Shaheen Insurance : Transmission of Annual Report for the Year Ended 2022-12-31

S H A H E E N

WINDOW TAKAFUL OPERATIONS

	CONTENTS
Company Information			02
Company Prole			04
Rating			05
Vision & Mission			06
Directors Prole			07
Statement of Code of Conduct and Ethics and Anti Fraud		10
Program & Control Whistle Blowing Policy			10
Services			11
Chairman's Review	�	� �	15
Chairman's Review in Urdu	�	16
	�
		ٹر�ر  ہ��  �  ��
Directors' Report	�	�	17
Directors' Report in Urdu	29
ٹر�ر  ز��اڈ
Notice of Annual General Meeting			43
Key Financial Data			46
Review Report to the Members on the Statement of Compliance		49
Statement of Compliance with the Best Practices of
Code of Corporate Governance			51
Independent Auditor's Report			56
FINANCIAL STATEMENTS
Statement of Financial Position			62
Statement of Prot or Loss			63
Statement of Comprehensive Income			64
Statement of Cash Flows			65
Statement of Changes In Equity			67
Notes to and Forming Part of the Financial Statements			68
WINDOW TAKAFUL OPERATIONS FINANCIAL STATEMENTS
Statement of Compliance with the Shariah Principles			115
Independent Reasonable Assurance Report
on the Statement of Management's Assessment of Compliance		116
Shariah Advisory Report to the Board of Directors			119
Independent Auditor's Report			121
Statement of Financial Position			124
Statement of Prot or Loss			125
Statement of Comprehensive Income			128
Statement of Cash Flows			127
Statement of Changes in Fund			129
Notes to the Financial Information			130
Head Ofce & Branch Network			163
Pattern of Shareholding			164
Proxy Form			167

COMPANY

INFORMATION

BOARD OF DIRECTORS

CHAIRMAN

Air Marshal Muhammad Arif Pervaiz (Retd.)

DIRECTORS

Air Vice Marshal Salman Ahsan Bokhari (Retd.)

Air Commodore Tausif Sadiq (Retd.)

Air Commodore Wasim Ahmed Khan (Retd.)

Mr. Adeel Ali

Ms. Farrah Azeem Khan

Mr. Jehangir Shah

CHIEF EXECUTIVE OFFICER

Mr. Rizwan Akhtar

CHIEF FINANCIAL OFFICER & COMPANY SECRETARY

Mr. Nisar Ahmed Almani

AUDIT COMMITTEE
Ms. Farrah Azeem Khan	Chairperson
Air Commodore Wasim Ahmed Khan (Retd.)	Member
Mr. Adeel Ali	Member
Mr. Sayyam Maqsood	Secretary
INVESTMENT COMMITTEE
Air Marshal Muhammad Arif Perviaz (Retd.)	Chairman
Air Vice Marshal Salman Ahsan Bokhari (Retd.)	Member
Mr. Adeel Ali	Member
Mr. Rizwan Akhtar	Chief Executive Ofcer
Mr. Nisar Ahmed Almani	Chief Financial Ofcer
Mr. Muhammad Nasir Jamal	Secretary
ETHICS, HUMAN RESOURCE & REMUNERATION COMMITTEE
Ms. Farrah Azeem Khan	Chairperson
Mr. Adeel Ali	Member
Mr. Rizwan Akhtar	Member
Mr. Nisar Ahmed Almani	Secretary

02 SHAHEEN INSURANCE COMPANY LIMITED

(Outlook

Positive)

By PACRA

BANKS CONVENTIONAL

Allied Bank Limited

Askari Bank Limited

Bank Alfalah Limited

Bank Al Habib Limited

Bank of Punjab

Faysal Bank Limited

JS Bank Limited

MCB Bank Limited

Soneri Bank Limited

Summit Bank Limited

National Bank of Pakistan

Dubai Islamic Bank Pakistan Ltd.

BANKS TAKAFUL

Bank Islami Limited

Meezan Bank Limited

Dubai Islamic Bank Pakistan Ltd.

LEGAL ADVISOR

Iftikhar Hussain Law Associates

AUDITORS

Yousuf Adil

Chartered Accountants

SHARIAH ADVISOR

Mufti Bilal Ahmed Qazi

HEAD OF WINDOW TAKAFUL OPERATIONS

Mr. Abdul Hamid

SHARIAH COMPLIANCE OFFICER

Mr. Zafar Husnain

COMPLIANCE OFFICER

Mr. Danish Khalid

HEAD OF INTERNAL AUDIT (COORDINATOR)

Mr. Sayyam Maqsood

INTERNAL AUDITOR

Shaheen Foundation

REGISTERED OFFICE

10th Floor, Shaheen Complex, M.R Kayani Road, Karachi.

HEAD OFFICE

10th Floor, Shaheen Complex, M.R Kayani Road, Karachi.

SHARE REGISTRAR

M/s. Corplink (Pvt.) Ltd.

Wings Arcade, 1-K, Commercial, Model Town, Lahore.

S H A H E E N

WINDOW TAKAFUL OPERATIONS

(Outlook

Positive)

By PACRA

SHAHEEN INSURANCE COMPANY LIMITED 03

COMPANY

PROFILE

Shaheen Insurance Company Ltd. (SICL) is a group company of Shaheen Foundation, PAF which owns major shareholding of the Company. Shaheen Insurance was incorporated as a Public Limited Company in 1995. The company is listed with Pakistan Stock Exchange (PSX) and also registered with the Central Depository Company of Pakistan (CDC).

Shaheen Insurance is one of the most reputable and brightest names in the insurance sector. Its sustained growth over the years has secured it a prominent place among the reputed insurers of Pakistan. SICL is catering the insurance needs of business fraternity through its branch network spread across all major cities of Pakistan.

Shaheen Insurance is also providing Shariah Compliant Islamic covers through its Window Takaful Operations (WTO) under the license and guidelines of Securities and Exchange Commission of Pakistan. In order to give more strength to its WTO, Company has formed Shariah Board comprising of qualied scholars, having vast experience and knowledge about Islamic Banking & Takaful. A wide range of Shariah compliant Takaful Products are offered through WTO, serving customers from all walks of life, on a much larger scale.

The Company's nancial results are consistently improving; Authorized Capital of the Company is Rs.1 billion, while Paid-up Capital is Rs.600 million. Shareholder's Equity as at December 31, 2022 rose to Rs.731.93 million.

In view of strong backing of sponsors, capital base, prudent underwriting, efcient claims management and consistently sound nancial position of the Company, PACRA has harmonized IFS Rating of the Company to "A+" with 'Positive' Outlook which denotes "Strong capacity to meet policy holders and contractual obligations. Risk factors are low, and the impact of any adverse business and economic factors is expected to be small."

SICL has excellent reinsurance & retakaful treaty arrangements with nancially sound foreign reinsurers of outstanding repute. Besides treaty arrangements, the Company also has back to back arrangements with foreign and domestic "A" rated insurers, reinsurers and world renowned brokers for placements of large and specialized risks abroad and locally on facultative basis.

SICL underwrites all classes of general insurance & general takaful. Company is fully equipped with technical and managerial skills supported by strong reinsurance treaty arrangements for smooth operations for both traditional and specialized insurance & takaful covers.

SICL is fully geared up to take on challenges with a vision to play its role in the development of insurance industry, country's economic development and to be recognized as one of the most professional and respected insurance company of Pakistan.

04 SHAHEEN INSURANCE COMPANY LIMITED