ISLAMIC FINANCE PAKISTAN

I S L A MI C FIN A N CE IN D US T RY N E WS L ETT E R V O L UM E 3 IS S U E 8 A U G US T 20 1 2

The Progress of Takaful Companies (2011)

Compiled by EY-IFSG
Ayat of the Month

Overview of Takaful market

In the recent years, Takaful has made its place in Pakistani market at a rapid pace. This is supported by the rules and regulations issued by SECP (Securities and Exchange Commission of Pakistan) over the years. Takaful Companies filed a petition through which the Sindh High Court (SHC) restrained SECP from implementing the Takaful Rules,2012 issued. Takaful companies are of the view that the new rules had been issued by the SECP without considering the opinions of religious scholars who would have advised the regulator that the new rules were not in line with the Islamic principles. Currently the market has 5 players, two family Takaful and three general Takaful companies.

Overall profitability growth of Takaful Companies during 2011

In 2011, various Takaful companies in Pakistan

In the recent y ear s, Takaf u l has made its place in Pakistani market at a rapid pace. This is supported by the r u l e s a n d regulations issued by SECP over the y e a r s . S H C restrained SECP f r o m implementing the Takaful Rules 2012, issued.

O you who believe, when the call for Salah (prayer) is proclaimed on Friday, hasten for the remembrance of Allah, and leave off business. That is much better for you, if you but know. Then once the Salah is over, disperse in the land, and seek the grace of Allah, and remember Allah abundantly, so that you may be successful. [Surah AlJumua:9,10]

Inside this issue

Inside Story Editors Message Local and International News Get a glimpse of what is happening in the world of Islamic finance In the Spotlight Find our read of the month 1 2 6

Ask US 10 By Mufti Ibrahim Essa and Mufti Javed Pakistan Islamic Banking Industry Analysis 11

Editorial
Sukuk is an Islamic financial certificate, similar to a bond in Western finance, that complies with Shariah. In its simplest form Sukuk are assetbacked trust certificate evidencing ownership of an asset or its usufruct. As the traditional Western interest paying bond structure is not permissible, the issuer of a Sukuk sells an investor group the certificate, who then rents it back to the issuer for a predetermined rental fee. The issuer also makes a contractual promise to buy back the bonds at a future date at par value. As Sukuk securities adhere to Islamic laws sometimes referred to as Shariah principles, it prohibits the charging or payment of interest as to conventional bonds. Modern Islamic finance is a recent phenomenon. Only 30 years have passed since the first fully fledged Islamic financial institution (IFI) emerged, and the market for Sukuk (Islamic bonds) was non-existent up until the beginning of this century. The emergence of Sukuk has been one of the most significant developments in Islamic capital markets in recent years. Simply put, Sukuk instruments links their issuers, with a wide pool of investors, many of whom are seeking to diversify their holdings beyond traditional asset classes, thereby acting as a bridge for linking issuers with a pool of investors. Sukuk issuance has proven its resilience during the recent periods of global capital markets financial crisis. According to Moodys report on Islamic Banks and Sukuk, growth rates are at least twice as high as those recorded on global conventional financial markets. Nevertheless, liquidity in the Sukuk market is expected to improve gradually as the variety of Sukuk issuances widens. Not only the volumes are expected to exceed by the end of the current decade as seen by the industry experts, but the nature, geographic location and credit quality of future issuers are also expected to considerably diversify. Happy Reading!

Advisory Board
Mufti Irshad Ahmed Aijaz Mufti Najeeb Khan Anwar Ahmed Meenai Mohammad Aslam Mujeeb Baig Syed Shahjahan Salahuddin Faizan Memon

Editor-in-Chief
NusratUllah Khan

Associate Editors
Muhammad Shahzad Hussain Arshad Hussain Zubairi Ammar Khalid Rima Farooq

Let us know, if you know friends or colleagues who, in your view, may benefit from this newsletter. Send us their email addresses at newsletter.ifp@gmail.com

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Continued The Progress of Takaful Companies (2011)

have performed well in terms of profitability. This could be judged by the financial results of the Takaful leaders in Pakistan. Pak Qatar General Takaful Limited (PQGTL) posted its loss before tax into profit in the year 2011. In the year 2010, it recorded the loss of PKR 28 million where as in 2011 it registered a profit of PKR 8 million. It was mainly due to the favorable movement in gross contributions by 52% in 2011, supported by the reasonable growth in the different segments of the business especially by motor (which represents 71% of contribution) and fire (which represents 13% of total contribution) segment. Moreover, the reduction in various expenses, for instance, management fee by 7% and general and administration expenses by 9% also contributed to the increase to some extent. Pak Qatar Family Takaful Limited (PQFTL) reduced its loss from PKR 72 million to PKR 9 million. It was due to rise in contribution income (annualized) of different segments such as individual family by 78%, group family by 113% and group health by 61%. Moreover, the rise in net investment income by 89% and the reduction in the expenses such as expenses not attributable to statutory fund moved down by 28% also contributed to the reduction in the loss. Dawood Family Takaful Limited (DFTL) loss further heightened by 38%. The primary reason behind the fluctuation was the significant rise in the commission expenses by 35% and the management expenses by 14%. Moreover, the fall in investment income by 24% also moved the loss figure up. Pak-Kuwait Takaful Company Limiteds (PKTCL), profit moved down by 27% which was primarily due to the rise in net commission by 106% and the reduction in the net investment income by 21%. In the case of Takaful Pakistan Limited (TPL), it also posted the loss of PKR 35 million into the profit of PKR 3 million, it represents the significant movement around 91%. It was mainly

Expense Ratio (2011)

70%
60%

65%

50% 40% 30% 20% 10% 12% 13% 9% 26%

PQGTL PQFTL DFTL PKT

TPL

Takaful Companies profitability graph have moved up in the recent years.

0%
due to the significant reduction in the direct expenses by 68 % and the

Average Gross Contribution (2011)

180% 160% 140% 120% 100% 83% 80% 60% 41% 40% 20% 0%
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153%

128%
PQGTL PQFTL

DFTL
PKT 55% TPL

Continued The Progress of Takaful Companies (2011)

Management Expense Ratio (2011)

70% 60% 50% 40% 30% 20% 10%
0%
increase in other income by 29%. Moreover, the reduction in management fee by 53% also contributed to the profitability.

63%

The increase was due to the expansion of the business in the motor segment, in addition, the rise in the contribution due by 85% and the increase in the capital work in progress by 15% also contributed to the upward movement of the total assets.

investment in listed Shariah compliant shares of PKR 4.9 million also added value to the total assets of DFTL. The total assets of PKTCL also increased in positive direction by 12% which was due to the significant rise in the prepayment of deferred commission expense by 53% and contribution due by 48%. Moreover, the rise in investments and current account deposits also supported the increase in the total assets of the company. TPLs, total assets increased by 5 % during the year, which was because of the rise in cash and bank deposits by 3% and the upward movement in investments by 18%. Moreover, the rise in other current assets by 13% also contributed to the increase in total assets of the company. Overall, Takaful Companies performance was outstanding in the year 2011 and it seems that the trend will continue in the future as well.

PQGTL 37% 20% 22% 14% PQFTL DFTL PKT

TPL

In case of PQFTL total assets moved up by 92%, which is significant movement in the total assets. The upward movement was mainly due to the increase in cash and bank deposits by 132% and the rise in total investment by 122%. DFTL total assets moved in positive direction by 7%. It was supported by the increase in the cash and bank deposits by 50% and the rise in the contributions by 41%. In addition,

Analysis of Total Assets

Overall, there was rise in the total assets of the Takaful companies in Pakistan and which was due to an improved confidence in the Takaful business. In 2011, PQGTL total assets moved up by 18% compared to the previous year.

Takaful Companies Performance was outstanding in the year 2011.

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Continued The Progress of Takaful Companies (2011) Financial summary of the Takaful Companies for the year 2011
Statement of Financial Position
Sr. No 1. 2. 3. 4. 5. 6. 7. 8.

Figure in Rupees

Description Total assets Cash and other equivalents Investments Deposits maturing within 12 months Cede money Creditors and accruals Total equity and liabilities Amount due to co-takaful / retakaful operators

PQGTL 443,621,775 690,949 131,274,372 64,723,500 500,000 54,867,057 443,621,775 33,146,839

PQFTL

DFTL

PKTCL

TPL 488,902,019 110,882 57,771,415 206,690,000 174,366,245 488,902,019 54,054,267

2,072,039,407 873,603,996 681,036,614 1,738,015 129,820,728 902,195,231 333,157,472 126,513 56,870,735

490,880,000 115,000,000 231,142,100 500,000 100,000 500,000

237,358,334 116,055,062 152,825,078 2,072,039,407 873,603,996 681,036,614 3,882,776 10,169,953 67,863,830

Statement of Comprehensive Income

9. Profit / (loss) before taxation 11,246,641 2,689,318 8,557,323 28,903,885 19,446,325 86,177,569 121,756,000 (4,373,116) (115,532,353) 5,022,323 (9,395,439) 6,828,231 544,569,703 159,741,563 459,421,984 25,156,712 (90,375,641) 29,828,009 116,174,453 49,317,922 6,422,462 42,895,460 1,498,629 14,855,684 1,834,013 2,095,716 3,907,376 1,564,656 14,593,284

10. Taxation 11. Profit / (loss) after taxation 12. Net investment income 13. Commission expense 14. Management expenses 15. Wakala fees

206,364,142 129,910,861 371,112,779 169,035,236 202,307,548 72,074,327

Disclaimer:
The data presented in this summary is extracted from the published audited financial statements of the respective banks for the year ended 31 December 2011. The newsletters management does not take any responsibility of authencity of any data presented here and will not assume any liability due to any loss or damage caused by the usage of the information presented here. User discretion advised.
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Announcement of the Islamic Financial Services Board's awareness program and FIS workshops 2012
The Islamic Financial Services Board (IFSB) is pleased to announce the upcoming awareness programmes and the Facilitating the Implementation of IFSB Standards workshops that will held throughout the third and fourth quarters of 2012.

Mortgage law to spur Islamic finance

Saudi Arabia's approval of a landmark mortgage law after a delay of more than three years will give rise to Islamic funding and tackle some of the challenges in the real estate sector in the Kingdom of Saudi Arabia.

NASDAQ Dubai welcomes $650 million JAFZ Sukuk to its market

NASDAQ Dubai welcomed the listing of a $650 million Sukuk by Jebel Ali Free Zone ( JAFZ ) on its market. The listing confirms the exchange's status as the largest in the Middle East for Islamic bonds, bringing the total nominal value of its listed Sukuk to $7.1 billion.

Ithmaar support for key Bahrain event in Tokyo

Ithmaar Bank , a Bahrain-based Islamic retail bank, threw its weight behind an event, planned for the Annual International Monetary Fund (IMF)-World Bank meeting in Tokyo, which aims to promote Bahrain as a key financial hub in the Middle East.

Tharawat Sukuk Fund yields 5% profit in first half

Bahrain-based Tharawat Investment House ( Tharawat ), an Islamic investment institution based in the Kingdom of Bahrain, announced five percent profit returns of Tharawat Sukuk Fund for the period from January to June 2012, achieving a cumulative return of 17.4 % since its inception in February 2010. Tharawat said it would distribute around four per cent for the period, making it the fifth time of such distribution.

ADIB appoints new head of wholesale banking

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced the appointment of Arif Usmani as the Global Head of ADIB's Wholesale Banking business. Arif is a leading global banker with over 30 years of diverse banking experience across several geographies and disciplines. He has extensive experience in risk management, corporate relationship banking and franchise management.

KFH-Turkey: 23 years of successful leadership of Kuwaiti private sector in Turkey

On 31st March 1989, KFH-Turkey began officially working in Istanbul as the first Islamic bank in Turkey. The bank was a result of the collaboration between Kuwait and Turkey, who believed in establishing an Islamic bank that depends on Kuwait's experience in this field and Turkey's promising economy. This led to a bank that is a source of pride for Kuwait and the GCC.

ODB constitutes team to study Islamic banking products and services

In an aim to provide customers with Shariah-compliant banking products and services in the near future, Oman Development Bank (ODB) has decided to set up a team to study the current products and services the bank offers and the possibility of adding new products and services that are in line with Shariah. The team will submit its report by the end of August. The sultanate has decided to allow the establishment of Islamic banking and the opening of new outlets for Islamic banking products and services at existing banks. The aim is to take advantage of the rising demand for Islamic banking services and products.

Disclaimer:
The news included here is on the basis of information obtained from local and international print and electronic media sources. IFP team does not accept any responsibility about their bona-fide.
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S&P Indices launches Shariah Index with OIC

S&P Indices announced the launch of the S&P/OIC COMCEC 50 Shariah Index, which is designed to measure the performance of 50 leading Shariah-compliant companies from the member states of the Organization of Islamic Cooperation (OIC). The Index has been designed in partnership with the OIC.

QIB announces innovative auto financing scheme for ramadan

Qatar Islamic Bank (QIB) has compiled a hugely competitive suite of vehicle financing initiatives to coincide with the Holy Month. This includes a very competitive Profit rate, a five-month payment 'holiday' (1st instalment in January 2013 ), a comprehensive Auto Takaful with the best rate available in Qatar, free Windows tinting voucher and a free co-branded QIB/Qatar Airways card for the first year.

105 young Emiratis embark on DIBs Iktaseb summer training programme

As part of the Bank's contribution to the UAE community, Dubai Islamic Bank ( DIB ) announced the launch of its annual Iktaseb summer training programme for young UAE nationals.

Over 90% of Moroccan consumers interested in Islamic finance survey findings revealed
Key findings published in July from Morocco's first independent market study, entitled 'Islamic Finance in Morocco - Sizing the retail market' points to a very strong interest from local consumers in Islamic Finance products and services. Over 80% of the Kingdom's consumers indicated their likelihood to take up a Shariah compliant financing (loan) upon launch.

GCC seen as safe haven as uncertainties rattle global financial markets

The second quarter of this year saw the GCC financial markets put up a show of considerable resilience in the face of elevated global economic uncertainty as the eurozone crisis deteriorated. Even though especially Saudi interbank rates have edged up, largely in reflection of the growing demand for credit, the regional banks are strong and liquidity conditions benign. The UAE and Kuwait continue to lag behind, however, due to a combination of largely country-specific factors.

Gulf bond issuance activity to remain fairly robust

Gulf region's issuance activity is likely to remain fairly robust in the coming quarters, partly because of refinancing requirements, partly thanks to formally approved issuance programs by a growing number of regional companies, most notably banks, the National Commercial Bank said in its latest GCC Financial Market Quarterly.

SIB launches leadership development initiative

Sharjah Islamic Bank (SIB) launched Kawader Programme, an innovative learning initiative aimed at developing talented Emirati cadres and qualifying them to hold higher administrative positions in the banks various departments and branches.

ONIC starts dialogue for JV Takaful firm

Oman's leading investment holding company Oman National Investment Corporation (ONIC) holding is negotiating with a regional Islamic insurance firm to jointly promote a Takaful company in Oman. ONIC Holding has already received an 'in principal' approval from the Capital Market Authority (CMA), after the government decided to allow Islamic banks and insurance firms. However, a licence will be given only after the regulating authority announces a separate set of rules for Shariah-compliant insurance companies and Islamic debt instruments like Sukuk.

Disclaimer:
The news included here is on the basis of information obtained from local and international print and electronic media sources. IFP team does not accept any responsibility about their bona-fide.
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Islamic banking should be enforced under SC order

Islamic banking in Pakistan is being practiced on the basis of supply and demand and not as mandatory by the government, said Jamiatur Rasheed Education Dire cto r Ab du l A zi z R aj a. Addressing at a seminar on a case study on A Blend of Contemporary and Religious Education, held at Korangi Association of Trade and Industry (KATI), Raja said that banking ordinance was introduced in 1974 but tabled in the House in 1984, under which the Islamic banking in Pakistan should be mandatory and not the option.

hearing a constitutional petition filed by five Takaful companies, challenging the rules. The SECP allowed conventional insurance companies to carry on Takaful business through one-window operations. The Takaful companies had raised serious objections that the new rules would result in distortion of the Takaful business in Pakistan.

Islamic banks urged to explore SME, farm sectors

State Bank Governor Yaseen Anwar has said that the Islamic banking has great opportunity to finance projects in agriculture and small and medium enterprise (SME) sectors which are the avenues missed by conventional financial institutions.

SCB arranges $35m Islamic Trade Finance facility for PIA

Standard Chartered Bank (SCB) arranged one-year $35 million Islamic Structured Trade Finance facility for Pakistan International Airlines (PIA). The Bank was the sole arranger and structuring bank for this transaction. The facility is structured as an offshore transaction under an Islamic mode, which uses Ijara concept based on purchase and distribution of airline seats.

Bank of Khyber (BoK) expanded its wings in Islamic Banking with the brand name of BoK Raast
Managing Director, Mr. Bilal Mustafa, said; BoK is committed to cater the Banking requirements of Islamic Banking as well as conventional in a befitting manner in order to encourage the economic developmental activities in the country through its expanding network of branches.

Islamic banking growth is impressive

Attock Chamber of Commerce and Industry (ACCI) said that growth rate of Islamic banking in Pakistan is v e r y i m p r e s s i v e . 75 countries have recognised Islamic banking, major banks including HSBC, Citigroup, Deutsche Bank and Standard Chartered have Islamic banking branches or windows in Pakistan, which prove success of Riba-free banking, said President ACCI, Tariq Mehmood.

World's first postgraduate diploma on Halal industry launched

The world's first postgraduate diploma on Halal industry is going to be launched in Pakistan from November, which will be presented through modern online technology concurrently around the world so that the education and awareness regarding Halal food and products could be spread in Muslim and non-Muslim countries with special reference for those countries where Muslims are in minority and they remain tensed about Halal food products. This diploma would be of eight months which would consist of four modules and each module would consist of two courses. In first module, concepts of Halal and general guidance about Halal food would be taught whereas role of food ingredients and Halal slaughtering in second module, prospective of Halal industry world-wide and Halal banking in third module and Halal standardisation and prospective of Halal industry in developed area will be taught in fourth module.

SHC restrains SECP from enforcing new Takaful Rules

The Sindh High Court (SHC) on Thursday restrained the Securities and Exchange Commission of Pakistan (SECP) from implementing its Takaful Rules of 2012, while

Disclaimer:
The news included here is on the basis of information obtained from local and international print and electronic media sources. IFP team does not accept any responsibility about their bona-fide.
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Book in the Spotlight

Islamic Law of Contract

By Dr. Liaquat Ali Khan Niazi Volume 1 Reviewed by

Mufti Haseeb Ahmed

This book is the first volume of the 8 volume set that is a compilation of different articles written by Mufti Muhammad Taqi Usmani. Some of them were published separately, while others were a part of his other independent books (the source of the article is mentioned on the title of each chapter). The book starts with a preamble written by Mufti Mahmood Ashraf (who is also a very senior member of the Darulifta Jamia Daruloom Khi) in which he describes the importance of innovational research in the field of various aspects of a Muslims life regarding Shariah rulings which also includes Islamic economic system, and he further sheds light on the author and his publications. The preamble is followed by compilers views about the contents of the book and his inspiration and respect for the original author.

The book generally describes the economical values for Muslim ummah, and this being the very first

good and bad intentions may render economical benefits impermissible for a Muslim. The first article is about unwanted human attachment with fame and money, but on the other hand also depicts the importance of work and earn income within the prescribed Shariah limits. He even writes the virtue of trading as it was also sunnat of the Prophet (P.B.U.H) and the evil practices involved in it today. All of his discussions are supported with Quranic verses and Hadiths with their translations and understandings, and they also include examples from the lives of the companions of the Holy Prophet (P.B.U.H) and the ongoing list of the followers. Published by: Research cell Dayal Singh Trust Library, Lahore

of the whole compilation the compiler came up with the articles which were intended for ethical and moral building of the reader, as

About the Author

Mufti Muhammad Taqi Usmani is one of the leading Islamic scholars living today. He is an expert in the fields of Islamic Jurisprudence, Economics, Hadith and Tasawwuf. Born in Deoband in 1362H(1943 CE), he graduated par excellence form Dars e Nizami at Darul Uloom, Karachi, Pakistan. Then he specialized in Islamic Jurisprudence under the guidance of his eminent father, Mufti Muhammad Shafi, the late Grand Mufti of Pakistan. Since then, he has been teaching hadith and Fiqh at the Darul-Uloom, Karachi. He also holds a degree in law and was a Judge at the Sharia Appellate Bench of the Supreme Court of Pakistan. He has been writing on various Islamic topics and is author of more than 60 books and numerous articles. Presently he is the Vice-president of Darul-Uloom, Karachi, Pakistan, where he teaches Sahih Bukhari, Fiqh and Islamic economics.

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Ask Us
By Mufti Ibrahim Essa and Mufti Javed Ahmed
Question: In a deferred sale contract, is it permissible to stipulate a condition that the seller will retain the subjectmatter into his ownership until the full payment of the price? Answer: A seller is not allowed to stipulate, after conclusion of a sale contract, a right to retain an asset sold on a deferred basis, as security for payment. This is because the legal effect of a sale contract is the transfer of ownership of the asset sold. However, it is permissible for the seller to stipulate that the buyer should release the sold asset into the sellers custody as pledge of security so as to ensure recovery of the remaining deferred installments. It is also permissible for the buyer to retain an asset sold on an immediate payment basis until the consideration for the asset is paid. Question: In an Ijarah transaction, if the lessee stops using the leased asset or returns it to the asset before the term expires, is it permissible to charge him the remaining rentals of that period where the leased asset was not used by the lessee? Moreover, can the lessor lease that asset to another person for that period? Answer: If the lessee stops using the leased or returns it to the owner without the owners consent, the rental will continue to be due in respect of the remaining period of the Ijarah and the lessor may not lease the property to another lessee for this period, but must keep it at the disposal of the current lessee.

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Financial summary of the Islamic banks for the year 2011

Statement of Financial Position Figure in Rs.000
IBIs and IBDs analysis was reported in previous issues separately. They are being reported together again in this issue to provide a comparison between them.
Sr. No 1. 2. 3. 4. 5. 6. 7. 8. Meezan Bank 2,348,076 98,488,574 59,155,585 200,550,394 9,235,960 170,030,431 186,764,043 13,786,351 Dubai Islamic Al-Baraka Bank Burj Bank Bank 1,116,928 2,215,636 9,982,793 23,340,602 10,509,340 48,196,449 27,644,829 1,898,500 447,300 27,610,708 72,544,879 1,736,120 61,559,026 66,020,396 6,524,483 7,577,186

Description Balances with other banks Investments Financings Total assets Due to financial institutions Deposits and other accounts Total liabilities Net assets

Bank Islami 549,277 21,067,082 20,110,401 58,821,314 800,000 50,568,785 53,508,676 5,312,638

38,491,607 20,341,241 41,962,400 21,840,251 6,234,049 5,804,578

Statement of Comprehensive Income

9.

Profit on financings

18,032,152 8,665,622 1,389,155 7,977,375 2,504,755 6,125,830 4,356,300 3,391,543

4,632,785 2,395,995 10,075 2,226,715 457,136 2,367,722 316,129 190,486

2,375,585 1,423,171 251,580 700,834 188,537 1,236,279 (346,908) (288,488)

6,699,178 5,001,222 (227,176 ) 1,925,132 482,058 1,926,488 480,702 410,370

5,502,154 2,883,355 21,423 2,597,376 226,709 2,215,498 608,587 409,556

10. Return on deposits 11. Provisions 12. Net spread after provisions 13. Total other income Administrative and other 14. expenses 15. Profit / (Loss) before taxation 16. Profit / (Loss) after taxation

Disclaimer:
The data presented in this summary is extracted from the published audited financial statements of the respective banks for the year ended 31 December 2011. The newsletters management does not take any responsibility of authencity of any data presented here and will not assume any liability due to any loss or damage caused by the usage of the information presented here. User discretion advised.
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Financial summary of the Islamic bank divisions for the year 2011
Statement of Financial Position Figure in Rs.000

The analysis of IBDs is reported again with the inclusion of Bank Al Falah Limited (BAFL) which was not included in the previous issue as its financial data was not available. Previously SCB was reported as the highest profit before taxation among all the IBDs with a profit of 1.2 billion whereas now with the inclusion of BAFL it is the leading IBD with a profit of 1.4 billion in FY 2011. The increase in profit of BAFL is 16% compared to SCB in the FY 2011. BAFL net assets are of 6.2 billion and SCB net assets are of 3 billion. Detailed comparative analysis of the IBDs was covered in our previous issue of July 2012.
Sr. No 1. 2. 3. 4. 5. 6. 7. 8.

Description Balances with other banks Investments Financings Total assets Due to financial institutions Deposits and other accounts Total liabilities Net assets

ABL 528,613 9,818,059 3,036,063 14,956,845 11,842,633 14,037,447 919,398

BAHL 494,968 1,362,945 5,359,450

BOK 530,736

FBL 173,799

UBL

BAFL

1,714,138 5,842,516 4,490,991 42,926,997 521,109 -

7,722,833 5,586,837 3,071,604 4,974,329

8,319,891 12,612,588 12,651,579 1,192,491 -

8,791,159 6,231,385 -

5,447,863 10,058,574 10,977,485 7,045,815 10,734,306 11,846,582 1,274,076 1,878,282 804,997

8,155,280 80,780,324 8,303,333 87,104,550 487,826 6,231,385

Statement of Comprehensive Income

9. Profit on financings 1,312,988 831,691 78,301 559,598 59,006 520,055 98,549 1,029,044 569,686 459,358 41,383 128,635 372,106 1,249,127 1,117,006 393,780 28,887 826,460 89,533 424,188 491,805 597,956 16,463 502,587 23,275 395,586 130,276 595,492 8,062,131 437,892 4,345,541 29,874 39,521

10. Return on deposits 11. Provisions 12. Net spread after provisions 13. Total other income Administrative and other 14. expenses 15. Profit / (Loss) before taxation

187,474 2,752,892 40,946 573,840

216,494 1,896,235 11,926 1,430,497

Disclaimer:
The data presented in this summary is extracted from the published audited financial statements of the respective banks for the year ended 31 December 2011. The newsletters management does not take any responsibility of authencity of any data presented here and will not assume any liability due to any loss or damage caused by the usage of the information presented here. User discretion advised.
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Financial summary of the Islamic bank divisions for the year 2011
Statement of Financial Position
Sr. No

Figure in Rs.000

Description

HBL 16,606 12,648,185 933,881 15,738,926 11,944,594 14,570,074 1,168,852

MCB 2,938,706 5,611,142 13,223,995 7,305,780 12,032,397 1,191,598

SBL 26 606,897 1,764,097 2,998,169 123,975 2,171,638 2,745,811 252,358

SCB 1,744,661 5,923,668 14,335,084 28,705,376 1,922,500 16,533,520 25,783,554 2,921,822

HMB 10,050,774 6,446,125 18,610,310 14,747,474 17,041,077 1,569,233

1. Balances with other banks 2. Investments 3. Financings 4. Total assets 5. Due to financial institutions 6. Deposits and other accounts 7. Total liabilities 8. Net assets

Statement of Comprehensive Income

9. Profit on financings 10. Return on deposits 11. Provisions 12. Net spread after provisions 13. Total other income Administrative and other 14. expenses Profit / (Loss) before 15. taxation

2,086,280 1,214,450 365,363 506,467 42,599

1,422,236 979,325 36,743 406,168 114,519

398,079 353,530 157,332 (112,783) 145,012

2,355,604 627,700 185,514 1,542,390 461,967

2,094,756 1,452,193 73,602 568,961 69,407

240,084 308,982

344,353 176,334

165,991 (147,219)

797,869 1,206,488

99,435 538,933

Disclaimer:
The data presented in this summary is extracted from the published audited financial statements of the respective banks for the year ended 31 December 2011. The newsletters management does not take any responsibility of authencity of any data presented here and will not assume any liability due to any loss or damage caused by the usage of the information presented here. User discretion advised.
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