Contents
Corporate Information | 2 |
Unconsolidated Financial Statements | |
Directors' Report | 4 |
Independent Auditor's Review Report | 15 |
Condensed Interim Unconsolidated Statement of Financial Position | 16 |
Condensed Interim Unconsolidated Profit and Loss Account | 17 |
Condensed Interim Unconsolidated Statement of Comprehensive Income | 18 |
Condensed Interim Unconsolidated Statement of Changes in Equity | 19 |
Condensed Interim Unconsolidated Cash Flow Statement | 20 |
Notes to the Condensed Interim Unconsolidated Financial Statements | 21 |
Consolidated Financial Statements | |
Directors' Report | 47 |
Condensed Interim Consolidated Statement of Financial Position | 54 |
Condensed Interim Consolidated Profit and Loss Account | 55 |
Condensed Interim Consolidated Statement of Comprehensive Income | 56 |
Condensed Interim Consolidated Statement of Changes in Equity | 57 |
Condensed Interim Consolidated Cash Flow Statement | 58 |
Notes to the Condensed Interim Consolidated Financial Statements | 59 |
June 30, 2023 Half Year 1
Corporate Information
Board of Directors | |
Mian Muhammad Younis | Chairman/Non-Executive Director |
Mr. Ahmed Abdulrahim Mohamed Abdulla Bucheery | Vice Chairman/Non-Executive Director |
Mr. Yousaf Hussain | President & CEO |
Mr. Imtiaz Ahmad Pervez | Non-Executive Director |
Mr. Ali Munir | Independent Director |
Mr. Juma Hasan Ali Abul | Non-Executive Director |
Mr. Abdulelah Ebrahim Mohamed AlQasimi | Non-Executive Director |
Mr. Abdulla Abdulaziz Ali Taleb | Non-Executive Director |
Ms. Fatima Asad Khan | Independent Director |
Mr. Mohsin Tariq | Independent Director |
Ms. Sadia Khan | Independent Director |
Mr. Farooq Rahmatullah Khan | Non-Executive Director |
Board Audit & Corporate Governance Committee | |
Mr. Ali Munir | Chairman |
Mr. Ahmed Abdulrahim Mohamed Abdulla Bucheery | Member |
Mr. Juma Hasan Ali Abul | Member |
Mr. Mohsin Tariq | Member |
Board Risk Management Committee | |
Mr. Imtiaz Ahmad Pervez | Chairman |
Mr. Abdulelah Ebrahim Mohamed AlQasimi | Member |
Mr. Abdulla Abdulaziz Ali Taleb | Member |
Mr. Ali Munir | Member |
Mr. Yousaf Hussain | Member |
Recruitment Nomination and Remuneration Committee | |
Mr. Ahmed Abdulrahim Mohamed Abdulla Bucheery | Chairman |
Mr. Juma Hasan Ali Abul | Member |
Mr. Mohsin Tariq | Member |
Ms. Fatima Asad Khan | Member |
Ms. Sadia Khan | Member |
Board Strategy Committee | |
Mian Muhammad Younis | Chairman |
Mr. Ahmed Abdulrahim Mohamed Abdulla Bucheery | Member |
Mr. Juma Hasan Ali Abul | Member |
Mr. Imtiaz Ahmad Pervez | Member |
Ms. Fatima Asad Khan | Member |
Mr. Yousaf Hussain | Member |
2 Half Year June 30, 2023
Corporate Information
Board IT Committee | |||||
Ms. Sadia Khan | Chairperson | ||||
Mr. Abdulelah Ebrahim Mohamed AlQasimi | Member | ||||
Mr. Abdulla Abdulaziz Ali Taleb | Member | ||||
Mr. Yousaf Hussain | Member | ||||
Note: The above information is effective from July 17, 2023 | |||||
Shariah Board | |||||
Mufti Muhammad Mohib-ul-Haq Siddiqui | Chairman Shariah Board | ||||
Dr. Mufti Khalil Ahmad Aazami | Shariah Board Member | ||||
Mufti Muhammad Ashja Khan | Shariah Board Member | ||||
Mufti Abdul Basit | Shariah Board Member | ||||
Mufti Muhammad Abdullah | Resident Shariah Board Member | ||||
Syed Majid Ali | Chief Financial Officer | ||||
Mr. Aurangzeb Amin | Company Secretary & Head of Legal | ||||
M/s. KPMG Taseer Hadi & Co., Chartered Accountants | Auditors | ||||
M/s. Mohsin Tayebaly & Co., Advocate | Legal Advisors | ||||
Registered Office | Share Registrar | ||||
Faysal Bank Limited | CDC Share Registrar Services Limited | ||||
Faysal House, St-02, Commercial Lane, | CDC House, 99-B,Block-B, | ||||
Main Shahrah-e-Faisal, | SMCHS, Main Shahrah-e-Faisal, | ||||
Karachi, Pakistan | Karachi-74400 | ||||
UAN | : | (92-21)111-747-747 | Tel | : | (92-21)111-111-500 |
Tel | : | (92-21)3279-5200 | Fax | : | (92-21) 34326053 |
Fax | : | (92-21)3279-5226 | : | info@cdcsrsl.com | |
Website : | www.faysalbank.com |
June 30, 2023 Half Year 3
Directors' Report
Unconsolidated Financial Statements
On behalf of the Board of Directors, we are pleased to present the Directors' Report along with unaudited condensed interim financial statements of Faysal Bank Limited ("FBL" or "the Bank") for the half year ended June 30, 2023.
Company Profile
FBL was incorporated in Pakistan on October 3, 1994, as a public limited company and its shares are listed on Pakistan Stock Exchange. FBL offers a wide range of Islamic banking services to all customer segments, i.e., Retail, Small & Medium Sized Enterprises, Commercial, Agri-based, and Corporate.
The Bank surrendered its conventional banking license on 31 December 2022 and effective 01 January 2023 started operations under an Islamic Banking License issued by the State Bank of Pakistan. Its footprint spreads over 270 cities across the country with 700 branches offering only sharia-compliant banking services.
Holding Company
Ithmaar Bank B.S.C (closed), a banking entity regulated by the Central Bank of Bahrain, is the parent company holding directly and indirectly 66.78% (2022: 66.78%) of the Bank's shares. Ithmaar Bank B.S.C. (closed) is a wholly owned subsidiary of Ithmaar Holdings B.S.C. Dar Al- Maal Al-Islami Trust (DMIT) is the holding entity of Ithmaar Holding B.S.C. and the ultimate parent of the Bank. DMIT was formed by an indenture under the laws of the Commonwealth of The Bahamas for the purpose of conducting business affairs in conformity with Islamic law, principles, and traditions.
Economic Update
The Executive Board of the International Monetary Fund (IMF) approved a 9-monthStand-By Arrangement (SBA) for Pakistan for an amount of approx. USD 3 billion. IMF approval allowed for an immediate disbursement of approx. USD 1.2 billion. The remaining amount will be phased over the program's duration, subject to two quarterly reviews. The program will focus on implementation of the FY24 budget, market-determined exchange rate, an appropriately tight monetary policy and progress on structural reforms. Due to the first tranche and deposits from friendly countries SBP FX reserves have crossed USD 8.5 billion, which has undoubtedly shielded Pakistan from the looming threat of heightened default risks for at least six months and caused a rally in Pakistan's Eurobonds.
In line with the directions laid out by IMF, State Bank of Pakistan (SBP) raised the policy rate by 100 basis points to 22% in the most recent emergency meeting. The average CPI for FY23 was 29.18%, as inflation for June clocked at 29.4%. The YoY increase was widespread, with the largest portion coming from non-perishable food items, which increased up to 41.79% YoY. As a result of the impact of restrictive monetary policy, IMF anticipates an average inflation rate of 25.9% for FY24, strong inflation in first half of the year and falling inflation in the second half. In FY24, IMF forecasts 2.5% GDP growth for Pakistan, up from 0.3% from in FY23.
The FBR has collected PKR 7.18 trillion in FY23 against the assigned target of PKR 7.47 trillion. FBR's revenue target has been increased to PKR 9.415 trillion, requiring a 31% increase in the
4 Half Year June 30, 2023
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Faysal Bank Ltd. published this content on 25 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 August 2023 09:41:01 UTC.