FIRST IBL MODARABA

Half Yearly

Report

December 3

1, 2016

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Table of Contents

1-

2- Directors’ Report (English/ Urdu)

3- Sharia’ah Advisor Report

4- Review Report to the Certificate Holders

5- Balance Sheet

6- Profit & Loss Account

7- Statement of Comprehensive Income

8- Cash Flow Statement

9- Statement of Changes in Equity

10- Notes to the Accounts

Corporate Information 1

2-3

4

5

6

7

8

9

10

11-14

1

CORPORATE INFORMATION

MODARABA MANAGEMENT COMPANY

BOARD OF DIRECTORS

AUDITORS TO MODARABA

SHARIA’ AH ADVISOR

LEGAL ADVISOR

BANKERS

REGISTRAR

REGISTERED OFFICE

PRINCIPAL OFFICE

CHIEF OPERATING OFFICER

COMPANY SECRETARY

CHIEF FINANCIAL OFFICER

INTERNAL AUDITOR

AUDIT COMMITTEE

HR & R COMMITTEE

IBL Modaraba Management (Pvt.) Ltd.

Dr.Hasan Sohaib Murad Chairman & CEODirector

Arslan Khan Khakwani

Director

Director

Shaheen Rashid

Naveed Amin

Chairman

Member

Member

Secretary

Dr.Mufti Salman Ahmad Khan

M/s. Holscott International [Legal Services]

M/s. Horwath Hussain Chaudhury & Co.Chartered Accountants

Habib Bank Limited - Meezan Bank LimitedSilk Bank Limited - Islamic Banking

Islamic Banking

Corp Tec Associates (Pvt.) Ltd.503-E Johar Town Lahore.

stSuite # 105, 1 Floor, Fortune Center,45-A, Block # 6 , P.E.C.H.S.,Shahrah e Faisal, Karachi.

87-Aurangzaib, Block, New Garden Town, Lahore.

Naveed Amin

Shaheen RashidArslan Khan KhakwaniMuhammad Ilyas

Shiraz Butt

M. Sohail A. Sheikh

Zeeshan Ahmed

Husnain Shafqat

Chairman Member

Member

Secretary

Shaheen RashidArslan Khan KhakwaniNaveed Amin

Shiraz Butt

2

Directors’ Report

_____________________Dr. Hasan Sohaib MuradChairman

February 20, 2017

The Board of Directors of M/s IBL Moadaraba Management (Pvt.) Limited [IBLMM], the Management Company of First IBL Modaraba [FIBLM], is pleased to present the half yearly results of First IBL Modaraba for the period ended December 31, 2016 along with Directors’ Report to its certificate holders.

During the reporting period total income is reduced by Rs. 8.515 million as compared to the corresponding period. The reason of reduction is during the corresponding period major part of income was consist on recovery of Rs. 10 million

from non-performing

loans and realization of gain from sale of missing scripts.

Total expenses are increased by 13% as compared to the corresponding period out of which operating expenses are increased by 8% only.

Short Term Investment increased to Rs. 77.094 million as at December 31, 2016 from Rs. 36.183 million recorded as of

June 30, 2016.

Whereas musharaka receivables enhanced to Rs. 18.381 million during the period under review

from Rs. 14.410 million that was reflected as at the close of the last financial year.

During the period investment in ijarah segment was Rs. 7.082 million as compared to Rs. 2.629 million in the corresponding period.

During the period under review FIBLM recovered full amount receivable against murabaha and as of date balance receivable stands at nil.

FIBLM team is putting its best efforts to recover the un -verifiable receivables and it is probable that we

will get positive response from our debtors in near future.

Further the management of FIBLM its working vigorously to enhance its equity base and for this purpose we are in close coordination with many local and international stake holders. During the period Rs. 5 million are received for enhancement of capital base which are shown under the head of short term borrowing.

Within the parameters as specified by the apex regulators FIBLM is putting its best efforts for sustainability of Modaraba and to increase profitability FIBLM is planning to enter in to micro finance division in near future.

Acknowledgement:

The Board of Directors extends

its gratitude to our valued certificate-

holders and customers for their confidence, which they imposed on their Modaraba and is also thankful to Securities & Exchange Commission of Pakistan

(SECP)

and other regulatory authorities for providing us their usual support and guidance.

We endorse our commitments to our respected certificate holders to enrich the value of their investments in the Modaraba with continued prominence

on high standards of corporate governance and compliance

The Board appreciates team of the Modaraba for their dedication and hard work for the growth of the Modaraba in all areas of its activities.

for & On behalf ofThe Board of Directors of IBL Modaraba Management (Pvt.) Limited:

Managers of First IBL Modaraba

3

_____________________

4

SHARI’AH ADVISOR’S REPORT

FOR THE HALF YEAR ENDED DECEMBER 31, 2016

I have conducted the Shari’ah review of First IBL Modaraba managed by IBL Modaraba Management

(Pvt.) Ltd. for the half year ended December 31, 2016 in accordance with requirement of the Shari’a

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 Shariah mechanism:

The transactions of Ijarah and Diminishing Musharakah were reviewed on random selection

basis.

Declarations, description of assets, relevant purchase invoices, sequence and order of the

documents and time difference between purchases and declaration where applicable were

reviewed to obviate the possibility of fictitious transactions.

Sharia Compliance Checklists (SCC) of transactions was also reviewed on random basis.

During the year, credit approvals, customer-specific transaction process flows, text of documents

and security documents were reviewed to ensure Shariah compliance while offering financing

products to the customers.

Random physical inspections and concrete measures were taken to verify the purchase evidences

and invoices of financing transactions, thus further improving the quality of internal controls.

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.

Recommendations

New products should be introduced to enhance the product line to promote the Islamic finance i.e.

Salam, Istisna, Murabaha

Conclusion

In this context of detailed Shari’ah review carried by the undersigned for the Half Year ended December 31, 2016, transactions during the period executed by FIBLM were found satisfactory as required by Shari’ah Audit Mechanism.

________________________________Dr. Mufti Salman Ahmad KhanShari’ah AdvisorFirst IBL ModarabaDated: January 31, 2017

5

Dated: February 20, 2017

December 31, June 30,2016 2016

Note (Un-audited) (Audited)Rupees Rupees

ASSETS

Current Assets

Bank balances 6,348,340

20,702,418

Ijarah rentals receivable 5 496,815

988,822

Advances, prepayments and other receivables 10,776,029

12,338,171

Short term investments 6 77,094,275

36,183,629

Musharaka receivables 18,381,856

14,410,895

Murabaha receivable -

18,340,882

113,097,315

102,964,817

Non-Current Assets

Long term advances and deposits 2,709,260

2,709,260

Investment property 7 79,583,699

82,083,713

Fixed assets under ijarah arrangements 8 25,078,915

35,643,826

Fixed assets under own use 9 781,710

780,032

Intangible asset 41,674

83,338

108,195,258 121,300,169 Total Assets 221,292,573 224,264,986

LIABILITIES

Current Liabilities

Creditors, accrued and other liabilities 4,516,807

5,195,330

Short term borrowing 15,000,000

10,000,000

Musharaka profit payable 1,430,192

1,430,192Musharaka finances 1,700,000

4,200,000

Current portion of long term security deposits 5,609,170

5,078,443

Unpresented profit warrants 10,871,885

9,481,834

39,128,054

35,385,799

Non-Current Liabilities

Long term security deposits 7,407,545

10,047,035

Total Liabilities 46,535,599

45,432,834

NET ASSETS 174,756,974

178,832,152

REPRESENTED BY:

Certificate capital 10 201,875,000 201,875,000Reserves 48,833,829 46,686,272Accumulated loss (75,951,855) (69,729,120)Contingencies and commitments 11 - -

174,756,974 178,832,152

The annexed notes form an integral part of these financial statements.

6

CHIEF EXECUTIVE DIRECTOR DIRECTOR

CONDENSED INTERIM BALANCE SHEET

AS AT DECEMBER 31, 2016

7

CHIEF EXECUTIVE DIRECTOR DIRECTOR

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)

FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2016

December 31,

2015

December 31,

2015

Rupees Rupees Rupees Rupees

INCOME FROM OPERATIONS

Income from ijarah 8,016,263

5,914,151

3,916,261

2,609,543

Profit on murabaha investment -

1,627,832

-

944,844

Profit on musharaka investments 1,350,615

2,203,337

804,325

930,764

Income from investment property 3,747,720

3,747,720

1,873,860

1,873,860

Profit on deposits 1,279,899

480,879

798,448

320,492

Income from short term investments 866,748

4,000,563

686,544

4,000,563

15,261,245

17,974,482

8,079,438

10,680,066

OTHER INCOME

Reversal of provision against non-performing musharaka

receivable 1,746,548 10,000,000 1,746,548 -

Reversal of musharaka profit held in suspense account 492,561 - 492,561 -

Other income 1,995,250

36,948

558,777

9,933

4,234,359

10,036,948

2,797,886

9,933

TOTAL INCOME 19,495,604

28,011,430

10,877,324

10,689,999

EXPENSES

Operating expenses (12,162,315)

(11,222,484)

(7,119,270)

(5,913,820)

Depreciation on assets under ijarah (6,311,461)

(5,105,834)

(2,902,099)

(2,540,144)

Other operating expenses (158,750)

(157,600)

(150,650)

(133,005)

(18,632,526)

(16,485,918)

(10,172,019)

(8,586,969)

Profit before Modaraba Company's management fee 863,078

11,525,512

705,305

2,103,030

Modaraba Company's management fee (Note 12.1) -

-

-

-

Profit before Tax 863,078

11,525,512

705,305

2,103,030

Taxation - - - -

Net Profit for the Period 863,078 11,525,512 705,305 2,103,030

Earning per Modaraba Certificate - Basic and Diluted 0.04 0.57 0.03 0.10

The annexed notes form an integral part of this condensed interim financial information (un-audited).

Quarter Ended

December 31,

2016

December 31,

2016

Half Year Ended

8

CHIEF EXECUTIVE DIRECTOR DIRECTOR

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2016

December 31,

2015

December 31,

2015

Rupees Rupees Rupees Rupees

863,078

11,525,512

705,305

2,103,030

-

-

-

-

2,147,557

1,246,372

2,539,620

1,830,936

-

(3,935,320)

-

-

3,010,635 8,836,564 3,244,925 3,933,966

Net Profit for the Period

Other comprehensive income

Items that will not be reclassified subsequently

to the profit or loss

Items that will be reclassified subsequently

to profit or loss

Net unrealized gain on available for sale investments

Gain realized on disposal of short term investments

classified as 'available for sale'

Total Comprehensive Income for the Period

The annexed notes form an integral part of these condensed interim financial information (un-audited).

December 31,

2016

December 31,

2016

Half Year Ended Quarter Ended

9

CHIEF EXECUTIVE DIRECTOR DIRECTOR

CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)

FOR THE HALF YEAR ENDED DECEMBER 31, 2016

Half Year Ended Half Year Ended

December 31,

2016

December 31,

2015Rupees Rupees

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax 863,078 11,525,512

Adjustments for:

- Depreciation on fixed assets under own use 244,872

260,847

- Depreciation on investment properties 2,500,014

2,500,014

- Depreciation on fixed assets under ijarah arrangements 6,311,461

5,105,834

- Amortization on intangible asset 41,664

41,665

- Provision in respect of profit on musharaka facilities (492,561)

-

- Reversal of provision in respect of musharaka facilities (1,746,548)

(10,000,000)

- Revaluation (gain) / loss on investment at fair value through profit or loss (763,089)

314

- Gain on disposal of short term investments available for sale -

(3,935,320)

- Profit on bank deposits (1,279,899)

(480,879)

- Dividend income (103,659)

(65,557)

4,712,255

(6,573,082)

Operating profit before working capital changes 5,575,333

4,952,430

(Increase) / Decrease in operating assets and liabilities

Advances, prepayments and other receivables 2,164,384

(198,339)

Ijarah rentals receivable 492,007

(36,490)

Musharaka receivables (2,224,413)

12,549,997

Long term murabaha receivable 18,340,882

1,611,906

Long term security deposits - ijarah 2,344,205

512,050

Creditors, accrued and other liabilities (678,523) 285,857

Net cash generated from changes in working capital 20,438,542

14,724,981

Cash generated from operations 26,013,875

19,677,411

Income taxes paid (109,681)

(59,503)

Profit received on bank deposits 1,279,899

480,879

Net Cash Generated from Operating Activities 27,184,093

20,098,787

CASH FLOW FROM INVESTING ACTIVITIES

Purchase of fixed assets under ijarah arrangements (7,082,100)

(2,629,400)

Purchase of fixed assets under own use (246,550)

(11,000)

Proceeds from disposal of assets on termination / completion of ijarahs 6,882,582

195,000

Short term investments - net (38,000,000)

(20,711,480)

Dividend income received 103,659

65,557

Net Cash Used in Investing Activities (38,342,409)

(23,091,323)

CASH FLOW FROM FINANCING ACTIVITIES

Musharaka finances repaid (2,500,000)

(3,000,000)

Short term borrowing 5,000,000

-

Dividends paid (5,695,762) (2,954,314)

Net Cash used in Financing Activities (3,195,762) (5,954,314)

Net Decrease in Cash and Cash Equivalents (14,354,078) (8,946,850)

Cash and cash equivalents at the beginning of the period 20,702,418 24,576,852

Cash and Cash Equivalents at the end of the Period 6,348,340 15,630,002

The annexed notes form an integral part of this condensed interim financial information (un-audited).

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN - AUDITED)FOR THE HALF YEAR ENDED DECEMBER 31, 2016

10

CHIEF EXECUTIVE DIRECTOR DIRECTOR

Balance as at June 30, 2015 201,875,000 39,090,402 8,722,641 47,813,043 (73,563,405) 176,124,638

Total comprehensive income for the six months

period ended December 31, 2015 - - (2,688,948) (2,688,948) 11,525,512 8,836,564

Profit distributed for the year ended

June 30, 2015 - - - - (4,037,500) (4,037,500)

Balance as at December 31, 2015 201,875,000 39,090,402 6,033,693 45,124,095 (66,075,393) 180,923,702

Balance as at June 30, 2016 201,875,000 41,058,348 5,627,924 46,686,272 (69,729,120) 178,832,152

Total comprehensive income for the six months

period ended December 31, 2016 - - 2,147,557 2,147,557 863,078 3,010,635

Profit distributed for the year ended

June 30, 2016 - - - - (7,085,813) (7,085,813)

Balance as at December 31, 2016 201,875,000 41,058,348 7,775,481 48,833,829 (75,951,855) 174,756,974

The annexed notes form an integral part of these condensed interim financial information (un-audited).

Statutory

reserve

Unrealized

gain on

revaluation of

available for

sale

investments

Sub Total

Rupees

Particulars

Certificate

Capital

Reserves

Accumulated

LossTotal Equity

Note 1

General Information

Note 2

Basis of Preparation

2.1

2.2

2.3

2.4

2.5

Note 3

Accounting Policies

Note 4

Taxation

First IBL Modaraba ("the Modaraba") is a multi purpose, perpetual and multi dimensional Modaraba formed under the

Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and rules framed there under, having

its registered office at Suite # 105, 1st Floor, Fortune Centre, 45-A, Block-6, PECHS, Shahrah-e-Faisal, Karachi. The

Modaraba is managed by IBL Modaraba Management (Private) Limited (Modaraba Management Company)

incorporated in Pakistan under the Companies Ordinance, 1984 and registered with the Registrar of Modaraba

Companies. The Modaraba is listed on Pakistan stock exchange Limited (PSX). The Modaraba commenced itsoperations

on October 19, 1989 and is currently engaged in various Islamic modes of financing and operations including

Ijarah, Musharaka and Murabaha arrangements.

This condensed interim financial information has been prepared in accordance with the directives issued by the

Securities & Exchange Commission of Pakistan (SECP) and is in compliance with the International Accounting

Standard - 34 (Interim Financial Reporting) and being submitted to certificate holders as required under law

This financial information should be read in conjunction with annual audited financial statements for the year

ended June 30, 2016. Comparative balance sheet is extracted from annual audited financial statements for the

year ended June 30, 2016; whereas, comparative profit and loss account, statement of comprehensive income,

statement of changes in equity and cash flows statement are extracted from unaudited interim financial

information for the half year ended on December 31, 2015.

This financial information has been prepared under the historical cost convention, except for short term

investments that are measured at fair value in accordance with the requirements of International Accounting

Standard - 39 (Financial Instruments: Recognition and Measurement).

This condensed interim financial information is unaudited. However, a limited scope review of this interim

financial information has been performed by the external auditors of the Modaraba in accordance with the

requirements of the Code of Corporate Governance and they have issued their review report thereon.

This condensed interim financial information is presented in Pak Rupees, which is the Modaraba's functional

and presentational currency. All the figures have been rounded off to the nearest Pak Rupees unless stated

otherwise.

The accounting policies adopted for the preparation of this condensed interim financial information are consistent with

those applied in the preparation of annual audited financial statements of Modaraba for the year ended June 30, 2016.

Under the current tax law, the income of non-trading modarabas is exempt from tax provided that they distribute

ninety (90) percent of their profits as cash dividend to the certificate holders out of current period's total profit after

appropriating statutory reserves. Where such profits are not distributed, provision for tax is made on taxable income

at the current tax rates applicable to Modaraba after taking into account the available tax exemptions and tax credits,

if any. As the management is intending to follow the aforesaid policy for profit distribution for the current year, no

provision with respect to current and deferred taxation has been made in these condensed interim financial

statements.

11

NOTES TO THE CONDENSED INTERIM FOR THE HALF YEAR ENDED DECEMBER 31, 2016

FINANCIAL INFORMATION (UN-AUDITED)

Note 5

Ijarah Rentals Receivable December 31, June 30,

2016 2016

Note (Un-audited) (Audited)

Rupees Rupees

Considered good 496,815

988,822

Considered doubtful 5.2 9,931,680

9,525,449

10,428,495

10,514,271

Accumulated impairment (9,931,680)

(9,525,449)

496,815

988,822

5.1

5.2

As at the beginning of the period / year 9,525,449

8,771,008

Recognized during the period / year 556,055

1,211,524

Reversed during the period / year (149,824)

(457,083)

As at end of the period / year 9,931,680

9,525,449

This represent rentals receivable against assets leased out under ijarah arrangements.

Movement in accumulated impairment is as follows:

12

Note 7

Investment Property

Cost

Opening balance 100,000,465 100,000,465 Additions during the year - - Closing balance 100,000,465 100,000,465

Accumulated Depreciation

Opening balance (17,916,752) (12,916,729)Charged during the period / year 7.1 (2,500,014) (5,000,023)Closing balance (20,416,766) (17,916,752)

79,583,699 82,083,713

7.1 The Modaraba depreciates its investment property on straight line basis @ 5% per annum.

7.2

Note 8

Fixed Assets Under Ijarah Arrangements

Written down value at the beginning of the period / year 35,643,826

31,887,819

Additions at cost 7,082,100

16,131,330

Less: Written down value of assets disposed off (11,335,550)

(1,546,623)

31,390,376

46,472,526

Less: Depreciation charged during the period / year (6,311,461) (10,828,700)

25,078,915 35,643,826

The fair value of investment property as at June 30, 2015 was Rs. 117.654 million. This valuation was done by

an independent valuer.

Note 9

Fixed Assets Under Own Use

Written down value at the beginning of the period / year 780,032

1,276,587

Additions at cost 246,550

11,000

Less: Written down value of assets disposed off -

-

1,026,582

1,287,587

Less: Depreciation charged during the period / year (244,872)

(507,555)

781,710 780,032

Note 6

Short Term Investments December 31, June 30,

2016 2016Note (Un-audited) (Audited)

Rupees Rupees

Investments in listed equity securities are classified as:- Available for sale 6.1 7,775,524

5,627,966

- At fair value through profit or loss 6.2 1,318,751

555,663

Investments in Term Deposit Receipts - Held to Maturity 6.3 68,000,000

30,000,000

77,094,275 36,183,629

6.1 Available for sale

December 31, June 30, Name of entity

2016 2016

(Un-audited) (Audited)

No. of shares/ Certificates

Holdings are in ordinary certificates / shares of Rupees 10 each.

11,893

10,497

The Searle Company Limited 7,775,524

5,627,967

6.2 At fair value through profit or loss

No. of shares/ Certificates

Holdings are in ordinary certificates / shares of Rupees 10 each.

198

174

IBL Health Care 33,692

56,028

200

200

Attock Refinery Limited 85,060

27,635

100,000

100,000

First Punjab Modaraba 1,200,000

472,000

100,398 100,374 1,318,752 555,663

6.3 This represented investment in term deposit receipts that carries profit at the rate of 5.2% to 5.50% (June 30,

2016: 4% to 5.50%) per annum.

Details of transactions with related parties and balances with them as at the period end are as follows:

1,093,303

3,747,720

5,000,000

15,000,000

592,036

3,747,720

-

-

-

-

rendered to the Modaraba under the

Ordinance, 1980 upto a maximum of

the management fee payable on the

the Modaraba and their close family

and their close family members and

Note 12

Balances and Transactions with Related Parties

12.1

12.2

12.3

Transaction during the period

Related party Relationship Nature of Transaction

Management fee paid during the year

Rent of Library Building received

Hasan Sohaib Director Short term borrowing obtained

Outstanding Balance at the year end

Short term borrowing obtained

The Modaraba Management Company is entitled to a remuneration for services

provisions of the Modaraba Companies and Modarabas (Floatation and Control)

10% per annum of the net annual profits of the Modaraba. The Modaraba records

basis of annual profits in its financial statements.

Related parties comprise the Management Company, major certificate holders of

members, directors and key management personnel of the Management Company

entities with common directors or under common management.

IBL Modaraba

Management

(Private) Limited

Management

Company

University of

Management and

Technology

Holds 15.2%

of the

paid

up

certificates of

Modaraba

13

Note 10

Issued, Subscribed and Paid up Certificate Capital

December 31, June 30, December 31, June 30,

2016 2016 2016 2016

(Un-audited) (Audited) (Un-audited) (Audited)

Rupees Rupees Authorized:

50,000,000 Modaraba Certificates of Rs. 10 each 500,000,000 500,000,000

Issued, subscribed and paid-up:

18,500,000

18,500,000

Modaraba Certificates of Rs. 10 each

issued as fully paid in cash 185,000,000 185,000,000

1,687,500 1,687,500 Modaraba Certificates of Rs. 10 each

issued as fully paid bonus 16,875,000 16,875,000

20,187,500 20,187,500 201,875,000 201,875,000

50,000,000

10.1 There was no movement in certificate capital during the year.

10.2

2,030,905 2,030,905 IBL Modaraba Management (Private) Limited 20,309,050 20,309,050

3,070,000 3,070,000 University of Management and Technology 30,700,000 30,700,000

1,515,820 1,515,820 Director 15,158,200 15,158,200

6,616,725 6,616,725 66,167,250 66,167,250

Note 11

Contingencies and Commitments

There were no material contingencies and commitments out standing as at the balance sheet date (2016: Nil)

Certificates of the Modaraba held by associates / related parties

December 31,

2016

(Un-audited)

Rupees

December 31,

2015

(Audited)

Rupees

14

CHIEF EXECUTIVE DIRECTOR DIRECTOR

Note 13Segment Analysis

13.1 Geographical segments

The Modaraba's assets are employed and its income is derived in Pakistan.

13.2 Business segments

Rupees % Rupees %

Murabaha receivable and profit on murabaha receivable

Chemicals -

-

19,636,430

100.0

Musharaka receivable and profit on musharaka receivable

Media advertising 11,357,602

54.8

12,394,453

85.1

Education 3,498,842

16.9

2,178,310

14.9

Individual 5,863,241

28.3

-

-

20,719,685

100.0

14,572,763

100.0

Ijarah receivable

Medical and pharmaceuticals 231,120

46.5

231,680

23.4

Individuals 207,480 41.8 361,172 36.5

Others 58,215 11.7 - - Textile - - 395,970 40.0

496,815 100.0 988,822 100.0

Investment in ijarah under (IFAS-2)

Individuals 15,635,075

62.3

21,677,112

60.8

Textiles -

-

5,207,209

20.8

Medical and pharmaceuticals 1,791,227

7.1

2,349,346

12.8

Media advertising 3,438,860

13.7

4,437,193

5.7

Leasing 283,906

1.1

283,906

1.4

Hotel 120,000

0.5

120,000

0.4

Engineering 60,000

0.2

60,000

0.2

Others 3,749,847

15.0

1,509,060

1.6

25,078,915

100

35,643,826

100

Note 14

Date of Authorization for Issue

This condensed interim financial information (un-audited) has been approved by the Board of Directors of IBL Modaraba

Management (Private) Limited and authorized for issue on February 20, 2017

Note 15

General

No significant re-arrangements have been made in comparative condensed interim financial information (un-audited).

December 31, 2016 June 30, 2016

BB

TRADING COMPANY

0322 333 3356

stSuite # 105, 1 Floor, Fortune Center. 45-A,Block # 6, P.E.C.H.S., Shahrah-e-Faisal, Karachi.Tel: +92 21 3432 8610Fax: +92 21 3432 8611Web: www.firstibl.com

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