Shariah Compliance Screening Report JUNE 2016 INSIDE
|
|
|
- Kristin Willis
- 6 years ago
- Views:
Transcription
1 JUNE 2016 Shariah Compliance Screening Report INSIDE Key Highlights... 3 Renamed Companies... 5 Shariah Compliant Companies... 6 Shariah Non - Compliant Companies... 7 Approved Islamic Banks & Windows for Placements... 8 Screening Guidelines for Equity Securities... 9 Purification Guidelines... 9 Al-Hilal Shariah Advisors
2 In the name of Allah most Gracious, most Merciful P a g e 2
3 17 November, 2016 KEY HIGHLIGHTS We have conducted Shariah compliance screening of 323 selected companies listed on the Pakistan Stock Exchange as per their latest financial statements (June 16), on the basis of the Shariah compliance screening mechanism approved by our Shariah Supervisory Council headed by Mufti Irshad Ahmad Aijaz. Following are the results for the 323 companies under consideration vis-à-vis 304 companies screened in the preceding quarter. Shariah Compliant Companies Shariah Non-Compliant Companies Total Companies % June'16 Companies Break up Compliant June'16 March' % Non-Compliant % Compliant Non-Compliant Non-Compliant Business Non-Compliant Business Change of Status- June 2016 (Compliant) International Industries Limited (INIL) International Steels Limited (ISL) Rupali Polyester Limited (RUPL) Kot Addu Power Company Limited (KAPCO) Treet Corporation Limited (TREET) Non-Compliant BYCO Petroleum (BYCO) Fauji Fertilizer Company Limited (FFC) Moreover, based on financials of June 16, companies that became Shariah Compliant are: 1. International Industries Limited (INIL) (Debt to Assets: 30.98%) Long and Short term borrowings have dropped off from PKR 5,870 mn to PKR 4,291 mn (26.91%) & PKR 6,545 mn to PKR 5,260 mn (19.63%) in its 4QFY16 have gauged enough to change the shariah status of Company. 2. International Steels Limited (ISL) (Debt to Assets: 38.17%) A down trend in financings have observed in 4QFY16 by (28.74%) from PKR 5,254 mn to PKR 3,744 mn and by (60.35%) from PKR 2,198 mn to PKR 3,524 mn in long and short term have led to change a Shariah Status of the company. 3. Rupali Polyester Limited (RUPL) (Debt to Assets: 38.32%) Substantial decline in short term borrowings by 29.38% from PKR 1,820 mn to PKR 1,285 mn in 4QFY16 enabled the shariah status change of company. P a g e 3
4 4. Kot Addu Power Company Limited (KAPCO) (Debt to Assets: 23.77%) Fallen off long term finance by 41.16% from PKR 656 mn to PKR 386 mn in 4QFY16 push the company to change its status from non-compliant to compliant. 5. Treet Corporation Limited (TREET) (Debt to Assets: 29.62%) The company was Non-Compliant on the basis of Business owing to the major portion of sales were being generated from its shaving razor segment but Treet Corporation is under its expansion process in multiple compliant businesses these days. This expansion will ultimately lower the ratio of razor segment in sales. Hence we have conducted screening of the company as per its recent annual report and found it Shariah Compliant. The following companies have become non-compliant due to breaching the threshold levels. 1. BYCO Petroleum (BYCO) (Debt to Assets: 53.31%) Root cause for the shariah status change of BYCO in 4QFY16 is a considerable up trend in both Long and short term borrowings from commercial banks, borrowings have up by 25% and 259% from PKR 13,875 mn to PKR 17,389 mn & PKR 1,838 mn to PKR 6,594 mn respectively. Long and short term borrowings have risen 38% and 102% in FY16 compared to borrowings of Yesteryear. 2. Fauji Fertilizer Company Limited (FFC) (Debt to Assets: 44.33%) A vertiginous soar in the long term borrowings of Fauji Fertilizer Company by 114% from PKR 13,194 mn to PKR 28,192 mn is the main reason behind the change in company s Shariah status. The financial statements of Sui Northern Gas Pipelines (SNGP) and Sui Southern Gas (SSGC) for June 16 are unavailable. Therefore, the status for the aforementioned companies is assigned according to their last published financial statements. The status of these companies is: 1. Sui Northern Gas Pipelines (Compliant) 2. Sui Southern Gas Company (Non-Compliant) P a g e 4
5 RENAMED COMPANIES Old Name Descon Chemicals Limited Noon Pakistan Limited Standard Chartered Modaraba First Islamic Modaraba New Name Nimir Resins Fauji Foods Limited Orix Modaraba Popular Islamic Modaraba P a g e 5
6 Shariah Compliant Companies Abbott Lab Engro Fertilizers Kot Addu Power Company Sazgar Engineering Works Adam Sugar Mills Engro Foods Lalpir Power Service Industries Ados Pakistan Equity Modaraba Linde Pakistan Shabbir Tiles and Ceramics Agriautos Industries Exide Lotte Chemical Shakarganj Limited Akzo Nobel Pak Faran Sugar Lucky Cement Shell Pakistan Al Shaheer Corp Fatima Fertilizer MACPAC Films Shezan International AL-Ghazi Tractor Fauji Cement Maple Leaf Cement Shield Corporation Al-Khair Gadoon Ltd. Fauji Foods Mari Petroleum Shifa Int.Hospital Allied Rental Modaraba Fazal Cloth Mills Limited Meezan Bank Siemens Pakistan AL-Noor Modaraba Fecto Cement Mehran Sugar Sitara Chemical Altern Energy Ferozsons (Lab) Millat Tractors Sitara Energy Amreli Steels Ltd. Flying Cement Mirpurkhas Sugar Mills Sitara Peroxide Archroma Pak Gatron Ind. Modaraba Al-Mali Sui North Gas Pipelines Artistic Denim General Tyre Mughal Iron and Steel Synthetic Products Enterprises Ltd. Atlas Battery Ghandhara Ind. National Bank Modaraba Systems Limited. Atlas Honda Ltd. Ghandhara Nissan National Foods Tariq Glass Ind. Attock Cement Ghani Automobile National Refinery Telecard Limited Attock Petroleum Ghani Gases Ltd. Nestle Pakistan Thal Limited. Attock Refinery Ghani Glass Limited. Nimir Ind.Chemicals Thatta Cement Avanceon Ltd. Ghani Global Glass Limited. Nishat Mills Ltd. The Searle Company B.F.Modaraba Ghani Value Glass Oil & Gas Development Treet Corp Company B.R.R.Guardian Modaraba Gharibwal Cement Orix Mudaraba Tri-Star 1st. Modaraba Babri Cotton Mills Glaxo Smith Kline P.N.S.C. Trust Modaraba Bank Islami Pak Habib Modaraba P.T.C.L. Unicap Modaraba Bannu Woollen Habib Sugar Packages Ltd. Unilever Foods Bata Habib-ADM Ltd. Pak Cement United Distributors Berger Paints Hascol Petroleum Pak Datacom Wah-Noble Chemicals Bestway Cement Highnoon (Lab) Pak Elektron Wyeth Pakistan Bhanero Textile Hinopak Motor Pak Int.Bulk Terminal ZIL Limited. Biafo Industries Limited. Hi-Tech Lubricants Ltd. Pak Modaraba Burshane LPG (Pakistan) Honda Atlas Cars Pak Oilfields Buxly Paints Hub Power Company Pak Paper Products Century Paper & Board Mills Huffaz Seamless Pak Suzuki Ltd. Chenab Limted. I.B.L.Modaraba Pak Synthetics Cherat Cement IBL HealthCare Pak.Int.Cont Terminal Cherat Packaging ICI Pakistan Pakgen Power Cres. Stand.Mod Imperial Sugar Ltd. Pakistan Cables Crescent Steel Imrooz Modaraba Pakistan Petroleum Limited. D.G. Khan Cement International Industries Pakistan State Oil Co. Dawood Hercules International Steels Ltd. Paramount Modaraba Dawood Lawrencepur Ittehad Chemicals Ltd. Pioneer Cement Descon Oxychem Janana De Malucho Power Cement Ltd. Dewan Cement Javedan Corporation Limited. Prudential Modaraba Dewan Farooque Spinning Jubilee Spinning & Weaving Mills Punjab Modaraba Mills Ltd. Dolemn City REIT K.S.B.Pumps Quice Food Industries Dynea Pakistan KASB Modaraba Rafhan Maize Products Elite Cap.Modaraba K-Electric Ltd. Redco Textile Limited. Ellcot Spinning Kohat Cement Rupali Polyester Emco Industries Kohinoor Energy Safe Mix Concrete Ltd. Engro Corp Kohinoor Textile Mills Sanofi-Aventis P a g e 6
7 P a g e 7 Shariah Non - Compliant Companies Adamjee Insurance Grays leasing Ltd. Pak. Ind. & Comm.Leasing Agritech Limited Gul Ahmed Textile Pak-Gulf Leasing Company Ltd. Aisha Steel Habib Bank Pakistan General Insurance Co.Ltd. AKD Capital Limited Habib Insurance Co Ltd. Pakistan Reinsurance Co.Ltd. Allied Bank Ltd Habib Metropolitan Pakistan Tobacco Company Al-Mal Sec. & Services HallMark Insurance Co.Ltd. Pervez Ahmed Securities Ltd. AL-Noor Sugar Hum Network Ltd. Philip Morris Pak Ltd. Arif Habib Corp Ibrahim Fibres PICIC Energy Fund Arif Habib Ltd. IGI Insurance PICIC Growth Fund Arpak International Investments Ltd. IGI Investment Bank PICIC Insurance Ltd. Asia Insurance Company Ltd. IGI Life Insurance PICIC Investment Fund Askari Bank Indus Motor Company Premier Insurance Askari General Insurance Co.Ltd. Invest and Finance Securities Ltd. Prudential Discount & Guarantee Atlas Insurance Investec Mutual Fund Prudential Investment Bank Azgard Nine Investec Securities Prudential Stocks Fund Bank Al-Falah Ismail Industries. Reliance Insurance Co.Ltd. Bank Al-Habib J. O. V. & Co. Saif Power Bank of Khyber J.D.W.Sugar Samba Bank Bank of Punjab Japan Power Generation Sapphire Textile Mills BIPL Securities JS Bank Saudi Pak Leasing Byco Petroleum JS Investments Security Leasing Corp.Ltd. Capital Assets Leasing Corp Ltd. Jubilee General Insurance Co.Ltd. Shahmurad Sugar Century Insurance Jubilee Life Insurance Shahtaj Sugar Mills Chashma Sugar Karam Ceramics Silk Bank Clover Pakistan Khyber Tobacco Co.Ltd. Silver Star Insurance Company Limited Colgate Palmolive Kohinoor Mills Limited Soneri Bank Ltd. Cyan Limited Kohinoor Spinning Mills Southern Electric Power Co. Dawood Capital Management Maqbool Textile Mills Limited Stand.Chartered Leasing Dawood Equities Ltd. Masood Textile Standard Chartered Bank Dewan Farooque Motors MCB Bank Standard Insurance Dewan Salam Fibre Limited. MCB-ARIF Habib Sui Southern Gas Company Dewan Sugar Media Times Ltd Summit Bank Dominion Stock Fund Merit Packaging Tandlianwala Suger Mills Dost Steels Ltd. Mithchells Fruit Thal Industries Limited. East West Life Assurance Co Ltd. Murree Brewery Company Ltd. TPL Direct Insurance ECOPACK Ltd. National Asset Management Company Ltd. TPL Trakker Ltd. EFU General Insurance Ltd. National Bank Ltd. TRG Pak Ltd. EFU Life Assurance Ltd. NetSol Technologies Ltd. Tri-Pack Films English Leasing Next Capital Trust Investment Bank Ltd. Engro Polymer & Chemicals NIB Bank Limited. United Bank Engro Powergen Nimir Resins Limited United Insurance Co.Ltd. ESCORTS Bank Nishat (Chunian) Textile Universal Insurance Co.Ltd. Fauji Fert Bin Qasim Nishat Chunian Power WorldCall Telecom Ltd. Fauji Fertilizer Company Nishat Power Zephyr Textile Mills Faysal Bank Noon Sugar First Credit and Investment Bank Ltd. Orix Leasing Pakistan First Dawood Mutual Fund Otsuka Pakistan First National Equities Ltd. Pace (Pak) Ltd. Gadoon Textile Pak Int.Airlines Gillete Pakistan Ltd. Pak Refinery
8 APPROVED ISLAMIC BANKS AND WINDOWS FOR PLACEMENTS Islamic Banks Al Baraka Bank Pakistan Limited* Bank Islami Pakistan Limited Dubai Islamic Bank Pakistan Limited MCB Islamic Bank Limited Meezan Bank Limited Islamic Banking Windows Allied Bank Limited Islamic Banking Askari Bank Limited Islamic Banking Bank AL Habib Limited Islamic Banking Bank Alfalah Limited Islamic Banking The Bank of Khyber Islamic Banking The Bank of Punjab Taqwa Islamic Banking Faysal Bank Limited Barkat Islamic Banking Habib Bank Limited Islamic Banking Habib Metropolitan Bank Limited Sirat Islamic Banking National Bank of Pakistan Aitmaad Islamic Banking SilkBank Limited Eman Islamic Banking Sindh Bank Limited Sa adat Islamic Banking Soneri Bank Limited Mustaqeem Islamic Banking Standard Chartered Bank (Pakistan) Limited Saadiq Islamic Banking Summit Bank Limited Islamic Banking United Bank Limited Ameen Islamic Banking * Al Baraka Bank Pakistan Limited has recently acquired Burj Bank Limited. P a g e 8 Izhar Abbas Assistant Manager Shariah Advisory izhar.abbas@ahilalsa.com (Ext.103)
9 SCREENING GUIDELINES FOR EQUITY SECURITIES 1. The following is the screening criteria for investments in equity scrip in the local market. A. Business of the investee company The business of the investee company should be Halal. Accordingly, investment in shares of conventional banks, insurance companies, leasing companies, companies dealing in alcohol and any other non-compliant activities is not permissible. B. Interest bearing debt to total assets The total interest based debt of the investee company should not exceed 40% of the total assets. The debt here includes all interest-based debt & interest based financing. C. Investment in non-shariah compliant activities and income from non-shariah compliant investments The following two conditions must be observed for share screening purposes: A- Investment in Shariah non-compliant activities should not exceed 33% of the total assets. B- Income from Shariah non-compliant investment should not exceed 5% of the gross revenue. (Gross revenue means gross sales plus other income). Subsequently, giving the proportionate portion of noncompliant income to charity is required to purify earnings from investee companies. D. Illiquid Assets to Total Assets The total illiquid assets as a percentage of the total assets should at least be 20% where illiquid assets are defined as those assets which can be traded at price different from their par value. E. Net liquid assets versus share price The net liquid assets [Net Liquid Assets = Total Assets Illiquid Assets Total Liabilities] per share should be less than the market price of the share. PURIFICATION GUIDELINES A charity rate should be computed to purify earnings from investment in shares i.e. non-compliant income (after tax) divided by net income (after tax) and it should be applied to the entire dividend received from the investee company and the calculated amount shall be paid in charity. P a g e 9
10 Al-Hilal Shariah Advisors Faraz Younus Bandukda Chief Executive ( ) Izhar Abbas Assistant Manager ( ) Shariah Supervisory Council Mufti Irshad Ahmad Aijaz Member Shariah Council Mufti Hassan Kaleem Member Shariah Council Mufti Dr. Khalil Azami Member Shariah Council Mufti Ehsan Waqar Ahmed Member Shariah Council This report has been prepared by Al-Hilal Shariah Advisors (Pvt.) Limited and is provided for information purposes only. Under no circumstances, this is to be used or considered as an offer to sell or solicitation or any offer to buy. While reasonable care has been taken to ensure that the information contained in this report is not untrue or misleading at the time of its publication, Al-Hilal makes no representation as to its accuracy or completeness. From time to time, Al-Hilal and/or any of its officers or directors may, as permitted by applicable laws, have a position, or otherwise be interested in any transaction, in any securities directly or indirectly subject of this report. This report is provided only for the information of professional advisers who are expected to make their own investment decisions without undue reliance on this report and the company accepts no responsibility whatsoever for any direct or indirect consequential loss arising from any use of this report or its contents. This report may not be reproduced, distributed or published by any recipient for any purpose. P a g e 10
Shariah Compliance Screening Report
Formerly Fortune Islamic Services Shariah Compliance Screening Report March 2016 INSIDE Key Highlights... 3 Shariah Compliant Companies... 5 Shariah Non Compliant Companies... 6 Screening Guidelines for
Shariah Compliance Screening Report
September 2016 Shariah Compliance Screening Report INSIDE Key Highlights... 3 Shariah Compliant Companies... 5 Shariah Non - Compliant Companies... 6 Suspended & Delisted Companies...7 Approved Islamic
JS KSE-30 Index Fund. Quarterly Report for the period ended March 31,2015. Managing Mutual Funds Better!
JS KSE30 Index Fund Quarterly Report for the period ended March 31,2015 Managing Mutual Funds Better! JS KSE30 Index Fund CONTENTS 02 03 04 05 06 07 08 09 10 11 01 JS KSE30 Index Fund 02 JS KSE30 Index
Annexure I - Balance Sheet and Profit & Loss Statement of Banks. Dec-12
Annexures Annexure I - Balance Sheet and Profit & Loss Statement of Banks BALANCE SHEET PKR million ASSETS Cash & Balances With Treasury Banks 805,672 840,233 723,664 909,429 1,184,521 Balances With Other
Annexure 4: List of Financial Institutions
Annexure 4: List of Financial Institutions Annex 4.1: List of Scheduled and Microfinance Banks Operating in Pakistan As on 30 th June 2007 As on 30 th June 2008 Public Sector Commercial Banks Public Sector
CORPORATE INFORMATION
CORPORATE INFORMATION FUND NAME National Investment (Unit) Trust NAME OF AUDITORS Anjum Asim Shahid Rahman & Co. Chartered Accountants LIST OF BANKERS Allied Bank Limited Askari Bank Bank Al Falah Limited
1ST QUARTERLY REPORT
1ST QUARTERLY REPORT September 30, 2017 (Un-audited) (An Islamic Financial Institution) Contents Corporate Information 2 Directors Report 3 Balance Sheet 5 Profit and Loss Account 6 Statement of Other
A COMPARATIVE ANALSIS OF THE EFFECT OF WORKING CAPITAL MANAGEMENT ON THE PROFITABILITY OF SMALL AND LARGE COMPANIES LISTED AT KARACHI STOCK EXCHANGE
i A COMPARATIVE ANALSIS OF THE EFFECT OF WORKING CAPITAL MANAGEMENT ON THE PROFITABILITY OF SMALL AND LARGE COMPANIES LISTED AT KARACHI STOCK EXCHANGE By Mustafa Afeef PhD (Management Sciences) February,
FIRST ALNOOR MODARABA NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2018 judgment of management, whichever is higher. Bad debts are written off when identified. 3.3.10
3RD QUARTERLY REPORT
3RD QUARTERLY REPORT March 31, 2017 (Unaudited) (An Islamic Financial Institution) Contents Corporate Information 2 Directors Report 3 Directors Report (Urdu) 4 Condensed Interim Balance Sheet 5 Condensed
NAFA PENSION FUND MISSION STATEMENT
MISSION STATEMENT To rank in the top quartile in performance of NAFA FUNDS relative to the competition, and to consistently offer Superior risk-adjusted returns to investors. Page 01 Contents FUND'S INFORMATION
First Quarter Ended Report September 30, 2016 (Un - audited) FIRST UDL MODARABA. Managed By: UDL Modaraba Management (Pvt) Limited
First Quarter Ended Report 0 September 30, 2016 (Un - audited) FIRST UDL MODARABA Managed By: UDL Modaraba Management (Pvt) Limited Corporate Information MODARABA MANAGEMENT UDL Modaraba Management (Private
Corporate. in Pakistan
Corporate Philanthropy in Pakistan Survey of PUBLIC LISTED COMPANIES 2011 Pakistan Centre for Philanthropy Corporate Philanthropy in Pakistan Survey of PUBLIC LISTED COMPANIES 2011 Pakistan Centre for
NAFA STOCK FUND MISSION STATEMENT
MISSION STATEMENT To rank in the top quartile in performance of NBP FUNDS relative to the competition, and to consistently offer Superior risk-adjusted returns to investors. Page 01 Contents FUND'S INFORMATION
FINAL LIST OF COMPANIES FOR KMI-30 INDEX RECOMPOSITION DECEMBER 2017
FINAL LIST OF COMPANIES FOR KMI-30 INDEX RECOMPOSITION DECEMBER 2017 S. No. Symbol Company Name Status Dividend Purification Rate 1 ABOT Abbott Lab (Pakistan) Ltd Compliant 1.36% 2 AGIL Agriauto Industries
KSE - 30 INDEX BASED ON FREE-FLOAT
KSE - 30 INDEX BASED ON FREE-FLOAT Pakistan Stock Exchange Limited Stock Exchange Building, Stock Exchange Road, Karachi-74000 UAN: 111-00-11-22, Fax: (92-21) 32462640, E-mail: info@psx.com.pk, Web-site:
NAFA ISLAMIC STOCK FUND
MISSION STATEMENT To rank in the top quartile in performance of NAFA FUNDS relative to the competition, and to consistently offer Superior riskadjusted returns to investors. Page 01 Contents FUND'S INFORMATION
PAKISTAN PENSION FUND
PAKISTAN PENSION FUND CONTENTS 1 Fund s Information 388 2 Report of the Directors of the Pension Fund Manager 389 3 Condensed Interim Statement of Assets and Liabilities 397 4 Condensed Interim Income
ACCOUNTS FOR THE QUARTER AND NINE MONTHS ENDED MARCH 31, 2006
Fund Information 2 Mission Statement 3 Director s Review Report 4 Statement of Assets And Liabilities 6 Income Statement 7 Distribution Statement 8 Statement of Movement In Unit Holders' Funds 9 Cash Flow
KSE-100 Index Performance from its 6-Month low (Dec 17)
REP-300 KSE-100 Index Performance from its 6-Month low (Dec 17) 16-May-2018 Analyst: AHL Research ahl-research@arifhabibltd.com +92 21 3246 2742 www.arifhabibltd.com www.jamapunji.pk Best Domestic Equity
NAFA STOCK FUND MISSION STATEMENT
MISSION STATEMENT To rank in the top quartile in performance of NAFA FUNDS relative to the competition, and to consistently offer Superior riskadjusted returns to investors. Page 01 Contents FUND'S INFORMATION
HALF YEARLY REPORT. December 31, (Un-audited) (An Islamic Financial Institution)
HALF YEARLY REPORT December 31, 2016 (Unaudited) (An Islamic Financial Institution) Contents Corporate Information 2 Independent Auditor s Report 3 Directors Report 4 Directors Report (Urdu) 5 Condensed
MCB Bank Limited Balance Sheet As at December 31, 2008
MCB Bank Limited Balance Sheet As at December 31, 2008 Assets Note 2008 2007 Cash and balances with treasury banks 6 39,631,172 39,683,883 Balances with other banks 7 4,043,100 3,807,519 Lendings to financial
Research Report. Shareholding Pattern of Corporate Sector in Pakistan
Research Report Shareholding Pattern of Corporate Sector in Pakistan An Insight on dominance of Business Groups and Families over Corporate ownership structure Research Department Institute of Cost and
3RD QUARTERLY REPORT
3RD QUARTERLY REPORT March 31, 2016 (Un-audited) (An Islamic Financial Institution) Contents Corporate Information 2 Directors Report 3 Condensed Interim Balance Sheet 4 Condensed Interim Profit and Loss
PAKISTAN INTERNATIONAL ELEMENT ISLAMIC ASSET ALLOCATION FUND
PAKISTAN INTERNATIONAL ELEMENT ISLAMIC ASSET ALLOCATION FUND CONTENTS Fund s Information 287 Report of the Directors of the Management Company 288 Trustee Report to the Unit Holders 293 Auditor s Report
Quarterly Accounts September 30, 2012 (Un-Audited) First Prudential Modaraba. Managed by : Prudential Capital Management Ltd
Quarterly Accounts September 30, (UnAudited) First Prudential Modaraba Managed by : Prudential Capital Management Ltd CORPORATE INFORMATION Board of Directors of Prudential Capital Management Ltd. Mr.
MCB Bank Limited Financial Statements For the year ended December 31, 2014
MCB Bank Limited Financial Statements For the year ended December 31, 2014 MCB BANK LIMITED UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2014 Note 2014 2013 ASSETS (Rupees in thousand)
CORPORATE INFORMATION
CORPORATE INFORMATION Board of Directors Tariq Kirmani Chief Financial Officer Al-Ameen Islamic Aggressive Income Fund Chairman Umair Ahmed Launch Date: 20 October 2007 Yasir Qadri Chief Executive Officer
1ST QUARTERLY REPORT
1ST QUARTERLY REPORT September 30, 2016 (Unaudited) (An Islamic Financial Institution) Contents Corporate Information 2 Directors Report 3 Condensed Interim Balance Sheet 4 Condensed Interim Profit and
Askari Bank Limited Financial Statements Financial Statements of. Askari Bank Limited (formerly Askari Commercial Bank Limited)
Financial Statements 2007 53 Financial Statements of (formerly Askari Commercial Bank Limited) 54 Annual Report 2007 Financial Statements 2007 55 Statement of Compliance with the Code of Corporate Governance
NAFA ISLAMIC ASSET ALLOCATION FUND MISSION STATEMENT
MISSION STATEMENT To rank in the top quartile in performance of NBP FUNDS relative to the competition, and to consistently offer Superior risk-adjusted returns to investors. Page 01 Contents FUND'S INFORMATION
CONTENTS Fund's Information 170 Report of the Directors of the Management Company 171 Condensed Interim Statement of Assets and Liabilities 176 Conden
MCB PAKISTAN ISLAMIC STOCK FUND CONTENTS Fund's Information 170 Report of the Directors of the Management Company 171 Condensed Interim Statement of Assets and Liabilities 176 Condensed Interim Income
Fund Manager Review June 2018
Fund Manager Report June 2018 1-Jun 5-Jun 9-Jun 13-Jun 17-Jun 21-Jun 25-Jun 29-Jun FIPI Individuals Companies Banks/DFIs Mutual Funds Brokers Insurance NBFC Other Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
NAFA ASSET ALLOCATION FUND MISSION STATEMENT
MISSION STATEMENT To rank in the top quartile in performance of NAFA FUNDS relative to the competition, and to consistently offer Superior riskadjusted returns to investors. Contents FUND S INFORMATION
Al-Ameen Islamic Retirement Savings Fund
.I.. 1 '=' i 9 (kmi ts 1 al-ameen funds Al-Ameen Islamic Retirement Savings Fund Half Yearly Financial Report December CORPORATE INFORMATION as at December 31, Board of Directors Azhar Hamid Chief Financial
Pakistan Key Holding Companies
Pakistan Equity Strategy April 13, 2018 Prices as of April 10,2018 REP-057 Topline Research research@topline.com.pk Tel: +9221-3530-3338-40 Topline Securities, Pakistan www.jamapunji.pk Best Local Brokerage
Market Review May 2017
Market Review ECONOMY Nominal Gross Domestic Product clocked in at PKR 31.8trn in FY17 against PKR 29.1trn in FY16, recording a nominal growth of 9.2%YoY according to stats released under Economic Survey
NAFA STOCK FUND MISSION STATEMENT
MISSION STATEMENT To rank in the top quartile in performance of NAFA FUNDS relative to the competition, and to consistently offer Superior riskadjusted returns to investors. Page 01 Contents FUND S INFORMATION
First Quarter Ended Report September 30, 2015 (Un - audited) FIRST UDL MODARABA. Managed By: UDL Modaraba Management (Pvt) Limited
First Quarter Ended Report 0 September 30, 2015 (Un - audited) Managed By: UDL Modaraba Management (Pvt) Limited Corporate Information MODARABA MANAGEMENT UDL Modaraba Management (Private ) Limited COMPANY
Managed by: B.R.R. Investments (Private) Contents Page Corporate Information 02 Directors' Report 03 Independent Auditors' Report on Review of Condens
Managed by: B.R.R. Investments (Private) Contents Page Corporate Information 02 Directors' Report 03 Independent Auditors' Report on Review of Condensed Interim Financial Information to the Certificate
DAILY QUOTATIONS. No. 181/2018 Copy of the same is also available on our website Thursday, Sep 27, 2018
DAILY QUOTATIONS No. 181/2018 Copy of the same is also available on our website www.psx.com.pk Thursday, Sep 27, 2018 LISTED COMPANIES - 559 MARKET REPORT UPTO 4:15 p.m. LISTED CAPITAL 1,308,106.159 M
OPEN-END MUTUAL FUNDS
9573 9573 Formerly Karachi Stock Exchange Limited No. 164/2018 LISTED COMPANIES - 559 TRADING VOLUME Pre. 191,518,940 Cur. 159,844,350 KSE - 100 INDEX Previous : 41863.52 Current : 41742.24 Ch. Points
OPEN-END MUTUAL FUNDS
9573 9573 No. 125/2018 LISTED COMPANIES - 558 TRADING VOLUME Copy of the same is also available on our website www.psx.com.pk MARKET REPORT UPTO 4:15 P.M. APPLIED FOR COMPANY COMPANY DELIVERABLE FUTURES
NAFA ISLAMIC PRINCIPAL PROTECTED FUND-II MISSION STATEMENT
NAFA ISLAMIC PRINCIPAL PROTECTED FUNDII MISSION STATEMENT To rank in the top quartile in performance of NAFA FUNDS relative to the competition, and to consistently offer Superior riskadjusted returns to
NAFA ISLAMIC ASSET ALLOCATION FUND MISSION STATEMENT
MISSION STATEMENT To rank in the top quartile in performance of NAFA FUNDS relative to the competition, and to consistently offer Superior riskadjusted returns to investors. Page 01 Contents FUND S INFORMATION
Annual Report Two Thousand Ten
Annual Report Two Thousand Ten C O N T E N T S VISION AND MISSION STATEMENT 3 CORPORATE INFORMATION 4-5 DIRECTOR S REPORT AUDITOR S REPORT BALANCE SHEET PROFIT AND LOSS ACCOUNT STATEMENT OF OTHER COMPREHENSIVE
Arif Habib Group. Promoting Investments in Pakistan
CORPORATE PROFILE Arif Habib Group Promoting Investments in Pakistan Arif Habib Limited (AHL) is a subsidiary of Arif Habib Corp flagship company of the Arif Habib Group The Group has been in existence
Weekly Review 06th July 2018 Weekly Review 06th July 2018 Week Contents
Research is registered with SECP under Research Entity Notification No. REP-284 SECP s Investor Education Link: www.jamapunji.pk Weekly Review 06 th July 2018 Week 27-2018 Contents About Askari Securities
Fund Manager Review September 2018
Fund Manager Report September 2018 FIPI Net Individual Companies Banks/DFI Mutual Funds Brokers Insurance NBFC Other Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18
Fund Manager Review May 2018
Fund Manager Report May 2018 FIPI Individuals Companies Banks/DFIs Mutual Funds Brokers Insurance NBFC Other Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Trend *
Corporate Member of the Karachi & Islamabad Stock Exchanges & the Pakistan Mercantile Exchange Weekly Review 30 th October 2015.
Weekly Review 30 th October 2015 Week 44-2015 Contents About Askari Securities Ltd... 2 Do s & Don ts of Investments... 3 Market Snapshot... 4 Corporate Actions... 5 Upcoming Board Meetings... 7 Regional
Nine Months CONDENSED INTERIM FINANCIAL INFORMATION FOR THE PERIOD ENDED MARCH 31, 2017
Nine Months CONDENSED INTERIM FINANCIAL INFORMATION FOR THE PERIOD ENDED MARCH 31, 2017 Fund s Information 1 Report of the Directors of the Management Company 2 Condensed Interim Statement of Assets and
IGI Stock Fund. Condensed Interim Financial Information Un-audited For the Nine months period ended 31 March 2012
Condensed Interim Financial Information Un-audited For the Nine months period ended 31 March 2012 Condensed Interim Statement of Assets and Liabilities (Un-audited) 31 March 2012 ASSETS 31 March 30 June
DIRECTOR S REPORT. Dear Investor,
DIRECTOR S REPORT Dear Investor, On behalf of the Board of Directors, I am pleased to present Unaudited Financial Statements of MCB Dynamic Cash Fund for the first quarter ended September 30,. MARKET OVERVIEW
Weekly Review 07 th December 2018
Research is registered with SECP under Research Entity Notification No. REP-284 SECP s Investor Education Link: www.jamapunji.pk Weekly Review 07 th December 2018 Week 49-2018 Contents About Askari Securities
Alfalah GHP Islamic Stock Fund (Formerly Alfalah GHP Islamic Fund) CONTENTS
CONTENTS Page No. Fund s Information...2 Mission and Vision Statement...3 Report of the Directors of the Management Company Condensed Interim Statement of Assets and Liabilities...4...8 Condensed Interim
Corporate Information 1. Directors Report 2. Statement of Assets & Liabilities 4. Income Statement 5. Statement of Comprehensive Income 6
CONTENTS Corporate Information 1 Directors Report 2 Statement of Assets & Liabilities 4 Income Statement 5 Statement of Comprehensive Income 6 Distribution Statement 7 Statement of Movement in Unitholders
Annex Group-wise Data of Selected Financial Variables of Insurance Companies 183 Tables 4A.2 Life insurance Business in Pakistan 183
Annexes List of Annexes Annex 1 173 1.1 List of Scheduled Banks Operating in Pakistan 174 1.2 List of NBFIs Operating in Pakistan 177 1.3 List of Insurance Companies Registered Under Section 6 of The Insurance
Pakistan Weekly. KSE 100 Index: +0.8% WoW (+337 points) Topline Research Tel: Topline Securities, Pakistan
Pakistan Weekly Aug 10, 2018 REP 057 Topline Market Review KSE 100 Index: +0.8% WoW (+337 points) Topline Research research@topline.com.pk Tel: +9221 35303330 Topline Securities, Pakistan www.jamapunji.pk
AKD SECURITIES LIMITED
AKD SECURITIES LIMITED Company Profile July 2008 AKD Securities Limited - 1 AKD Group Financial Services Fund Management Real Estate Oil and Gas Investment Banking Securities Brokerage AKD Securities Limited
FRIDAY DECEMBER 30, 2016
9573 9573 Formerly Karachi Stock Exchange Limited No. 248/2016 LISTED COMPANIES -558 TRADING VOLUME KSE - 100 INDEX COMPANY Topline Securities Limited ADAMJEE INSURANCE CO. A I C L - DEC AMRELI STEELS
Weekly Review 06th April 2018 Weekly Review 06th April 2018 Week Contents
Research is registered with SECP under Research Entity Notification No. REP-284 SECP s Investor Education Link: www.jamapunji.pk Weekly Review 06 th April 2018 Week 14-2018 Contents About Askari Securities
FRIDAY MARCH 31, 2017
9573 9573 Formerly Karachi Stock Exchange Limited No. 064/2017 LISTED COMPANIES -560 TRADING VOLUME KSE - 100 INDEX COMPANY Pre. 241,249,310 Cur. 273,529,720 Previous : 47949.33 Current : 48155.93 Ch.
Faysal Balanced Growth Fund The Faysal Balanced Growth Fund (FBGF) is an open-ended mutual fund. The units of FBGF are listed on the Karachi Stock Exc
Accounts for the Quarter & Nine Months Ended FAYSAL BALANCED GROWTH FUND Quarterly Report March Page 01 Faysal Balanced Growth Fund The Faysal Balanced Growth Fund (FBGF) is an open-ended mutual fund.
DAILY QUOTATIONS MARKET REPORT UPTO 4:15 P.M. MARKET CAPITALISATION
9573 9573 No. 140/2017 LISTED COMPANIES -561 Copy of the same is also available on our website www.psx.com.pk MARKET REPORT UPTO 4:15 P.M. APPLIED FOR COMPANY COMPANY DELIVERABLE FUTURES CONTRACT (FUT
Pakistan Weekly. KSE 100 Index: 4.3% WoW ( 1,772 points)
Pakistan Weekly October 5, 2018 REP 057 Topline Market Review KSE 100 Index: 4.3% WoW ( 1,772 points) Topline Research research@topline.com.pk Tel: +9221 35303330, Ext: 133 Topline Securities, Pakistan
CONSOLIDATED ACCOUNTS
CONSOLIDATED ACCOUNTS 77 AUDITORS REPORT TO THE MEMBERS We have audited the annexed consolidated financial statements comprising consolidated balance sheet of Habib Metropolitan Bank Ltd. (the Bank) and
CONTENTS CORPORATE INFORMATION DIF DIF. Corporate Information 1. Directors Report 2. Statement of Assets & Liabilities 4. Income Statement 5
CONTENTS Corporate Information 1 s Report 2 Statement of Assets & Liabilities 4 Income Statement 5 Distribution Statement 6 Statement of Movement in Unitholders Fund 7 Cash Flow Statement 8 Management
Fund Manager s Report (April ) MCB-Arif Habib Savings and Investments Limited
Bachat Nama s Report (April - 2016) MCB-Arif Habib Savings and Investments Limited MCB Islamic Income Fund April 30, 2016 NAV - PKR 104.5935 Shariah Compliant (Islamic) Income Scheme Asset Manager Rating
DAILY QUOTATIONS MARKET REPORT UPTO 4:15 P.M. MARKET CAPITALISATION
9573 9573 Formerly Karachi Stock Exchange Limited No. 145/2017 LISTED COMPANIES -560 TRADING VOLUME KSE - 100 INDEX Pre. 327,756,630 Cur. 319,135,020 Previous : 45912.03 Current : 46010.45 Ch. Points :
DAILY QUOTATIONS. No. 171/2018 Copy of the same is also available on our website Tuesday, Sep 11, 2018
DAILY QUOTATIONS No. 171/2018 Copy of the same is also available on our website www.psx.com.pk Tuesday, Sep 11, 2018 LISTED COMPANIES - 559 MARKET REPORT UPTO 4:15 p.m. LISTED CAPITAL 1,304,470.000 M TRADING
MCB PAKISTAN FREQUENT PAYOUT FUND
MCB PAKISTAN FREQUENT PAYOUT FUND CONTENTS 1 Fund s Information 320 2 Report of the Directors of the Management Company 321 3 Condensed Interim Statement of Assets And Liabilities 326 4 Condensed Interim
ANALYSIS OF NON-LIFE INSURANCE COMPANIES IN PAKISTAN FOR THE YEAR ENDED 31 st DECEMBER 2017
ANALYSIS OF NONLIFE INSURANCE COMPANIES IN PAKISTAN FOR THE YEAR ENDED 31 st DECEMBER 2017 CONTENTS Introduction Gross Premium Retention Ratio Loss Ratio Commission Ratio Expense Ratio Investment Ratio
November 1 12, 2010 The Weekly Service from Alfalah Securities (Pvt.) Ltd.
November 1 12, 2010 The Weekly Service from Alfalah Securities (Pvt.) Ltd. In this issue Market Focus............ Page 3 By Alfalah Securities Research Valuation Guide..... Page 5 By Alfalah Securities
TUESDAY AUGUST 16, 2016
9573 9573 Formerly Karachi Stock Exchange Limited No. 156/2016 LISTED COMPANIES -559 Formerly Karachi Stock Exchange Limited Formerly Karachi Stock Exchange Limited DAILY QUOTATIONS TUESDAY AUGUST 16,
CONTENTS CORPORATE INFORMATION DIF DIF. Corporate Information 1. Directors Report 2. Statement of Assets & Liabilities 4. Income Statement 5
CONTENTS Corporate Information 1 s Report 2 Statement of Assets & Liabilities 4 Income Statement 5 Statement of Comprehensive Income 6 Distribution Statement 7 Statement of Movement in Unitholders Fund
Weekly Review 29th June 2018 Weekly Review 29th June 2018 Week Contents
Research is registered with SECP under Research Entity Notification No. REP-284 SECP s Investor Education Link: www.jamapunji.pk Weekly Review 29 th June 2018 Week 26-2018 Contents About Askari Securities
Number of shares / certificates held
1) Particulars of Investment held in listed companies and Modarbas Number of shares / certificates held Paid up value per share / certificate (Rupees) Total paid up value Cost Available for sale securities
Leverage Adjustment in Manufacturing Firms: Evidence from Pakistan
The Lahore Journal of Business 4 : 2 (Spring 2016): pp. 1 21 Leverage Adjustment in Manufacturing Firms: Evidence from Pakistan Muhammad Mounas Samim, * Shakeel Iqbal Awan, ** Basheer Ahmad *** Abstract
THURSDAY AUGUST 04, 2016
9573 9573 Formerly Karachi Stock Exchange Limited No. 148/2016 LISTED COMPANIES -559 Formerly Karachi Stock Exchange Limited Formerly Karachi Stock Exchange Limited DAILY QUOTATIONS THURSDAY AUGUST 04,
Report of the Directors of the Management Company (Urdu Version) 21. Jama Punji 22
Report of the Directors of the Management Company (Urdu Version) 21 Jama Punji 22 ABL STOCK FUND FUND S INFORMATION Management Company: ABL Asset Management Company Limited 11 B, Lalazar M. T. Khan Road,
Funds Flow Analysis and Determinants of Fixed Assets
MPRA Munich Personal RePEc Archive Funds Flow Analysis and Determinants of Fixed Assets Mehar Ayub 2000 Online at http://mpra.ub.uni-muenchen.de/363/ MPRA Paper No. 363, posted 10. October 2006 1 FUNDS
CAPM and Idiosyncratic Risk using Two-Pass Model: Evidence from the Karachi Stock Market
The Journal of Commerce Vol.8, No.1&2 pp.25-38 CAPM and Idiosyncratic Risk using Two-Pass Model: Evidence from the Karachi Stock Market Muhammad Shahid Rasheed 1, Umara Noreen 2, Muhammad Fayyaz Sheikh
Weekly Review 23rdNovember 2018 Weekly Review 23rdNovember 2018 Week Contents
Research is registered with SECP under Research Entity Notification No. REP-284 SECP s Investor Education Link: www.jamapunji.pk Weekly Review 23 rd November 2018 Week 47-2018 Contents About Askari Securities
Half Year Ended Report December 31, 2013 (Un - audited) FIRST UDL MODARABA. Managed By: UDL Modaraba Management (Pvt) Limited
Half Year Ended Report December 31, 2013 (Un - audited) FIRST UDL MODARABA Managed By: UDL Modaraba Management (Pvt) Limited Corporate Information MODARABA MANAGEMENT UDL Modaraba Management (Private )
FIRST PAK MO.DARABA QUARTERLY REPORT FOR THE 1ST QUARTER ENDED SEPTEMBER 30,2014 (UN-AUDITED) KASB Invest (Private) Limited.
I I FIRST PAK MO.DARABA QUARTERLY REPORT FOR THE 1ST QUARTER ENDED SEPTEMBER 30, (UN-AUDITED) I Managed by: KASB Invest (Private) Limited \ I t TABLE OF CONTENTS CORPORATE INFORMATION 01 DIRECTORS' REPORT
Car Deals. For Quality Vehicles! COMPANY PROFILE
COMPANY PROFILE To keep up with modern times and the latest marketing and allied techniques the CAR DEALS was founded in early sixties by Mr. Mohammad Hussain Dhanji, an eminent national personality and
OPEN-END MUTUAL FUNDS
9573 9573 No. 008/2018 LISTED COMPANIES -559 TRADING VOLUME Formerly Karachi Stock Exchange Limited ASKARI BANK LIMITED AKBL - JAN ATTOCK REFINERY LIMITED ATRL - JAN BANK AL-FALAH LIMITED BAFL - JAN BANK
CUSTODIAN. Deep is the truth the truth of success fight the waves and reach the depth THE SLATE ISSUE NO. January-March, 2016
Deep is the truth the truth of success fight the waves and reach the depth ISSUE NO. 64 January-March, 2016 Quarterly Newsletter Central Depository Company Registered Offices: Head Office: CDC House, 99-B,
Weekly Review 25th August 2017 Weekly Review 25th August 2017 Week Contents
Research is registered with SECP under Research Entity Notification No. REP-284 SECP s Investor Education Link: www.jamapunji.pk Weekly Review 25 th August 2017 Week 34-2017 Contents About Askari Securities
CONTENTS REPORT OF THE DIRECTORS OF THE INVESTMENT ADVISER... 3 STATEMENT OF COMPLIANCE WITH THE CODE OF CORPORATE GOVERNANCE... 8
CONTENTS FUND S INFORMATION...1 MISSION STATEMENT... 2 REPORT OF THE DIRECTORS OF THE INVESTMENT ADVISER... 3 REPORT OF THE TRUSTEE... 7 STATEMENT OF COMPLIANCE WITH THE CODE OF CORPORATE GOVERNANCE...
List of Pakistan Securities International Securities Identification Number (December )
1 PK0000201019 ESVUFR EFU GENERAL INSURANCE LIMITED EFUG Insurance Ordinary Shares Listed 2 PK0000301017 ESVUFR HABIB INSURANCE COMPANY LIMITED HICL Insurance Ordinary Shares Listed 3 PK0000401015 ESVUFR
portfolio of Shariah Compliant listed equities.
The objective of the Fund is to provide investors with long term capital growth from an actively managed portfolio of Shariah Compliant listed equities. TRUSTEE REPORT TRUSTEE REPORT TO THE UNIT HOLDERS
The Steel Industry. Aisha Steel. Quarterly Report September 30, 2015
to The Steel Industry Aisha Steel Quarterly Report September 30, 2015 Contents 04 Company Information 05 Directors Review Report Company Overview 09 Balance Sheet 10 Profit and Loss Account 11 Cash Flow
Topline Market Review Market posts marginal gains of 0.88% KSE 100 Index +0.88% WoW; Weekly net FIPI US$12.4mn
Pakistan Weekly January 26, 2018 REP 057 Topline Market Review Market posts marginal gains of 0.88% KSE 100 Index +0.88% WoW; Weekly net FIPI US$12.4mn Topline Research research@topline.com.pk Tel: +9221
From CIO s Desk. August KSE 30 Perfomance. Monthly YoY Inflation
From CIO s Desk The KSE index declined by 2.3% and closed at 41,742 for the month of August. Commercial Banks were the largest contributors to the index decline at 584 points followed by the Fertilizer
Islamic Asset Allocation Fund. Financial Statements for the Quarter Ended September 30, 2017
Islamic Asset Allocation Fund Financial Statements for the Quarter Ended September 30, 2017 Faysal Islamic Asset Allocation Fund The Faysal Islamic Asset Allocation Fund (FIAAF) is an open-ended shariah
Systems. Infrastructure. Quarterly Newsletter. Railway Track. Central Depository Company
Quarterly Newsletter Central Depository Company Infrastructure Systems Dam Shipping Port Railway Track Power Grids The world is connected by oceans, and modern civilization is connected by ports. Acting
Islamic Asset Allocation Fund. Condensed Interim Financial Information for The Half Year Ended December 31, 2017
Islamic Asset Allocation Fund Condensed Interim Financial Information for The Half Year Ended December 31, 2017 Faysal Islamic Asset Allocation Fund The Faysal Islamic Asset Allocation Fund (FIAAF) is