Bankislami Annual 2013.FH10
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Corporate Information..........................................................................................................06 Profile of Shari'ah Board.......................................................................................................08 Financial Highlights at a Glance..........................................................................................10 Notice of Annual General Meeting .....................................................................................15 Directors Report....................................................................................................................17 Management Discussion & Analysis ..................................................................................22 Statement of Internal Control ..............................................................................................36 Statement of Compliance with the Code of Corporate Governance..............................37 Review Report to the Members ...........................................................................................39 Shari'ah Adviser's Report .....................................................................................................40 Charity Funds Utilization Report........................................................................................43 Auditors' Report to the Members........................................................................................46 Statement of Financial Position ...........................................................................................48 Profit and Loss Account .......................................................................................................49 Statement of Comprehensive Income.................................................................................50 Cash Flow Statement.............................................................................................................51 Statement of Changes in Equity ..........................................................................................52 Notes to and forming part of the financial statements.....................................................53 Consolitated Financial Statements ....................................................................................127 Pattern of Shareholding ......................................................................................................209 Categories of Shareholders.................................................................................................210 Correspondent Banking Network.....................................................................................211 Branch Network...................................................................................................................216 Proxy Form 2013 Annual Report 05 Corporate Information Board of Directors Mr. Ali Hussain Chairman Mr. Ali Raza Siddiqui Mr. Abdulhakim Habib Mansoor Binherz Mr. Ali Mohd Hussain Ali Al Shamali * Mr. Fawad Anwar Mr. Kamal Afsar ** Mr. Hasan A. Bilgrami Chief Executive Officer Mr. Shabir Ahmed Randeree Sharia'h Supervisory Board Mufti Irshad Ahmad Aijaz Chairman Mufti Hassan Kaleem Member Mufti Talha Saleem Kapadia Member Audit Committee Mr. Fawad Anwar Chairman Mr. Abdulhakim Habib Mansoor Binherz Member Mr. Ali Hussain Member Mr. Ali Raza Siddiqui Member Mr. Shabir Ahmed Randeree Member Risk Management Committee Mr. Fawad Anwar Chairman Mr. Abdulhakim Habib Mansoor Binherz Member Mr. Hasan A. Bilgrami Member Mr. Ali Mohd Hussain Ali Al Shamali Member I.T Committee Mr. Ali Hussain Chairman Mr. Ali Raza Siddiqui Member Mr. Hasan A. Bilgrami Member Human Resource & Compensation Committee Mr. Ali Raza Siddiqui Chairman Mr. Ali Hussain Member Mr. Abdulhakim Habib Mansoor Binherz Member Mr. Fawad Anwar Member Mr. Hasan A. Bilgrami Member Company Secretary Mr, Zahid Ali H. Jamall Auditors A. F. Ferguson & Co. Chartered Accountants Legal Adviser 1- Haidermota & Co. Barrister at Law 2- Mohsin Tayebaly & Co. Corporate Legal Consultants / Barristers & Advocates High Courts & Supreme Court * appointed effective from January 16, 2014. ** appointed effective from March 4, 2014 subject to SBP approval, SBP approval is awaited. 06 2013 Annual Report BRANCHES 201 77 Cities Management (in alphabetical order) Mr. Arsalan Vohra Head, Risk Policy & Analytics Mr. Arshad Wahab Zuberi Head, Administration and General Service Mr. Asad Alim Head, Information Systems Mr. Farooq Anwar Head, Operations Mr. Hasan A. Bilgrami Chief Executive Officer Mr. Khawaja Ehrar ul Hassan Head, Compliance & Legal Mr. Muhammad Faisal Shaikh Head, Product Development Mr. Muhammad Furqan Head, Credit Administration Mr. Muhammad Shoaib Khan Head, Treasury & Financial Institutions Mr. Muhammad Kamran Siddiqui Head, Service Quality & Phone Banking Mr. Rehan Shuja Zaidi Head, Internal Audit Mr. Shamshad Ahmed Head, Trade Finance Ms. Sheba Matin Khan Head, Human Resources Mr. Syed Akhtar Ausaf Head, Risk Management Mr. Syed Mujtaba H. Kazmi Head, Corporate Finance Mr. Syed Arif Mahtab Head, Branch Operations Mr..Zahid Ali H. Jamall Chief Financial Officer & Company Secretary Registered Office 11th Floor, Executive Tower, Dolmen City, Marine Drive, Block-4, Clifton, Karachi. Phone (92-21) 111-247(BIP)-111 Fax: (92-21) 35378373 Email: [email protected] Share Registrar Technology Trade (Private) Limited Dagia House, 241-C, Block-2, P.E.C.H.S. Off: Shahra-e-Qaideen, Karachi. Phone: (92-21) 34387960-61 Fax: (92-21) 34391318 Website: www.bankislami.com.pk 2013 Annual Report 07 Profile of Shari'ah Board After the sad demise of the Chairman of Shari'ah Supervisory Board, Prof. Dr. Fazl ur Rahman, May Allah keep the departed soul in eternal peace-Ameen.) the Shariah board has been reconstituted. Two new members have been included in the Board namely Mufti Muhammad Hassan Kaleem and Mufti Talha Saleem Kapadia. After reconstitution Mufti Irshad Ahmad Aijaz has been appointed as Chairman of the Shariah board and Shariah adviser of the bank. Brief profiles of the board members are as below Mufti Irshad Ahmad Aijaz Mufti Irshad Ahmad Aijaz is the full time Shariah Advisor to the Bank and Chairman of its Shariah Supervisory Board. He graduated from Jamiatul Uloom Islamiyyah, Binnori Town, Karachi and obtained his Shadat-ul- Aalamia (Masters in Arabic and Islamic Studies) from there. Afterwards, he completed his Takhassus fi al- Iftaa (Specialization in Islamic Jurisprudence and Fatwa) from Jamia Darul Uloom , Karachi. He has passed an Islamic economics course "Contemporary Business and Banking and its critical evaluation in the light of Shariah" from the Centre for Islamic Economics, Jamia Darul Uloom, Karachi. He also completed his MBA program from Iqra University, Karachi. He regularly delivers lectures on Islamic Economics and Finance at different forums and educational institutions including National Institute of Banking and Finance (State Bank of Pakistan) and Centre of Islamic Economics (an organ of Jamia Darul Uloom, Karachi). He currently holds advisory position at a number of Institutions which include: > Member, Shariah Board of Securities & Exchange Commission of Pakistan (SECP) > Shariah Advisor of Fortune Islamic Financial Services > Shariah Advisor of Allied Rental Modaraba > Member, Shariah Committee of Barakah Group, Australia > Honorary Chairman, Shariah Supervisory Board of Wasil Foundation (Micro finance) Mufti Muhammad Hassan Kaleem Mufti Muhammad Hassan Kaleem is the Member of Shariah Supervisory Board at BankIslami Pakistan Limited. He has done Takhassus fil Ifta (Specialization in Islamic jurisprudence and Fatwa) from Jamia Darul Uloom, Karachi. He also teach various courses in Islamic Studies and Arabic at Darul Uloom Karachi for the last 14 years and is also a member of Dar-ul-Ifta, Jamia Darul Uloom Karachi. Previously he served as Shariah Advisor of AlBaraka Islamic Bank - Pakistan Operations. He was also associated in advisory capacities with Habib Bank Limited Pakistan Islamic Banking Division and UBL Ameen (Islamic Banking Division of United Bank Limited Pakistan). He is also a Trainer of Shariah Standards at Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI) Bahrain and a Visiting faculty member of National Institute of Banking and Finance (State Bank of Pakistan). He currently holds advisory position at a number of Institutions which include: 08 2013 Annual Report BRANCHES 201 77 Cities > Chairman, Shariah Board of Securities & Exchange Commission of Pakistan (SECP); > Shariah Board Member of Pak Kuwait Takaful Company Ltd. > Shariah Board Member of Pak Qatar Family Takaful > Shariah Consultant for Deloitte (Global Islamic Finance Team) > Shariah Council Member of Siraj UBL Funds > Shariah Board Member of Hanover Re Takaful Bahrain > Shariah Board Member of Takaful Emirate UAE > Shariah Board Member of Amana Bank Limited Sri Lanka > Member of the Committee for revising the Takaful rules 2005, formed by SECP Mufti Talha Saleem Kapadia Mufti Talha Saleem Kapadia is the Member of Shariah Supervisory Board at BankIslami Pakistan Limited. He completed his Shadat-ul-Aalamia (Masters in Arabic and Islamic Studies) from Jamiatul Uloom Islamiyyah, Binnori Town, Karachi. Afterwards, he did Takhassus fil Ifta (Specialization in Islamic Jurisprudence and Fatwa) from Jamia Islamia, Karachi. He has also completed MBA (Finance) from Iqra University and M.A. Islamic Studies from Karachi University. He also completed Islamic Banking course "Islamic