HALF YEARLY REPORT
(UN-AUDITED)
DECEMBER, 2023
FIRST IBL
MODARABA
Corporate Information
Modaraba Management Company | IBL Modaraba Management (Pvt.) Limited | |
Board of Directors | Mr. Arslan Khan Khakwani | Chairman |
Mr. Ibrahim Hasan Murad | Director | |
Mr. Salman Ahmad | Independent Director | |
Ms. Faiza Jabeen | Female director | |
Mr. Muhammad Ibrahim Qazi | Chief Executive | |
Company Secretary | Mr. Hassan Fareed | |
Chief Financial Officer | Mr. Muhammad Ibrahim Butt | |
Internal Auditor | Mr. Jahangir Hassan | |
Shari'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 | ||
Share Registrar | Corp Tec Associates (Pvt.) Limited | |
503 E, Johar Town, Lahore. | ||
Telephone No. 042-35170335 - 37 | ||
Registered/ Principal Office | Office No.4-L, Main Ferozepur Road, | |
Gulberg3, Lahore. | ||
Telephone No. 042-35969435 & 36 | ||
www.firstibl.com |
DIRECTOR'S 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, 2023 along with Directors' Report to its certificate holders.
The economic landscape of Pakistan faced multifaceted challenges, including the specter of high inflation, escalating interest rates, persistent supply constraints, soaring fuel prices, political turbulence, and mounting uncertainties. Despite this formidable backdrop, your Modaraba demonstrated resilience by achieving a noteworthy pre-tax profit of Rs.10.665 million, a substantial improvement compared to the pre-tax profit of Rs. 4.888 million recorded in the preceding period.
Against this backdrop, the management adopted a strategic focus on Micro/Musharakah finance targeting high-quality clientele to bolster revenue streams. This strategic shift resulted in a significant uptick of 50.01% and 125.09% in Ijarah and Musharakah income, respectively.
In navigating the challenges besetting the nation, the management remains steadfast in its commitment to contributing to the economy while delivering optimal financial services to its esteemed clientele.
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,
Muhammad Ibrahim Qazi
Chief Executive Officer
May 3, 2024
ٹروپر رٹکیریئاڈ
ہک وج ،ڈٹیمیل )ٹیویئارپ( ٹنمجنیم ہبراضم لیا یب یئآ رٹکیرئاڈ فآ ڈروب ےک 0201 ربمسد 13 ےک ےہ ینپمک ٹنمجنیم یک ہبراضم لیا یب یئآ ٹسرف ےک سا وک ٹروپر یک زرٹکیرئاڈ ہعم ٹڈآ ریغ هدش یناث رظن یہامشش ۔ےہ اترک سوسحم رخف رپ ےنرک شیپ ےئل ےک زرڈلوہ ٹیکیفیٹرس
نیرت دنلب یک تقو ںویدنباپ رپ لیسرت حرش یک دوس یئوہ یتھڑب رز طارفا دنلب یک ناتسکاپ ینیقی ےب یئوہ یتھڑب روا ینیچ ےب یسایس ،ںیتمیق یک نھدنیا روما ےلاو ےنرک رثاتم وک عفانم مامت ۔ںیہ ےئوہ زادنا رثا رپ ریبعت یشاعم ےک ےپور نیلم 4.888ےک ہینارود ےلھچپ ےن ہبراضم ےک پآ دوجواب ےک ےس سکیٹ( عفانم یعومجم اک ےپور نیلم 32.666 ںیم ےلباقم ےک عفانم ےہ ایک لصاح )ےلہپ
ٹیٹس ہبراضم رارتسجر ناتسکاپ فآ نشیمک جنیچسکیا ڈنیا زیٹرویکیس ںیم اک ناتسکاپ فآ نشیا یسوسیا ہبراضم روا یئآ فیا یب نیا ناتسکاپ فآ کنیب روا تیامح یلومعم ریغ ینپا ںیمہ ےن ںوہنج ںوہ اتہاچ انرک ادا ہیرکش اک زرنٹراپ یرابوراک روا زرڈلوہ ٹیکیفیٹرس ےنپا ڈروب ۔یک مہارف یئامنہر
ماظن ینوردنا وکنا ڈروب زین ایک ہسورھب رپ مہ ےن ںوہنج ےہ روکشم تیئاہن وک لوحام یلاثم ںیم ںوبعش مامت ےک سننروگ ٹیروپراک روا ہجوت یتاذ رپ ےنھکر رارقرب
۔ےہ اترک یناہد نیقی یک
تنحم روا یصلخم یک ہلمع روا ہیماظتنا یک ہبراضم لیا یب یئآ ٹسرف ڈروب ۔ےہ اتہارس وک
ہبراضم لیا یب یئآ ٹسرف مظتنم
یضاق میھاربا دمحم رسیفآ وٹکیزگیا فیچ 0204یئم 1
SHARI'AH ADVISOR'S REPORT
FOR THE HALF YEAR ENDED DECEMBER 31, 2023
I have conducted the Shari'ah review of First IBL Modaraba(FIBLM) for the half year ended December 31, 2023 in accordance with requirement of the Shari'ah Compliance and Shari'ah Audit Mechanism for Modaraba.
I acknowledge and certify that as Sharia Advisor of the Modaraba, the financial arrangements, contracts and transactions entered into by the company with its customers, stake holders and participants are in compliance with the requirements of Sharia rules and principles.
During the review I have verified the following in compliance with Shari'ah mechanism:
- The transactions of Ijarah were reviewed on random selection basis.
- Sharia Compliance Checklists (SCC) of transactions was also reviewed on random basis.
-
During the period, credit approvals, customer-specific transaction process flows, text of documents and security documents were reviewed to ensure
Shari'ah compliance while offering financing products to the customers. - Other related documents and procedures followed by different functional areas were found proper.
- During the period onsite training has been given to the staff.
- There is no receipt of charity during the financial year accordingly no amount was credited into charity account.
Conclusion
In this context of detailed Shari'ah review carried by the undersigned for the half year ended December 31, 2023, transactions during the period executed by FIBLM were found satisfactory as required by Shari'ah Audit Mechanism.
________________________________
Dr. Mufti Salman Ahmad Khan
Shari'ah Advisor
May 3, 2024
FIRST IBL MODARABA
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2023
December 31,
2023
June 30, 2023
Note | |
ASSETS | |
Current Assets | |
Cash and bank balances | |
Short term investments | 4 |
Ijarah rentals receivable | 5 |
Short term musharaka receivables
Advances, prepayments and other receivables
Advance income tax
Current portion of long term musharaka receivables
Total Current Assets
Non Current Assets
(Un-audited) Rupees
48,404,593
1,790,811
632,386
73,553,483
9,146,472
2,308,347
32,370,079
168,206,171
(Audited) Rupees
82,104,089
1,306,793
224,868
13,553,483
2,469,641
1,861,395
29,890,654
131,410,923
Long term musharaka receivables | |
Long term advances and deposits | |
Investment property | 6 |
Fixed assets under ijarah arrangements | 7 |
Fixed assets under own use | 8 |
Total Non Current Assets
Total Assets
LIABILITIES
Current Liabilities
Creditors, accrued and other liabilities
Musharaka finances
Current portion of long term security deposits
Unclaimed dividend
Total Current Liabilities
Non Current Liabilities
5,684,886
20,500
44,583,508
14,824,909
138,799
65,252,602
233,458,773
7,295,006
700,000
2,776,082
10,834,598
21,605,686
25,548,004
20,500
47,083,522
18,512,742
238,699
91,403,467
222,814,390
5,797,293
700,000
4,253,911
10,834,598
21,585,802
Long term security deposits
Deferred tax liability
Total Non Current Liabilities
Total Liabilities
NET ASSETS
REPRESENTED BY:
CAPITAL AND RESERVES
Certificate capital
Statutory reserve
Accumulated loss
Unrealized gain on revaluation of investments - Fair value through OCI
Contingencies and Commitments | 9 |
3,461,723
-
3,461,723
25,067,409
208,391,364
216,875,000
49,249,996
(59,397,143)
206,727,853
1,663,511
208,391,364
-
2,075,000
361,132
2,436,132
24,021,934
198,792,456
216,875,000
47,395,690
(66,814,365)
197,456,325
1,336,131
198,792,456
-
The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements (un-audited).
For IBL Modaraba Management (Private) Limited
(Modaraba Management Company)
CHIEF EXECUTIVE OFFICER | DIRECTOR | DIRECTOR | CHIEF FINANCIAL OFFICER |
FIRST IBL MODARABA
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2023
Half Year Ended December 31,
2023 | 2022 | |
Quarter Ended December 31,
2023 | 2022 |
Note
INCOME FROM OPERATIONS
Income from ijarah
Profit on musharaka investments
OTHER INCOME
Other income
Income from investment property
Profit on deposits
Reversal of suspension on ijarah income
Reversal of suspension on musharka
Rupees
7,845,977
10,983,211
18,829,188
4,112
3,747,720
3,072,299
6,824,131
-
-
Rupees
5,230,184
4,879,446
10,109,630
432,167
3,747,720
1,743,845
5,923,732
-
1,134,506
Rupees | Rupees | |
3,819,577 | 2,626,940 | |
5,566,728 | 2,252,111 | |
9,386,305 | 4,879,051 | |
4,607 | 10,609 | |
1,873,860 | 1,873,860 | |
1,474,443 | 1,252,860 | |
3,352,910 | 3,137,329 |
--
- | 361,142 |
TOTAL INCOME | 25,653,319 | 17,167,868 |
EXPENSES
12,739,215 | 8,377,522 |
Administrative expenses Depreciation on assets under ijarah
Unrealized gain / (loss) on re-measurement of investments
Operating Profit
Charge of Modaraba Management Company's fee
Worker's Welfare Fund
Profit before Taxation
Taxation:10
- Prior period
- Current period
- Deferred tax
Profit for the Period
Earnings per Certificate - Basic and Diluted
(7,958,083)
(5,673,861)
98,865
(13,533,079)
12,120,240
(1,212,024)
(242,405)
10,665,811
-
(1,813,188)
418,905
9,271,528
0.43
(7,434,351)
(4,177,880)
(847)
(11,613,078)
5,554,790
(555,479)
(111,096)
4,888,215
74,005
(830,997)
(996,558)
3,134,665
0.14
(4,123,794)
(2,709,441)
98,865
(6,734,370)
6,004,845
(598,663)
(119,733)
5,286,449
-
(1,619,203)
-
3,667,246
0.17
(4,227,548)
(2,153,576)
-
(6,381,124)
1,996,398
(314,702)
(62,940)
1,618,756
74,005
(125,672)
-
1,567,089
0.07
The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements (un-audited).
For IBL Modaraba Management (Private) Limited
(Modaraba Management Company)
CHIEF EXECUTIVE OFFICER | DIRECTOR | DIRECTOR | CHIEF FINANCIAL OFFICER |
FIRST IBL MODARABA
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)
FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2023
Half Year Ended December 31, | |||
2023 | 2022 | ||
Rupees | Rupees | ||
Net Profit for the Period | 9,271,528 | 3,134,665 | |
Items that will not be reclassified subsequently to profit and loss account | |||
Net unrealized gain/(loss) on remeasurement of investments through OCI | 327,380 | (829,646) | |
Items that may be reclassified subsequently to profit and loss account | - | - | |
Other comprehensive income/(loss) for the period | 327,380 | (829,646) |
Quarter Ended December 31,
2023 | 2022 |
Rupees | Rupees |
3,667,246 | 1,567,089 |
418,986 | (657,319) | |
- | - | |
418,986 | (657,319) |
Total Comprehensive Income for the Period | 9,598,908 | 2,305,019 | 4,086,232 | 909,770 | |||
The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements (un-audited).
For IBL Modaraba Management (Private) Limited
(Modaraba Management Company)
CHIEF EXECUTIVE OFFICER | DIRECTOR | FINANCIAL OFFICER |
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