Shaheen Insurance : Te Transmission of Quarterly Report for the Period Ended 2023-06-30

HALF YEARLY REPORT

Half Year Ended June 30, 2023 (Un-audited)

CONTENTS

Company Information	02
Company Profile	03
Services	04
Directors' Review	05
Directors' Review in Urdu	09
CONVENTIONAL FINANCIAL STATEMENTS
Condensed Interim Statement of Financial Position	11
Condensed Interim Statement of Profit & Loss Account	12
Condensed Interim Statement of Comprehensive Income	13
Condensed Interim Statement of Changes in Equity	14
Condensed Interim Statement of Cash Flow	15
Notes to the Condensed Interim Financial Statements	17
WINDOW TAKAFUL OPERATIONS FINANCIAL STATEMENTS
Condensed Interim Statement of Financial Position	39
Condensed Interim Statement Of Comprehensive Income (Un-audited)	40
Condensed Interim Statement of Changes in Fund	42
Condensed Interim Statement of Cash Flow	43
Notes to the Condensed Interim Financial Statements	57
Head Offices & Branch Network	58

COMPANY

INFORMATION

BOARD OF DIRECTORS

CHAIRMAN

Air Marshal Muhammad Arif Pervaiz (Retd.)

DIRECTORS

Air Vice Marshal Salman Ahsan Bokhari (Retd.)

Air Commodore Tausif Sadiq (Retd.)

Air Commodore Wasim Ahmed Khan (Retd.)

Mr. Adeel Ali

Ms. Farrah Azeem Khan

Mr. Jehangir Shah

CHIEF EXECUTIVE OFFICER

Mr. Rizwan Akhtar

CHIEF FINANCIAL OFFICER & COMPANY SECRETARY

Mr. Nisar Ahmed Almani

AUDIT COMMITTEE
Ms. Farrah Azeem Khan	Chairperson
Air Commodore Wasim Ahmed Khan (Retd.)	Member
Mr. Adeel Ali	Member
Mr. Sayyam Maqsood	Secretary
INVESTMENT COMMITTEE
Air Marshal Muhammad Arif Perviaz (Retd.)	Chairman
Air Vice Marshal Salman Ahsan Bokhari (Retd.)	Member
Mr. Adeel Ali	Member
Mr. Rizwan Akhtar	Chief Executive Officer
Mr. Nisar Ahmed Almani	Chief Financial Officer
Mr. Muhammad Nasir Jamal	Secretary
ETHICS, HUMAN RESOURCE & REMUNERATION COMMITTEE
Ms. Farrah Azeem Khan	Chairperson
Mr. Adeel Ali	Member
Mr. Rizwan Akhtar	Member
Mr. Nisar Ahmed Almani	Secretary

02 SHAHEEN INSURANCE COMPANY LIMITED

LEGAL ADVISOR

Allied Law Group

AUDITORS

BDO Ebrahim & Co.

Chartered Accountants

SHARIAH ADVISOR

Mufti Bilal Ahmed Qazi

COMPLIANCE OFFICER

Mr. Danish Khalid

SHARIAH COMPLIANCE OFFICER

Mr. Zafar Husnain

HEAD OF INTERNAL AUDIT (COORDINATOR)

Mr. Sayyam Maqsood

INTERNAL AUDITOR

Shaheen Foundation

REGISTERED OFFICE

10th Floor, Shaheen Complex, M.R Kayani Road, Karachi.

HEAD OFFICE

10th Floor, Shaheen Complex, M.R Kayani Road, Karachi.

SHARE REGISTRAR

M/s. Corplink (Pvt.) Ltd.

Wings Arcade, 1-K, Commercial, Model Town, Lahore.

BANKS CONVENTIONAL	BANKS TAKAFUL
Allied Bank Limited	Bank Islami Limited
Askari Bank Limited	Meezan Bank Limited
Bank Alfalah Limited	Dubai Islamic Bank Pakistan Ltd.
Bank Al Habib Limited
Bank of Punjab
Faysal Bank Limited
JS Bank Limited
MCB Bank Limited
Soneri Bank Limited
Summit Bank Limited

National Bank of Pakistan

Dubai Islamic Bank Pakistan Ltd.

COMPANY

PROFILE

Shaheen Insurance Company Ltd. (SICL) is a group company of Shaheen Foundation, PAF which owns major shareholding of the Company. Shaheen Insurance was incorporated as a Public Limited Company in 1995. The company is listed with Pakistan Stock Exchange (PSX) and also registered with the Central Depository Company of Pakistan (CDC).

Shaheen Insurance is one of the most reputable and brightest names in the insurance sector. Its sustained growth over the years has secured it a prominent place among the reputed insurers of Pakistan. SICL is catering the insurance needs of business fraternity through its branch network spread across all major cities of Pakistan.

Shaheen Insurance is also providing Shariah Compliant Islamic covers through its Window Takaful Operations (WTO) under the license and guidelines of Securities and Exchange Commission of Pakistan. In order to give more strength to its WTO, Company has formed Shariah Board comprising of

of Shariah compliant Takaful Products are offered through WTO, serving customers from all walks of life, on a much larger scale.

billion, while Paid-up Capital is Rs.600 million. Shareholder's Equity as at June 30, 2023 rose to Rs.782.51 million.

Company to "A+" with 'Positive' Outlook which denotes "Strong capacity to meet policy holders and contractual obligations. Risk factors are low, and the impact of any adverse business and economic factors is expected to be small."

SICL

of outstanding repute. Besides treaty arrangements, the Company also has back to back arrangements with foreign and domestic "A" rated insurers, reinsurers and world renowned brokers for placements of large and specialized risks abroad and locally on facultative basis.

SICL underwrites all classes of general insurance & general takaful. Company is fully equipped with technical and managerial skills supported by strong reinsurance treaty arrangements for smooth operations for both traditional and specialized insurance & takaful covers.

SICL is fully geared up to take on challenges with a vision to play its role in the development of insurance industry, country's economic development and to be recognized as one of the most professional and respected insurance company of Pakistan.

HALF YEAR ENDED REPORT JUNE 2022

03

04 SHAHEEN INSURANCE COMPANY LIMITED