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Bankislami Annual Report 2007

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Bankislami Annual Report 2007 Corporate Information 04 Logo Story 06 Financial Highlights at a Glance 08 Notice of Annual General Meeting 09 Directors' Report 12 Statement of Internal Control 17 Statement of Compliance with the Code of Corporate Governance 18 Review Report to the Members20 Sharia'h Adviser's Report 21 Auditors' Report to the Members 23 Balance Sheet 24 Profit and Loss Account 25 Annual Report 2007 Cash Flow Statement 26 Statement of Changes in Equity 27 Notes to the Financial Statements 28 Consolidated Financial Statements 62 Pattern of Shareholding 103 Correspondent Banking Network 106 Proxy Form Corporate Information Board of Directors Chief Justice (Retd.) Mahboob Ahmed Chairman Mr. Ahmed Goolam Mahomed Randeree Mr. Ahmed Mohammed El Shall Mr. Ali Raza Siddiqui Mr. Hasan A. Bilgrami Chief Executive Officer Mr. Mohamed Abdulla Amer Al Nahdi Mr. Shabir Ahmed Randeree Shariah Supervisory Board Justice (Retd.) Muhammad Taqi Usmani Chairman Professor Dr. Fazlur Rahman Member Mufti Irshad Ahmad Aijaz Member & Sharia'h Adviser Audit Committee Mr. Ahmed Mohammed El Shall Chairman Mr. Ali Raza Siddiqui Member Mr. Shabir Ahmed Randeree Member Executive Committee Chief Justice (Retd.) Mahboob Ahmed Chairman Mr. Ahmed Goolam Mahomed Randeree Member Mr. Ahmed Mohammed El Shall Member Mr. Hasan A. Bilgrami Member Human Resource & Compensation Committee Mr. Ali Raza Siddiqui Chairman Annual Report 2007 Mr. Ahmed Goolam Mahomed Randeree Member Mr. Ahmed Mohammed El Shall Member Mr. Hasan A. Bilgrami Member Company Secretary Mr. Gohar Iqbal Shaikh Auditors Ford Rhodes Sidat Hyder & Co. Chartered Accountants Legal Adviser Haidermota & Co. Barrister at Law 04 Management (in alphabetical order) Mr. Aqeel Siddiqui Head, Commercial Banking Mr. Arsalan Vohra Head, Risk Management Mr. Asad Alim Head, Information Systems Mr. Faisal Shaikh Head, Corporate & Product Development Mr. Farooq Anwar Head, Operations Mr. Gohar Iqbal Shaikh Head, Finance & Operations Mr. Hasan A. Bilgrami Chief Executive Officer Mr. Jawad Khan Head, Legal & Compliance Mr. Muhammad Imran Head, Consumer Banking Mr. Muhammad Shoaib Khan Head, Treasury & Financial Institutions Mr. Rehan Shuja Zaidi Head, Internal Audit Ms. Sheba Matin Khan Head, Human Resources Mr. Syed Akhtar Ausaf Head, Credit Mr. Syed Mujtaba H. Kazmi Head, Investment Banking Registered Office 11th Floor, Executive Tower, Dolmen City, Marine Drive, Block -4, Clifton, Karachi. Phone: (92-21) 111-247(BIP)-111 Fax: (92-21) 5378373 Email: [email protected] Share Registrar Technology Trade (Private) Limited, Dagia House, 241-C, Block-2, P.E.C.H.S. off Shahra-e-Quaideen, Karachi. Phone: (92-21) 4387960-61 Annual Report 2007 Fax: (92-21) 4391318 Website www.bankislami.com.pk 05 07 FINANCIAL HIGHLIGHTS AT A GLANCE 2007 2006* ----- Rupees in million ----- PROFIT AND LOSS ACCOUNT Return earned 602.06 100.01 Profit paid 303.84 18.67 Net Spread 298.22 81.34 Fee, Commission, Brokerage and Exchange Income 71.46 4.17 Core Banking Income 369.68 85.51 Provisions (28.37) (1.00) Other Income 68.82 40.38 Operating expenditure (510.59) (159.29) Profit/(Loss) before tax (100.46) (34.40) Taxation 63.44 26.05 Profit/(loss) after tax (37.02) (8.35) BALANCE SHEET Assets 14,447 4,025 Financings 3,963 959 Deposits 9,934 1,778 Share Capital 3,200 2,000 Shareholders Fund 3,845 2,003 Market Capitalization 5,184 2,110 Number of staff 563 236 Number of branches 36 10 Annual Report 2007 RATIO Break up Value (Rs) 9.89 10.01 Market Value per Share (Rs.) 16.20 10.55 Earning per Share (Rs.) (0.13) (0.04) Net Spread to gross return (%) 49.53 81.34 Financing to deposit ratio-ADR (%) 39.89 53.94 Capital Adequacy ratio 37.92 61.83 * Profit and Loss figures for 2006 represents period from 7th April 2006 to 31th December 2006. 08 NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the 4th Annual General Meeting of the Members of BankIslami Pakistan Limited will be held InshaAllah on Saturday, March 29, 2008 at 8:00 a.m. at Hotel Regent Plaza, Shahra-e-Faisal, Karachi to transact the following business: Ordinary Business To receive, consider and adopt the Audited Financial Statements (separate and consolidated) for the year ended December 31, 2007 together with the Auditors' and Directors' Reports thereon. To appoint auditors of the bank for the year ending December 31, 2008 and to fix their remuneration. The present auditors M/s Ford Rhodes Sidat Hyder & Co., Chartered Accountants, retire and being eligible, offer themselves for re-appointment. To elect seven (7) Directors as fixed by the Board in accordance with the provision of Section 178 of the Companies Ordinance 1984 for a period of three years in place of the retiring directors namely: 1. Chief Justice (R) Mahboob Ahmed 2. Mr. Ahmed Goolam Mahomed Randeree 3. Mr. Ali Raza Siddiqui 4. Mr. Ahmed M. El Shall 5. Mr. Hasan A. Bilgrami 6. Mr. Mohamed Abdulla Amer Al Nahdi 7. Mr. Shabir Ahmed Randeree Special Business To consider and if deemed fit, pass the following Special Resolution: "Resolved that the Bank may issue and allot up to 8 million shares @ Rs.10/- per share making a total amount of up to Rs.80 million to shareholders who have deposited the subscription amount but could not be issued shares due to re-conciliation problem, subject to approval of the Securities & Exchange Commission of Pakistan under the Proviso of Section 86 (1) of the Companies Ordinance 1984. Annual Report 2007 Further resolved that the Company Secretary be and is hereby authorized to take all necessary steps in this respect". The statement, as required under Section 160 (1)(b) of the Companies Ordinance 1984 setting out in detail the special business to be conducted in the Annual General Meeting ("Statement") is annexed to the notice of the meeting to the shareholders. Any other Business To transact any other business with the permission of the chair. By Order of the Board, Karachi: March 07, 2008 Gohar Iqbal Shaikh Company Secretary 09 Notes: 1. The Members' Register will remain closed from March 21, 2008 to March 28, 2008 (both days inclusive). 2. A member eligible to attend and vote at this meeting may appoint another member as proxy to attend and vote in the meeting. Proxies in order to be effective must be received at the registered office not less than 48 hours before the meeting is held. 3. An individual beneficial owner of the Central Depository Company, entitled to vote at this meeting, must bring his/her Computerized National Identity Card with him/her to prove his/her identity, and in case of proxy must enclose an attested copy of his/her Computerized National Identity Card. Representatives of corporate members should bring the usual documents required for such purposes. 4. Members are requested to promptly notify Share Registrar, M/s. Technology Trade (Pvt.) Ltd., Dagia House, 241-C, P.E.C.H.S. Society, Karachi, of any change in their addresses. 5. Any person who seeks to contest the election of directors shall file the following with the Bank at its Registered Office not later than fourteen days before the day of the above said meeting. i) His/her intention to offer himself/herself for election of Directors in terms of Section 178(3) of the Companies Ordinance 1984 (the Ordinance) together with (a) consent on Form 28 as prescribed by the Companies (Provision and Forms) Rules, 1985 (b) a declaration with the consent to act as Director in the prescribed form under clause (ii) of the Code of Corporate Governance (the Code) to the effect that he/she is aware of the duties and powers of Directors as mentioned in the Companies Ordinance 1984, the Memorandum and Articles of the Bank and the Listing Regulations of the Karachi Stock Exchange and has read the relevant provisions contained therein; and (c) a declaration in accordance with clauses (iii) and (iv) of the Code to the effect that he/she is not serving as a Director of more than ten listed companies and he/she is registered National Tax Annual Report 2007 Payee (except where he/she is a non-resident) that he/she has not been convicted by a court of competent jurisdiction as defaulter in payment of any loan to a banking company, a development financial institution or a non-banking financial institution. ii) A specified affidavit as prescribed in the State Bank of Pakistan (SBP) BPRD Circular No.12 dated June 2, 2000 together with the prescribed Questionnaire in accordance with the Prudential Regulation No.G-1, the 'Fit and Proper Test' for the appointment of Directors in terms of SBP BPRD Circular No.13 dated May 17, 2004 along with two recent photographs and a copy of CNIC (Passport in case of foreign national). Copies of SBP circulars/annexures may be obtained from the SBP website or from the office of the Company Secretary of the Bank. SBP circular/annexures also list various persons who are not eligible to become director of a bank. Any person with these anomalies is considered undesirable; and against the public interest in terms of SBP BPRD Circular No.12 dated June 2, 2000. 10 A statement of Material Facts U/s 160(1) (b) of the Companies Ordinance 1984 pertaining to Special Business is being sent to the Shareholders with the Annual Report: 1. BankIslami Pakistan Limited, in order to meet the minimum capital requirement of the State Bank of Pakistan, offered Right Shares in the ratio of 31.25 shares for every 100 shares held to all the shareholders as on November 20, 2007 amounting to Rs.1 billion (100 million shares at par).
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