First IBL Modaraba : Transmission of Quarterly Accounts for the period ended December 31, 2022
March 01, 2023 at 05:04 pm IST
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FIRST IBL MODARABA
HALF YEARLY REPORT
(Un-Audited)
DECEMBER, 2022
Corporate Information
Modaraba Management Company
IBL Modaraba Management (Pvt.) Limited
Board of Directors
Arslan Khan Khakwani
Chairman
Ibrahim Hassan Murad
Director
Iftikhar Hameed Khan
Director
Aamir Manzoor
Chief Executive
Company Secretary
Hassan Fareed
Chief Financial Officer
Zeeshan Ahmed
Internal Auditor
Rana Rizwan Tariq
Sharia'ah Advisor
Dr. Salman Ahmed Khan
Legal Advisor
M/s. Holscott International [Legal services]
Bankers
Meezan Bank Limited
MCB Islamic Bank Limited
The Bank of Punjab - Taqwa
Auditors to the Modaraba
Crow Hussain Chaudhury
Chartered Accountants
Registrar
Corp Tec Associates (Pvt.) Limited
503 E, Johar Town, Lahore.
Registered/ Principal Office
Office No.4-L, Main Ferozpur Road,
Gulberg3, Lahore.
Telephone No. 042-35969435 & 36
Directors' Report
The Board of Directors of M/s. IBL Modaraba Management (Private) Limited [IBLMM], the Management Company of First IBL Modaraba [FIBLM], is pleased to present the Half Yearly Reviewed (un-audited) results of the First IBL Modaraba for the period ended December 31, 2022 along with Directors' Report to its certificate holders.
Threats from high inflation, rising interest rates, lingering supply constraints, all time high fuel prices, political unrest and mounting uncertainties affected the economic forecast of Pakistan. Despite of all factors affecting profitability and sustainability of businesses your Modaraba booked gross profit before tax of Rs.5.554 million as compared to profit of Rs. 1.439 million in the preceding period.
Segment wise contribution of operating income is as follows:
Revenue Segment
5.23
4.88
4.87
3.753.75
1.89
0.43 0.25
1.74
1.23
Ijarah
Musharikah
Other
Investment
Profit on
income
property
deposits
31-Dec-22
31-Dec-21
For sustainability and profitability during the period, the management mainly focused on micro financing to quality clients to generate revenue. Hence reported a raise of 176.51% in ijarah income.
During the six month ended December 31, 2022, FIBLM recovered an amount of Rs.1.134 million from its classified portfolio. Also in presence of high inflation, the management reduced its operating expenses by 17.81%.
Asset base highlights are as follows:
Asset Base
213.34
208.32
129.74
105.83
83.59
102.49
Current assets
Non current assets
Total assets
31-Dec-22
30-Jun-22
Liability base highlights are as follows:
Liability Base
213.34
208.32
129.74
105.83
83.59
102.49
Current liabilities
Non current liabilities
Total liabilities
31-Dec-22
30-Jun-22
During the tough times of the country, the management is aimed to contribute in economy and to provide the best financial services to its valued clients.
I would like to express my gratitude to the Securities & Exchange Commission of Pakistan, Registrar Modarabas, State Bank of Pakistan and NBFI & Modaraba Association of Pakistan for providing us their usual support and guidance. The board appreciates and pays gratitude to the certificate holders and customers for entrusting their confidence on us and we assure them maintenance of adequate internal controls, providing personalize services and also to maintain an ideal environment of good corporate governance in all areas of the activities.
Finally the board appreciates the dedication and hard work put in by the management and staff of First IBL Modaraba.
For & on behalf of the Board,
_________________________
Aamir Manzoor Chief Executive Officer February 27, 2023
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First IBL Modaraba published this content on 01 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2023 11:33:11 UTC.
First IBL Modaraba is a Pakistan-based financial institution. The Company is engaged in various Islamic modes of financing and operations, including ijarah, musharaka and murabaha arrangements. The Company provides Islamic financial products to the corporate sector, as well as individual consumers. Its clientele ranges from construction and engineering companies, textile companies, power generation companies, cement manufacturing companies, the educational sector, universities, and group companies to individuals. Its products include Ijarah, Musharika, Morabaha and House Finance. It grants companies the facility to avail lease finance for plant and machinery, motor vehicles, furniture and fixture, and office equipment at competitive rates. The Companyâs house finance offers three product variants: house purchase, purchase of undivided share (home renovation) and purchase of undivided share of property from another bank (balance transfer).