NBFI Complete.Cdr
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Year Book 2015 Contents 1 Vision, Mission, Our Values & Core Objective 2 2 International & Regional Leasing Associations 4 3 Association’s Secretariat 5 4 Executive Committee Members 8 5 Messages Ÿ Mr. Mohammad Ishaq Dar 12 Ÿ Mr. Zafar Ul Haq Hijazi 13 Ÿ Mian Muhammad Adrees 15 Ÿ Mr. Shahid Mahmood 16 6 Messages - NBFI & MAP Ÿ Mr. Mahfuz-ur-Rehman Pasha 18 Ÿ Mr. Shuja Malik 20 Ÿ Ms. Effat Assad 21 7 Secretary General’s Report 22 8 Articles Ÿ Anti-money Laundering & Counter Financing of Terrorism 28 Ÿ Ijarah; Practical Issues and their solutions- Shariah Perspective 30 Ÿ Role of Central Bank in Supporting NBFCs for Growth & Progress of SMEs 35 Ÿ A snap-shot of Islamic Banking & Finance in Sri Lanka 39 Ÿ Takaful 42 9 Events and Activities Ÿ Launching Ceremony of Year Book 2014 46 Ÿ Best Performance Awards - 2014 47 Ÿ Fifth Annual General Meeting (AGM) 48 Ÿ MoU Signing Ceremony Between Pak Qatar General Takaful Ltd. & the Association 49 Ÿ Half Day Workshop On “Anti Money Laundering” 51 Ÿ Workshop on “Islamic Finance” For Directors & Senior Executives 52 Ÿ Interview on Business Plus TV Channel 53 Ÿ IBA – Centre for Excellence in Islamic Finance (CEIF) 53 Ÿ The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) 54 Ÿ Meeting with World Bank Group Mission 55 Ÿ SECP’s Three Days Conference On “Non-Bank Financial Sector & Capital Market 56 Ÿ Achievements of Members 57 Ÿ New Entrants in the NBFI & Modaraba Sector 59 10 Macro Perspective Ÿ Sectors Performance 62 Ÿ Statistical Overview 69 11 Top ten members 72 12 Members at a Glance Ÿ Financial Overview 76 Ÿ Comparative position of payout 77 Ÿ Market Capitalization 78 13 Company Profiles 80 14 Glossary 120 15 Members’ Directory 126 16 Advertisements 131 1 Year Book 2015 NBFI & Modaraba Association of Pakistan Vision To serve as an effective platform for the members of NBFI and Modaraba sector, to facilitate the growth, profiling and competitive power of NBFI & Modaraba Association members through collective and coordinated efforts. MISSION STATEMENT To provide effective forum to address common and/or relevant issues, make available necessary support, facilitate to succeed through effective liaison, appropriate counselling, product innovation, research, capacity building and create conducive working environment based on trust, integrity and reliability. 2 Year Book 2015 NBFI & Modaraba Association of Pakistan Our Values Collaboration Integrity Fairness Excellence Responsiveness Core Objective Ÿ To represent, profile and promote NBFI and Modaraba industry and protect the interest of Members. Ÿ To encourage Islamic trade and finance through Modaraba venture and provide innovative Shariah compliant financial solutions for further progress and growth of the Modaraba sector. Ÿ To maintain an active coordination and a relationship of trust with the regulatory authorities to achieve a consultative and supportive regulatory environment. Ÿ To support environment where members work together to solve common challenges by sharing ideas and helping & supporting each other. Ÿ To migrate best international practices and make information and analysis available on the profile and performance of individual members and the sector. Ÿ To broaden the base of association through induction of new members from different segments within the NBFIs sector. Ÿ To promote good governance, encourage performance based culture within members. Ÿ To enhance professional capacity of members through workshops, seminars and interactive sessions. 3 Year Book 2015 International & Regional Leasing Associations INTERNATIONAL FINANCE & FELALEASE - FEDERACION LEASING ASSOCIATION LATINOAMERICANA DE LEASING Na Pankraci 310/60, 140 00 Praha 4, Rua Diogo Moreira, 132 8º andar conj. 806 São Czech Republic Paulo, Brazil Tel: +420 602231495 Tel: +55 11 3095 9100, Fax: +420 222 012 363 Fax +55 11 3095 9105 E-mail: [email protected] E-mail: [email protected] Website: www.ifla.com Website: www.felalease.org ASIAN FINANCIAL SERVICES NBFI & MODARABA ASSOCIATION OF ASSOCIATION (AFSA) PAKISTAN EightyEight@Kasablanka, Tower A, 7th Floor, 602, Progressive Centre, 30-A, Block-6, PECHS, Unit D, JI. Casablanca Kavling 88, Shahrah-e-Faisal, Karachi-75400, Jakarta Selatan 12870, Pakistan Indonesia Tel: 92-21-34389774, 34322440 Tel: +62 21 2982 0180 Fax: 92-21-34389775 Fax: +62 21 2982 0191 E-mail: [email protected] E-mail: [email protected] Website: www.nbfi-modaraba.com.pk Website: www.afsaworld.org LEASEUROPE, THE EUROPEAN FEDERATION OF LEASING COMPANY ASSOCIATIONS Boulevard Louis Schmidt 87, B - 1040 Brussels, Belgium Tel: +32 2 778 05 60 Fax: +32 2 778 05 78 E-mail: [email protected] Website: www.leaseurope.org 4 Year Book 2015 Association’s Secretariat Muhammad Samiullah Secretary General Mr. Muhammad Samiullah, Secretary General, holds a master degree in Economics, L.L.B, DAIBP, PGD in Islamic Finance & Banking having a vast experience of banking and financial sector. Prior to joining Modaraba Association of Pakistan in 2001, he was Company Secretary, First Habib Bank Modaraba. He also officiated as Chief Executive of First Habib Bank Modaraba for quite some time. He has been appointed as Chairman, FPCCI Standing Committee on NBFI & Modaraba for the year 2016. He was an active Member of FPCCI, Standing Committee for Islamic Banking & Takaful during the year 2015 and will continue the position for the year 2016 as well. He is also a Member of Arbitration Panel of Pakistan Stock Exchange Limited. Registered Office 602, Progressive Centre, 30-A, Block-6, P.E.C.H.S., Shahrah-e-Faisal, Karachi-75400, Pakistan Phone: (92-21) 34389774, 34322440 Fax: (92-21) 34389775 E-mail: [email protected] Website: www.nbfi-modaraba.com.pk Auditors Baker Tilly Mehmood Idrees Qamar Chartered Accountants Tax Advisor Shekha & Mufti Chartered Accountants Legal Advisor Mohsin Tayebaly & Co. Advocates & Legal Consultants Bankers BankIslami Pakistan Limited 5 Year Book 2015 6 Year Book 2015 Executive Committee Members 7 Year Book 2015 Executive Committee 2015-2016 Mr. Pasha posseses B.Sc. (Electrical Engineering) Degree from, Peshawar University. He is an Associate Member of the Institute of Engineers in Pakistan and holds Diploma in German Language. He has served in the communication & work Department of KPK province as Assistant Executive Engineer from 1973-1981. In September 1981 he joined the Civil Services of Pakistan (Initially Income Tax group later renamed as Inland Revenue Service). Mr. Pasha served as Deputy Commissioner, Additional Commissioner & Commissioner in various branches of the service i.e. Audit, Enforcement, Legal, Tax Facilitation & Human Resource Development. In 2011 he retired in BS-21 after having served the Department for 30 years. As Secretary International Taxes in the Federal Board of Revenue and Deputy Secretary, Economic Affairs Division, Ministry of Finance, Government of Pakistan, he actively interfaced with DFIs of Pakistan and their respective foreign investment agencies, besides various international multilateral financial institutions. Presently he is working as CEO of Pak-Gulf Leasing Company Limited Mahfuz-ur-Rehman Pasha Chairman Mr. Shuja Malik is an Accounting and Finance graduate from the University of East London. He has experience of over 17 years in banking, sales and marketing of agro chemicals, stock market trading, pharmaceuticals, etc. He had previously been on the boards of two public limited companies, namely Searle Pakistan Limited and United Brands Limited. Currently he is on the board of First UDL Modaraba. Shuja Malik Senior Vice Chairman Ms. Effat Assad is a Fellow Member of The Institute of Chartered Accountants of Pakistan. She joined the Finance Department of ORIX Leasing Pakistan Limited (OLP) in 1990 and served in various positions until 1999. Ms. Assad left the Company in April 1999 and was associated with the Institute of Chartered Accountants of Pakistan as a free lancer until September, 2005 when she rejoined OLP’s Finance Department. She assumed the charge of Company Secretary in September 2011. Effat Assad Vice Chairperson 8 Year Book 2015 Executive Committee 2015-2016 Mr. Jalaluddin Ahmed holds degree in B.A. Economics Statistics and has over 30 years of experience in Commercial Banking and Islamic Financial Products. His Commercial Banking experience including 10 years of International exposure by serving United Bank Limited in various countries in the Middle East. Mr. Jalal is CEO of First Al-Noor Modaraba. Jalaluddin Ahmed Member Syed Wajih Hassan is Fellow of Chartered Accountant. He holds 20+ years of professional experience serving in MNC’s including leading Financial Institutions and IT companies at middle to senior level positions, before joining as CEO of First Paramount Modaraba. Having vast experience in the field of business and finance, Wajih has been instrumental in introducing new ventures to the Modaraba using Musharika and Modaraba modes of investments. Syed Wajih Hassan Member Mr. Shiraz Butt holds Master Degree in Business Administration and has an experience of over 15 years in the Modaraba / Leasing and Investment Banking Sectors. Currently he is working as Chief Operating Officer of First IBL Modaraba. Mr. Shiraz started his professional carrier back in 1996 with a leasing company, and in 1999 he moved to Modaraba sector. He initially worked on corporate financing side and in 2005 he switched over Micro and Small Enterprise (MSE) financing division in a Modaraba for extending Ijarah / Lease / Musharakah / Murabahah facilities to lower income/poor communities in order to enhance/ improve their income stream in collaboration with Swiss Agency for Development and Cooperation (SDC). Shiraz Butt Member 9 Year Book 2015 Executive Committee 2015-2016 Mrs. Hamida Aqeel is working as Chief Operating Officer / Company Secretary of Trust Modaraba is an MBA from Institute of Business Administration, Karachi, having over 15 years of experience of credit and corporate affairs. She also holds a Diploma in "Management for General Manager" from Netherlands. She has previously worked in Pak-Libya Holding Co. (Pvt) Ltd. and was on the Board of AI-Zamin Leasing Modaraba as their nominee till 1995.