...last began toease in 2006, potentially in response to both, tight monetary policy pursued by SBP,which arrested the uptrend in core inflation, and better supply management of essentialfood items by the Government of Pakistan, which helped a fall in broad inflation.In Pakistan KIBOR Rates is often an important statistic. These are Karachi Interbank Offered Rates (KIBOR) KIBOR-Rates KIBOR is the average asking price of the loans to be made by one bank to another, it has nothing to do with the banks lending to corporates. That is why when banks quote KIBOR-based prices for loans to their customers, it is the premium they demand over KIBOR, and not KIBOR itself that really takes into account the credit worthiness of the borrower and the prospects of loan recovery or default. KIBOR is defined as the Average rate, Ask Side, for the relevant tenor, as published on Reuters page KIBOR or as published by the Financial Markets Association of Pakistan in case the Reuters page is unavailable .It is Karachi Inter Bank Offer Rate (KIBOR), given by specialized institution on daily ,weekly, monthly and on 1, 2 and 3 yearly basis to all the commercial banks of Pakistan so that they charge interest to their customers on that basis. This rate is inflation-adjusted rate and then banks by adding 2 or 3% in KIBOR rate charge their customers for their profit. 21 st January, 2004 SBP, PBA ASK BANKS TO USE KIBOR AS THEBENCHMARK RATE FOR CORPORATE...
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...Financial Management Fair Value Valuation Relevant Formulae… Faizan Ahmed 2 SZABIST Financial Management Question # 1 Construction of Yield Curve… • Given the PKRV rates available under the sheet named RELEVANT DATA in the excel workbook provided FOOD FOR THOUGHT – SET 1, you’re required to do the following: – Construct a short-term yield curve and comment on its shape; – Construct a long-term yield curve and comment on its shape. Faizan Ahmed 3 SZABIST Financial Management Question # 2 Valuation of Government Securities… • Consider its January 03, 2011, you’re required to calculate the fair values of the following government securities: Treasury Bills Days to Maturity PIBs Initial Maturity Years to Maturity T-Bill – A 9 PIB – A 30 Years 3 Years T-Bill – B 117 PIB – B 7 Years 5 Years T-Bill – C 360 PIB – C 15 Years 11 Years • Suppose State Bank of Pakistan (SBP) in its monetary policy announce a hike of 50 basis points in the discount rate. Please revisit your fair value calculations after accommodating the increase in your discount rates (Assume that the surge in discount rate affects every tenor equally). *Look up the sheet named RELEVANT DATA within the excel file for appropriate discount rates. Faizan Ahmed 4 SZABIST Financial Management Question # 3 Valuation of Corporate Bonds… • Consider its March 10, 2006, Searle Pakistan in an attempt to swap its costly ...
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...Depository Corporations (ODCs) and Central Bank (CB) where Central Bank (CB) is the national financial institution that exercises control over key aspects of the financial system and caries out such activities as issuing currency, regulation money supply and credit, managing international reserves, transacting with the IMF, and providing credit to other depository corporations. Reserve Money (M0) Reserve Money is an indicator used to measure money supply in the economy and includes currency in circulation (held with Public), other deposits with State Bank of Pakistan; currency in tills of schedules bank’s and bank deposits with SBP. M0 is used to measure the most liquid assets which can be spent most easily. M0 is sometimes referred to as the monetary base. Deferred Tax Assets The amount of income taxes recoverable in foreseeable future periods in respect of: i) Deductible temporary differences ii) The carry forward of unused tax losses; and iii) The carry forward of unused tax credits. Deferred tax assets should be recorded on the basis of reasonable realizable value of such assets in foreseeable future. Deferred Tax Liabilities The amount of income taxes payable in future periods in respect of taxable temporary differences. Broad Money (M2) Broad Money is an indicator used to measure money supply in the economy and...
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...Conte nts Company Information Notice of Annual General Meeting Directors ’ Report Financial Highlights Statement of Compliance with the Code of Corporate Governance Review Report to the Members on Statement of Compliance with Best Practices of Code of Corporate Governance Nis hat (Chunian) Limited - Financial Statements Auditors’ Report Balance Sheet Profit and Loss Account Statement of Comprehensive Income Cash Flow Statement Statement of Changes in Equity Notes to the Financial Statements Pattern of Shareholding Cons olidated Financial Statements Directors’ Report Auditors’ Report Balance Sheet Profit and Loss Account Statement of Comprehensive Income Cash Flow Statement Statement of Changes in Equity Notes to the Consolidated Financial Statements Proxy Form 66 67 68-69 70 71 72 73 74-111 113 23 24-25 26 27 28 29 30-62 63 4 5 6-16 17-19 20-21 22 JUNE 2013 3 Nishat (Chunian) Limited Company Information Bo a rd o f Dire c to rs : Mr. Shahzad Saleem Ms . Farhat Saleem Mr. Y ahya Saleem Mr. Manzoor Ahmed Mr. Aftab Ahmad Khan Mr. Mus htaq Ahmad (Res igned on July 16, 2013) Mr. Manzar Mus htaq (Res igned on July 16, 2013) Mr. Aftab Ahmad Khan Mr. Shahzad Saleem Mr. Manzar Mus htaq (Res igned on July 16, 2013) Mr. Mus htaq Ahmad (Res igned on July 16, 2013) Mr. Shahzad Saleem Mr. Manzar Mus htaq (Res igned on July 16, 2013) Mr. Umar Shahzad Mr. Saqib Riaz Allied Bank Limited As kari Bank Limited Al Barka Bank (Pakis tan) Limited Bank Alfalah Limited Barclays Bank plc...
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...VISION Setting trends globally in the textile industry. Responsibly delivering products and services to our partners VALUES Integrity Passion Creativity Teamwork MISSION To deliver value to our partners through innovative technology and teamwork. Fulfilling our social and environmental responsibilities Contents Gul Ahmed Textile Mills Limited Company information The decade of dreams The decade of developments The decade of change The demanding decade The decade of dedication A decade well deserved Code of conduct and ethics Shareholders' information Notice of meeting Directors' report Sust ainability Report Financial highlights Our value addition and its distribution Horizontal analysis of financial statements Vertical analysis of financial statements Statement of compliance with the code of corporate governance Review report to the members on statement of compliance with best practices of the code of corporate governance Auditors' report to the members Balance sheet Profit and loss account Statement of comprehensive income Cash flow statement Statement of changes in equity Notes to the accounts Attendance at board meetings Pattern of shareholding 02 04 06 08 10 12 14 15 16 17 19 23 25 28 29 30 31 33 34 35 37 38 39 41 42 78 79 Company Information BOARD OF DIRECTORS BASHIR ALI MOHOMMED ZAIN BASHIR ZIAD BASHIR MOHAMMED ZAKI BASHIR ABDUL AZIZ YOUSUF S.M. NADIM SHAFIQULLAH ABDUL RAZAK BRAMCHARI DR. AMJAD WAHEED ADNAN AFRIDI MOHAMMED SALEEM SATTAR MOHAMMED SALIM...
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...ACKNOWLEGEMENT: Apart from our efforts, the success of any project depends largely on the encouragement and guidelines of many others. We take this opportunity to express our gratitude to the people who have been instrumental in the successful completion of this project. We would like to show our greatest appreciation to Mr. Shakeel Awan. We can’t say thank you enough for his tremendous support and help. We feel motivated and encouraged every time we attend his class. Without his encouragement and guidance this project would not have materialized. The guidance and support received from all the members who contributed and who are contributing to this project, was vital for the success of the project. We are grateful for their constant support and help. ABSTRACT: This research is conducted just to explore that what are the issues and challenges as also what opportunities are there for the Islamic banks in Pakistan. As Pakistan is a Muslim country and the main population is of Muslims, there is a great importance of Islamic banking in this country and people are getting aware of this financial system. But the main challenge here that is faced by the Islamic banking is that Pakistan govt. is supporting conventional banking more. For this research interviews were taken from the employees and the customers of Islamic banks. These interviews are about the basics of the Islamic banking, about the awareness of Muslim society, the opportunities for the development and growth...
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...management to establish and maintain a system of internal control, and prepare and present the above said statements in conformity with the approved accounting standards and the requirements of the Companies Ordinance, 1984. Our responsibility is to express an opinion on these statements based on our audit. We conducted our audit in accordance with auditing standards as applicable in Pakistan. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the above said statements are free of any material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the above said statements. An audit also includes assessing the accounting policies and significant estimates made by management, as well as, evaluating the overall presentation of the above said statements. We believe that our audit provides a reasonable basis for our opinion and, after due verification, we report that: a) in our opinion, proper books of account have been kept by the Company as...
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...| Hussain Industries: Hussain industries is known to be one of the largest textile manufacturers in Pakistan. It is located in the hub of textile industries in Pakistan, the city of Multan, which is also famously known as the largest cotton growing city. This company is a partnership and is currently equally being shared between two parties. Hussain industries has been manufacturing articles with intense colour tones which include the following: Articles with intense color tones, including dyed yarns, printed kitchen towels, napkins, tea towels, table cloths, terry towels, surgical towels, industrial towels (with and without logo, tile motifs, check variants, micro checks, graduated checks and linear embroidery), herringbone, mono checks, dishcloths, shower curtains, hospital bed sheets, thermal blankets, bedspreads, draw sheets, upholstery, handkerchiefs, aprons, place mats, pot holders, gloves, and beach throws. These are manufactured using dobby looms, jacquard looms, and shuttle looms, which allow for state of the art floral motifs, subtle shadows, and colour gradients. KARACHI: The textile sector enjoys a pivotal position in the exports of Pakistan. The contribution of this industry to total gross domestic product (GDP) is 8.5%. It provides employment to about 15 million people, 30% of the country’s workforce of about 49 million. The annual volume of total world textile trade is $18 trillion which is growing at 2.5%. But Pakistan’s share is less than one per cent...
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...contents Vision/Mission/Core Values Notice of 54th Annual General Meeting Corporate Pro le Board of Directors’ Pro le Board of Directors’ Committees Directors’ Report Attendance of Directors Review Report on Statement of Compliance Statement of Compliance Pattern of Shareholding Categories of Shareholders Six-Year Summary Auditors’ Report to the Members on Unconsolidated Financial Statements Unconsolidated Financial Statements Auditors’ Report to the Members on Consolidated Financial Statements Consolidated Financial Statements Form of Proxy 93 95 35 37 02 04 06 07 14 16 25 26 27 29 31 32 committed to By enforcing excellent service, security and comfort PIA takes the time to nurture trust within its flyers. It is this very reason today that PIA is Pakistan’s favourite airline success annual general meeting Notice is hereby given that 54th Annual General Meeting of the Shareholders of Pakistan International Airlines Corporation will be held at 10:00 A.M. on Saturday, April 30, 2011 at Pearl Continental Hotel, Club Road, Karachi to transact the following business: 1. 2. 3. To receive and adopt the Audited Accounts for the Financial Year ended December 31, 2010 together with the Auditors’ and Directors’ Reports. To elect two Directors against vacancies as required under Sections 6 and 7 of PIAC Act 1956 in place of Mr Mubashir Iftikhar and Malik Nazir Ahmed who have completed their term of of ce of Directors. To transact any other business with the permission of the...
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...FREQUENTLY ASKED QUESTIONS (FAQs) ON ISLAMIC BANKING Prepared by Mr. Imran Ahmad Mr. Ghulam Shabbir Islamic Banking Department State Bank of Pakistan Karachi. PART 1: RIBA AND INTEREST......................................................................................... 4 Question No. 1). What is Islamic Banking? ................................................................................................ 4 Question No. 2). What is the philosophy of Islamic banking?.................................................................... 4 Question No.3) What is Meant By Riba? .................................................................................................... 5 Question No.4) What is interest? Is there any difference between interest and Riba? ............................ 5 Question No. 5) What are the different kinds of Riba?.............................................................................. 6 Question No. 6). What are the revelations/verses in Holy Quran regarding prohibition of Riba/interest? ........................................................................................................................................................................ 7 Question No. 7) What are the sayings/Ahadith about Riba/Interest? .................................................... 10 Question No.8) Are there any injunctions against Riba/usury in religious texts other than Holy Quran? .......................................
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...Corporate Strategy Tameer Bank ‐ Micro Finance Banking Arsalan Aziz 2011 Instructor: Mr. Shahid Zaki EMBA PS‐IV (INSTITUTE OF BUSINESS ADMINISTRATION) Contents INDUSTRY BACKGROUND ................................................................................................................................... 4 TAMEER BANK .................................................................................................................................................... 5 Vision .............................................................................................................................................................. 5 Mission ........................................................................................................................................................... 5 Products ......................................................................................................................................................... 5 Tameer’s Tripple Bottom Line goals .......................................................................................................... 5 Projects in Progress for 3BL goals in 2008‐2010 ........................................................................................ 5 GENERAL ENVIRONMENT .................................................................................................................................. 7 . Technological Change .............................
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...FY2010. Expansion in large scale manufacturing and growth in services sector would be the key factors contributing to economic growth with 5.6% share of manufacturing, 4.6% for services and 3.8% for agriculture sector. Also, the crippling power sector with the introduction of costly rental power plants is expected to provide significant relief to the industrial sector. Additionally, government is making all out efforts to curtail its expenditures as it targets a fiscal deficit of 4% to GDP for FY2011. National Budget: As It Is! The government in-line with the IMF’s directives is set to implement VAT regime at a flat 15%, in a period of three months, while it has raised GST to 17%, up from 16% albeit temporarily. In addition to its efforts to expand tax base and collection of revenues, it has come up with various...
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...like other commercial banks or the function which are laid down in their charter. For instance, Chartered Bank of England. 2) Banks according to registration: i) Scheduled Banks These are the banks, which are registered in the list of central bank. They are bound to follow the instructions and policies of central bank. For instance, United bank, Allied bank, MCB bank etc. ii) Non-scheduled Banks These are the banks, which are not registered in the list of central bank. They are not bound to follow the instructions and policies of central banks. 3) Banks according to ownership: i) Government Banks These are the banks, which are owned by central or provincial government of any country. The government is responsible to frame and control the policies of these banks and it has also right to receive all benefit and profit. ii) Private Banks These are banks, which are owned by the people of any country. The people (shareholder) elect the directors to perform and control the policies and they also share the profits or losses of these banks. 4) Money Creative banks: i) Central Banks: Every civilized country has its own central bank. Its main function is to manage the monetary systemof the country...
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...04 05 Year at a glance. Contents. Rupees in ‘000 Net sales Cost of sales Gross profit Distribution and marketing expenses Administrative expenses Other operating expenses Other operating income Operating profit before reorganization/restructuring cost Reorganization/restructuring cost Operating profit after reorganization/restructuring cost Finance costs Profit before taxation Taxation Profit for the year Earnings per share – basic and diluted in Rupees Number of permanent employees at year end 2012 3,739,405 (2,785,235) 954,170 (231,066) (193,676) (33,811) 68,635 564,252 (204,572) 359,680 (44,266) 315,414 (39,125) 276,289 11.03 162 2011 3,044,800 (2,275,591) 769,209 (211,490) (171,376) (40,554) 58,850 404,639 – 404,639 (1,916) 402,723 (139,848) 262,875 10.50 262 06 07 08 09 10 12 15 16 17 18 20 22 23 26 30 35 36 40 42 44 83 84 86 About Linde Pakistan Company information Our vision Our mission Code of Ethics Business divisions, products and services Business Business locations Key facilities around Pakistan Ten-year financial review Vertical & horizontal analysis Key financial data Statement of value added Profile of Directors Directors‘ report Country Leadership Team (CLT) Corporate governance Statement of compliance with the Code of Corporate Governance Review report to the members on Statement of Compliance Financial Statements of the Company Shareholders‘ information Pattern of shareholdings Notice of Annual General Meeting Form of proxy Turnover...
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...finance TEST BANK Chapter 1 Introduction 1. Which of the following is the primary objective of a firm? A. employees' benefits B. satisfaction of customers C. satisfaction of suppliers D. prompt payment to creditors * E. maximize stockholder wealth 2. Financial risk involves ___. A. fluctuation in exchange rates B. different interest and inflation rates C. balance of payments position D. A and B * E. A, B, and C 3. Three sweeping changes include ___. A. the end of Cold War B. industrialization and growth of the developing world C. the creation of the North American Trade Agreement D. increased globalization * E. A, B, and D 4. Managers are generally defined as ___. A. stockholders * B. agents C. creditors D. suppliers E. customers 5. Which of the following is not one of seven principles of global finance? A. market imperfection B. risk-return tradeoff C. portfolio effect D. comparative advantage * E. company advantage 6. Incentives for multinational company managers include the following except ___. A. stock options B. bonuses C. perquisites D. salary increases * E. vacation 7. Environmental factors affecting international operations are as follows except ___. A. foreign customs B. foreign economic factors C. foreign political situations D. foreign legal aspect * E. international distance 8. Three major risks in international business are ___. A. political, financial and weather ...
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