalid CFO & Company Secretary
BOARD OF DIRECTORS
KEY PERSONS
4,500
3,500
2,500
1,500
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
1,200
1,000
800
600
400
Rs. In Million
Income from financing assets 67.91Capital Gain on Investment 15.70Other Income 16.39
Operating expenses 225.11Financial expenses 6.08Provision for bad debts / Impairments -131.21
%
%
Rating AgencyShort Term -
Long Term -
Mr. Ahsan Rafique
TRUST INVESTMENT BANK LIMITED
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
EQUITYIssued, Subscribed & Paid up Capital 822.03 892.03Reserves & Retained Earning 312.68 (130.36)Total Equity 1,134.70 761.67LIABILITIESTotal Borrowings 1,181.11 950.53
Deposits 1,652.82 1,560.49
Other Liabilities 440.43 898.07
Total Liabilities 3,274.37 3,409.08
TOTAL EQUITY & LIABILITIES 4,409.07 4,170.75
ASSETS
Fixed Assets 2,956.33 1,462.58Financing Assets 1,162.51 1,015.88
Investments 54.16 1,190.02
Other Assets 236.07 502.27Total Assets 4,409.07 4,170.75
SIGNIFICANT RATIOSGearing (x) 2.89 4.48
Current Ratio (x) 0.44 0.78
Earning per Share (Rs.) 0.17 0.05
INCOME
Income from financing assets 42.94 53.45
Capital Gain on Investment 9.93 62.17
Dividend Income - -
Other Income 10.36 92.69
Total Income 63.22 208.31
EXPENSES
Operating expenses 109.01 97.64
Financial expenses 2.94 13.44
Provision for bad debts / Impairments (63.53) 90.98
Provision for impairment on investment - -
WWF - -
Total Expenses 48.42 202.06
Profit Before Tax 14.80 6.25
Taxation 0.83 1.43
Net Profit 13.97 4.82
Dividend Payment (Rs.) - -
SIGNIFICANT RATIOS
Break-up Value (Rs.) 13.80 8.54
Dividend per Share (%) - --
Year Book 2015
116
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Syed Manzoor Hussain Shah Kazmi Chairman
Mr. Basheer Ahmed Chowdry Chief Executive
Shaikh Arshad Farooq Director
Mr. Muhammad Imranul Haque Director
Mr. Sohail Ansar Director
Dr. Namoos Baquar Director
Syed Shahnawaz A. Rizvi Director
Trust Modaraba was formed in Pakistan under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed thereunder and being managed by Al-Zamin Modaraba Management (Private) Limited (AZMML). The Modaraba is perpetual, multi-purpose and multi-dimensional, engaged in the business of Murabahah , Musharakah, Leasing (Ijarah), investment in marketable securities, tradings and other permissible businesses. The Modaraba commenced its business operations in November 1991. The principal place of business and registered office is located at 104-106, Kassam Court, BC- 9, Block-5, Clifton, Karachi - 75600 while regional office is located at 301-302, 3rd Floor, Garden Heights, 8- Aibak Block, New Garden Town, Lahore. It is listed on the Pakistan Stock Exchange Limited.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : November 12, 1991
Head Office : 104-106, Kassam Court, BC-9, Block-5, Clifton,
Karachi
Tel : (92-21) 35876651-2
Fax : (92-21) 35870408
Email : [email protected]
Website : www.trustmodaraba.com
Offices at : Karachi, Lahore and Gujranwala
Listed at : Pakistan Stock Exchange Limited
Auditors : Deloitte Yousuf Adil, Chartered Accountants
Legal Advisors : Shakeel Ahmed Awan, Advocate, Supreme Court
of Pakistan
Shari'ah Advisor : Mufti Muhammad Zubair Usmani
CORPORATE INFORMATION
Mr. Basheer Ahmed Chowdry Chief Executive
Ms. Hamida Aqeel Chief Operating Officer/Company Secretary
Mr. Ijaz Ahmed Khan Chief Financial Officer/Regional Head
Ms. Roomana Nasir Head of Human Resources
BOARD OF DIRECTORS
KEY PERSONS
500
400
300
200
100
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Chief Executive
Rs. In Million
350
300
250
200
150
100
Rs. In Million
Income from financing assets 91.64Capital Gain on Investment 0.97Dividend Income 0.09Other Income 7.31
Operating expenses 107.65Provision for bad debts / Impairments -7.65
%
%
Rating AgencyShort Term
Long Term
TRUST MODARABA
Mr. Basheer A. Chowdry
Jun-14Jun-15
Jun-14Jun-15
EQUITY
Issued, Subscribed & Paid up Capital 298.00 298.00Reserves & Retained Earning 12.06 8.68
Total Equity 310.06 306.68
LIABILITIESTotal Borrowings - -
Deposits - -
Other Liabilities 101.38 111.55Total Liabilities 101.38 111.55
TOTAL EQUITY & LIABILITIES 411.44 418.23
ASSETSFixed Assets 13.63 13.69
Financing Assets 312.01 341.34
Investments 12.26 6.31Other Assets 73.54 56.89
Total Assets 411.44 418.23
SIGNIFICANT RATIOS
Gearing (x) 0.33 0.36
Current Ratio (x) 4.37 4.05
Earning per Share (Rs.) 0.58 0.68
INCOME
Income from financing assets 78.45 98.35Capital Gain on Investment 0.83 2.20
Dividend Income 0.07 0.07
Other Income 6.26 3.37Total Income 85.61 103.99
EXPENSES
Operating expenses 73.42 82.81Financial expenses - -
Provision for bad debts / Impairments (5.22) 0.95
Provision for impairment on investment - -
WWF - -Total Expenses 68.20 83.76
Profit Before Tax 17.41 20.23
Taxation - -Net Profit 17.41 20.23
Dividend Payment (Rs.) 12.67 14.90
SIGNIFICANT RATIOS
Break-up Value (Rs.) 10.40 10.29
Dividend per Share (%) 4.25 5.00
20142015
20142015
-- -
Year Book 2015
117
(Rupees in Million)
(Rupees in Million)
COMPANY INFORMATION
Mr. Muhammad Kamran Shehzad Chief Executive Officer
Mr. Junaid Iqbal Director
Mr. Muhammad Iqtidar Ahmed Director
Unicap Modaraba (the Modaraba) is a multipurpose, perpetual Modaraba floatd in Pakistan in the year 1991 under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed there under, having its registered office at 6-M/2, Block-H, Gulberg-II, Lahore. The Modaraba is listed on Pakistan Stock Exchange Limited.
PERFORMANCE HIGHLIGHTS 2014-2015BALANCE SHEET
PROFIT & LOSS
Commenced Business on : 1991
Head Office : 6-M/2, Block-H, Gulberg-II, Lahore.
Tel : (92-42) UAN: 03 000 434 434, 35761574-5
Fax : (92-42) 35716665
Email : [email protected]
Website :
Offices at : Lahore
Listed at : Pakistan Stock Exchange Limited
Auditors :
Legal Advisors :
Shari'ah Advisor :
CORPORATE INFORMATION
BOARD OF DIRECTORS
KEY PERSONS
4
3
2
Balance Sheet Growth
Equity Growth
Revenue Analysis (2014-15)
Cost Analysis (2014-15)
CREDIT RATING
Rs. In Million
-
1
Rs. In Million
Rating AgencyShort Term
Long Term
UNICAP MODARABA
Jun-14Jun-15
Jun-14Jun-15
20142015
20142015
-- -
EQUITY
Issued, Subscribed & Paid up Capital 136.40
Reserves & Retained Earning (136.91)
Total Equity (0.51)
LIABILITIES
Total Borrowings -
Deposits (COI/COD/COM) -
Other Liabilities 4.16
Total Liabilities 4.16
TOTAL EQUITY & LIABILITIES 3.65
ASSETS
Fixed Assets -
Financing Assets 1.72
Investments 1.17
Other Assets 0.76
Total Assets 3.65
SIGNIFICANT RATIOS
Gearing (x) (8.15)
Current Ratio (x) 0.67
Break-up Value (Rs.) (0.04)
INCOME
Income from financing assets 1.02
Capital Gain on Investment 0.34
Dividend Income -
Other Income 0.89
Total Income 2.25
EXPENSES
Operating expenses 1.73
Financial expenses -
Provision for bad debts / Impairments -
Provision for impairment on investment 0.05
WWF -
Total Expenses 1.78
Profit Before Tax 0.47
Taxation 0.02
Net Profit 0.45
Dividend Payment (Rs.) -
SIGNIFICANT RATIOS
Earning per Share (Rs.) 0.68
Dividend per Share (%) -
Year Book 2015
120
Bay Stands for sale. It is often used as a prefix in referring to
different sales-based modes of Islamic finance, such as
murabahah, istisna' and salam.
Bay -al- arbun A sales contract, in which a down payment is given and the
parties commit themselves to the agreed conditions. The
final contract is concluded upon full payment. The buyer
has the right to cancel the sale, but then he loses the down
payment.
Bay-al-ayan Sale of tangible objects such as goods (as against sale of
services or rights).
Bay 'al-dayn Sale of debt. According to a large majority of fuqaha', debt
cannot be sold for money except at its face value, but it can
be sold for goods and services.
Bay al-madum Sale of a commodity which does not exist. Such a contract
of sale is prohibited.
Bay al- innah Selling of something to someone at a given price (usually on
credit) and then buying it back from him at the same time at
a different price (usually for a lower price, but cash). This
kind of sale and buy-back is prohibited because it
effectively means exchanging a given amount of money for
a different amount of money, which amounts to riba. It can
be used as a subterfuge for riba dealings.
Bay al-salam A sale in which payment is made in advance by the buyer
and the delivery of the goods is deferred by the seller.
Bay mu ajjal Sale on credit (i.e. a sale in which goods are delivered'
immediately but payment is deferred).
Fiqh Refers to the whole corpus of Islamic jurisprudence. In
contrast to conventional law, fiqh covers all aspects of life,
religious, political, social, commercial or eco- nomic. The
whole corpus of fiqh is based primarily on interpretations of
the Our'an and the Sunnah and secondarily on ijma
(consensus) and ijtihad (individ ual judgement). While the
Our'an and the Sunnah are immutable, fiqhi verdicts may
change due to changing circumstances.
Glossary – Islamic Modes of Financing
Year Book 2015
121
Gharar Literally, it means deception, danger, risk and uncertainty.
Technically it means exposing oneself to excessive risk
and danger in a business transaction as a result of
uncertainty about the price, the quality and the quantity of
the counter-value, the date of delivery, the ability of either
the buyer or the seller to fulfill his commitment, or ambiguity
in the terms of the deal, thus exposing either of the two
parties to unnecessary risks.
Gharar Fahish Gharar (for definition, see above) is of two kinds.Gharar
yasir and Gharar fahish.
Gharar yasir A little bit of gharar. This is tolerable because it may be
unavoidable.
Hadith Sayings, deeds and endorsements of the Prophet
Muhammad (peace be upon him) narrated by his
Companions.
Halal Things or activities permitted by the Shariah,
Hanafi A school of Islamic jurisprudence named after Imam Abu
Hanifa.
Hanbali A school of Islamic jurisprudence named after Imam
Ahmed bin Hanbal.
Haram Things or activities prohibited by the Shariah.
Hilah(Plural hiyal) Legal trick or device to avoid imposition of a law in a
particular case.
Ijarah Leasing. Sale of usufruct of an asset. The lessor retains the
ownership of the asset with all the rights and the
responsibilities that go with ownership.
Ijarah muntahiyyah bil-tamlik Lease ending in ownership.
Ijma A consensus (of fuqaha). Ijma is one of the sources of
Islamic law.
Ijtihad In technical terms, it refers to the endeavor of a jurist to
derive a rule or reach a judgment based on evidence found
in the Islamic sources of Law, predominantly the Quran and
the Sunnah
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Illah Reason/characteristic behind a Shariah ruling such that if a
particular reason/ characteristic is found in other
instances, the same ruling will apply.Istisna (used as a
short form for bay al-istisna) Refers to a contract whereby a
manufacturer (contractor) agrees to produce (build) and
deliver a well-described good (or premise) at a given price
on a given date in the future. As against salam, in istisna
the price need not be paid in advance. It may be paid in
installments in step with the preferences of the parties or
partly at the front end and the balance later on as agreed.
Khiyar Option
Khiyar al-ayb Option to rescind a sales contract if a defect is discovered
in the object of sale.
Khiyar al-shart The option to rescind a sales contract based on some
conditions. One of the parties to a sales contract may
stipulate certain conditions which, if not met, would grant a
right to the stipulating party to rescind the contract.
Mal Asset, property.
Maqasid al-Shariah Basic objectives of the Shariah. These are protection of
faith, life, progeny, property and reason.
Maysir Literally, it refers to an ancient Arabian game of chance
with arrows used for stakes of slaughtered animals.
Technically, gambling or any game of chance.
Muamalat Relationships/contracts among human beings (as against
'ibadat, which define relationship between God and His
creatures).
Mudarabah A contract between two parties, \ capital owner(s) or
financiers (called rabb at-mal; and an investment manager
(called mudarib. Profit is distributed between the two
parties in accordance with the ratio upon which they agree
at the time of the contract. Financial loss is borne only by
the financier(s). The entrepreneur's loss lies in not getting
any reward for his services.
Mudarib An investment manager in a mudarabah contract.
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Murabahah Sale at a specified profit margin. The term, however, is now
used to refer to a sale agreement whereby the seller
purchases the goods desired by the buyer and sells them
at an agreed marked-up price, the payment being settled
within an agreed time frame, either in installments or in a
lump sum. The seller bears the risk for the goods until they
have been delivered to the buyer. Murabahah is also
referred to as bay Muajjal.
Musharakah Partnership. A musharakah contract is similar to a
mudarabah contract, the difference being that in the
former both the partners participate in the management
and the provision of capital, and share in the profit and loss.
Profits are distributed between the partners in accordance
with the ratios initially set, whereas loss is distributed in
proportion to each one' share in the capital.
Nas Text from Qur' an or Sunnah.
Qimar Gambling
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Members’ Directory
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Crescent Standard ModarabaAyaz DawoodChief Executive18th Floor, BRR Tower, Hassan Ali Street, I. I. Chundrigar Road, Karachi.Tel : 322602401-06Fax : 32271912Email : [email protected] Website : www.firstdawood.com/csm
First Al-Noor ModarabaJalaluddin AhmedChief Executive96-A, SMCH Society, Karachi.Tel : 34558268Fax : 34553137Email : [email protected] Website : www.fanm.co
First Dawood Investment Bank Ltd.Abu Khursheed M. ArifChief Executive (Not assumed charge as CEO)
18th Floor, BRR Tower, Hassan Ali Street, I.I. Chundrigar Road, Karachi.Tel : 32602401-06Fax : 32271912Email : [email protected] : www.firstdawood.com
First Elite Capital ModarabaAamir Iftikhar KhanChief Executive31/10-A, Abu Bakar Block, New Garden Town, Lahore.Tel : 35913701-02Fax : 35913703Email : [email protected] : www.fecm.com.pk
Allied Rental ModarabaMurtaza Ahmed AliChief Executive21/3, Sector-22, Korangi Industrial Area, Karachi.Tel : 35066901-13, 111-250-250Fax : 35066915-16Email : [email protected] Website : www.arm.com.pk
B. F. ModarabaMuhammad Omar Amin BawanyChief Executive4th Floor, Bank House # 1, Habib Square, M.A. Jinnah Road, Karachi.Tel : 32413240, 111-786-878Fax : 32421010Email : [email protected] : www.bfmodaraba.com.pk
B.R.R. Guardian ModarabaAyaz DawoodChief Executive18th Floor, BRR Tower, Hassan Ali Street, I. I. Chundrigar Road, Karachi.Tel : 32602401-06Fax : 32271912Email : [email protected] : www.firstdawood.com/brr
Capital Assets Leasing Corporation Ltd.Saad Saeed FarooquiChief Executive14th Floor, Chapal Plaza, Hasrat Mohani Road, Karachi.Tel : 32431181-88Fax : 32465703Email : [email protected] : www.calcorp.com.pk
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First Equity ModarabaM. Adil GhaffarChief ExecutiveB-1004, 10th Floor, Lakson Square Building No.3, Sarwar Shaheed Road, Karachi.Tel : 35672815-8Fax : 35686116Email : [email protected] : www.firstequitymodaraba.com.pk
First Fidelity Leasing ModarabaWasim-ul-Haq OsmaniChief ExecutiveGround Floor, 90-A-1, Canal Bank, Gulberg-II, Lahore.Tel : 35713461-64Fax : 35759122Email : [email protected] : www.fidelitymodaraba.com
First Habib ModarabaMuhammad Shoaib IbrahimChief Executive5th Floor, HBZ Plaza, (Hirani Centre) I.I. Chundrigar Road, Karachi.Tel : 32635949-51, 111-346-346Fax : 32627373Email : [email protected] : www.habibmodaraba.com
First IBL ModarabaHasan Sohaib MuradChairman & CEO,87-Aurangzeb Block, New Garden Town, Lahore.Tel : 35952148-9Fax : 35952150Email : [email protected] : www.firstibl.com
First Imrooz ModarabaNaveed RiazChief Executive405, 4th Floor, Beaumont Plaza, Beaumount Road, Civil Line Quarter, Karachi.Tel : 35222743-5Fax : 35222668Email : [email protected] : www.firstimrooz.com
First National Bank ModarabaKhaqan Hasnain IbrahimChief Executive5th Floor, NBP RHQs Building, 26-Mclagon Road, Lahore.Tel : 99211200Fax : 99213247Email : [email protected] : www.nbmodaraba.com
First Pak ModarabaRashid K. SiddiquiChief Executive,8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, Karachi.Tel : 34398852-5, 34370143Fax : 34398858Email : [email protected] Website : www.firstpakmodaraba.com
First Paramount ModarabaSyed Wajih HassanChief Executive107-108, PECHS Community Hall, Block-2, PECHS, Shahrah-e-Quaideen, Karachi.Tel : 34381037-38Fax : 34534410Email : [email protected] : www.fpm.com.pk
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First Prudential ModarabaRashid K. SiddiquiChief Executive,8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, Karachi.Tel : 34398852-5, 34370141Fax : 34398858Email : [email protected] : www.firstprudentialmodaraba.com
First Punjab ModarabaAamir MalikChief Executive1st Floor, BOP Tower, 10-B Block E-II, Gulberg III, Lahore.Tel : 35783676Fax : 35784068Email : info@[email protected] : www.punjabmodaraba.com.pk
First Treet Manufacturing ModarabaSyed Shahid AliChief Executive72-B, Kotlakhpat Industrial Area, Lahore.Tel : 35830881, 35156567Fax : 35114127, 35117650Email : [email protected] : www.treetgroup.com
First UDL ModarabaAther NaqiChief ExecutiveC-117/1, KDA Scheme No.1, Tipu Sultan Road, Karachi.Tel : 34315591-5Fax : 34315596Email : [email protected] : www.udlmodaraba.com
Grays Leasing LimitedMuhammad Tahir ButtChief Executive701-A, 7th Floor, City Towers, 6-K, Main Boulevard, Gulberg-II, Lahore.Tel : 35770381-2Fax : 35770389Email : [email protected] : www.graysleasing.com
Invest Capital Investment Bank LimitedMuhammad AsifChief Executive701-A, 7th Floor, City Towers, 6-K, Main Boulevard, Gulberg-II, Lahore.Tel : 35770383-4Fax : 35788711Email : [email protected] Website : www.icibl.com
KASB ModarabaRashid Kamal SiddiquiChief Executive8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, Karachi.Tel : 34398852-5Fax : 34398858Email : [email protected] : www.kasbmodaraba.com
LSE Financial Services LimitedAftab Ahmad Ch.Managing Director/CEOLSE Plaza, 19-Khayaban-e-Aiwan-e-Iqbal, Lahore.Tel : 36368000-4, 36375452Fax : 36368484-5Email : [email protected] : Under construction
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Modaraba Al-MaliAdil AzizChief Executive10th Floor, Progressive Square, Block-6, PECHS, Shahrah-e-Faisal, Karachi.Tel : 34547521-5Fax : 34547526Email : [email protected] : www.modarabaalmali.com
NBP Leasing LimitedMohammad Rizwan MasoodChief Executive4th Floor, PRC Towers, 32/A, Lalazar Drive, M. T. Khan Road, Karachi.Tel : 99210601-5Fax : 99210600Email : [email protected] : www.nbpleasing.com
ORIX Leasing Pakistan LimitedTeizoon KisatChief ExecutiveORIX Building, Plot No.16, Sector-24, Korangi Industrial Area, Karachi.Tel : 35144029-40, 111-242-424Fax : 35144002, 35144020Email : [email protected] : www.orixpakistan.com
Pak-Gulf Leasing Company LimitedMahfuz-ur-Rehman PashaChief ExecutiveTHE FORUM: 125-127, G-20, Block-9, Khayaban-e-Jami, Clifton, Karachi.Tel : 35820301, 35820965-6, 35824401, 35375986-7Fax : 35820302, 35375985Email : [email protected] website : www.pakgulfleasing.com
Popular Islamic ModarabaS. Faiq HusainChief Executive813, 8th Floor, Chapal Plaza, Hasrat Mohani Road, Off. I.I. Chundrigar Road, Karachi.Tel : (92-21) 32471892Fax : (92-21) 32471895
Email : [email protected]
Website : [email protected]
Saudi Pak Leasing Company LimitedMuhammad Tariq MasudChief Executive6th Floor, Lakson Square Building No.1, Sarwar Shaheed Road, Karachi.Tel : 35655181-85Fax : 35210607-9Email : [email protected] : www.saudipakleasing.com
Security Leasing Corporation LimitedSyed Nauman AkhtarChief Executive5th Floor, Lakson Square Building No.3, Sarwar Shaheed Road, Karachi.Tel : 111-111-902, 35205379Fax : 35689854Email : [email protected] : www.seclease.com
Sindh Leasing Company LimitedNaim FarooquiChief Executive3rd Floor, Imperial Court Building Dr. Ziauddin Road, Karachi.Tel : 35640701-03Fax : 35640704Email : [email protected] : www.sindhleasingltd.com
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Sindh ModarabaJaved IqbalChief Executive1st Floor, Imperial Court, Dr. Ziauddin Ahmed Road, Karachi.Tel : 35640708-9Fax : 35640711Email : [email protected] : www.sindhmodaraba.com
SME Leasing LimitedMir Javed HashmatChief Executive304, 3rd Floor, Business Arcade, Shahrah-e-Faisal, Karachi.Tel : 34322128-129-137Fax : 34322082Email : [email protected] : www.smelease.com
Standard Chartered Leasing LimitedArjumand A. MinaiChief ExecutivePlot No.SC-7, Street-17, Sector-15, Korangi Industrial Area, Karachi.Tel : 38183333Fax : 35114210Email : [email protected]
Website : www.standardcharteredleasing.com
Standard Chartered ModarabaRaheel Q. AhmadChief Executive4th Floor, Standard Chartered Bank, I. I. Chundrigar Road, Karachi.Tel : 32450000, 32412671Fax : 32400200, 38140801-803Email : [email protected]
Website : www.modaraba.standardchartered.com
Trust Investment Bank LimitedAhsan RafiqueChief Executive6th Floor, M. M. Towers, 28-A/K, M. M. Alam Road, Gulberg-II, Lahore.Tel : 35817601-05Fax : 35817600Email : [email protected] : www.trustbank.com.pk
Trust ModarabaBasheer A. ChowdryChief Executive101-106, Kassam Court, BC-9, Block-5, Clifton, Karachi.Tel : 35876651-2Fax : 35870408Email : [email protected] : www.trustmodaraba.com
Unicap ModarabaMuhammad Kamran ShehzadChief Executive6-M/2, Block-H, Gulberg-II, Lahore.Tel : 35761574-5Fax : 35716665Email : [email protected]
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