AL-ZAMIN LEASING MODARABA

Drawing strength from mergers and acquisitions

By SHABBIR H. KAZMI
Jan 26 - Feb 01, 2004

Al-Zamin Leasing Modaraba (AZLM) commenced its operations in August 1992 with a paid-up capital of Rs 100 million. It is a multipurpose and perpetual Modaraba that undertakes leasing as core business. Its other activities include Musharika-based investments, equities marketing, managing portfolios, project financing, providing long and short term financing, rendering consultancy and advisory services for syndication of leasing and project financing. While leasing is the core business of the AZLM other admissible modes include finance leveraged trading through Musharika and Morabaha transaction, capital market operations, trading in Islamic financial instruments and providing venture capital.

The AZLM was listed at Karachi Stock Exchange on August 18, 1992. Promoters of the Modaraba included reputed financial institutions, professional bankers and retired civil servants. As part of its growth strategy, the AZLM acquired majority share holding and management control of Ghandhara Leasing Company in 2001, which was subsequently merged with AZLM. Merger of First Professional Modaraba with the AZLM was completed in 2003. The AZLM attained total equity of Rs 318 million and total asset base of about Rs 1,200 million as on June 30, 2003.

The AZLM also has the distinction of being the first company from the financial sector to issue Musharika-based Term Finance Certificates (TFCs). This is an instrument devised under the auspices of Modaraba Association of Pakistan by AMZ Securities in consultation with reputed Islamic Scholars. It is a five-year redeemable bond based on the concept of Musharika. The first tranche of Rs 250 million was issued through a pre-IPO of Rs 200 million and public offer of Rs 50 million.

Yet another achievement of AZLM is its inclusion in the third phase of the leasing to Micro and Small Enterprises Programme of the Swiss Agency for Development and Cooperation (SDC). The AZLM has been selected along with three leasing companies to undertake leasing under this programme. The SDC has already completed two phases successfully. The programme is aimed at helping micro and small enterprises in improving their income and employment potential.

BOARD OF DIRECTORS

MR. ZAFFAR IQBAL

Chairman

MR. SHAIKH MOHAMMAD FAROOQ

Vice Chairman

MR. BASHEER A. CHOWDRY

CEO

MR. MANZOOR HUSSAIN SHAH KAZMI

Director

MR. MOHAMMAD ASLAM KHAN

Director

MR. SYED GHAZANFAR ALI

Director

MR. MUHAMMAD ZAHID

Director

MR. A. W. ZUBERI

Director

MS NAZA AFREEN

Director

MR. SOHAIL ANSAR

Director

MR. NAJIB AMANULLAH

Director

MR. MUHAMMAD IMRANUL HAQUE

Director

MR. S. JAMAL BAQUAR

Director

MR. MUHAMMAD KAMAL ABDUL NASIR

Director

 


 

EQUITY

(Rs in million)

YEAR

AMOUNT

1999

153.09

2000

155.48

2001

220.26

2002

218.71

2003

318.56

BALANCE SHEET FOOTING

(Rs in million)

YEAR

AMOUNT

1999

408.49

2000

411.13

2001

851.03

2002

813.11

2003

1,192.55

TOTAL INCOME

(Rs in million)

YEAR

AMOUNT

1999

55.50

2000

59.04

2001

115.50

2002

112.45

2003

154.91

PROFIT AFTER TAX

(Rs in million)

YEAR

AMOUNT

1999

10.88

2000

2.39

2001

7.04

2002

2.86

2003

10.31