| Altowfeek Investment Bank Limited |
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|
Annual Report 1996 |
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| CORPORATE
INFORMATION |
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| CHAIRMAN |
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| Mr.
Khalid Mahmood Bhaimia |
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| - Nominee
AlBaraka Investment & Development Co, Jeddah |
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| CHIEF
EXECUTIVE |
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| Mr.
Salman Ali Shaikh |
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| - Nominee
AlBaraka Investment & Development Co, Jeddah |
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| DIRECTORS |
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| Mr.
Osman. A.Suleiman |
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| - Nominee
AlBaraka Investment & Development Co, Jeddah |
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| Mr.
Yelcin Oner |
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|
| - Nominee
AlBaraka Investment & Development Co, Jeddah |
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| Mr.
Iftikhar Soomro |
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|
| - Nominee
AlBaraka Investment & Development Co, Jeddah |
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| Mr.
S.M. Siddiqui |
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| - Nominee National Investment
Trust |
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| Dr.
Omar Zohair Hafez |
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| -Nominee Islamic
Development Bank, Jeddah |
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| COMPANY
SECRETARY |
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| Farooq Ahmed |
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| AUDITORS |
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| Taseer
Hadi Khalid & Co. Chartered Accountants |
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| SHARE
REGISTRARS |
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| Software
(Pvt) Limited |
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| 5/79
Usman Block New Garden Town Lahore |
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| REGISTERED
OFFICE |
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| 63-
Shahrah-e-Quaid-e-Azam Lahore |
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| LEGAL
ADVISORS |
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| Salim
& Baig Advocates |
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| BANKERS |
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| AlBaraka
Islamic Investment Bank B.S.C.(E.C) |
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| Allied
Bank of Pakistan Limited |
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| Faisal
Bank Limited |
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| Habib
Bank Limited |
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| Muslim
Commercial Bank Limited |
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| National
Bank of Pakistan |
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| Prime
Commercial Bank Limited |
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| Soneri
Bank Limited |
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| Schon
Bank Limited |
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| Union
Bank Limited |
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| United
Bank Limited |
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| BRANCHES |
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| -63-
Shahrah-e-Quaid-e-Azam. Lahore |
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| -Lakhani
Centre I.I.Chundrigar Road. Karachi |
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| -Hotel
East Inn Building Sheikhupura Rd. Faisalabad |
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| -Sialkot
Chamber of Commerce Building. Sialkot |
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| -6-A
Islamia Road Peshawar Cantt. |
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|
NOTICE OF THE ANNUAL
GENERAL MEETING |
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| Notice
is hereby given that the 6th Annual General Meeting of AlTowfeek Investment
Bank Limited will be |
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| held
at Avari Hotel, Shahrah-e-Quaid-e-Azam, Lahore on Saturday January 25,1997 at
4.00 P.M to transact |
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| the
following business: |
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| ORDINARY
BUSINESS |
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| 1)
To confirm the minutes of the last Annual General Meeting of the company held
on May 21, 1995. |
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| 2)
To receive, consider, and adopt the audited accounts of the Company for the
eighteen months period |
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| ended
June 30,1996 together with the Directors' and Auditors' Reports thereon. |
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| 3)
To appoint the auditors for the next term and to fix their remuneration. One
of the shareholders of |
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| the
company has given a notice for appointment of M/S Sidat Hyder Qamar Maqbool
& Co, Chartered |
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| Accountants
as auditors in place of the retiring auditors M/S Taseer Hadi Khalid &
Co, Chartered |
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| Accountants. |
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| SPECIAL
BUSINESS |
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| 4)
To approve the remuneration of the Chief Executive. Further, to authorize the
Board of Directors to |
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| revise
the remuneration of the Chief Executive of the company, as and when
considered necessary. |
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| A
statement under section 160 of the Companies Ordinance 1984 pertaining to the
special |
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| business
is being sent to the shareholders with a copy of the notice. |
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| 5)
To transact any other business with the permission of the chair. |
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|
By order of the Board |
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| Lahore |
|
FAROOQ AHMED |
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| December
31,1996 |
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COMPANY SECRETARY |
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| NOTES |
|
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| (i)
A member entitled to attend and vote at this meeting is entitled to appoint a
proxy to attend the |
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| meeting
and vote for him/her. Form of Proxy is enclosed with the annual report.
Proxies in older to |
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| be
effective, must be received at the registered office of the Company, at least
48 hours before the |
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| time
of holding the meeting. |
|
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| (ii)
The members are requested to immediately notify the change in address, if
any. |
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| (iii)
The share transfer books of the Company will remain closed from January 19,
1997 to January |
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| 25,
1997 both days inclusive. |
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| STATEMENT
U/S 160 (1) (b) OF THE COMPANIES ORDINANCE, 1984 |
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| The
members' approval is sought for the payment of remuneration and the provision
of certain other utilities |
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| to
the Chief Executive as per the bank's service rules and as per
recommendations of the Board of Directors |
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| of
the Company. Further, members' approval is sought for authorizing the Board
of Directors to revise the |
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| remuneration
of the Chief Executive as and when considered necessary. For the purpose it
is proposed to · |
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| pass
with or without amendment the following resolution. |
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| "Resolved
that Mr. Salman All Shaikh Chief Executive shall be paid w.e.f September 15,
1996 the gross |
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| remuneration
of Rs. 250,000 per month along with other benefits as per bank's service
rules. |
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| Further
resolved that the Board of Directors be and is hereby authorized to revise
the remuneration of the |
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| Chief
Executive of the company from time to time in accordance with the company's
rules and policies". |
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CHAIRMAN'S REPORT |
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TO THE SHAREHOLDERS |
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|
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| Dear
Shareholders, |
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| AS
SLAAM O'ALAIKUM |
|
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| The
Directors of the Bank have the pleasure to present the Sixth Annual Report of
the Bank. |
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| 1995-96
was a most difficult period in your Bank's short life. It was full of
changes. To comply with changes |
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| in
the Income Tax Ordinance, we had to change our fiscal year end to June 30
instead of December 31. As |
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| a
result, this report covers an 18 months period from January 1,1995 to June
30,1996. |
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| Our
1994 report was rather optimistic about the economy and its prospects.
Unfortunately the stock market |
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| has
been on a downward path since 1994. The KSE index, having peaked at 2661 in
March 1994, had |
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| dropped
to 1703 as of June 30,1996. Since then, index has even fallen further. As of
December 31,1996 it |
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| was
1340. As a result of this overall decline in stock markets, our Investment
Portfolio values have also |
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| declined
substantially - more so than the KSE index. Your Board does not believe that
the drop in prices is |
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| temporary.
Accordingly, we have changed our accounting policy to value the portfolio at
the current market |
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| price.
This mark to market valuation has resulted in a provision of Rs. 124 million
for the period. It is most |
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| unfortunate
that we have to take such a large provision since we only invested in
equities to comply with |
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| SBP
rules of 15% liquidity reserve requirements. As an Islamic Bank, we cannot
invest in FIB's/T- Bill's |
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| which
would not normally lead to capital losses. |
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| The
slowing down of the Pakistani economy has also effected our customers, since
they are part of the |
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| overall
market place. Again, being a conservative institution, we have strictly
applied SBP rules - have |
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| reversed
the income and have provided for these classified assets. Furthermore, in
compliance with our |
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| external
auditors judgment, we have also provided on other classified assets. Our
results thus reflect a total |
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| provision
of Rs.63.9 million. |
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| We
have an operating income before provisions of Rs.83.2 million. However, the
above major provisions |
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| have
eliminated the profits and we have a post tax loss of Rs.63.7 million. Since
we had unappropriated |
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| profit
brought forward of Rs.33.1 million, we have ended-up with a carry forward
loss of Rs.30.6 million, at |
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| the
end of June 1996. We believe that as shareholders you would recognize your
Board's policy of transparency |
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| aud
full disclosure. These financial prudent actions have put your bank way ahead
of most of our local |
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| competitors
and at par with major global banks in Pakistan. |
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| During
the period, our deposits grew by Rs.696 million to Rs. 2954 million.
Furthermore, our deposit base |
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| has
been diversified with a balance between individual and corporate clients on
one side and banks and |
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| financial
institutions on the other side. We are not heavily dependent on one
particular source of funding. |
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| There
has been a limited growth in customer assets. and portfolio grew by 18.7% in
the 18 month- |
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| period.
This limited growth is a reflection of our conservative outlook as well as
difficult operating |
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| environment. |
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| 1995-96
period reflects a major shift in the market place. Competitive pressures are
increasing both from |
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| traditional
as well as Islamic Banks. Even traditional banks are going into Islamic
Banking. We believe the |
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| banking
industry requires consolidation and deep pockets of capital. There is a very
limited the role for |
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| small
players in today's market place. Altowfeek is in a unique situation being
part of Dallah Albaraka |
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| Group
worldwide. This networking, referral of business, and direct funding support
is a major plus for |
|
| Altowfeek.
As of this fiscal year end Group deposits were in excess of Rs 788 million.
Furthermore ,the |
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| Group
has a commercial bank, Albaraka, with 3 branches in Pakistan, as well as
investment in Jahangir |
|
| Siddiqui
& Co., a full service brokerage house- giving our customers a
comprehensive product range in |
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| Pakistan.
We have a unique franchise in Pakistan. |
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|
| Mr.
Mahmoud Jameel Hassoubah, your last Chairman had to give up his
responsibilities in Pakistan as a |
|
| result
of his significantly increased responsibilities in the Group Head Office in
Jeddah. We thank him for |
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| his
continuous contributions, guidance and support through the initial years of
the bank. The Group has |
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| nominated
Mr. Khalid Mahmood Bhaimia to fill in for Mr. Hassoubah. Mr. Bhaimia is an
international |
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| banker
with wide Pakistan and Islamic Banking experience. Your Board has also
nominated him as the |
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| Chairman. |
|
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| Islamic
Development Bank has changed their nominee on our Board. In place of Mr. Omer
Abdullah Sejieny? |
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| they
have nominated Dr. Omer. Z. Hafez, a senior member of IDB Management. Mr.
Adeel Y. Siddiqui, a |
|
| founder
director, has resigned. In his place Mr. Yelcin Oner, has been co-opted. Mr.
Oner is a director of |
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| Albaraka
Turkish Finance House, Istanbul. We welcome Dr. Omer and Mr. Yelcin and look
forward to their |
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| continuing
contributions, especially in the coming years as we reposition Altowfeek
Bank. We also thank |
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| the
directors who have retired for their close support. |
|
|
| Mr.
A.Waheed Alavi, CEO has resigned. Mr. Alavi has been associated with the bank
since its inception. We |
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| wish
Mr. Alavi well in his future endeavors and thank him for his contributions in
building the Bank from |
|
| inception.
Mr. Salman Ali Shaikh has been appointed CEO effective December 22, 1996. Mr.
Shaikh is a |
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| senior
banker with broad experience. We welcome him and look forward to his positive
contributions. |
|
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| Despite
our unequivocal commitment to provide only Islamic Banking, we have not been
totally successful |
|
| in
our delivery-especially on fund mobilization. We have been led to believe
that many investors do not wish |
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| to
participate in true profit & loss accounts. Investors seem to be seeking
full security of a bank deposit. We |
|
| are
not convinced that these generalized observations are correct. We sincerely
believe that there is a market |
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| for
true Islamic Banking and we have accepted the challenge to be the first truly
Islamic Bank in Pakistan. |
|
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| As
a result of our total provisioning, we are looking somewhat tight on our
capital requirements. This |
|
| tightness
is likely to affect our ability to grow total balance sheet, since current
SBP rules require 10% |
|
| capital
adequacy ratio. Again, SBP rules do not recognize that in a true Profit &
Loss System (PLS), bank's |
|
| capital
is not critical, since investors 'in PLS take actual transaction risk. At
this point of time we are not in |
|
| a
position to seek further capital, since the markets are not conducive to
right issues. Accordingly, we are |
|
| looking
into alternative means to facilitate growth of business and enhance the
profitability of the bank in |
|
| coming
years. In the medium term, under current SBP rules, there is no
substitute/'or a direct capital increase. |
|
|
| As
part of the recent change in management, there will be a new organizational
structure focusing on: |
|
|
| -
Difficult portfolio and extracting values |
|
| -
Islamization of activities |
|
| -
Re-assessing current network and franchise |
|
| -
Upgrading staff quality |
|
|
| You
will start to see the benefits of these actions in the current fiscal year. |
|
|
| The
Board has also decided to change our external auditors. Arthur Anderson are
the Group auditors worldwide. |
|
| In
Pakistan they are represented by Sidat Hyder Qamar Maqbool & Co. Our
change is for the fiscal year |
|
| ending
June 30,1997. We will be seeking your approval at the forthcoming AGM. |
|
|
| As
a result of mark to market, our Investment Portfolio has some upside
potential, when the stock market |
|
| improves.
In many cases, current prices are below break-up values of the underlying
assets of the companies. |
|
| Furthermore,
once new laws have been issued for recovery of bad debts, we believe we will
have an upside |
|
| from
our classified portfolio as a result of current provisioning. Both these
potentials can only be realized |
|
| with
time, environmental changes, and focused management efforts. |
|
|
| We
foresee difficult days ahead for the banking industry in Pakistan. It is
critical that your Bank remains |
|
| extremely
conservative and prudent in this environment. |
|
|
| Finally,
we would like to express our sincere thanks to the Government of the Islamic
Republic of Pakistan |
|
| and
the State Bank of Pakistan for their guidance and close co-operation; to our
customers, correspondent |
|
| banks,
and our sister companies for their continued support, and to the officials
and staff of the bank for their |
|
| hard
and dedicated work. |
|
|
| Thank you. |
|
|
|
|
For and on behalf of the
Board of Directors |
|
|
|
|
|
Khalid Mahmood Bhaimia |
|
| Date:
December 31, 1996 |
|
Chairman |
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|
|
|
|
PATTERN OF SHARE HOLDING |
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|
|
AS ON JUNE 30, 1996 |
|
FORM 34 |
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|
NO.OF |
|
TOTAL |
|
| FROM |
TO |
SHAREHOLDERS |
|
SHARES HELD |
|
|
|
|
|
|
| 1 |
100 |
80 |
|
8,000 |
|
| 101 |
500 |
970 |
|
444,700 |
|
| 501 |
1000 |
1,343 |
|
1,314,300 |
|
| 1001 |
5000 |
563 |
|
1,417,700 |
|
| 5001 |
10000 |
83 |
|
645,400 |
|
| 10001 |
15000 |
17 |
|
218,900 |
|
| 15001 |
20000 |
13 |
|
234,500 |
|
| 20001 |
25000 |
13 |
|
320,000 |
|
| 25001 |
30000 |
4 |
|
107,500 |
|
| 30001 |
35000 |
6 |
|
190,200 |
|
| 35001 |
40000 |
2 |
|
80,000 |
|
| 40001 |
45000 |
1 |
|
42,500 |
|
| 45001 |
50000 |
3 |
|
149,000 |
|
| 65001 |
70000 |
1 |
|
67,000 |
|
| 85001 |
90000 |
1 |
|
87,500 |
|
| 90001 |
95000 |
1 |
|
91,400 |
|
| 115001 |
120000 |
1 |
|
116,400 |
|
| 145001 |
150000 |
1 |
|
149,900 |
|
| 150001 |
155000 |
1 |
|
154,700 |
|
| 155001 |
160000 |
1 |
|
155,500 |
|
| 180001 |
185000 |
1 |
|
185,000 |
|
| 215001 |
220000 |
2 |
|
432,900 |
|
| 245001 |
250000 |
1 |
|
250,000 |
|
| 680001 |
6850000 |
1 |
|
683,500 |
|
| 1545001 |
1550000 |
1 |
|
1,550,000 |
|
| 3300001 |
3305000 |
1 |
|
3,303,500 |
|
| 8595001 |
8600000 |
1 |
|
18,600,000 |
|
|
----------- |
|
----------- |
|
|
3,113 |
|
31,000,000 |
|
|
========== |
|
========== |
|
|
|
|
| SHARE
HOLDERS |
|
NO. OF SHARE |
TOTAL |
|
|
|
|
HOLDERS |
SHARES HELD |
PERCENTAGE |
|
| Individuals |
|
3,060 |
5,185,300 |
16.73 |
|
| Financial
Institutions |
|
4 |
61,800 |
0.20 |
|
| Public
Limited Companies |
|
7 |
353,800 |
1.11 |
|
| Private
Limited Companies |
6 |
283,800 |
0.95 |
|
| Banking/Investment
Companies |
16 |
24,551,300 |
79.20 |
|
| Insurance
Companies |
|
5 |
213,700 |
0.69 |
|
| Modarabas |
|
11 |
320,300 |
1.03 |
|
| Leasing
Companies |
|
3 |
29,000 |
0.09 |
|
| Proprietor/Partnership |
|
1 |
1,000 |
0.00 |
|
|
----------- |
----------- |
----------- |
|
|
|
3,113 |
31,000,000 |
100.00 |
|
|
========== |
========== |
========== |
|
|
|
|
AUDITORS' REPORT TO THE
MEMBERS |
|
| We
have audited the annexed balance sheet of ALTOWFEEK INVESTMENT BANK LIMITED
as at |
|
| June
30, 1996 and the related profit and loss account and statement of changes in
financial position, together |
|
| with
the notes forming part thereof for, the eighteen months period then ended and
we state that we have |
|
| obtained
all the information and explanations which to the best of our knowledge and
belief were necessary |
|
| for
the purposes of our audit and, after due verification thereof, we report
that: |
|
|
| a)
in our opinion, proper books of account have been kept by the Company as
required by the |
|
| Companies
Ordinance, 1984; |
|
|
| b)
in our opinion: |
|
|
| i)
the balance sheet and profit and loss account together with the notes thereon
have been |
|
| drawn
up in conformity with the Companies Ordinance, 1984 and are in agreement with
the |
|
| books
of account and are further in accordance with accounting policies
consistently applied; |
|
|
| ii)
the expenditure incurred during the period was for the purposes of the
company's business; |
|
| and |
|
|
|
| iii)
the business conducted, investments made and the expenditure incurred during
the period |
|
| were
in accordance with the objects of the Company. |
|
|
| c)
in our opinion and to the best of our information and according to the
explanations given to us, the |
|
| balance
sheet, profit and loss account and the statement of changes in financial
position, together |
|
| with
the notes forming part thereof, give the information required by the
Companies Ordinance, |
|
| 1984
in the manner so required and respectively give a true and fair view of the
state of the Company's |
|
| affairs
as at June 30, 1996 and of the loss and the changes in financial position for
the period then |
|
| ended. |
|
|
| d)
in our opinion zakat deductible at source under the Zakat and Ushr Ordinance,
1980, was deducted |
|
| by
the company and deposited in the Central Zakat Fund established under section
7 of that Ordinance. |
|
|
|
|
BALANCE SHEET AS AT JUNE
30, 1996 |
|
|
|
|
|
(Rupees in thousand) |
|
|
|
|
|
|
|
Note |
1996 |
1994 |
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Authorised
capital: |
|
| 100,000,000
ordinary shares of Rs. 10/- each |
|
1,000,000 |
1,000,000 |
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up capital: |
|
| 31,000,000
ordinary shares of Rs. 10/- each |
|
| fully
paid up in cash |
|
|
310,000 |
310,000 |
|
|
| RESERVES
AND SURPLUS |
|
|
| Reserve
for contingencies |
|
3 |
0 |
30,000 |
|
| Statutory
reserve |
|
4 |
25,826 |
25,826 |
|
| (Loss)/Unappropriated
profit |
|
|
(30,634) |
33,092 |
|
|
----------- |
----------- |
|
|
|
(4,808) |
88,918 |
|
|
|
----------- |
----------- |
|
|
|
305,192 |
398,918 |
|
|
| CUSTOMER
DEPOSITS - DUE AFTER ONE YEAR |
5 |
77,391 |
6,492 |
|
| CURRENT
LIABILITIES |
|
| Customer
deposits - Due within one year |
5 |
2,876,786 |
2,251,309 |
|
| Accrued
and other liabilities |
|
6 |
147,233 |
113,384 |
|
| Proposed
dividend |
|
|
0 |
46,500 |
|
| Unclaimed
dividend |
|
|
93 |
0 |
|
| Provision
for taxation |
|
|
12,000 |
20,536 |
|
|
|
|
----------- |
----------- |
|
|
|
|
3,036,112 |
2,431,729 |
|
| COMMITMENTS
AND CONTINGENT |
|
| LIABILITIES |
|
7 |
0 |
0 |
|
|
|
|
----------- |
----------- |
|
|
|
|
3,418,695 |
2,837,139 |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
| AUDITORS'
REPORT TO THE MEMBERS IS ANNEXED. |
|
|
| ASSETS |
|
|
| CURRENT
ASSETS |
|
| Cash
and bank balances |
|
8 |
331,124 |
166,519 |
|
| Short
term placements |
|
|
70,000 |
90,000 |
|
| Advances,
deposits, prepayments and |
|
|
|
| other
receivables |
|
9 |
234,323 |
152,218 |
|
| Investments |
|
2.3& 10 |
280,426 |
276,147 |
|
| Morabaha
finance |
|
2.8& 11 |
2,460,164 |
2,125,940 |
|
|
|
|
----------- |
----------- |
|
|
|
|
3,376,037 |
2,810,824 |
|
|
| LONG
TERM INVESTMENTS |
|
2.3& 12 |
2,500 |
12,634 |
|
| LONG
TERM SECURITY DEPOSITS |
|
13 |
5,198 |
4,684 |
|
| DEFERRED
TAX ASSET |
|
|
23,022 |
0 |
|
| TANGIBLE
FIXED ASSETS |
|
14 |
11,938 |
8,997 |
|
|
----------- |
----------- |
|
|
|
3,418,695 |
2,837,139 |
|
|
========== |
========== |
|
|
|
|
PROFIT AND LOSS ACCOUNT |
|
|
FOR THE 18 MONTHS PERIOD
ENDED JUNE 30, 1996 |
|
|
|
|
|
(RS. IN THOUSAND) |
|
|
1996 |
1994 |
|
|
|
Note |
(18 months) |
(12 months) |
|
|
|
|
|
| INCOME |
|
|
| Profit
on morabaha finance |
|
573,580 |
284,224 |
|
| Profit
on bank deposits |
|
|
54,608 |
22,180 |
|
| Non
fund based income |
|
|
30,428 |
13,570 |
|
| Income
from investments: |
|
|
|
|
| - Dividends |
|
|
|
9,206 |
12,220 |
|
| -
Income from purchase & resale transactions |
|
3,451 |
0 |
|
| -
Gain on sale of investments |
|
44,125 |
29,884 |
|
|
|
|
|
----------- |
----------- |
|
|
|
|
|
|
56,782 |
42,104 |
|
| Gain/(loss)
on disposal of fixed assets |
15 |
285 |
(120) |
|
|
|
|
----------- |
----------- |
|
| EXPENSES |
|
|
715,683 |
361,958 |
|
|
|
|
| Return
on deposits |
|
|
(577,150) |
(232,706) |
|
| Administrative
and operating expenses |
|
16 |
(55,315) |
(24,335) |
|
|
|
|
----------- |
----------- |
|
|
|
|
(632,465) |
(257,041 ) |
|
|
| OPERATING
INCOME BEFORE PROVISIONS |
|
83,218 |
104,917 |
|
|
| Provision
for doubtful morabaha financing |
11 |
(33,949) |
0 |
|
| Diminution
in value of investments |
|
2.3 & 10.2 |
-124,017 |
0 |
|
|
|
|
----------- |
----------- |
|
|
|
|
(157,966) |
0 |
|
|
|
|
----------- |
----------- |
|
| (LOSS)/PROFIT
BEFORE TAX |
|
|
|
(74,748) |
104,917 |
|
|
|
|
|
|
|
|
| PROVISION
FOR TAXATION '- Current year |
|
(12,000) |
23,022 |
|
|
|
- Deferred |
|
2.4 |
(23,200) |
0 |
|
|
|
----------- |
----------- |
|
|
|
|
11,022 |
23,022 |
|
|
|
|
----------- |
----------- |
|
| (LOSS)/PROFIT
AFTER TAX |
|
|
(63,726) |
81,717 |
|
| UNAPPROPRIATED
PROFIT BROUGHT FORWARD |
|
33,092 |
37,218 |
|
| (LOSS)CARRIED
FORWARD/PROFIT |
|
----------- |
----------- |
|
| AVAILABLE
FOR APPROPRIATION |
|
(30,634) |
118,935 |
|
| APPROPRIATIONS: |
|
|
|
|
| Statutory
reserve |
|
|
0 |
16,343 |
|
| Reserve
for contingencies |
|
3 |
0 |
23,000 |
|
| Proposed
dividend @ Rs.Nil (1994: Rs. 1.5) per share |
0 |
46,500 |
|
|
|
----------- |
----------- |
|
|
|
0 |
85,843 |
|
|
----------- |
----------- |
|
| (LOSS)/UNAPPROPRIATED
PROFIT |
|
(30,634) |
33,092 |
|
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
STATEMENT OF SOURCES AND
APPLICATION OF FUNDS |
|
|
FOR THE EIGHTEEN MONTHS
PERIOD ENDED JUNE 30, 1996 |
|
|
|
|
|
(Rupees in thousand) |
|
|
1996 |
1995 |
|
