year book 2015 - nbfi & modaraba

Year Book 20

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Year Book 2015

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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

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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

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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


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


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


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


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


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


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


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


Website: www.leaseurope.org

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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


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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Year Book 2015

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Executive Committee

Members

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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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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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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

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Messages

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

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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

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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

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Messages -NBFI & MAP

Year Book 2015

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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

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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

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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

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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

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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

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Year Book 2015

27

Articles

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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

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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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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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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

44

Year Book 2015

45

Events and Activities

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


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


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

60

Year Book 2015

61

Macro Perspective

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)



Investments 431 1,535


Revenues 189 409

Operating Expenditure 208 356

Financial Charges 40 88

Taxation 2 3

Net Profit 27 (38)

Cash Dividend - -


(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


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





Revenues 6,442 9,023


Financial Charges 979 1,119

Taxation 38 13

Net Profit 1,353 1,458

Cash Dividend 1,052 1,023


* 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


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





Revenues 11,904 14,323


Financial Charges 3,154 3,280

Taxation 305 228

Net Profit 2,035 2,004

Cash Dividend 1,421 1,388


(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)







Dividend per share (Rs.) - -

Modarabas 2015 2014

Earning per Certificate (Rs.) 1.34 1.50









Dividend per certificate (Rs.) 1.04 1.05

Consolidated Trends of Key Ratios 2015 2014

Earning per Share/Certificate (Rs.) 0.97 0.98





Book value per Share/Certificate (Rs.) 11.65 11.33




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

70

Year Book 2015

71

Top Ten Members

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

74

Year Book 2015

75

Members at a Glance

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


Paid-up Capital

MarketRate


Year Book 2015

79

Profile

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.


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


Website : www.bfmodaraba.com.pk

Offices at : Karachi


Auditors : Avais Hyder Liaquat Nauman, Chartered

Accountants

Legal Advisors : Mr. Ghullam Rasool Korai

Shari'ah Advisor : Mufti Zubair Usmani


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


Equity Growth



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 - -


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


Total Assets 151.72 136.54

SIGNIFICANT RATIOS

Gearing (x) 0.02 0.02



INCOME

Income from financing assets/Trading profit 2.51 5.39


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 - -


WWF 0.19 0.11

Total Expenses 6.06 7.02


Taxation 0.20 0.77

Net Profit 9.129.12 4.444.44

Dividend Payment (Rs.)

SIGNIFICANT RATIOS


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.


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


Website : www.firstdawood.com/brr

Offices at : Karachi, Lahore and Islamabad


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



Syed Tariq Masood Chief Financial Officer

Mr. Tahir Mehmood Company Secretary

BOARD OF DIRECTORS

KEY PERSONS

1,000

800

600

400

200


Equity Growth



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


%

%


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


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


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



Auditors : Baker Tilly Mehmood Idrees Qamar

Legal Advisors : Mohsin Tayebaly & Co. Advocates

Hosain & Rahim, Advocates & Corporate Counsel


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


Equity Growth



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

%

%


Long Term

Mr. Saad Saeed FaruquiChief Executive Officer

CAPITAL ASSETS LEASING CORPORATION LIMITED

Jun-14Jun-15

Jun-14Jun-15

20142015

20142015

EQUITY



Total Equity

LIABILITIES

Total Borrowings


Other Liabilities

Total Liabilities


ASSETS

Fixed Assets

Financing Assets

Investments

Other Assets

Total Assets

SIGNIFICANT RATIOS

Gearing (x)

Current Ratio (x)


INCOME

Income from renting of vehicles


Dividend Income

Other Income

Total Income

EXPENSES

Operating expenses

Financial expenses



WWF

Total Expenses

Profit Before Tax

Taxation

Net Profit


SIGNIFICANT RATIOS



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



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.


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


Website : www.firstdawood.com/csm




Legal Advisors : Malik & Malik Law Associates

S. & B. Durrani Law Associate

Shari'ah Advisor : Mufti Syed Sabir Hussain



Syed Tariq Masood Chief Financial Officer

Mr. Tahir Mehmood Company Secretary

BOARD OF DIRECTORS

KEY PERSONS

200

150

100

50


Equity Growth



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

%

%


Long Term

Mr. Ayaz Dawood

CRESCENT STANDARD MODARABA

Jun-14Jun-15

Jun-14Jun-15

20142015

20142015

EQUITY


Reserves & Retained Earning (82.37) (72.22)


LIABILITIES






ASSETS


Financing Assets 64.88 49.92




SIGNIFICANT RATIOS

Gearing (x) - -



INCOME

Income from financing assets 18.39 13.40





EXPENSES





WWF - 0.12


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.


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


Website : www.fanm.co



Auditors : Rehman Sarfaraz Rahim Iqbal Rafiq, Chartered

Accountants

Legal Advisors : Muhammad Jamshid Malik, Barrister-at-Law

Shari'ah Advisor : Mufti Muhammad Ibrahim Essa


Mr. Jalaluddin Ahmed Chief Executive

Mr. Roofi Abdul Razzak Company Secretary

BOARD OF DIRECTORS

KEY PERSONS

400

350

300

250


Equity Growth



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

%

%


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 - -



EXPENSES



Provision for bad debts / Impairments - -

Provision for impairment on investment (4.80) (3.26)

WWF - 0.44



Taxation 0.17 0.05

Net Profit (14.53) 21.40


SIGNIFICANT RATIOS


Dividend per Share (%) 5.00 7.50-- -

Year Book 2015

86

(Rupees in Million)

(Rupees in Million)

COMPANY INFORMATION


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.


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


Website : www.firstdawood.com



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


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


Equity Growth



CREDIT RATING

Rs. In Million

200

150

100

50

Rs. In Million


Operating expenses 106.96Financial expenses 116.38Provision for bad debts / Impairments -136.34Provision for impairment on investment 13.00

%

%


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)


LIABILITIES

Total Borrowings 513.99 524.87

Deposits 0.00 88.50



TOTAL EQUITY & LIABILITIES 965.86 1,002.89





Total Assets 965.86 1,002.89

SIGNIFICANT RATIOS

Gearing (x) 4.31 17.04



INCOME






EXPENSES


Financial expenses 45.53 49.48Provision for bad debts / Impairments (53.34) 37.05

Provision for impairment on investment 5.09 16.18

WWF - -


Profit Before Tax 6.78 (140.91)

Taxation 0.27 0.04

Net Profit 6.51 (140.95)

Dividend Payment (Rs.) - -

SIGNIFICANT RATIOS


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.


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


Website : www.fecm.com.pk

Offices at : Lahore


Auditors : Ilyas Saeed & Co., Chartered Accountants

Legal Advisors : Mr. Haq Nawaz Chattha

International Legal Services

Shari'ah Advisor : Mufti Tayyab Amin


Mr. Aamir Iftikhar Khan Chief Executive

Mr. Muhammad Arif Hilal Company Secretary

BOARD OF DIRECTORS

KEY PERSONS

250

200

150

100

50


Equity Growth



CREDIT RATING

Rs. In Million

200

150

100

50

Rs. In Million


Operating expenses 99.98Financial expenses 0.02

%

%


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





INCOME






EXPENSES





WWF - -



Taxation - -

Net Profit 8.58 9.07


SIGNIFICANT RATIOS



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.


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


Website : www.firstequitymodaraba.com.pk



Auditors : Avais Hyder Liaquat Nauman, Chartered Accountants

Legal Advisors : Mohsin M. Tayebaly & Co., Advocates &

Legal Consultants

Shari'ah Advisor : Mufti Abdul Qadir


Mr. Adil A. Ghaffar Chief Executive

Qazi Obaid Ullah Ansari CFO & Company Secretary

BOARD OF DIRECTORS

KEY PERSONS

700

600

500

400

300


Equity Growth



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


%

%


Long Term

Mr. Adil A. GhaffarChief Executive/Director

FIRST EQUITY MODARABA

Jun-14Jun-15

Jun-14Jun-15

20142015

20142015

EQUITY




LIABILITIES






ASSETS






SIGNIFICANT RATIOS

Gearing (x) 0.09 0.06



INCOME

Income from financing assets/Brokerage Commission 23.04 20.64





EXPENSES





WWF 0.23 0.50



Taxation - -



SIGNIFICANT RATIOS



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


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


Website : www.fidelitymodaraba.com

Offices at : Lahore


Auditors : Rahman Sarfaraz Rahim Iqbal Rafiq, Chartered

Accountants

Legal Advisors : Salim & Baig (Advocates)

Shari'ah Advisor : Mufti Muhammad Umar Ashraf


Mr. Wasim-ul-Haq Osmani Chief Executive

Mr. Mohammed Waheed Company Secretary / CFO

BOARD OF DIRECTORS

KEY PERSONS

400

300

200

100


Equity Growth



CREDIT RATING

Rs. In Million

350

300

250

200

Rs. In Million


Operating expenses 113.59Financial expenses 0.10Provision for bad debts / Impairments -13.70

%

%


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


LIABILITIESTotal Borrowings - -

Deposits - -

Other Liabilities 25.57 26.96Total Liabilities 25.57 26.96




Investments 5.75 5.78Other Assets 30.99 37.10


SIGNIFICANT RATIOS

Gearing (x) 0.07 0.08



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


WWF - -Total Expenses 18.88 36.93


Taxation - 0.02Net Profit (7.30) 3.76


SIGNIFICANT RATIOS



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


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


Website : www.habibmodaraba.com

Offices at : Karachi, Lahore, Islamabad & Multan


Auditors : Muniff Ziauddin & Co. Chartered Accountants

Legal Advisors : Mohsin Tayebaly & Company

Ahmed & Qazi Advocate & Legal Consultants

Shariah Advisor : Mufti Abdul Sattar Laghari


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


Equity Growth



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


ASSETS

Fixed Assets

Financing Assets

Investments

Other Assets

Total Assets

SIGNIFICANT RATIOSGearing (x)

Current Ratio (x)


INCOMEIncome from financing assets


Dividend Income

Other Income

Total Income

EXPENSES

Operating expenses

Financial expenses



WWF

Total Expenses

Profit Before Tax

Taxation

Net Profit


SIGNIFICANT RATIOSEarning per Share (Rs.)


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.


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


Website : www.firstibl.com

Offices at : Lahore and Karachi


Auditors : Horwath Hussain Chaudhury & Co., Chartered

Accountants

Legal Advisors : Holscott International [Legal Services]

Shari'ah Advisor : Dr. Mufti Salman Ahmad Khan


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


Equity Growth



CREDIT RATING

Rs. In Million

200

150

100

50

Rs. In Million


Operating expenses 100.00

%

%


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




INCOME



Dividend Income - -



EXPENSES


Financial expenses - -



WWF - -



Taxation - -



SIGNIFICANT RATIOS



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.


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


Website : www.firstimrooz.com

Offices at : Karachi & Lahore


Auditors : BDO Ebrahim & Co. Chartered Accountants

Legal Advisors : Mr. Altaf Hussain, Advocate

M. Akram Zuberi & Company Advocates

Shariah Advisor : Mufti Abdul Qadir


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


Equity Growth



CREDIT RATING

Rs. In Million

200

150

100

50

Rs. In Million

Income from Trading 99.34Other Income 0.66


%

%


Long Term

Mr. Naveed RiazChief Executive

FIRST IMROOZ MODARABA

Jun-14Jun-15

Jun-14Jun-15

20142015

20142015

EQUITY


Reserves & Retained Earning 99.63 87.48Total Equity 129.63 117.48LIABILITIES



Other Liabilities 135.73 126.76Total Liabilities 162.62 156.07TOTAL EQUITY & LIABILITIES 292.24 273.54

ASSETS


Financing Assets - -

Investments - -

Other Assets 285.26 266.13Total Assets 292.24 273.54

SIGNIFICANT RATIOS

Gearing (x) 3.00 2.63



INCOME

Income from Trading 106.03 80.36Capital Gain on Investment - -

Dividend Income - -


Total Income 106.73 83.33EXPENSES





WWF - -Total Expenses 46.87 40.27Profit Before Tax 59.87 43.06

Taxation 32.72 26.55



SIGNIFICANT RATIOS


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.


PROFIT & LOSS


Head Office : 5th Floor, NBP RHQs Building, 26-McLagon

Road, Lahore.

Tel : (92-42) 99211200

Fax : (92-42) 99213247


Website : www.nbmodaraba.com

Offices at : Lahore


Auditors : Riaz Ahmad & Co., Chartered Accountants

Legal Advisors :

Shari'ah Advisor : Mufti Abdul Sattar Laghari


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


Equity Growth



CREDIT RATING

Rs. In Million

300

250

200

150

100

Rs. In Million



%

%

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


Reserves & Retained Earning (108.47) 13.70


LIABILITIES


Deposits 295.60 258.58




ASSETS


Financing Assets 791.09 1,068.43



Total Assets 1,248.35 1,700.57

SIGNIFICANT RATIOS

Gearing (x) 7.82 5.45


Earning per Share (Rs.) (4.89) (1.37)

INCOME



Dividend Income - -



EXPENSES





WWF - -


Profit Before Tax (122.18) (34.21)

Taxation - -

Net Profit (122.18) (34.21)


SIGNIFICANT RATIOS



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


Website : www.firstpakmodaraba.com



Auditors : RSM Avais Hyder Liaquat Nauman, Chartered

Accountants

Legal Advisors : Ahmed & Qazi Advocates




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


Equity Growth



CREDIT RATING

Rs. In Million

80

60

40

20

Rs. In Million


Operating expenses 101.94Provision for impairment on investment -2.53WWF 0.59

%

%


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


INCOME






EXPENSES



Provision for bad debts / Impairments - 13.36

Provision for impairment on investment (0.13) 5.47

WWF 0.03 -



Taxation - -

Net Profit 1.56 (15.66)

Dividend Payment (Rs.) 1.13 -

SIGNIFICANT RATIOS



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"


PROFIT & LOSS


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


Website : www.fpm.com.pk

Offices at : Karachi & Lahore


Auditors : Ernst & Young Ford Rhodes Sidat Hyder

Legal Advisors : Raja Qasit Nawaz

Shariah Advisor : Mufti Muhammad Najeeb Khan


Syed Wajih Hassan Chief Executive Officer

Mr. Abdullah Khan Chief Financial Officer & Company Secretary

BOARD OF DIRECTORS

KEY PERSONS

500

400

300

200

100


Equity Growth



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


%

%

Rating Agency


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



LIABILITIES


Deposits 175.38 93.88






Investments - -



SIGNIFICANT RATIOS

Gearing (x) 1.13 0.79



INCOME


Capital Gain on Investment - 0.23

Non Interest Income 1.50 0.50



EXPENSES





WWF 0.23 0.29



Taxation - -


Dividend / Bonus Payment (Rs.) 27.58 19.28

SIGNIFICANT RATIOS


Dividend / Bonus per Share (%) 23.00 23.00

20142015

20142015

Year Book 2015

96

(Rupees in Million)

(Rupees in Million)

COMPANY INFORMATION





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.


PROFIT & LOSS


Head Office : 8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, Karachi.

Tel : (92-21) 34398852-5, 34370141

Fax : (92-21) 34398858


Website : www.firstprudentialmodaraba.com



Auditors : RSM Avais Hyder Liaquat Nauman, Chartered Accountants

Legal Advisors : Ahmed & Qazi







BOARD OF DIRECTORS

KEY PERSONS


Equity Growth



CREDIT RATING

Rs. In Million

500

400

300

200

100

Rs. In Million


Operating expenses 117.16Financial expenses 0.27Provision for bad debts / Impairments -10.56Provision for impairment on investment -8.77WWF 1.89

%

%


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



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.


PROFIT & LOSS


Head Office : BOP Tower, 1st Floor, 10-B, Block-E-II, Main

: Boulevard, Gulberg-III, Lahore.

Tel : (92-42) 35783676

Fax : (92-42) 35784068


Website : www.punjabmodaraba.com.pk

Offices at : Lahore


Auditors : Ernst & Young Ford Rhodes Sidat Hyder

Legal Advisors : Mr. Nadeem Saeed, Advocate Supreme Court

Shariah Advisor : Mufti Tayyab Amin


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


Equity Growth



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


%

%

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


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


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


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.


PROFIT & LOSS


Head Office : 72-B, Industrial Area, Kot Lakhpat, Lahore.

Tel : (92-42) 35830881, 35156567

Fax : (92-42) 35114127, 35117650


Website : www.treetgroup.com

Offices at : Lahore


Auditors : KPMG Taseer Hadi & Co., Chartered Accountants

Legal Advisors : Saleem & Baig Advocates

Shari'ah Advisor : Mufti Muhammad Iftikhar Baig


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


Equity Growth



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

%

%


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


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



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.


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


Website : www.udlmodaraba.com



Auditors : Avais Hyder Liaquat Nauman & Co.

Legal Advisors : Mohsin Tayebaly & Co.

Shariah Advisor : Mufti Abdul Qadir


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


Equity Growth



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

%

%


Long Term

Mr. Ather NaqiCEO

FIRST UDL MODARABA

Jun-14Jun-15

Jun-14Jun-15

EQUITY


Reserves 366.86 314.02


LIABILITIES


Deposits - -




ASSETS






SIGNIFICANT RATIOS

Gearing (x) 0.38 0.43



INCOME



Pharma Business 22.65 17.95



EXPENSES




Provision for impairment on investment (170.11) (31.52)

WWF 3.06 1.40



Taxation - -

Net Profit 149.74 68.44


SIGNIFICANT RATIOS



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.


PROFIT & LOSS


Head Office : 701-A, 7th Floor, City Towers, 6-K, Main

Boulevard, Gulberg-II, Lahore

Tel : (92-42) 35770381-2

Fax : (92-42) 35770389


Website : www.graysleasing.com

Offices at : Lahore, Sialkot, Karachi, Faisalabad & Islamabad


Auditors : Riaz Ahmad & Co., Chartered Accountants

Legal Advisors : Lexicon Law Firm


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


Equity Growth



CREDIT RATING

Rs. In Million

100

80

60

40

20

Rs. In Million



%

%

Rating Agency


Short Term

Long Term

Mr. Muhammad Tahir ButChief Executive Officer

GRAYS LEASING LIMITED

Jun-14Jun-15

Jun-14Jun-15

B

BB-

EQUITY




LIABILITIES


Deposits - -






Investments - -



SIGNIFICANT RATIOS

Gearing (x) 0.44 0.25



INCOME



Dividend Income



EXPENSES


Financial expenses 2.13 1.10Provision for bad debts / Impairments (1.47) (6.65)

Provision for impairment on investment - 5.26

WWF - -


Profit Before Tax (1.71) (0.68)

Taxation (1.81) 0.40

Net Profit 0.10 (1.08)


SIGNIFICANT RATIOS



- -

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


PROFIT & LOSS


Head Office : 703-C, City Tower,6-K, Main Boulevard,

Gulberg-II, Lahore

Tel : (92-42) 35770383-4

Fax : (92-42) 35788711


Website : www.icibl.com

Offices at : Karachi, Lahore, Islamabad, Peshawar, Faisalabad

and Gujranwala


Auditors : Awais Haider Liaquat Nauman, Chartered

Accountants

Legal Advisors : Ahmad & Qazi


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


Equity Growth



CREDIT RATING

Rs. In Million

200

150

100

50

Rs. In Million


Operating expenses 78.58Financial expenses (11.96)Provision for bad debts / Impairments 33.37

%

%

Rating Agency


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






EXPENSES


Financial expenses (8.77) 24.65

Provision for bad debts / Impairments 24.48 (4.16)


WWF - -



Taxation 0.69 1.84



SIGNIFICANT RATIOS



20142015

20142015

EQUITY



Total Equity

LIABILITIES

Total Borrowings

Deposits

Other Liabilities

Total 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





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.


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


Website : www.kasbmodaraba.com



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






BOARD OF DIRECTORS

KEY PERSONS

1,400

1,200

1,000

800

600


Equity Growth



CREDIT RATING

Chief Executive

Rs. In Million

400

300

200

100

Rs. In Million


Operating expenses 64.18Financial expenses 35.70WWF 0.12

%

%

Rating Agency


Short Term A2

Long Term BBB+

Mr. Rashid K. Siddiqui

KASB MODARABA

Jun-14Jun-15

Jun-14Jun-15

20142015

20142015

EQUITY


Reserves & Retained Earning (95.43) 6.93


LIABILITIES


Deposits (COI/COD/COM) 529.92 925.49


Total Liabilities 597.49 1,015.89

TOTAL EQUITY & LIABILITIES 982.73 1,305.56

ASSETS





Total Assets 982.73 1,305.56

SIGNIFICANT RATIOS

Gearing (x) 1.55 3.51



INCOME


Capital Gain on Investment 2.07 -

Dividend Income - -



EXPENSES





WWF 0.22 0.44



Taxation - -



SIGNIFICANT RATIOS



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


PROFIT & LOSS


Head Office : 10th Floor, Progressive Square, Sharea Faisal,

Karachi.

Tel : (92-21) 34547521-25

Fax : (92-21) 34547526


Website : www.modarabaalmali.com



Auditors : Ernst & Young Ford Rhodes Siddat Haider,


Legal Advisors : Mohsin Tayebali & Co.

Shari'ah Advisor : Mufti Irshad Ahmed Aijaz


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


Equity Growth



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


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




Investments - -Other Assets 46.21 92.24Total Assets 205.71 208.26


INCOME


Capital Gain on disposal of property & equipment 3.78 0.47

Dividend Income - -



EXPENSES



Provision for bad debts / Impairments (6.98) (0.37)


WWF 0.11 -



Taxation 0.46 0.34

Net Profit 4.70 (24.72)

Dividend Payment (Rs.) 3.68 -

SIGNIFICANT RATIOS



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.


PROFIT & LOSS


Head Office : 4th Floor, PRC Towers, 32/A, Lalazar Drive, M.T.

Khan Road, Karachi

Tel : (92-21) 99210601-5

Fax : (92-21) 99210600


Website : www.nbpleasing.com


Listed at : N/A

Auditors : Ernst & Young Ford Rhodes Sidat Hyder,


Legal Advisors : Sofia Saeed & Associates


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


Equity Growth



CREDIT RATING

Rs. In Million

800

600

400

200

Rs. In Million


Operating expenses 74.51Financial expenses 24.29Provision for bad debts / Impairments -1.76Provision for impairment on investment 1.65WWF 1.31

%

%

Rating Agency


Short Term A-1

Long Term A+

Mr. Mohammad Rizwan MasoodCEO / MD

NBP LEASING LIMITED

Jun-14Jun-15

Jun-14Jun-15

EQUITY




LIABILITIES


Deposits - -




ASSETS





Total Assets 1,326.68 1,264.38

SIGNIFICANT RATIOS

Gearing (x) 0.22 0.25



INCOME


Capital Gain on Investment - (0.07)

Dividend Income - -



EXPENSES




Provision for impairment on investment 9.93 1.83

WWF 1.27 1.63



Taxation 24.88 4.76



SIGNIFICANT RATIOS



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).


PROFIT & LOSS


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


Website : www.orixpakistan.com

Offices at : Karachi, Lahore, Islamabad, Peshawar, 26 other cities & towns


Auditors : A.F. Ferguson & Company, Chartered Accountants

Legal Advisors : Mansoor Ahmad Khan & Co., Walker Martineau & Saleem

Shari'ah Advisor : Mufti Ibrahim Essa


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


Equity Growth



CREDIT RATING

Rs. In Million

4,000

3,500

3,000

2,500

2,000

Rs. In Million


Operating expenses 43.41Financial expenses 51.59Provision for bad debts / Impairments 3.63Provision for impairment on investment 0.85WWF 0.52

%

%

Rating Agency


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


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.


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


Website : www.pakgulfleasing.com

Offices at : Karachi, Pakistan


Auditors : BDO Ebrahim & Co. Chartered Accountants




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


Equity Growth



CREDIT RATING

Rs. In Million

600

500

400

300

200

100

Rs. In Million



%

%

Rating Agency


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.


PROFIT & LOSS


Head Office : 813, 8th Floor, Chappal Plaza, Hasrat Mohani

Road, Off. I.I. Chundrigar Road, Karachi.

Tel : (92-21) 32471892

Fax :


Website : www.popularislamicmodaraba.com




Accountants

Legal Advisors : Zafar Ali Shah Advocate, Bukhari Law Associates



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


Equity Growth



CREDIT RATING

Rs. In Million

200

150

100

50

Rs. In Million


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




LIABILITIES


Deposits - -









SIGNIFICANT RATIOS

Gearing (x) 0.02 0.04



INCOME



Dividend Income - 0.70



EXPENSES


Financial expenses - -Provision for bad debts / Impairments - -

Provision for impairment on investment (3.99) 0.65

WWF 0.09 0.00



Taxation 0.41 0.07



SIGNIFICANT RATIOS



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.


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


Website : www.saudipakleasing.com

Offices at : Karachi, Lahore & Islamabad



Legal Advisors : Zafar & Zafar Law Associates


BOARD OF DIRECTORS

KEY PERSONS

1,250

1,100

950

800

650


Equity Growth



CREDIT RATING

Rs. In Million

(250)

(350)

(450)

(550)

Rs. In Million


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



Total Equity

LIABILITIES

Total Borrowings


Other Liabilities

Total Liabilities


ASSETS

Fixed Assets

Financing Assets

Investments

Other Assets

Total Assets

SIGNIFICANT RATIOS

Gearing (x)

Current Ratio (x)


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


Dividend Income

Other Income

Total Income

EXPENSES

Operating expenses

Financial expenses



WWF

Total Expenses

Profit Before Tax

Taxation

Net Profit


SIGNIFICANT RATIOS



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.


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


Website : www.seclease.com

Offices at : Karachi and Lahore



Accountants

Legal Advisors : Ali Raza Habb & Co., Advocates, Solicitors &

Legal Advisor


Syed Nauman Akhtar Chief Executive Officer

Ms. Farah Azeem Company Secretary

BOARD OF DIRECTORS

KEY PERSONS

1,000

800

600

400


Equity Growth



CREDIT RATING

Rs. In Million

200

150

100

50

Rs. In Million

Income from financing assets 100.00


%

%


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


PROFIT & LOSS


Head Office : 3rd Floor, Imperial Court, Dr. Ziauddin Ahmed

Road, Karachi.

Tel : (92-21) 35640701-3

Fax : (92-21) 35640704


Website : www.sindhleasingltd.com

Offices at : Karachi, Larkana/Naudero & Hyderabad


Legal Advisors : Muhammad Nadeem Khan


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


Equity Growth



CREDIT RATING

Rs. In Million

1,200

1,000

800

600

400

200

Rs. In Million



%


Long Term

SINDH LEASING COMPANY LIMITED

Jun-14Jun-15

Jun-14Jun-15


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


SIGNIFICANT RATIOS


INCOME



Dividend Income 12.08 -



EXPENSES



Provision for bad debts / Impairments 3.81 -


WWF 1.76 -






SIGNIFICANT RATIOS



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.


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


Website : www.sindhmodarabaltd.com



Auditors : Grant Thornton Anjum Rahman, Chartered Accountants


Shariah Advisor : Mufti Zeeshan Abdul Aziz


Mr. Javed Iqbal Chief Executive Officer

Mr. Zulfiqar Ali Chief Financial Officer & Company Secretary

BOARD OF DIRECTORS

KEY PERSONS

500

400

300

200

100


Equity Growth



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


%

%


Long Term

SINDH MODARABA

Jun-14Jun-15

Jun-14Jun-15

500

400

300

200

100

SINDH

Javed IqbalC.E.O.

20142015

20142015

INCOME


Capital Gain on Investment 0.46

Dividend Income/income on bank deposit 19.09

Other Income 0.08

Total Income 23.38 -

EXPENSES


Financial expenses -

Provision for bad debts / Impairments -


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.


PROFIT & LOSS


Head Office : 304, 3rd Floor, Business Arcade, Shahrah-e-

Faisal, Karachi.

Tel : (92-21) 34322128-129-137

Fax : (92-21) 34322082


Website : www.smelease.com

Offices at : Karachi, Hyderabad, Lahore, Islamabad, Sialkot

and Peshawar



Legal Advisors : Mohsin Tayebaly & Company, Advocate & Legal

Consultant


Mir Javed Hashmat Chief Executive OfficerMr. Osama Iqbal Company Secretary & CFOMs. Shafque Akhter Internal Auditor

BOARD OF DIRECTORS

KEY PERSONS

700

600

500

400


Equity Growth



CREDIT RATING

Rs. In Million

250

200

150

100

Rs. In Million



%

%

Rating Agency


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


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.


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


Website : www.standardcharteredleasing.com

Offices at : Karachi, Lahore, Islamabad and Faisalabad


Auditors : KPMG Taseer Hadi & Co., Chartered

Accountants

Legal Advisors : Mansoor Ahmad Khan & Company


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


Equity Growth



CREDIT RATING

Chief Executive

Rs. In Million

1,000

800

600

400

200

Rs. In Million



%

%

Rating Agency


Short Term A1+

Long Term AA+

Mr. Arjumand Ahmed Minai

STANDARD CHARTERED LEASING LIMITED

Jun-14Jun-15

Jun-14Jun-15

EQUITY




LIABILITIES


Deposits 2,184.00 2,387.60

Other Liabilities 1,416.84 1,353.44







Total Assets 5,224.94 5,525.09

SIGNIFICANT RATIOS

Gearing (x) 2.95 3.35



INCOME



Dividend Income - -



EXPENSES


Financial expenses 289.00 303.04Provision for bad debts / Impairments 20.37 (14.52)


WWF




Net Profit 82.69 109.82

Dividend Payment (Rs.) - 78.27

SIGNIFICANT RATIOS


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.


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


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


Equity Growth



CREDIT RATING

Rs. In Million

1200

1000

800

6000

400

200

Rs. In Million

Income from financing assets 84.97Other Income 15.03


%

%

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


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).


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


Website : www.trustbank.com.pk

Offices at : Lahore, Faisalabad, Multan & Islamabad


Auditors : Tariq Abdul Ghani Maqbool and Co. Chartered

Accountants

Legal Advisors : Chaudhry Mahmood-ur-Rehman


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


Equity Growth



CREDIT RATING

Rs. In Million

1,200

1,000

800

600

400

Rs. In Million



%

%

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




ASSETS

Fixed Assets 2,956.33 1,462.58Financing Assets 1,162.51 1,015.88

Investments 54.16 1,190.02


SIGNIFICANT RATIOSGearing (x) 2.89 4.48



INCOME



Dividend Income - -



EXPENSES





WWF - -



Taxation 0.83 1.43



SIGNIFICANT RATIOS


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.


PROFIT & LOSS


Head Office : 104-106, Kassam Court, BC-9, Block-5, Clifton,

Karachi

Tel : (92-21) 35876651-2

Fax : (92-21) 35870408


Website : www.trustmodaraba.com

Offices at : Karachi, Lahore and Gujranwala


Auditors : Deloitte Yousuf Adil, Chartered Accountants

Legal Advisors : Shakeel Ahmed Awan, Advocate, Supreme Court

of Pakistan

Shari'ah Advisor : Mufti Muhammad Zubair Usmani


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


Equity Growth



CREDIT RATING

Chief Executive

Rs. In Million

350

300

250

200

150

100

Rs. In Million


Operating expenses 107.65Provision for bad debts / Impairments -7.65

%

%


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


LIABILITIESTotal Borrowings - -

Deposits - -

Other Liabilities 101.38 111.55Total Liabilities 101.38 111.55




Investments 12.26 6.31Other Assets 73.54 56.89


SIGNIFICANT RATIOS

Gearing (x) 0.33 0.36



INCOME

Income from financing assets 78.45 98.35Capital Gain on Investment 0.83 2.20


Other Income 6.26 3.37Total Income 85.61 103.99

EXPENSES

Operating expenses 73.42 82.81Financial expenses - -



WWF - -Total Expenses 68.20 83.76


Taxation - -Net Profit 17.41 20.23


SIGNIFICANT RATIOS



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.


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


Website :

Offices at : Lahore


Auditors :

Legal Advisors :

Shari'ah Advisor :


BOARD OF DIRECTORS

KEY PERSONS

4

3

2


Equity Growth



CREDIT RATING

Rs. In Million

-

1

Rs. In Million


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


Capital Gain on Investment 0.34

Dividend Income -

Other Income 0.89

Total Income 2.25

EXPENSES


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

118

Year Book 2015

119

Glossary

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 economic. 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

Year Book 2015

122

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.

Year Book 2015

123

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

Year Book 2015

124

Year Book 2015

125

Members Directory

Year Book 2015

126

Members’ Directory

1

2

3

4

5

6

7

8

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

Year Book 2015

127

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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10

11

12

13

14

15

16

Year Book 2015

128

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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Year Book 2015

129

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


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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