Draft General Takaful Accounting Regulations 2018

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, the 8 th August, 2018 NOTIFICATION S.R.O. 992 (I)/ 2018. In exercise of powers conferred under rule 29 of the Takaful Rules, 2012 read with sub-section (1) and (2) of section 46 and sub-section (3) of section 167 of the Insurance Ordinance 2000 (XXXIX of 2000), the Securities and Exchange Commission of Pakistan, is pleased to publish the draft regulations for information of all person likely to be affected thereby and notice is hereby given that objections and suggestions, if any, received within thirty days of this notification will be taken into consideration by the Securities and Exchange Commission of Pakistan.

Short title and commencement.- (1) These regulations shall be called the General Takaful
Accounting Regulations, 2018.
(2) These regulations shall come into force for the accounting periods commencing on or after January 1 st, 2019.
Definitions.- (1) In these Regulations, unless there is anything repugnant in the subject or
context.
(a) “Commission” means the Securities and Exchange Commission of Pakistan established under
section 3 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997);
(b) “Operator” means a Takaful Operator or a Window Takaful Operator, authorized by the Commission under the Takaful Rules, 2012, to undertake general takaful business; (c) “OPF” means the Operator Fund as defined in clause (ix) of sub-rule (1) of rule 2 of the Takaful Rules, 2012; (d) “Ordinance” means the Insurance Ordinance, 2000 (XXXIX of 2000); (e) “PTF” means the Participant Takaful Fund as defined in sub-clause (b) of clause (xiii) of subrule (1) of rule 2 of the Takaful Rules, 2012; (f) “Published Financial Statements” means the statements which are required to be prepared by an insurer under section 223 of the Companies Act, 2017 (XIX of 2017); and (g) “Regulatory Returns” means the statements which are required to be prepared and delivered to the Commission by an Operator under section 46 of the Ordinance. (2) Words and expressions used but not defined in these Regulations shall, unless there is anything repugnant in the subject or context, have the same meaning as are assigned to them in the Ordinance or the Takaful Rules, 2012.
Application and scope.- (1) These Regulations shall be applied to the Regulatory Returns and the
Published Financial Statements of Operators.

(2) Operators shall comply with the requirements of International Financial Reporting Standards adopted by the Institute of Chartered Accountants of Pakistan and the Islamic Financial Accounting Standards, as notified by the Commission subject to the specific provisions contained in these regulations. (3) The provision of Rule 19 of the Insurance Rules, 2017 along with Annexure – II thereof and the provisions of the Insurance Accounting Regulations, 2017 shall not be applicable on a takaful operator. (4) The provision of Rule 19 of the Insurance Rules, 2017 along with Annexure – II thereof and the provision of the Insurance Accounting Regulations, 2017 shall stand applicable on a window takaful operator to the extent of its conventional insurance business modified to the extent stated at regulation 6 of these regulations in respect of its window takaful business. Provided that the provisions of these regulations shall stand equally applicable on the window takaful business of window takaful operator.
4. Provisions applicable only to Regulatory Returns.- (1) The form of Regulatory Returns shall
consist of the following which shall be submitted according to the forms annexed to these Regulations:

Balance Sheet (Form GAT), which shall be deemed to constitute the “Statement of Assets
and Liabilities” required by section 46(1)(b)(i) of the Ordinance.
Profit and Loss Account (Form GBT), which shall be deemed to constitute the “Statement of
Profits and Losses” required by section 46(1)(b)(ii) of the Ordinance.
Statement of Changes in Shareholders and Participants Equity (Form GBBT) which is hereby
prescribed section 46(1)(b)(x) of the Ordinance.
Statement of Cash Flows (Form GCT) required under section 46(1)(b)(iii) of the Ordinance.
Statement of Contributions (Form GDT) required under section 46(1)(b)(iv) of the Ordinance.
Statement of Claims/Benefits (Form GET) required under section 46(1)(b)(v) of the
Ordinance.
Statement of Expenses (Form GFT) required under section 46(1)(b)(vi) of the Ordinance.
Statement of Investment Income (Form GGT) required under section 46(1)(b)(vii) of the
Ordinance.
Statement of Claims/Benefits Analysis (Form GHT) required under section 46(1)(b)(viii) of
the Ordinance.
Statement of Estimated Exposures (Form GIT) required under section 46(1)(b)(ix) of the
Ordinance.
Statement of Assets for Solvency purpose (Form GJT) which is hereby prescribed under
section 46(1)(b)(x) of the Ordinance.
Classified Summary of Assets in Pakistan (Form GKT) which is hereby prescribed under
section 46(1)(b)(x) of the Ordinance.
(2) Where an Operator controls other entities, consolidated Regulatory Returns are not required to be presented. (3) If an Operator writes business outside Pakistan then a complete set of Regulatory Returns except for Form GAT shall be prepared for such business these be made part of the primary set of regulatory returns through separate statement.

Provisions applicable only to Published Financial Statements.- (1) The Published Financial
Statements shall consist of the following statements which shall be prepared in accordance with the requirements stated in sub-regulation (2) of regulation 3 above and shall be submitted in accordance to the forms annexed to these Regulations:

Statement of Financial Position;
Statement of Comprehensive Income;
Statement of Cash Flows;
Statement of Changes in Fund; and
Notes to the financial statements
(2) The Operator shall prepare Statement of Financial Position in columnar form with Statement of Comprehensive Income combined of PTF and OPF showing the two separately within the single statement.

Presentation of general window takaful operations In Published Financial Statements and
Regulatory Returns.- (1) Insurers authorised by the Commission to undertake window general takaful operations under the Takaful Rules, 2012 will disclose their takaful results in their Regulatory Returns as follows:
(a) Total assets and liabilities of the OPF of the window Takaful operations shall be disclosed as single line item in the balance sheet of the insurer; (b) The profit/(loss) of the OPF of the window Takaful operations shall be disclosed as a single line item ‘Profit/(Loss) before taxation from General Takaful Operations’ in the profit and loss account of the insurer. (2) Insurers undertaking window takaful operations shall prepare a separate complete set of Regulatory Returns as required under regulation 4 above for its takaful operations which shall be filed with the Commission along with the annual Regulatory Returns of the insurer. (3) Insurers undertaking with window operations will disclose their takaful results in their Published Financial Statements as follows:
(a) Total assets and liabilities of the OPF of the window Takaful operations shall be disclosed as single line item in the statement of the financial position of the insurer; (b) The profit/(loss) of the OPF of the window Takaful operations shall be disclosed as a single line item ‘Profit/(Loss) before taxation from General Takaful Operations’ in the statement of comprehensive income of the company.

(c) Supporting notes where considered necessary for the understanding of the users of the Published Financial Statements may be included as part of the notes to the financial statements. (d) Segment disclosures for general takaful operations in accordance with the requirements of IFRS 8 – Operating Segments, shall be included in the Published Financial Statements. (4) Insurers undertaking window takaful operations shall prepare a separate complete set of Published Financial Statements as required under regulation 5 above for its takaful operations and shall annex the same with the annual/interim Published Financial Statements (as applicable) of the insurer.
7. Segment analysis.- (1) Some of the forms annexed to these Regulations provide segment analysis
by class of business. Separate figures for any class of business are required in addition to the segments already identified in the forms if the gross contribution for that class constitutes 10% or more of the gross contribution of the Operator. Amounts relating to classes constituting less than 10% may be clubbed together in ‘Miscellaneous”. (2) In case of window takaful operators the above limit shall be applicable for the window takaful operations only.
8. Audit report.- The Regulatory Returns and Published Financial Statements (and separately in case
of window takaful financial statements) shall be accompanied by an Audit Report as required under sub-section (2) of section 48 of the Ordinance in accordance with format as specified by the Commission from time to time.
9. Contributions.- (1) An Operator shall recognise contribution receivable as written in any PTF when
the participant becomes a member of the PTF against a specific risk. This is generally the same time when the PTF can no longer withdraw from its obligation to provide Takaful coverage to the participant against such risk. (2) Over the period of Takaful from inception to expiry, except as stated in sub-regulation (3), contribution shall be recognised as revenue of the PTF as follows:
(a) For direct business, evenly over the period of the policy / coverage; (b) For proportional Re-Takaful business, evenly over the period of the underlying policies / coverages; (c) For non-proportional Re-Takaful business, in accordance with the pattern of Re-Takaful service. (3) Where the pattern of incidence of risk varies over the period of the policy / coverage, the contribution shall be recognised as revenue in accordance with the pattern of incidence of risk. (4) To the extent of unexpired risks of direct, including co- takaful, and facultative acceptance business, an Operator shall maintain a reserve for unexpired contributions from the contribution credited to PTF (net of any wakala fee), which shall be determined based on the methods specified as follows:
(a) as a proportion of the gross contribution of each policy, determined as the ratio of the unexpired period of the policy and the total period, both measured to the nearest day; or

(b) where the majority of policies are issued for one year, the unearned contribution reserve may, as an alternative to the basis specified in (i) above, be determined by applying the twenty-fourths method, whereby the liability shall equal 1/24 of the contributions relating to policies commencing in the first month of the Operator’s financial year, 3/24 of the contributions relating to policies commencing in the second month of the Operator’s financial year, and so on; (c) If a company develops an alternative basis for determining reserves relating to retakaful acceptances which it feels is more appropriate to its circumstances it may use such basis provided it discloses this fully in the notes to the financial statements. (5) Contribution/ contribution adjustments not yet processed but relating to the financial year shall, so far as is practicable, be recognized as a receivable and earned over the period in accordance with these regulations. (5) Contributions shall not include any levy which is an amount collected on behalf of a third party. (6) Any levy charged on contributions which is not an amount collected on behalf of a third party shall be considered to be part of contributions. (7) Contributions accepted under a co-takaful or pool arrangement shall be considered to be revenue of the participating Takaful Operators each for their own share only. (8) Where contributions for a policy are payable in installments, the full contribution for the duration of the policy / coverage shall be recognised as income at the inception of the policy and a related asset set up for contributions, notwithstanding the fact that some installments may not, by agreement between the Takaful Operator and the participants, be payable until later.
10. Fee to the operator.- The wakala fee due to the Operator under general takaful arrangements
shall be recognised by the Operator in its OPF and the PTF in the following manner:
(a) where such fees are a defined part of contributions (wakala based contract), the same be recognised as an expense of relevant PTF at the same time that the contribution is recognised. The Operator shall recognise the same at the same time in its OPF as income excluding the portion of fee pertaining to accounting, claim handling and possible contribution refund. Such portion shall be deferred and amortised over the takaful term; Explanation: The Takaful Operator shall, on an annual basis, estimate the proportion of wakala fee related to (i) accounting, (ii) claim handling and (iii) possible contribution refund each on the basis of past trends. Such portion shall be deferred initially as deferred wakala fee and the same shall be amortised evenly over the period of policy / coverage. (b) where such fees are defined as a share of investment income (mudaraba based contract), be recognised at the same point the investment income is recognised; and (c) where such fees are defined in any other way, be recognised on such method as is defined in PTF policies so as to ensure that the same becomes due according to Shariah and no significant uncertainty remains with regard to it recoverability and realization.

Qard-e-Hasna.- (1) Qard-e-Hasna will be shown on the face of the Statement of Financial
Position as a separate line item after ‘Total PTF’s Equity’ and a note on its movement is also to be given. (2) The ability of the PTF to return the Qard should be tested by preparing projections which should be for a period not less than three years and not more than five years, with any future surplus returns being discounted to determine the value as of the date of the impairment test. In the absence of projections the Qard should be fully provided for. (3) The projections shall be prepared by the management of the company on the advice of an actuary or a firm of Chartered Accountants.
Takaful benefits (claims).- (1) A liability for outstanding Takaful benefit shall be recognised in
respect of all Takaful benefits incurred to balance date, and must be measured at the undiscounted value of expected future payments. (2) A Takaful benefit shall be considered to be incurred at the time of the incident giving rise to the Takaful benefit, except as otherwise expressly indicated in the participants’ membership document of Takaful. (3) The Takaful benefit liability must include amounts in relation to unpaid reported Takaful benefits; a provision for Takaful benefits incurred but not reported (IBNR), and expected Takaful benefits settlement costs. (4) Provision for Takaful benefits incurred but not reported (IBNR) shall be recognized in accordance with SEC Guidelines for Estimation of Incurred But Not Reported Claim Reserves, 2016.
Re-takaful expense.- (1) Contribution ceded to re-takaful operators shall be recognised as a
liability of the PTF as follows:
(a) for re-takaful arrangements operating on a proportional basis, on attachment of risk on the underlying policies ceded; and (b) for re-takaful arrangements operating on a non-proportional basis, on inception of the Retakaful arrangements. (2) Over the period of Re-takaful from inception to expiry, except as stated in sub-regulation (3), retakaful contribution shall be recognised as an expense of the PTF as follows:
(a) For proportional re-takaful business, evenly over the period of the underlying policies / coverages; and (b) For non-proportional re-takaful business, evenly over the period of indemnity. (3) Where the pattern of incidence of risk varies over the period of the policy / coverage, the contribution shall be recognised as an expense in accordance with the pattern of incidence of risk. (4) The portion of re-takaful contribution not yet recognised as an expense shall be recognised as a prepayment.

(5) Contribution adjustments not yet processed, and contribution not yet processed but relating to the financial year shall, so far as is practicable, be recognised as a liability and brought to account as an expense in accordance with these regulations.
14. Takaful benefits (claims) recoveries.- (1) Claims recoveries receivable from re-takaful and other
recoveries receivable shall be recognised as assets and measured at the amount expected to be received. (2) Claims recoveries receivable from re-takaful and other recoveries receivable shall be recognised at the same time as the takaful benefits (claims) which give rise to the right to the recovery are recognised.
15. Acquisition costs.- (1) Commissions and other directly attributable / incremental acquisition
costs incurred in obtaining and recording policies of takaful and re-takaful, if not earlier credited to the PTF, shall be recognised as expense of the OPF at the same time when the related Wakala fee is recognised. Explanation: Incremental acquisition costs of a policy are costs of selling, underwriting and initiating a takaful policy, which has been incurred because that particular policy has been issued, i.e., the costs are identified at the level of an individual policy and not at the level of a portfolio of policies. Such costs may include, for example, surveyor costs where a survey has been carried out as a part of the underwriting process. They will not, however, include costs of permanent underwriting staff of the Takaful Operator. (2) An acquisition cost which is not directly attributable / incremental shall be recognised as an expense of OPF during the period in which it is incurred on an accrual basis.
16. Commissions.- Commissions, profit commissions and other forms of revenue (apart from
recoveries) receivable from re-takaful shall be deferred and brought to account as revenue in accordance with the pattern of recognition of the re-takaful contributions to which they relate.
17. Contribution deficiency.- (1) The provision for contribution deficiency (liability adequacy test)
shall be recognised by PTF in accordance with the requirements given in International Financial Reporting Standard 4 “Insurance contracts”. (2) The movement in the contribution deficiency reserve shall be recorded as an expense and shall form a part of the underwriting result.
18. PTF taxation.- The Operator shall ensure that the tax benefit or expense pertaining to the PTF
shall be passed on to the PTF.
19. Statement of estimated exposure.- The statement of estimated exposure shall be prepared in
accordance with form GIT of the Regulatory Returns which also explains the basis of its preparation.
20. Admissibility of assets.- (1) The value of assets for the purposes of the Balance Sheet (for the
purpose of Regulatory Returns) shall be in accordance with the company’s accounting policies for such assets and the method of assigning values to investments provided for in these regulations. (2) Where the value of any asset arrived at in accordance with sub-regulation (1) is different from the value which may be treated as admissible under section 32 of the Ordinance, then the Regulatory Returns will include Form GJT (“Statement of Assets for Solvency purpose”).

Relaxation of Regulations.- Where the Commission is satisfied that it is not practicable to
comply with the requirements of these Regulations in a particular case or class of cases, the Commission may, for reasons to be recorded in writing, relax such requirement subject to such conditions as it may deem appropriate. -.-.-.-.-.-

FORMS OF REGULATORY FOR GENERAL TAKAFUL OPERATORS FORM GAT Company Name:
Balance Sheet
Figures in Rs 000
Note
Current Prior Current Prior Note Current Prior Current Prior Capital and Reserves Attributable to company's shareholders Cash and Bank Deposits Domestic companies Authorised Share Capital Cash and other equivalent Paid-up share capital Current and other accounts Retained earnings Deposits maturing within 12 months Reserves Deposits maturing after 12 months Other equity (please specify) Loans (Secured or un-secured - classify as appropriate) Foreign companies To employees Head office account To agents Other equity (please specify) Others Investment in subsidiaries and associates Waqf / Participants' Equity [Participants' Takaful Fund (PTF)] Fixed Income Securities Seed money Listed Equities Accumulated surplus / (deficit) Unlisted Equities Qard-e-Hasna Other Investments Government Securities Other Fixed Income Securities PTF Underwriting provisions Listed Equities Provision for outstanding benefits (including IBNR) Unlisted Equities Unearned contribution reserves Mutual Funds Contribution deficiency reserve Others (describe) Reserve for unearned retakaful rebate Less: Provision for diminution in value Total underwriting provisions Investment Property Deferred Taxation Deferred Liabilities Deferred Taxation Preliminary and Deferred Expenses Staff Retirement Benefits Deferred wakala fee Current Assets - Others Others (please specify) Contributions due but unpaid Takaful / Retakaful receivables Creditors and Accruals Retakaful recoveries against outstanding claims / benefits Contributions Received in Advance Salvage recoveries accrued Takaful / Retakaful payables Contribution and benefit reserves retained by cedants Accrued Expenses Accrued investment income Taxation - Provision less payments Taxation - payments less provision Other Creditors and Accruals (describe) Receivable from OPF / PTF Deferred commission expense Borrowings Prepayments Other loans Sundry receivables(provide details) Other liabilities Fixed Assets Payable to OPF / PTF Tangible & Intangible Income tax liabilties Land and Builldings Other liabilities (please specify) Furniture, Fixtures and Office Equipment Motor Vehicles Capital Work in Progress TOTAL LIABILITIES Intangibles (Please specify) TOTAL EQUITY AND LIABILITIES TOTAL ASSETS CONTINGENCIES AND COMMITMENTS (if applicable) Chairman Director Director Chief Executive Officer PTF Rs Rs OPF PTF OPF

Company Name: FORM GBT
Figures in '000
Profit and Loss Account
Note Fire Marine, Motor Act Others Current Prior & Aviation & Year Year Property Transport Aggregate Aggregate PTF Revenue Account Contributions earned Less: Wakala fee recognised Contributions ceded to retakaful Net contributions revenue Commission earned Net underwriting income Net claims - reported / settled

IBNR
Reversal / (charge) of contribution deficiency reserve Direct expenses Surplus / (Deficit) before investment income Investment income Other income Less: Modarib's share of investment income Provisions for doubtful contributions (net of Wakala fee) Surplus / (Deficit) transferred to accumulated surplus / (deficit) Taxation Surplus / (Deficit) transferred to accumulated surplus / (deficit) after taxation Operator Fund Wakala fee Commission expense Modarib's share of PTF investment income Investment income General,administrative and management expenses Other charges Other income Profit / (loss) before taxation Taxation Profit / (loss) after taxation attributable to shareholders Chairman Director Director Chief Executive Officer

COMPANY NAME FORM GBBT
STATEMENT OF CHANGES IN SHAREHOLDERS AND PARTICIPANTS EQUITY AS AT 31 DECEMBER _____ Balance as at January 1, prior year - - - Profit / (Loss) for the year - - - Balance as at December 31, prior year - - - Profit / (Loss) for the year - - - Balance as at December 31, current year - - - Balance as at January 1, prior year - - - Surplus / (Deficit) for the year - - - Balance as at December 31,prior year - - - Surplus / (Deficit) for the year - - - Balance as at December 31, current year - - - Chairman Director Director Chief Executive Officer Attributable to participants of the PTF The annexed notes form an integral part of these accounts Seed money Accumulated surplus / (deficit) Total Rupees in thousand Attributable to share holders of the Company Share capital Unappropriated profit / (Accumulated loss) Total Rupees in thousand

Company Name: FORM GCT
Statement of Cash Flows
Current Year Prior Year Current Year Prior Year Operating Cash Flows a) Takaful activities Contributions received Retakaful contribution paid Claims / Benefits paid Surrenders paid Retakaful and other recoveries received Commissions paid Commissions received Wakala fees received Wakala fees paid Modarib share received Modarib share paid Others if any (please specify) Net cash flow from takaful activities 0 0 b) Other operating activities Income tax paid General and other expenses paid Other operating payments Other operating receipts Advances and Deposits Net cash flow from other operating activities 0 0 Total cash flow from all operating activities 0 0 Investment activities Profit/ Return received Dividends received Rentals received Payments for investments/investment properties Proceeds from disposal of investments / investment properties Fixed Capital Expenditure Proceeds from disposal of fixed assets Total cash flow from investing activities 0 0 Figures in '000 OPF PTF

Financing activities
Share capital received
Remittance to/from Headoffice
Loans received
Loans repaid
Dividends paid
Financial charges paid
Payments on operating leases
Total cash flow from financing activities
Net cash inflow/outflow from all activities
Cash at the beginning of the year 0 0
Cash at the end of the year 0 0
Reconciliation to Profit and Loss Account
Operating cash flows
Depreciation expense
Amortisation
Financial charges expense
Profit/(loss) on disposal of fixed assets
Profit/(loss) on disposal of investments / investment properties Dividend income Other Investment income Increase in unearned contribution Income tax paid Increase/(decrease) in assets other than cash (Increase)/decrease in liabilities other than borrowings Other adjustments (please specify) Profit or loss before taxation 0 0 Surplus / (Deficit) in participants' equity Profit / (loss) before tax attributable to shareholders Definition of cash Please provide a definition of which items have been treated as cash for the purposes of this statement, and if different from Cash and Overdrafts as disclosed in the Balance Sheet, provide a reconciliation. Cash for the purposes of the Statement of Cash Flows consists of:
Chairman Director Director Chief Executive Officer

FORM GDT
Company Name:
Financial Year ended 31 December ........... Figures in '000 Statement of Contributions Takaful Business Underwritten Inside Pakistan Current Prior Year Year Class of Business Contributions Wakala Net Unearned contribution reserve Contributions Retakaful Retakaful Net Contribution Net Contribution written Fees Contributions Opening Closing earned ceded opening closing expense revenue revenue Rs Direct and Facultative 1 Fire and Property Damage 0 0 2 Marine, Aviation and Transport 0 0 3 Motor () 0 0 4 Miscellaneous 0 0 Total 0 Treaty 1 Proportional 0 0 2 Non-Proportional 0 0 Total 0 Grand Total 0 Note: If there is any business written outside Pakistan then a separate statement on a similar format should be prepared in respect of that business. () Motor should include both third party liability and comprehensive Chairman Director Director Chief Executive Officer Prepaid Retakaful ceded

Company Name: FORM GET
Statement of Cliams/Benefits Figures in '000
Takaful Business Underwritten Inside Pakistan
Current Year Prior Year
Class of Business Benefits Outstanding benefits Benefits Retakaful Retakaful and other Retakaful Net benefits Net benefits paid Opening Closing expense and other rec overies in res pec t of and other expense expense recoveries outstanding benefits recoveries Rs received Opening Closing revenue Rs Rs Direct and Facultative Rs 1 Fire and Property Damage 0 2 Marine, Aviation and Transport 0 3 Motor () 0 4 Miscellaneous 0 Total 0 Treaty 1 Proportional 0 2 Non-Proportional 0 Total 0 Grand Total 0 Note: If there is any business written outside Pakistan then a separate statement on a similar format should be prepared in respect of that business. () Motor should include both third party liability and comprehensive Chairman Director Director Chief Executive Officer

Company Name: FORM GFT
Statement of Expenses Figures in '000
Takaful Business Underwritten Inside Pakistan
Current Year Prior Year
Opening Closing
Class of Business Commissions Deferred Deferred Net commission Other man- Underwriting Commission Net underwriting Net underwriting paid or payable commission commission expense agement expenses expense from retakaful expense expense Rs a b c d = a+b-c e f = d+e g g = e-f Refer note 5 refer note below Direct and Facultative 1 Fire and Property Damage 2 Marine, Aviation and Transport 3 Motor () 4 Miscellaneous Total 0 Treaty 1 Proportional 2 Non-Proportional Total 0 Grand Total 0 Notes: Commission from retakaful is arrived at taking impact of opening and closing unearned commission. If there is any business written outside Pakistan then a separate statement on a similar format should be prepared in respect of that business. () Motor should include both third party liability and comprehensive Chairman Director Director Chief Executive Officer

Company Name: FORM GGT
Statement of Investment Income
Takaful Business Underwritten Inside Pakistan
Current Prior Current Prior
Income from Trading Investments
Gain/loss on trading (I.e. buying and selling difference) Dividend Income ( earned while holding the securities) Others, if any (Please specify) Income from Non-Trading Investments Held to Maturity or Available for sale (classify as appropriate) Return on Government Securities Return on Other Fixed Income Securities and Deposits Dividend Income Amortisation of discount/premium relative to par Others, if any (Please specify) Gain/Loss on Sale of Non-Trading Investments (classify as appropriate) Gain/Loss on Revaluation of Investments

Trading Investments
Available for sale
Provision for Impairment in Value of Investments Provision for Portfolio Held to Maturity Provision for Portfolio Available for Sale Less: Investment Related Expenses Net Investment Income Chairman Director Director Chief Executive Officer Figures in '000 OPF PTF

Company Name: FORM GHT
Analysis of Claims/Benefits
Policy year basis / Accident year basis
(delete as applicable)
Class of Business Benefits Paid Outstanding benefits (notified) at end of year Development year: Development year:
0 1 2 3 4 5 and above Total 0 1 2 3 4 5 and above Total IBNR Total Direct and Facultative Rs 1 Fire and Property Damage Benefits 0 Recoveries on benefits 0 Net 0 2 Marine, Aviation and Transport Benefits 0 Recoveries on benefits 0 Net 0 3 Motor Act Benefits 0 Recoveries on benefits 0 Net 0 4 Liability Benefits 0 Recoveries on benefits 0 Net 0 5 Workers' Compensation Benefits 0 Recoveries on benefits 0 Net 0 6 Credit and Suretyship Benefits 0 Recoveries on benefits 0 Net 0 7 Accident and Health Benefits 0 Recoveries on benefits 0 Net 0 8 Agriculture (including crop insurance) Benefits 0 Recoveries on benefits 0 Net 0 9 Miscellaneous Benefits 0 Recoveries on benefits 0 Net 0 Total Benefits 0 Recoveries on benefits 0 Net 0 Treaty 9 Proportional Treaty Benefits 0 Recoveries on benefits 0 Net 0 10 Non-Proportional Treaty Benefits 0 Recoveries on benefits 0 Net 0 Total Benefits 0 Recoveries on benefits 0 Net 0 Grand Total Benefits 0 Recoveries on benefits 0 Net 0

FORM GHT
Number of benefits in year: 0 1 2 3 4 5 and above Total Rs Direct and Facultative 1 Fire and Property Damage Notified in year 0 Paid in year 0 Outstanding at end of year 0 2 Marine, Aviation and Transport Notified in year 0 Paid in year 0 Outstanding at end of year 0 3 Motor Act Notified in year 0 Paid in year 0 Outstanding at end of year 0 4 Liability Notified in year 0 Paid in year 0 Outstanding at end of year 0 5 Workers' Compensation Notified in year 0 Paid in year 0 Outstanding at end of year 0 6 Credit and Suretyship Notified in year 0 Paid in year 0 Outstanding at end of year 0 7 Accident and Health Notified in year 0 Paid in year 0 Outstanding at end of year 0 8 Agriculture (including crop insurance) Notified in year 0 Paid in year 0 Outstanding at end of year 0 9 Miscellaneous Notified in year 0 Paid in year 0 Outstanding at end of year 0 Total Notified in year 0 Paid in year 0 Outstanding at end of year 0 Treaty 1 Proportional Treaty Notified in year 0 Paid in year 0 Outstanding at end of year 0 2 Non-Proportional Treaty Notified in year 0 Paid in year 0 Outstanding at end of year 0 Total Notified in year 0 Paid in year 0 Outstanding at end of year 0 Note If there is any business written outside Pakistan then a separate statement on a similar format should be prepared in respect of that business. Chairman Director Director Chief Execiutive Officer

Company Name: FORM GIT
Statement of Estimated Exposures
(Amounts in Rupees million )
1) Risk Exposures Maximum gross risk exposure Maximum gross risk PML Highest net risk retention Maximum reinsurance cover
(Gross sum insured of risk (Underwriter's estimation of (Retention on PML basis) (Cession on PML basis) having highest PML) maximum possible loss of 'a') (a) (b=x% of a) (.c) (d=b-c) Classes of business into which non-life insurance business is divided as per section 4(3) of the Insurance Ordinance 2000, and Performa given in Accounting Regulations for General Takaful, i.e., Direct and facultative 1 Fire and property damage - 2 Marine, aviation and transport - 3 Motor act - 4 Liability 5 Workers' compensation 6 Credit and suretyship 7 Accident and health 8 Agriculture (including crop insurance) 9 Miscellaneous Treaty 9 Proportional - - 10 Non-proportional - -
2) Aggregate Event Exposures
Provide below up to five aggregate events which constitute the maximum exposures of the company. Include:
the highest gross aggregate exposure; the highest gross maximum probable loss; the highest net maximum probable loss. Event (description) Gross aggregate exposure Gross event PML Net event retention Maximum reinsurance cover (Gross aggregate sum insured (Underwriter's estimation of (Retention on event (Cession on event PML basis) of highest cat. event PML) event maximum possible PML basis) loss of "a") (a) (b=x% of a) (.c) (d=b-c)
1) Flood - Multan
2) Earth Quake - Multan
3) Earth Quake - Karachi
4) Flood - Hafizabad
5) Earth Quake - Hafizabad
Director Director Chief Executive Officer
Risk Exposures Is any condition that presents a possibility of a financial loss. Every exposure has the following elements

Financial value exposed to loss
Cause of loss (peril)
Potential financial consequences of that loss
Probable maximum loss (PML) is the value of the largest loss that is likely to occur. The underwriter's estimation of maximum possible loss is based on an organization's own experience or on other organizations' experience. If statistical data are available, it may be useful to assume that PML is close to average past losses. Aggregate Event Exposures Is a condition that presents a possibility of a highest financial loss due to a catastrophic event involving various risks simultaneously in a large area or the whole city. Probable maximum loss (PML) is the value of the largest loss that is likely to occur in an event. The underwriter's estimation of maximum possible loss is based on an organization's own experience or on other organizations' experience. If statistical data are available, it may be useful to assume that PML is close to average past losses. Chairman

Company Name: Form GJT
Statement of Assets for Solvency Purpose
OPF PTF Aggregate
Assets
Property and equipment - - -
Intangible assets - - -
Investment property - - -
Investments in subsidiary and associate (applicable where equity accounting is followed) - - - Investments Equity securities - - - Debt securities - - - Term deposits Loans and other receivables - - - Takaful / Retakaful receivables - - - Retakaful Recoveries against O/S benefits - - - Salvage recoveries accrued - - - Deferred Commission Expense - - - Deferred Tax Prepayments - - - Cash & Bank - - - Total Assets (A) - - - In-admissible assets as per following clauses of section 32(2) of the Insurance Ordinance, 2000 (a) - - - (b) - - - … - - - … - - - … - - - .. - - - . - - - (U)-(i) - - - (U)-(ii) - - - (U)-(iii) - - - (v) - - - (w) - - - Total of In-admissible assets (B) - - - Total Admissible Assets (C=A-B) - - - Total Liabilities Underwriting Provisions - - - Outstanding benefits including IBNR - - - Unearned contribution reserves - - - Contribution deficiency reserves - - - Unearned commission income - - - Retirement benefit obligations - - - Deferred taxation - - - Borrowings - - - Contributions received in advance - - - Takaful / Retakaful Payables - - - Other Creditors and Accruals Income tax liabilities Any other Liabilities (Specify) Total Liabilities (D) - - - Total Net Admissible Assets (E=C-D) - - - Minimum Solvency Requirement (higher of following) - Method A - U/s 36(3)(a) Method B - U/s 36(3)(b) Method C - U/s 36(3)(c) Excess / Deficit in Net Admisible Assets over Minimum Requirements - Chief Executive Officer Director Director Chairman - - - Current year Rupees in thousand

Company Name: FORM GKT
Classified Summary of Assets in Pakistan
Figures in '000
OPF PTF OPF PTF OPF PTF OPF PTF
CLASS OF ASSETS
Chairman Director Director Chief Executive Officer Remarks Current Year Cost or Book Value Market Value Aggregate Aggregate Prior Year Valuation Basis

FORMS OF PUBLISHED FINANCIAL STATEMENTS OF GENERAL TAKAFUL OPERATORS Contents Statement of Financial Position Statement of Comprehensive Income of PTF and OPF Statement of changes in equity Cash flow statement 1 Legal Status And Nature of Business 2 Basis of preparation and statement of compliance
2.1 Basis of measurement
2.2 Functional and presentation currency
2.3 Standards, interpretations and amendments effective in current year
2.4 Standards, interpretations and amendments not effective at year end
3 Summary of significant accounting policies
3.1 Property and equipment
3.2 Intangible assets
3.3 Investment property
3.4 Takaful contracts
3.5 Deferred Commission expense
3.6 Reserve For Unearned Contribution
3.7 Contribution Deficiency Reserve
3.8 Retakaful contracts held
3.9 Amount Due To / From Retakaful Operators
3.10 Segment Reporting
3.11 Cash and cash equivalents
3.12 Revenue recognition
3.13 Ijarah
3.14 Investments
3.15 Offsetting of financial assets and liabilities
3.16 Provision for outstanding claims / benefits
3.17 Taxation
3.18 Staff retirement benefits
3.19 Takaful surplus
3.20 Impairment of assets
3.21 Management expenses
3.22 Qard-e-Hasna
4 Critical accounting estimates and judgments
5 Property and equipment
5.1 Operating assets
5.2 Capital work-in-progress
6 Intangible assets
7 Investment property
8 Investments
9 Qard-e-Hasna
10 Loans and Other Receivables
11 Takaful / Retakaful Receivables - PTF
12 Retirement Benefit Obligations - OPF

13 Receivable / Payable (Current Account Between OPF And PTF) 14 Deferred Taxation 15 Prepayments 16 Cash and Bank 17 Share capital 18 Borrowings 19 Takaful / Retakaful payables 20 Other creditors and accruals 21 Contingency(ies) and commitment(s)
21.1 Commitements for the acquisition of operating fixed assets
21.2 Commitements in respect of operating lease / Ijarah
22 Takaful contribution earned
23 Takaful contribution ceded to Re-Takaful
24 Retakaful Rebate
25 Takaful benefits / Claims expense
26 Benefit / Claim development
27 Takaful claims / benefits recoveries from Re-Takaful 28 Commission Expense 29 Wakala Fee 30 General, Administrative & Management expenses
30.1 Employee benefit cost
30.2 Management expenses
31 Investment income
32 Rental income
33 Other income
34 Modarib's fee
35 Direct expenses
35.1 Auditors remuneration
36 Finance cost
37 Taxation
37.1 Relationship between tax expense and accounting profit
38 Earnings per share
39 Compensation of Directors and Executives
40 Related party transaction
41 Segment information
42 Movement in investment
43 Management of Takaful risk and financial risk
43.1 Takaful risk
43.2 Financial risk
43.3 Credit risk
43.4 Capital management
44 Charity account
45 Corresponding figures
46 Subsequent events - non adjusting
47 Date of authorisation
48 General

STATEMENT OF FINANCIAL POSITION OF OPF AND PTF AS AT 31 DECEMBER 20XX Note Current year Prior year Current year Prior year Assets Property and equipment 5 - - - - Intangible assets 6 - - - - Investment property 7 - - - - Investments in subsidiary and associates - - - - Investments 8 - - - - Equity Debt Term deposits Loans and other receivables 10 - - - - Takaful / Retakaful receivables 11 - - - - Salvage recoveries accrued - - - - Deferred taxation 14 - - - - Receivable from OPF / PTF 13 - - - - Contribution due but unpaid - - - - Accrued investment income - - - - Taxation - payments less provision - - - - Retakaful recoveries against outstanding claims / Benefits - - - - Prepayments 15 - - - - Cash and bank 16 Total Assets - - - - Equity and liabilities Capital and reserves attributable to company's shareholders Share capital 17 - - - - Share premium - - - - Reserves - - - - Retained earnings - - - - Total Shareholders Equity - - - - Waqf / Participants' Equity [Participants' Takaful Fund (PTF)] Seed money XX - - - - Accumulated surplus / (deficit) XX - - - - Total PTFs Equity - - - - Qard-e-Hasna 9 - - - - Liabilities PTF Underwriting Provisions Outstanding claims including IBNR - - - - Unearned contribution reserves - - - - Contribution deficiency reserves - - - - Reserve for unearned retakaful rebate - - - -

Retirement benefit obligations 12 - - - -
Deferred taxation 14 - - - -
Borrowings 18 - - - -
Deferred wakaka fee - - - -
Contribution received in advance - - - -
Takaful / Retakaful payables 19 - - - -
Other creditors and accruals 20 - - - -
Taxation - provision less payments - - - -
Accrued expenses - - - -
Payable to OPF / PTF - - - -
Income tax liabilities - - - -
Total liabilities - - - -
Total Equity and Liabilitites - - - -
Contingency(ies) and commitment(s) 21
Rupees in thousand
OPF PTF
Rupees in thousand

STATEMENT OF COMPREHENSIVE INCOME AS AT 31 DECEMBER 20XX Note Current year Prior year Rupees in thousand PTF Contributions earned 23 - - Less: Wakala fee recognised - - - Contributions ceded to retakaful 24 - -

-
Commission earned 25 - -
Net underwriting income - -
Net claims - reported / settled - -
IBNR - -
Reversal / (charge) of contribution deficiency reserve - -

Direct expenses 36 - -
Surplus / (Deficit) before investment income - - Investment income 31 - - Other income - - Less: Modarib's share of investment income - - Provisions for doubtful contributions (net of Wakala fee) - -

-
Taxation 37 - -

OPF
Wakala fee 29 - -
Commission expense 28 - -

-
Modarib's share of PTF investment income - -
Investment income 31 - -
General,administrative and management expenses 30 - - Other charges - - Other income 33 - - Profit / (loss) before taxation - - Taxation 37 - - Profit / (loss) after taxation attributable to shareholders - - Other comprehensive income:
Unrealised gains / (losses) on available-for-sale investments - - Others (please specify) - - Other comprehensive income for the year - - Total comprehensive income for the year Earnings (after tax) per share - Rupees 38 - - Chief Executive Officer Director Director Chairman Surplus / (Deficit) transferred to accumulated surplus / (deficit) after taxation Surplus / (Deficit) transferred to accumulated surplus / (deficit) Net contributions revenue

STATEMENT OF CHANGES IN SHAREHOLDERS AND PARTICIPANTS EQUITY AS AT 31 DECEMBER 20XX Balance as at January 1, prior year - - - Profit / (Loss) for the year - - - Balance as at December 31, prior year - - - Profit / (Loss) for the year - - - Balance as at December 31, current year - - - Balance as at January 1, prior year - - - Deficit for the year - - - Balance as at December 31,prior year - - - Deficit for the year - - - Balance as at December 31, current year - - - Chief Executive Officer Director Director Chairman Attributable to participants of the PTF Attributable to share holders of the Company Share capital Unappropriated profit / (Accumulated loss) Total Rupees in thousand The annexed notes 1 to ….. form an integral part of these financial statements Seed money Accumulated surplus / (deficit) Total Rupees in thousand

CASH FLOW STATEMENT AS AT 31 DECEMBER 20XX
Note Current year Prior year Current year Prior year Operating Cash flows (a) Takaful activities Contributions received Retakaful contribution paid Claims / Benefits paid Retakaful and other recoveries received Commission paid Commission received Wakala fees received Wakala fees paid Modarib share received Modarib share paid Others if any (please specify) Net cash flow from takaful activities - - - - (b) Other operating activities Income tax paid - - General and other expenses paid - - Other operating payments - - Other operating receipts - - Advances and deposits - - Net cash flow from other operating activities - - Total cash flow from all operating activities - - - - (c) Investment activities Profit / return received - - Dividend received - - Payment for investments / investment properties - - Proceeds from investments / investment properties - - Fixed capital expenditure - - Proceeds from disposal of property, plant and equipment - - Total cash flow from investing activities - - - - (d) Financing activities Advance against issue of share capital Dividends paid Total cash flow from financing activities - - - - Net cash flow from all activities - - - - Cash and cash equivalents at beginning of year - - Cash and cash equivalents at end of year - - Reconciliation to Profit and Loss Account Operating cash flows - - Depreciation expense - - Ammortisation - - Financial charges expense - - Profit/(loss) on disposal of property, plant and equipment - - Profit/(loss) on disposal of investments / investment properties - - Dividend income - - Other Investment income - - Increase in unearned contribution - - Income tax paid - - Increase/(decrease) in assets other than cash - - (Increase)/decrease in liabilities other than borrowings - - Other adjustments (please specify) - - Profit or loss before taxation - - Surples / (Deficit) in participants' equity - - Profit / (loss) before tax attributable to shareholders - -

-
The annexed notes 1 to ….. form an integral part of these financial statements Chief Executive Officer Director Director Chairman Rupees in '000 Rupees in '000 OPF PTF

COMPANY NAME (GENERAL TAKAFUL)
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 20XX 1 LEGAL STATUS AND NATURE OF BUSINESS 2 BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE
2.1 Basis of measurement
2.2 Functional and presentation currency
2.3 Standards, interpretations and amendments effective in (current year)
2.4
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3.1 Property and Equipment
3.2 Intangible assets
3.3 Investment property
3.4 Takaful contracts
Standards, interpretations and amendments not effective at year end Disclose the domicile and legal form of the company, its country of incorporation and the address of the registered office (or principal place of business, if different from the registered office); a description of the nature of company's operations and its principal activities; the name of the parent enterprise and the ultimate parent enterprise of the group, as applicable. These financial statements are prepared in accordance with approved accounting standards as applicable in Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan, as are notified under the Companies Act, 2017, provisions of and directives issued under the Companies Act, 2017, the Insurance Ordinance, 2000, the Takaful Rules 2012 and the General Takaful Accounting Regulations,
2018. In case requirements differ, the provisions or directives of the Companies Act, 2017, the Insurance Ordinance, 2000, the
Takaful Rules 2012 and the General Takaful Accounting Regulations, 2018 shall prevail. These financial statements reflect the financial position and results of operations of both the company and PTF in a manner that the assets, liabilities, income and expenses of the company and PTF remain seperately identifiable. For this purpose, the receivables and payables between the company and PTF will be eliminated. Specify accounting convention e.g. historical cost model. Specify presentation and functional currency of the company. Specify for each standard the details as required by the applicable IFRS. Specify for each standard the details as required by the applicable IFRS. Disclose the general term of the Takaful contracts issued by the company and that such contracts consist of fire and property, marine, aviation and transport insurance contracts, etc. For each type of Takaful contract issued by the company, identify the Takaful risks which the Participant Takaful Fund (PTF) accepts from another party (the policyholder). Once a contract has been classified as a Takaful contract, it remains a Takaful contract for the remainder of its lifetime, even if the Takaful risk reduces significantly during this period, unless all rights and obligations are extinguished or expire. Also disclose for each type of contract, the contribution recognition policy, the recording mechanism for liabilities against each such contract and claims / benefits recognition. These are stated at cost less accumulated depreciation and impairment, if any. Depreciation is charged using reducing balance method at the rates specified. Depreciation on additions is charged from the month of addition while no depreciation is charged in the month of disposal. The accounting policies applied in the preparation of these financial statements are set out below.

3.5 Deferred Commission expense
3.6 Reserve for unearned contribution
3.7 Contribution deficiency reserve
3.8 Retakaful contracts held
3.9 Amount due to / from retakaful operators
3.10 Segment reporting
3.11 Cash and cash equivalents
3.12 Revenue recognition
a) Contribution income under a policy is recognised over the period of takaful net of Wakala fee b) Wakala fee charged from PTF is recognised upfront. c) Rebate from retakaful operators is recognised at the same time of insurance of the underlying takaful policy by the company. d) Dividend income is recognised when the right to receive the dividend is established. e) Profit on Islamic investment products is recognised on an accrual basis. f) Gain / loss on sale of available for sale invetsments are included in proft and loss account. Add others if considered significant
3.13 Ijarah
3.14 Investments
Investments at fair value through profit and loss Held to maturity Available for sale
3.15 Offsetting of financial assets and liabilities
The unearned portion of contribution written net of Wakala is set aside as a reserve. Such reserve is calculated according to the ratio of the unexpired period of the policy and the total period, both measured to the nearest day. The company's operating businesses are recognised and managed separately according to the nature of services provided with each segment representing a stratgeic business unit that serves different markets. All purchase and sale of invetsments that require delivery within the required time frame established by regulations or market convention are accounted for at the trade date. Trade date is the date when the Company commits to purchase or sell the invetsments. The investments are classified upon recognition as:
Commission incurred in obtaining and recording takaful are deferred and recognised as an asset. These costs are charged to the profit and loss acocunt based on the pattern of recognition of contribution revenue. Disclose the details of the method used to determine contribution deficiency reserve and whether this is determined for each class of business separately along with the accounting treatment thereof. The company cedes retakaful in the normal course of business for the purpose of limiting its net loss potential through the diversification of its risks. Assets, liabilities and income and expense arising from ceded retakaful contracts are presented separately from the assets, liabilities, income and expense from the related takaful contracts because the retakaful arrangements do not relieve the PTF from its direct obligation to its policyholders. Amounts due to / from retakaful operators are carried at cost less provision for impairment, if any. Cost represents the fair value of the consideration to be received / paid in the future for services rendered. Ijarah rentals are recognised as an expense on accrual basis as and when the rentals become due. A financial asset and financial liability other than those relating to takaful contract is offset and the net amount is reported in the balance sheet when the company has a legally enforceable right to set-off the recognised amounts and it intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

3.16 Provision for outstanding claims / benefits
3.17 Taxation
Current
Deferred
Taxation on PTF
3.18 Staff retirement benefits
Defined contribution plan
3.19 Takaful surplus
3.20 Impairment of assets
3.21 Management expenses
3.22 Qard-e-Hasna
Takaful surplus attributable to the participants is calculated after charging all direct cost and setting aside various reserves. Allocation to participants, if applicable, is made after deducting the claims / benefits paid to them during the year. Qard-e-Hasna is provided by OPF to PTF in case of deficit in PTF.(Briefly explain the details of impairment assessment) The carrying values of the fixed assets are reviewed for impairment annually when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indicattion exists and where the carrying values exceed reoverable amount, the assets are written down to their recoverable amount. Expenses allocated to the takaful business represent directly attributable expenses. Expenses not directly allocable to takaful business are charged to OPF and allocated on the basis of gross contribution written during the year. PTF maintains provision in respect of all known claims against losess incurred up to the balance sheet date which is measured at the undiscounted value of expected future payments. The claims are considered to be incurred at the time of the incident giving rise to the claim / benefits except as otherwise expressly indicated in a takaful contract. Provision for current taxation is based on taxable income at the current rate of taxation after taking in to account tax credits and rebates available, if any. Deferred tax is recognised using the balance sheet liability method, on all temporary differences arising at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The company operates an approved Contributory provident fund for all its permanenet employees. Contributions are made by both the Company and the employees to the fund at the rate of 10% of basic salary. Contribution made by the company is recognised as an expense.

4 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
(Current
Year)
(Prior
Year)
Note Rupees in '000
5 PROPERTY AND EQUIPMENT
Operating assets - note --- 5.1 - -
Capital work-in-progress - note --- 5.2 - -

-
Disclose that the Company makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year and that such estimates and judgments are continually evaluated based on historical experience and expectations of future events that are believed to be reasonable under the circumstances. Disclose that the management has exercised its judgment in the process of applying accounting policies. Disclose the significant estimates made by the company and the basis of such estimation. Also specify the factors subject to uncertainty and the classes of transactions most prone to changes.

5.1 Operating assets
Cost Depreciation Written down Depreciation
As at Additions / Adjustments As at As at For the year / Adjustments As at value as at rate 1 January (disposals) 31 December 1 January (disposals) 31 December 31 December % Furniture and fixtures Office equipment Computer equipment Vehicles Others (if any) Cost Depreciation Written down Depreciation As at Additions / Adjustments As at As at For the year / Adjustments As at value as at rate 1 January (disposals) 31 December 1 January (disposals) 31 December 31 December % Furniture and fixtures Office equipment Computer equipment Vehicles Others (if any) Cost Depreciation Written down Depreciation As at Additions / Adjustments As at As at For the year / Adjustments As at value as at rate 1 January (disposals) 31 December 1 January (disposals) 31 December 31 December % Tracker Others (if any) Cost Depreciation Written down Depreciation As at Additions / Adjustments As at As at For the year / Adjustments As at value as at rate 1 January (disposals) 31 December 1 January (disposals) 31 December 31 December % Tracker Others (if any) Cost Depreciation Written down Depreciation As at Additions / Adjustments As at As at For the year / Adjustments As at value as at rate 1 January (disposals) 31 December 1 January (disposals) 31 December 31 December % Total Total
5.1.1 Disposal of fixed assets
a) cost or valuation, as the case may be; b) the book value; and c) the sale price and the mode of disposal (e.g. by tender or negotiation) and the particulars of purchaser
5.1.2 Please specify the value of assets held by third parties and assets with zero values.
Current year
OPF
(Rupees in '000)
Current year
Prior year
PTF
(Rupees in '000)
Current year
Prior year
Total
(Rupees in '000)
Prior year
Disclose if the book value of the asset or assets sold exceeds in aggregate fifty thousand rupees, particular of the assets and in aggregate:

5.2 Capital Work-In-Progress
(Current
Year)
(Prior
Year)
(Current
Year)
(Prior
Year)
Civil works - - - -
Advances to suppliers - - - -
Others (please specify) - - - -
Tracker equipment - - - -

6 Intangible assets
Cost Amortisation Written down Amortisation
As at Additions Adjustments As at As at For the year Adjustments As at value as at period 1 January 31 December 1 January 31 December 31 December Computer softwares Others (Please specify) Current year Prior year [Note: also disclose seperately for PTF, if any.] In the case of sale of fixed assets (otherwise than through a regular auction) made to chief executive or a director or an executive or a shareholder holding not less that ten percent of the voting shares of the company or any related party, irrespective of the value, and in the case of any other person if the original cost or the book value of the asset or assets in aggregate exceeds Rupees one million or two hundred fifty thousands respectively (whichever is lower) disclose (a) particulars of the assets (b) cost or revalued amount (c) the book value (d) the sale price (e) the mode of disposal (e.g. by tender or negotiation) and(f) the particulars of the purchaser. Disclose the existence of any restrictions/ discrepancies on the title along-with amount involved; and the existence of any pledge/ mortgage along-with the nature of facilities obtained against such pledge/ mortgage. Disclose the classification of intangible as either finite or infinite life and basis of amortisation for each intangible asset. Disclose description, the carrying amount and remaining amortization period of any individual intangible asset that is material to the financial statements as a whole; the existence and carrying amounts of intangible assets whose title is restricted and the carrying amounts of intangible assets pledged as security for liabilities; a description of any fully amortized intangible asset that is still in use; and a brief description of significant intangible assets controlled by the enterprise but not recognized as assets because they did not meet the recognition criteria. Where assets have been revalued, the first balance sheet subsequent to the revaluation shall show the original cost; the revalued amount; the date and amount of the revaluation and the basis thereof; name and qualification of the valuer who should be an independent person competent to do so; the nature of any indices used to determine revaluation; and the carrying amount of each class of property and equipment that would have been included in the financial statements had the assets not been carried at revalued amount. Every balance sheet subsequent to the revaluation shall show the total amount of the revaluation; and the carrying amount of each class of property and equipment that would have been included in the financial statements had the assets not been carried at revalued amount. OPF PTF Rupees in '000 Rupees in '000

7 INVESTMENT PROPERTIES ( where cost model is followed) Written down Useful As at Additions As at As at For the As at value as at life 1 January (disposals) 31 December 1 January year 31 December 31 December Land (Distinguish between freehold and leasehold) - - - - - - - - Building (Distinguish between freehold and leasehold) - - - - - - - - Other installations

Written down Useful
As at Additions As at As at For the As at value as at life 1 January 31 December 1 January year 31 December 31 December Land (Distinguish between freehold and leasehold) Building (Distinguish between freehold and leasehold) Other installations

7.1 The market value of the investment properties as per valuation carried out by professional valuers in _____ is Rs. ________
Written down Useful
As at Additions As at As at For the As at value as at life 1 January (disposals) 31 December 1 January year 31 December 31 December Land (Distinguish between freehold and leasehold) Building (Distinguish between freehold and leasehold) Other installations

The market value of the investment properties as per valuation carried out by professional valuers in _____ is Rs. ________ (Current Year) (Prior Year) (Current Year) (Prior Year) 7 INVESTMENT PROPERTY (where fair value model is followed) Opening net book value - - - - Additions and capital improvements - - - - Unrealized Fair value gain / (loss) 7.1 - - - - Closing net book value - - - - 7.1 Prior year - PTF Cost Depreciation (Rupees in '000) Current year - OPF Cost Depreciation Prior year - OPF (Rupees in '000) Current year - PTF Cost Depreciation Cost Depreciation OPF PTF Rupees in '000 Rupees in '000 (Only where Company is following fair value model for investment property, disclose information about fair valuation techniques used as required above for PPE.)

8
(Current
Year)
(Prior
Year)
(Current
Year)
(Prior
Year)
Debt securities - Held to maturity
COMs / MTFCs
Sukuk certificates
Debt securities - Available for sale
COMs / MTFCs
Sukuk certificates
Equity securities - Available for sale
Mutual funds
Listed securities
Equity securities - At fair value through profit and loss Mutual funds Listed securities Cost impairment / provision Carrying value Rs. 000 Related parties Sukuk Others Sukuk No. of Certificates Face value Value of Certificates Current Year Prior Year Current Year Prior Year Related parties Sukuk Others Sukuk INVESTMENTS Value of investments in unlisted investees in which the company holds ten percent or more of the investee's total equity should be calculated by reference to net assets of the investee on the basis of the last available audited accounts in the case of unlisted companies and modarabas and last available accounts incase of other investees together with the period of such accounts shall be disclosed. Rs. 000 Disclose particulars of provision for impairment and the movement in the said account in the year. There shall be stated the name of each company, modaraba, firm, government, municipal committee and local authority; in case of shares, various classes and different paid-up values together with the terms of redemption, if any, in case of preference shares; in case of modaraba and redeemable capital the number of certificates and the nominal value of each certificates; and in case of debentures and bonds the terms of redemption, if any, and the rate of interest. If investment is made in unlisted companies and modarabas (other than associates and subsidiaries) there shall be stated the name of the chief executive, managing agent or modaraba company. Percentage of the equity held by the company in an investee company or modaraba or a controlled firm or other associated undertaking, where it exceeds ten percent of the investee's total equity, shall be disclosed. INVESTMENTS IN DEBT SECURITIES - (DISTINGUISH BETWEEN AT FAIR VALUE THROUGH PROFIT AND LOSS, HELD TO MATURITY AND AVAILABLE FOR SALE) OPF PTF Rupees in '000 Rupees in '000

9 QARD-E-HASNA
(Current
Year)
(Prior
Year)
Opening Balance of Qard-e-Hasna - -
Qard-e-Hasna transferred from OPF during the year - - Qard-e-Hasna returned by PTF during the year - - Impairment Adjustment - - Closing Balance of Qard-e-Hasna - - 10 LOANS AND OTHER RECEIVABLES (Current Year) (Prior Year) (Current Year) (Prior Year) Loans to related parties - - - - Receivable from related parties - - - - Rent receivable - - - - Accrued investment income - - - - Security deposit - - - - Advance to supplier - - - - Agents commission receivable - - - - Loans to employees - - - - Other receivable - - - -

11 TAKAFUL / RETAKAFUL RECEIVABLES - PTF (Current Year) (Prior Year) Due from takaful participants holders - - Less provision for impairment of receivables from - takaful participants holders - - Accrued investment income Retakaful recoverables against outstanding claims - -

-
12 RETIREMENT BENEFIT OBLIGATIONS - OPF
13 RECEIVABLE / PAYABLE (Current account between OPF and PTF) (Current Year) (Prior Year) (Current Year) (Prior Year) Wakala fee Modaraba fee Other receivable / payable

Less: provision for impairment of loans and receivables OPF PTF Rupees in '000 Rupees in '000 The company operates an aproved contributory provident fund for all its permanent employees. Contributions are made by both the company and the employees to the fund at the rate decided upon of the basic salary. Contributions made by the company is recognised an expense. Rupees in '000 OPF PTF Rupees in '000 Rupees in '000

(Current
Year)
(Prior
Year)
(Current
Year)
(Prior
Year)
14 DEFERRED TAXATION
Deferred debits arising in respect of
(To be specified)
Deferred credits arising due to
(To be specified)
(Current
Year)
(Prior
Year)
(Current
Year)
(Prior
Year)
15 PREPAYMENTS
Prepaid retakaful contribution ceded
Tracker monitoring fee
Prepaid rent
Prepaid miscellaneous expenses
Others (if any)
(Current
Year)
(Prior
Year)
(Current
Year)
(Prior
Year)
16 CASH & BANK
Cash and Cash Equivalent
Cash in hand
Policy & Revenue stamps
Cash at bank

Current account
Savings account
Deposits maturing within 12 months
Term deposits receipts
(Current
Year)
(Prior
Year)
Cash and bank balances - -
Short term investments with 3 months or less maturity - -

OPF PTF
Rupees Rupees
OPF PTF
Rupees in '000 Rupees in '000
Rupees in '000
OPF PTF
Cash and cash equivalents include the following for the purposes of the cash flow statement:

17 SHARE CAPITAL
17.1 Authorized Capital
(Current Year) (Prior Year) (Current Year) (Prior Year) Number of Shares Rupees in '000 xxxxxxx xxxxxxx Ordinary shares of Rs.10 each xxxxxx xxxxxx
17.2 Issued, subscribed and paid-up share capital
18 BORROWINGS
(Current Year) (Prior Year)
Rupees in '000
Bank financings - -
Other (please specify) - -
Total borrowings - -
Current portion - -
Non-current portion - -
19 TAKAFUL / RETAKAFUL PAYABLES
`
(Current Year) (Prior Year)
Rupees in '000
Due to takaful participants / Re-takaful payable - - Others (Specify)

-
20 OTHER CREDITORS AND ACCRUALS
(Current
Year)
(Prior
Year)
(Current
Year)
(Prior
Year)
Agents commission payable
Federal Excise Duty - - - -
WWF * - - - -
Payable to related parties - - - -
Accrued expenses - - - -
Other tax payables - - - -
Unpaid and Unclaimed Dividend - - - -
Others (please specify) - - - -

(Specify the nature of provision recorded and the reason thereof.)

Note: Can be for PTF also
21 CONTINGENCY(IES) AND COMMITMENT(S)
21.1 Commitments for the acquisition of operating fixed assets
(Current Year) (Prior Year)
Rupees in '000
21.2 Commitments in respect of operating leases / Ijarah
Not later than one year - -
Later than one year and not later than five years - - Later than five years - - Disclose information about the extent and nature, including significant terms and conditions that may affect the amount, timing and certainty of future cash flows. Further, disclose the nature and carrying amount of the assets pledged as security. Define Islamic modes and clarify the amounts and provide diclosures as necessary. All Contingent liabilities other than those arising from contract with policy holders shall be disclosed, unless the possibility of any outflow in settlement is remote, disclose for each class of contingent liability (including taxation contingency) at the balance sheet date a brief description of the nature of contingent liability and, where practicable an estimate of its financial effect; an indication of the uncertainties relating to the amount or timing of any outflow; and the possibility of any reimbursement. Where any of the information required above is not disclosed because it is not practicable to do so, disclose that fact. Disclose a general description of the lessee's significant leasing / Ijarah arrangements including, but not limited to, the basis on which contingent rent payments are determined; the existence and terms of renewal or purchase options and escalation clauses; and restrictions imposed by lease arrangements, such as those concerning dividends, additional debt and further leasing. OPF PTF Rupees in '000 Rupees in '000

22 TAKAFUL CONTRIBUTION EARNED
(Current
Year)
(Prior
Year)
Written Gross Contribution - -
Add: Unearned contribution reserve opening - - Less: Unearned contribution reserve closing - -

-
Opening Closing Opening Closing
------------------------------------------------------------------------------------- Rupees in thousand --------------------------------------------------------------------------------------------------------- Fire and property Marine, Aviation and Transport Motor Miscellaneous 23 TAKAFUL CONTRIBUTION CEDED TO RETAKAFUL Retakaful contribution ceded - - Add: Prepaid retakaful contribution opening - - Less: Prepaid retakaful contribution closing - -

24 RETAKAFUL REBATE
Retakaful rebate/commission received - -
Add: Unearned retakaful rebate/commission opening - - Less: Unearned retakaful rebate/commission closing - -

-
25 TAKAFUL BENEFITS / CLAIMS EXPENSE
Benefits / Claims Paid - -
Add: Outstanding benefits / claims including IBNR closing - - Less: Outstanding benefits / claims including IBNR Opening - -

2011 2010
Opening Closing Opening Closing
Fire and property
Marine, Aviation and Transport
Motor
Miscellaneous
Net claims expense
Net claims expense
---------------------------------------------------------------------------------- Rupees in thousand ---------------------------------------------------------------------------------- Net contribution PTF OPF PTF Claims paid Provision for outstanding Claims expense Retakaful and other recoveries Retakaful and other Retakaful and other recoveries Rupees in '000 Contributions written Wakala fee Net contributions Unearned contributions Contributions earned Retakaful ceded Prepaid retakaful ceded Retakaful expense

26 Benefit / Claim Development
27 TAKAFUL CLAIMS / BENEFITS RECOVERIES FROM RETAKAFUL (Current Year) (Prior Year) Retakaful recoveries received - - Add: Retakaful recoveries - - Less: Retakaful recoveries - -

-
28 COMMISSION EXPENSE
(Current
Year)
(Prior
Year)
Commission paid or payable - -
Add: Deferred commission expense opening - - less: Deferred commission expense closing - -

29 WAKALA FEE
The shareholders of the company manage the general takaful operations for the participants and charges XX % for motor, XX % for cash withdrawal and XX % for others of the gross contribution written net off administrative surcharge on co-takaful inward as wakala fee agains the services. PTF OPF Rupees in '000 Rupees in '000 Actual claims compared to last four years will be disclosed as follows if there is still uncertainty about the amount and timing of the claims payments for material claims. The disclosure is not required if there is no change in previous estimates as uncertanity regarding amount of material claim payments do not exist. The disclosed balance may not need to be reconciled with the balance reported in the statement of financial position. The policyholder also need not to disclose this information if uncertainty about the amount and timing of claims payments is usually resolved within one year.

30 GENERAL ADMINISTRATIVE AND MANAGEMENT EXPENSES (Current Year) (Prior Year) Rupees in '000 Employee benefit cost - note 30.1 - - Traveling expenses - - Advertisements & sales promotion - - Printing and stationery - - Depreciation - - Amortisation - - Rent, rates and taxes - - Legal and professional charges - business related - - Electricity, gas and water - - Entertainment - - Vehicle running expenses - - Office repairs and maintenance - - Bank charges - - Postages, telegrams and telephone - - Shariah Advisor's fee - - Takaful contribution - - Training expenses - - Fees and subscription - - Bad and doubtful debts - - Miscellaneous (separately identify individual expense head if more than 5% of total) - - Management expense

-
30.1 Employee benefit cost
Salaries, allowance and other benefits - -
Charges for post employment benefit - -

30.2 MANAGEMENT EXPENSES
(Current
Year)
(Prior
Year)
Rupees in '000
Employee benefit cost - -
Traveling expenses - -
Advertisements & sales promotion - -
Printing and stationery - -
Depreciation - -
Amortisation - -
Rent, rates and taxes - -
Legal and professional charges - business related - - Electricity, gas and water - - Entertainment - - Vehicle running expenses - - Office repairs and maintenance - - Bank charges - - Postages, telegrams and telephone - - Shariah Advisor's fee - - Takaful contribution - - Training expenses - - Fees and subscription - - Bad and doubtful debts - - Miscellaneous (separately identify individual expense head if more than 5% of total) - -

-
OPF
OPF

31 INVESTMENT INCOME
(Current
Year)
(Prior
Year)
(Current
Year) (Prior
Year)

Dividend income - - - -
Other (please specify) - - - -
Return on debt securities - - - -
Other (please specify) - - - -
Return on term deposits - - - -
Other (please specify) - - - -
Return on bank balances

Net realised gains / (losses) on investments
Available for sale financial assets
Realised gains on:
-Equity securities - - - -
-Debt securities - - - -
Realised losses on:
-Equity securities - - - -
-Debt securities - - - -

Net unrealised gains / (losses) on investments

Total investment income - - - -
Less: Impairment in value of available for sale securities -Equity Securities - - - - -Debt Securities - - - - Less: Investment related expenses - - - -

Income from
Income from debt
Income from term
Net unrealised
Net unrealised
Rupees in '000
OPF PTF
Rupees in '000

32 RENTAL INCOME
Rental income - - - -
Less: Expenses of investment property - - - -

33 OTHER INCOME - OPF
Return on bank balances
Gain on sale of fixed assets - - - -
Return on loans to employees - - - -
Liabilities written back - - - -
Miscellaneous (please specify individual head if - - - - more than 5% of total)

34 MODARIB'S FEE
35 DIRECT EXPENSES
(Current
Year)
(Prior
Year)
Rupees in '000
Legal & professional fee other than business related - - Auditors' remuneration - note 34.1 - - Shariah audit fee Subscription - - Registration fee - - Expenses on bonus issue - - Donations - - Workers Welfare Fund - - Provision for Wakala refund - - Others (Please specify separately if more than 5% of total) - -

-
35.1 Auditors' remuneration
(Current
Year)
(Prior
Year)
Rupees in '000
Audit fee - -
Fee for audit of provident, pension and other funds - - Special certifications and sundry advisory services - - Tax services - - Out-of-pocket expenses - -

OPF
In case of joint auditors the above information should be shown separately for each of the joint auditors. In case of donations where any director/ executive or their spouse has interest in the donee, disclose the names of such directors / executive, their interest in the donee and the names and addresses of all donees irrespective of the amount of donation. OPF The shareholders of the company manage the participants' investments as a Modarib and charge XX % Modarib's share of

36 FINANCE COST
(Current
Year)
(Prior
Year)
Rupees in '000
Profit on short term financing - -
Bank charges (financing related) - -
Exchange loss - -

-
37 TAXATION
(Current
Year)
(Prior
Year)
(Current
Year)
(Prior
Year)
Rupees in '000 Rupees in '000
For the year
Current - - - -
Deferred - - - -
For the prior year(s)
Current - -
Deferred - -
37.1 Relationship between tax expense and accounting profit
(i)
(ii)
Disclose an explanation of changes in the applicable tax rate compared to the previous accounting period. 38 EARNINGS PER SHARE (Current Year) (Prior Year) Profit (after tax) for the year Weighted average number of ordinary shares (adjusted for the effects of all dilutive potential ordinary shares) Diluted earnings per share Rupees Distinguish, where applicable, between the provision for Pakistan taxation and the provision for taxation elsewhere. OPF PTF OPF Company should also disclose reconciliation between diluted earnings per share and basic earnings per share. An explanation of the relationship between tax expense (income) and accounting profit in either or both of the following forms:
a numerical reconciliation between tax expense (income) and the product of accounting profit multiplied by the applicable tax rate(s), disclosing also the basis on which the applicable tax rate(s) is (are) computed; and/ or a numerical reconciliation between the average effective tax rate and the applicable tax rate, disclosing also the basis on which the applicable tax rate is computed. OPF

39 COMPENSATION OF DIRECTORS AND EXECUTIVES
Current
Year Prior Year
Current
Year Prior Year
Current
Year Prior Year
Fee
Managerial remuneration
Leave encashment
Bonus
Ex-gratia allowance
Charged for defined benefit plan
Contribution to defined benefit plan
Rent and house maintenance
Utilities
Medical
Conveyance
Retirement benefits
Others (to be specified, if material)
Number of persons
40 RELATED PARTY TRANSACTIONS a) the nature of the related party relationship; b) the type of transactions; c)

ii) iii)

iv) d) e)

Note: Disclose seperately for OPF and PTF. irrevocable commitments and contingencies and commitments arising from off-balance sheet items; provisions for doubtful debts related to the amount of outstanding balances; and the elements of transactions necessary for an understanding of the financial statements of the company. Also disclose short term employee benefits, post employment benefits, other long term benefits, termination benefits and share (stock options) based payments. Executives mean employees, other then the chief executive and directors, whose basic salary exceed five hundred thousand rupees in a financial year. Disclose related party relationships where control or significant influence exists, irrespective of whether transactions have taken place between the parties. If there have been transactions between related parties, disclose:
amount or appropriate proportions of (this should be disclosed in the foot note to the relevant outstanding items in the notes to the accounts):
each of principal types of income/mark-up and commissions paid; Chief Executive Directors Executives Rupees in '000 the amount of the expense recognized in the period for losses on loans and advances and the amount of the provision at the balance sheet date; and

41 SEGMENT INFORMATION
Current OPF & PTF
Rupees in '000
Rupees in '000
Disclose the net insurance premium information on country basis for the current and prior year. Segment information in respect of the following is to be given at a minimum. In case business included in Miscellaneous is 10% or more separate disclosure is expected. In addition disclosures in accordance with IFRS 8 regarding major customers etc will also be given in this note. OPF

Prior OPF & PTF
Rupees in '000
Rupees in '000
OPF

42 MOVEMENT IN INVESTMENTS
43 MANAGEMENT OF TAKAFUL RISK AND FINANCIAL RISK
43.1 Takaful risk
a) Frequency and severity of claims / benefits The disclosure regarding concentration risk will form part of this note. b) Sources of uncertainty in estimation of future claim payments Specify what is the risk under any takaful policy for e.g. the possibility that the covered event occurs and the uncertainty of the amount of the resulting claim / benefit. Also disclose the mitigating factors for such risks. The risk under any one Takaful policy is the possibility that the insured event occurs and the uncertainty of the amount of the resulting claim / benefit. By the very nature of an insurance contract, this risk is random and therefore unpredictable. For a portfolio of Takaful policy where the theory of probability is applied to pricing and provisioning, the principal risk that the Company faces under its insurance contracts is that the actual claims and benefit payments exceed the carrying amount of the insurance liabilities. This could occur because the frequency or severity of claims and benefits are greater than estimated. Insurance events are random and the actual number and amount of claims and benefits will vary from year to year from the level established using statistical techniques. Experience shows that the larger the portfolio of similar Takaful policy, the smaller the relative variability about the expected outcome will be. In addition, a more diversified portfolio is less likely to be affected by a change in any subset of the portfolio. The Company has developed its Takaful underwriting strategy to diversify the type of Takaful risks accepted and within each of these categories to achieve a sufficiently large population of risks to reduce the variability of the expected outcome. Factors that aggravate Takaful risk include lack of risk diversification in terms of type and amount of risk, geographical location and type of industry covered. Disclose the claims recognition criteria and the claim settlement mechanism in this respect. Specify the factors that affect the claim liabilities and how such liabilities are affected. Also specify what cost components are included as claim expense. Disclose the criteria for estimation of cost of unpaid claims (both reported and not), the estimation techniques used by the company. Disclose how the techniques are used by the company. Disclose the process for estimation of IBNR and its provisioning mechanism in detail. Disclose how the Company manages these risks for e.g. through its underwriting strategy, adequate retakaful arrangements and proactive claims handling. Disclose the objective of each risk mitigating factor along with the details as to how these mitigating factors are applied to each takaful contract. This information shall include qualitative as well as quantitative criteria used for such risk management.

c) Process used to decide on assumptions d) Changes in assumptions e) Sensitivity analysis 43.2 a)
43.3 Credit risk
The disclosure regarding credit rating will form part of this note.
43.4 Capital management
44 CHARITY ACCOUNT
Movement of charity account to be added later
45 CORRESPONDING FIGURES
Disclose the reclassification from and to of the prior period figures.
46 SUBSEQUENT EVENTS - NON ADJUSTING

Dividend
Issue of bonus shares
Transfer to / (from) reserves
47 DATE OF AUTHORISATION
These financial statements have been authorised for issue in accordance with a resolution of the Board of Directors on ________________. 48 GENERAL Sensitivity analysis - equity risk An entity shall disclose information that enables users of its financial statements to evaluate the entity’s objectives, policies and processes for managing capital. The figures in the financial statements may be rounded off to the nearest thousand. Disclose the risks associated with these takaful policies and variables that complicate quantitative sensitivity analysis. Specify the details about separate assumptions and the basis on which such assumptions are used by the company. Disclose the changes in assumptions if any, the qualitative and quantitative information in this respect and the monetary impact of such changes on the statement of comprehensive income. Also disclose why such changes in assumptions have been incorporated in our estimation. In respect of all the variables affecting the estimates reported in the financial statements. Financial risk Maturity profile of financial assets and liabilities:
[File No. SY/SECP/8/13]

Lineage: Superseded

Timeline

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