Documenti di Didattica
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Documenti di Cultura
. INVESTMENT BANK
An Investment bank is a Iinancial institution that assists individuals, corporations, and
governments in raising capital by underwriting and/or acting as the client`s agent in the insurance
oI securities. An investment bank may also assist companies involved in mergers and
acquisitions, and provide ancillary services such as market making, trading oI derivatives, Iixed
income instruments, Ioreign exchange commodities and equity securities.
Functions of Investment Banking
Investment banks carry out multilateral Iunctions. Some oI the most important Iunctions oI
investment banking are as Iollows:
O Investment banking helps public and private corporations in issuance oI securities in the
primary market. They also act as intermediaries in trading Ior clients.
O Investment banking provides Iinancial advice to investors and helps them by assisting in
purchasing and trading securities as well as managing Iinancial assets
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 10
O Investment banking diIIers Irom commercial banking as investment banks don't accept
deposits neither do they grant retail loans.
O Small Iirms which provide services oI investment banking are called boutiques. They
mainly specialize in bond trading, providing technical analysis or program trading as well
as advising Ior mergers and acquisitions
Sr. # INVESTMENT BANKS IN PAKISTAN
1 Asset Investment Bank Ltd
2 AriI Habib Investment and Mutual Co
3 Atlas Investment Bank Ltd
4 Al-TowIeeq Investment Bank Ltd
5 AMZ Securities
6 BMA Capital Management Ltd
7 Cresent Investment Bank Ltd
8 Escorts Investment Bank Ltd
9 Fidelity Investment Bank Ltd
10 First Credit and Investment Bank Ltd
11 First International Investment Bank Ltd
12 Franklin Investment Bank Ltd
13 Islamic Investment Bank Ltd
14 IGI Investment Bank Ltd
15 Invest Capital Investment Bank Ltd
16 Jahangir Investment Bank Ltd
17 ORIX Investment Bank Ltd
18 Prudential Investment Bank Ltd
19 Security Investment Bank Ltd
20 Trust Investment Bank Ltd
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 11
. ASSET MANAGEMENT COMPANY & THEIR FUNDS (ISLAMIC &
NON-ISLAMIC)
A company that invests its clients` pooled Iund into securities that match its declared Iinancial
objectives. Asset management companies provide investors with more diversiIication and
investing options than they would have by themselves.
The act or practice oI an investment advisory Iirm making investment decisions on behalI oI a
client. Asset management oIten opens up more potential investment vehicles up to the client.
Another advantage is that, theoretically, asset managers have more knowledge and experience in
making appropriate investment decisions than their clients. Asset management is usually Ltd to
institutional investors and high net-worth individuals, as it is usually expensive.
Islamic Asset Management is grounded in Islamic Iinance principles which express an explicit
intention to meet the Iinancial needs oI participants with integrity and in a manner that is
tangible, Iair, and trustworthy and hones, while ensuring a more equitable wealth distribution.
All Shariah-complaint assets embrace the Iollowing key principles:
O Materiality and validity oI transaction
O Mutuality oI risk sharing
O Investment based on social and moral values.
In case oI Islamic Funds, the investment made in diIIerent instruments is to be in line with the
Islamic Shariah Rules. The Fund is generally to be governed by an Islamic Shariah Board. And
then there is a puriIication process that needs to be Iollowed, as some oI the money lying in
reserve my gain interest, which is not desirable in case oI Islamic Investments.
AMC Name Fund Name
JS Investments Ltd.
JS Aggressive Asset Allocation Fund
JS Aggressive Income Fund
JS Fund oI Funds
JS Islamic Pension Savings Fund
JS Pension Savings Fund
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 12
JS Principal Secure Fund I
JS Large Cap. Fund
JS Islamic Fund
Unit Trust oI Pakistan
HBL Asset Management Ltd.
HBL Income Fund
HBL Money Market Fund
HBL Multi Asset Fund
HBL Stock Fund
National Investment Trust Ltd.
NIT State Enterprise Fund
NIT Government Bond Fund
NIT - Equity Market Opportunity Fund
NIT Income Fund
Atlas Asset Management Ltd.
Atlas Income Fund
Atlas Islamic Income Fund
Atlas Islamic Stock Fund
Atlas Pension Fund
Atlas Pension Islamic Fund
Atlas Money Market Fund
Atlas Stock Market Fund
Al Meezan Investment Management Ltd.
Al Meezan Mutual Fund Ltd
Meezan Balanced Fund
Meezan Cash Fund
Meezan Islamic Fund
Meezan Islamic Income Fund
Meezan Capital Protected Fund -I
Meezan TahaIIuz Pension Fund
Meezan Sovereign Fund
AKD Investment Management Ltd.
AKD Income Fund
AKD Index Tracker Fund
AKD Opportunity Fund
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 13
Golden Arrow Selected Stocks Fund Ltd
SaIeway Fund Ltd.
SaIeway Mutual Fund Ltd
Asian Stocks Fund Ltd
National Fullerton Asset Management Ltd.
NAFA Income Opportunity Fund
NAFA Asset Allocation Fund
NAFA Riba Free Savings Fund
NAFA Government Securities Liquid Fund
NAFA Income Fund
NAFA Islamic Aggressive Income Fund
NAFA Islamic Multi Asset Fund
NAFA Multi Asset Fund
NAFA Savings Plus Fund
NAFA Stock Fund
PICIC Asset Management Company Ltd.
PICIC Energy Fund
PICIC Cash Fund
PICIC Growth Fund
PICIC Income Fund
PICIC Investment Fund
KASB Funds Ltd.
KASB Income Opportunity Fund
KASB Asset Allocation Fund
KASB Islamic Income Opportunity Fund
KASB Capital Protected Gold Fund
KASB Stock Market Fund
UBL Fund Managers Ltd.
United Composite Islamic Fund
United Growth Income Fund
United Islamic Income Fund
UBL Islamic Savings Fund
United Stock Advantage Fund
UBL Savings Income Fund
UBL Liquidity Plus Fund
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 14
Dawood Capital Management Ltd.
Dawood Islamic Fund
First Dawood Mutual Fund
First Capital Investments Ltd. First Capital Mutual Fund Ltd
Askari Investment Management Ltd.
Askari Asset Allocation Fund
Askari Sovereign Cash Fund
Askari Income Fund
Lakson Investments Ltd.
Lakson Equity Fund
Lakson Income Fund
Lakson Money Market Fund
AriI Habib Investments Ltd.
Pakistan Capital Market Fund
Pakistan Income Fund
Pakistan Income Enhancement Fund
Pakistan International Element Islamic Fund
Pakistan Premier Fund
Pakistan Stock Market Fund
Pakistan Strategic Allocation Fund
MetroBank-Pakistan Sovereign Fund
Faysal Asset Management Ltd.
Faysal Balanced Growth Fund
Faysal Asset Allocation Fund
Faysal Income & Growth Fund
Faysal Money Market Fund
Faysal Islamic Savings Growth Fund
Faysal Savings Growth Fund
AlIalah GHP Investment Management Ltd.
AlIalah GHP Alpha Fund
AlIalah GHP Income Multiplier Fund
AlIalah GHP Cash Fund
AlIalah GHP Islamic Fund
AlIalah GHP Value Fund
Pak Oman Investment Management Company
Ltd.
Pak Oman Advantage Fund
Pak Oman Advantage Islamic Income Fund
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 15
Pak Oman Islamic Asset Allocation Fund
Pak Oman Advantage Asset Allocation Fund
MCB Asset Management Company Ltd.
MCB Dynamic Allocation Fund
MCB Cash Management Optimizer
MCB Dynamic Cash Fund
MCB Sarmaya MehIooz Fund 1
MCB Dynamic Stock Fund
IGI Funds Ltd.
IGI Stock Fund
IGI Income Fund
IGI Money Market Fund
IGI Islamic Income Fund
IGI Aggressive Income Fund
Crosby Asset Management (Pakistan) Ltd
AMZ Plus Income Fund
Crosby Phoenix Fund
Crosby Dragon Fund
Reliance Investment Ltd. Reliance Income Fund
Habib Asset Management Ltd.
First Habib Cash Fund
First Habib Income Fund
First Habib Income Fund
ABL Asset Management Company Ltd.
ABL Income Fund
ABL Cash Fund
ABL Islamic Cash Fund
ABL Stock Fund
NBP Fullerton Asset Management Ltd
International Industries Ltd - Employees
Gratuity Fund
International Industries Ltd - Employees
Provident Fund
MCB Asset Management Company Ltd.
Ali Gohar & Company (Private) Ltd StaII
Provident Fund
Faysal Bank Ltd Faysal Bank Ltd - PPTFC (09-07-2010)
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 16
. BROKERAGE HOUSE
A business whose main responsibility is to be an intermediary that puts buyers and sellers
together in order to Iacilitate a transaction. Brokerage companies are compensated via
commission aIter the transaction has been successIully completed.
A brokerage house is a place Irom which a broker conducts business. The term brokerage house
is oIten reIerred to as a broker, brokerage, or a brokerage Iirm. Working through a licensed
brokerage house, your broker buys and sells shares oI stock Ior your portIolio as per your
instructions. A Iull service brokerage house provides a wide range oI services to its clients,
including advice and recommendations concerning which stocks to buy and when to sell. With
your permission your brokerage house may allow your broker to buy and sell shares in your
name at the broker's discretion. In exchange Ior these services, a Iull-service brokerage house
oIten charges higher commissions than a discount brokerage house.
BROKERAGE HOUSES IN PAKISTAN
1 ACE Securities (Pvt.) Ltd 18 Investec Securities Ltd
2 AMZ Securities (Private) Ltd 19 J. P. Morgan Pakistan Broking (Pvt.) Ltd
3 Abbasi Securities (SMC-Pvt.) Ltd 20 Jahangir Siddiqui Capital Markets (Pvt.) Ltd
4 Aqeel Karim Dhedhi Securities Ltd 21 Javed Omer Vohra & Company Ltd
5 AriI Habib Securities Ltd 22 Live Securities (Pvt.) Ltd
6 BMA Capital Management Ltd 23 Motiwala Securities (Pvt.) Ltd
7 Continental Capital Management (Pvt.) Ltd 24 MunaI Sattar Securities (Pvt.) Ltd
8 Darson Securities (Pvt.) Ltd 25 Noman Abid & Company Ltd
9 D. J. M. Securities (Pvt.) Ltd 26 Orix Investment Bank Pakistan Ltd
10 Elixir Securities Pakistan (Pvt.) Ltd 27 Taurus Securities Ltd
11 Escorts Investment Bank Ltd 28 Zane Rayomund Byramji
12 Finex Securities Ltd 29 Brokerage and Investment Services Ltd
13 First Capital Equities Ltd 30 Escorts Investment Bank Ltd
14 First National Equities Ltd 31 Harvest Smartend Securities (Pvt.) Ltd
15 Global Securities Pakistan Ltd 32 Moosani Securities (Pvt.) Ltd
16 H. M. Younas Jan Mohammad 33 Atlas Investment Bank Ltd
17 Invest Capital & Securities (Pvt.) Ltd 34 Fidelity Securities (Pvt.) Ltd
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 17
. LEASING FIRM
Leasing is a process by which a Iirm can obtain the use oI a certain Iixed assets Ior which it must
pay a series oI contractual, periodic, tax deductible payments. A lease is a contractual agreement
between the lessor (owner) and the lessee (second party) Ior a speciIied asset, which can be
property, a house or apartment, business or oIIice equipment, an automobile or even a horse. The
lessee receives the right to total ownership Ior a spelled out period oI time and conditions in
return Ior payments. Do not conIuse a lease with a rental, although these words are oIten
interchanged. A rental is Ior a short period oI time, such as a month, where, in this case, the
agreement is renewed or the terms are changed monthly.
LIST OF LEASING COMPANIES IN PAKISTAN
1 Ali Bhai Leasing Company (Private) Ltd 26 Leasing Association oI Pakistan
2 Asian Leasing Corporation Ltd 27 Mehran Leasing Corporation (Pvt) Ltd
3 Askari Leasing Ltd 28 Mercantile Leasing Company Ltd
4 Capital Assets Leasing Corporation Ltd 29 National Asset Leasing Corporation Ltd
5 Consolidated Leasing Company Ltd 30 National Development Leasing Corporation
6 Crescent Leasing Corporation Ltd 31 National Leasing Services (Pvt) Ltd
7 Dada Bhoy Leasing Company Ltd 32 Nationwide Leasing Company Ltd
8 Dawood Leasing Company Ltd 33 Network Leasing Corporation Ltd
9 Delta Leasing Company Ltd 34 Natover Lease & ReIinance Ltd
10 English Leasing Ltd 35 Orix Leasing Pakistan Ltd
11 Fairdeal Leasing Company Pakistan Ltd 36 PaciIic Leasing Company Ltd
12 First Leasing Corporation Ltd 37 Pak GulI Leasing Company Ltd
13 Gandhara Leasing Company Ltd 38 Pak-Apex Leasing Company Ltd
14 Global Leasing Company Ltd 39 Pakistan Computer (Leasing) Associates Ltd
15 Grand Equipment Leasing Ltd 40
Pakistan Industrial and Commercial Leasing
Ltd.
16 Grays Leasing Ltd 41 Pakistan Industrial Leasing Corporation Ltd
17 Habib Leasing Corporation (Pvt) Ltd 42
Pakistan Investment And Leasing
Corporation (Pvt) Ltd
18 Ibrahim Leasing Ltd 43 Paramount Leasing Ltd
19 Ibrahim Leasing Ltd 44 Premier Leasing Company Ltd
20 Indus Leasing Corporation Ltd 45 Punjab Leasing Ltd
21 Industrial & Commercial Leasing (Pvt) Ltd 46 Saudi Pak Leasing Company Ltd
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 18
22 Interasia Leasing Company Ltd 47 Security Leasing Corporation Ltd
23 Integrity Leasing Ltd 48 Sigma Leasing Corporation Ltd
24 International Multy Leasing Corporation Ltd 49 SME Leasing Ltd
25 Ladhubhai Leasing Company (Pvt) Ltd 50 Standard Chartered Leasing Ltd
. INSURANCE COMPANY
In law and economics, insurance is a Iorm oI risk management primarily used to hedge against
the risk oI a contingent, uncertain loss. Insurance is deIined as the equitable transIer oI the risk oI
a loss, Irom one entity to another, in exchange Ior payment. An insurer is a company selling the
insurance; an insured, or policyholder, is the person or entity buying the insurance policy. The
insurance rate is a Iactor used to determine the amount to be charged Ior a certain amount oI
insurance coverage, called the premium. Risk management, the practice oI appraising and
controlling risk, has evolved as a discrete Iield oI study and practice.
The transaction involves the insured assuming a guaranteed and known relatively small loss in
the Iorm oI payment to the insurer in exchange Ior the insurer's promise to compensate
(indemniIy) the insured in the case oI a Iinancial (personal) loss. The insured receives a contract,
called the insurance policy, which details the conditions and circumstances under which the
insured will be Iinancially compensated.
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 19
LIST OF FUNCTIONAL INSURERS / TAKAFUL OPERATORS & REINSURER
A. Non-life Insurance Corporations / NON - LIFE INSURER
1 Adamjee Insurance Company Limited 27 ItteIaq General Insurance Company Ltd.
2 Agro General Insurance Company Ltd. 28 Jupiter Insurance Company Ltd.
3 AlIalah Insurance Company Limited 29 Muslim Insurance Company Ltd.
4 Alpha Insurance Company Limited 30
National Insurance Company Ltd.(State
Owned)
5 Asia Insurance Company Limited 31 New Jubilee Insurance Company Limited
6 Asian Mutual Insurance Company Ltd. 32 North Star Insurance Company Ltd.
7 Askari General Insurance Company Limited 33 Orient Insurance Company Ltd.
8 Atlas Insurance Limited 34 Pakistan General Insurance Company Limited
9 Beema Insurance Company Ltd. 35 Pakistan Guarantee Insurance Company Ltd.
10
Business & Industrial Insurance Company
Ltd. 36 Pakistan Mutual Insurance Company Ltd.
11 Capital Insurance Company Limited 37 PICIC Insurance Limited
12 Central Insurance Company Limited 38 Platinum Insurance Company Ltd.
13 Century Insurance Company Limited 39 Premier Insurance Limited
14
Co-operative Insurance Society oI Pakistan
Ltd. 40 Prime Insurance Company Ltd.
15 Credit Insurance Company Ltd. 41 Raja Insurance Company Ltd.
16 Crescent Star Insurance Company Ltd. 42 Reliance Insurance Company Limited
17 Dadabhoy Insurance Company Ltd. 43 SaudiPak Insurance Company Limited
18 Delta Insurance Company Ltd. 44 SeaIield Insurance Company Ltd.
19 East West Insurance Company Limited 45 Security General Insurance Company Limited
20 EFU General Insurance Company Limited 46 Shaheen Insurance Company Limited
21 Excel Insurance Company Limited 47 Silver Star Insurance Company Limited
22 GulI Insurance Company Ltd. 48 Trakker Direct Insurance Limited
23 Habib Insurance Company Limited 49 UBL Insurers Limited
24 IGI Insurance Limited 50 Union Insurance Company oI Pakistan Ltd.
25 Indus International Insurance Company Ltd, 51 United Insurance Company oI Pakistan Ltd.
26
International General Insurance Co. oI Pak
Ltd. 52 Universal Insurance Company Limited
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 20
A
LIFE INSURANCE CORPORATIONS /
LIFE INSURER REINSURER
Public 1 Pakistan Reinsurance Company Limited
1 Postal LiIe Insurance GENERAL TAKAFUL OPERATOR
2 State LiIe Insurance Corporation oI Pakistan 1 Pak - Kuwait TakaIul Company Limited
Private 2 Pak - Qatar General TakaIul Limited
1 Adamjee LiIe Assurance Co. Ltd. 3 TakaIul Pakistan Limited
2 American LiIe Insurance Co.(Pak.) Ltd. FAMILY TAKAFUL OPERATOR
3
Asia Care Health and LiIe Insurance Company
Ltd. 1 Pak - Qatar Family TakaIul Limited
4
Commercial Union LiIe Assurance Company
Ltd. 2 Dawood Family TakaIul Limited
5 EFU LiIe Assurance Limited FOREIGN
6 East West LiIe Assurance Company Ltd.. 1 ACE Insurance Aid PaciIic Ltd.
7 Metropolitan LiIe Assurance Company Ltd. 2 CGU Assurance Company Ltd.
8 New Jubilee LiIe Insurance Company Ltd. 3 New Hampshire Insurance Company Ltd.
HEALTH INSURER 4 New Zealand Insurance Company Ltd.
1 Allianz EFU Health Insurance Ltd. 5 Royal & Sun Alliance Assurance PlC.
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 21
. ISLAMIC BANKING
Also known as participant banking Islamic banking reIers to a system oI banking or banking
activity that is consistent with the principles oI Islamic law ($,7,) and its practical application
through the development oI Islamic economics. Sharia prohibits the payment or acceptance oI
interest Iees Ior loans oI money (Riba, usury), Ior speciIic terms, as well as investing in
businesses that provide goods or services considered contrary to its principles (Haraam,
Iorbidden). While these principles were used as the basis Ior a Ilourishing economy in earlier
times, it is only in the late 20th century that a number oI Islamic banks were Iormed to apply
these principles to private or semi-private commercial institutions within the Muslim community.
Sr. # ISLAMIC BANKS IN PAKISTAN
1 BankIslami Pakistan Limited
2 Dawood Islamic Bank Limited
3 Dubai Islamic Bank (Pakistan) Limited
4 Emirates Global Islamic Bank
5 Meezan Bank Limited
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 22
. DEVELOPMENT FINANCIAL INSTITUTIONS (DFI)
Is generic term used to reIer to a range oI alternative Iinancial institutions including microIinance
institutions, community development Iinancial institution and revolving loan Iunds. These
institutions provide a crucial role in providing credit in the Iorm oI higher risk loans, equity
positions and risk guarantee instruments to private sector investments in developing countries.
DFIs have a general mandate to provide Iinance to the private sector Ior investments that
promote development. The purpose oI DFIs is to ensure investment in areas where otherwise, the
market Iails to invest suIIiciently. DFIs aim to be catalysts, helping companies implement
investment plans and especially seek to engage in countries where there is restricted access to
domestic and Ioreign capital markets and provide risk mitigation that enables investors to
proceed with plans they might otherwise abandon. DFIs specialize in loans with longer
maturities and other Iinancial products. DFIs have a unique advantage in providing Iinance that
is related to the design and implementation oI reIorms and capacity-building programmers
adopted by governments.
DEVELOPMENT FINANCIAL INSTITUTIONS
1 House building Iinance corporation 8
Saudi Pak Industrial & Agricultural Investment
Company
Pakistan Brunei Company Ltd 9 Pak Iran joint Investment company Ltd
3 Pak China Investment Company Ltd 10
Pakistan Industrial Credit & Investment
Corporation (PICIC), Karachi
4
Pak Kuwait Investment Company (Pvt)
Ltd 11 Equity Participation Fund
3 Pak Libya Holding Company Ltd 12 National Investment Trust Ltd.
6 Pak Oman Investment Company Ltd 13 Investment corporation oI Pakistan
7 PAIR Investment Company 14 Bankers Equity Ltd
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 23
NON-BANKING FINANCIAL INSTITUTIONS (NBFI)
A non-bank Iinancial institution (NBFI) is a Iinancial institution that does not have a Iull banking
license or is not supervised by a national or international banking regulatory agency. NBFIs
Iacilitate bank-related Iinancial services, such as investment, risk pooling, contractual savings,
and market brokering.
|1|
Examples oI these include insurance Iirms, pawn shops, cashier's check
issuers, check cashing locations, currency exchanges, and microloan organizations
Service !rovided
NBFCs oIIer all sorts oI banking services, such as loans and credit Iacilities, private education
Iunding, retirement planning, trading in money markets, underwriting stocks and shares, TFCs
and other obligations. These institutions also provide wealth management such as managing
portIolios oI stocks and shares, discounting services e.g. discounting oI instruments and advice
on merger and acquisition activities. The number oI non-banking Iinancial companies has
expanded greatly in the last several years as venture capital companies, retail and industrial
companies. For example (Modaraba, Leasing companies, Housing Finance Companies,
Investment Bank and Companies, Discount and Guarantee House, AMC, Venture Capital
Company).
NON BANKING FINANCIAL INSTITUTIOS / COMPANIES - NBFI's - NBFC's
Sr.
# Financial Intermediaries
Sr.
# Financial Intermediaries
1 4th ICP Mutual Fund 60
House Building Finance Corporation
2 ABAMCO Capital Iund 61
International Housing Finance Ltd.
3 ABAMCO Composite Iund 62
Islamic Investment Bank Ltd.
4 ABAMCO Stock Market Fund 63 Ibrahim Leasing Ltd.
5 Al-Meezan Mutual Fund limited 64 International Multi Leasing Corp. Ltd.
6 Alnoor Modaraba 65 Investec Mutual Fund Ltd.
7 Asian Leasing Corporation Ltd. 66
Jahangir Siddiqui Investment Bank Ltd.
8 Asian Stocks Fund Ltd. 67 Khushali Bank
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 24
9 Al-Zamin Leasing Modaraba 68
Karakuram Cooperative bank Ltd
10 Asian Housing Finance Ltd. 69 L.T.V.C Modaraba
11 Askari Leasing Company Ltd. 70 Lease Pak Ltd.
12 Asset Investment Bank Ltd. 71 LTV-RCC Al
13 Atlas Investment Bank Ltd. 72 Meezan Islamic Fund
14 Azad Kashmir Govt Coop. Bank 73 Metrobank Pakistan Sovereign Iund
15 Atlas Income Fund 74 Modaraba Al-Mali
16 B.F. Modaraba 75 Modaraba Al-Tijarah
17
Baluchistan Provincial CoOperative
Bank
76 National Investment Trust
18 BRR International Modaraba 77 NBP Capital Limited
19 BSJS Balanced Fund 78
National Assets Leasing Corp. Ltd.
20 Crosby Dragon Fund 79
Natover Motor Lease Ltd.
21
Capital Assets Leasing Corp. Ltd.
80
Network Leasing Corporation Ltd.
22
Crescent Leasing Corporation Ltd.
81
Orix Investment Bank Pakistan Ltd.
23
Crescent Standard Investment Bank
Ltd.
82
Orix Leasing Pakistan Ltd.
24 Dawood Money Market Fund 83
Pak GulI Leasing Company Ltd.
25 Dominion Stocks Fund Ltd. 84
Pakistan Industrial & Commercial
Leasing
26
English Leasing Ltd.
85
Prudential Investment Bank Ltd.
27
Escorts Investment Bank Ltd.
86 Pakistan Capital Market Fund
28
First Dawood Investment bank
87
Grays Leasing Ltd.
29
First Habib Modaraba
88 Pakistan Income Fund
30
First International Investment Bank
Ltd
89 Pakistan Premier Fund Ltd.
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 25
31 Faysal Balanced Growth Fund 90 Pakistan Stock Market Fund
32 Fayzan ManuIacturing Modaraba 91 PICIC Growth Fund
33 Financial Link Modaraba 92 PICIC Investment Fund
34 First Allied Bank Modaraba 93
Prudential Discount & Guarantee House
Ltd.
35 First Capital Mutual Fund Ltd. 94 Prudential Stocks Fund Ltd.
36 First Constellation Modaraba 95 Rozgar Bank Ltd
37
First Credit & Discount Corp.
(Pvt.)Ltd. 96
Saudi Pak Leasing Co. Ltd.
38 First Elite Capital Modaraba 97
Security Investment Bank Ltd.
39 First Equity Modaraba 98
Security Leasing Corporation Ltd.
40 First Fidelity Leasing Modaraba 99
Sigma Leasing Corporation Ltd.
41 First Habib Bank Modaraba 100
Sindh Provincial Co-Operative Bank
42 First Hajveri Modaraba 101
Standard Chartered Modaraba
43 First I.B.L. Modaraba 102 SaIeway Mutual Fund
44 First Imrooz Modaraba 103 Second Tri-Star Modaraba
45 First InterIund Modaraba 104 SME Leasing Ltd.
46 First Investec Modaraba 105 Speed Way Pondmetal Pak. Limited
47 First Islamic Modaraba 106
Trust Leasing Corporation Ltd.
48 First Mehran Modaraba 107 TMT Ventures Limited
49 First Micro Finance Bank 108 TRG Pakistan Limited
50 First National Bank Modaraba 109 Tri-Star Mutual Fund Ltd.
51 First National Modaraba 110 Trust Modaraba
52 First Pak Modaraba 111 Unicap Modaraba
53 First Paramount Modarba 112 Unit Trust oI Pakistan
54 First Prudential Modaraba 113 United Money Market Fund
55 First Punjab Modaraba 114 Unity Modaraba
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 26
56 First Tri-Star Modaraba 115 Universal Leasing Corporation Ltd.
57 First UDL Modaraba 116 UTP Income Fund
58
Formerly Northern Areas Provincial
Coop. Bank
117 UTP Islamic Fund
59
Golden Arrow Selected Stocks Funds
Ltd. 118
Union Leasing Ltd.
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 27
10. FOREIGN CURRENCY NAMES & THEIR SYMBOLS
Country Currency
Currency
Code Symbol
Albania Leke ALL Lek
America (United States oI America) Dollars USD $
Argentina Pesos ARS $
Aruba Guilders AWG ]
Australia Dollars AUD $
Azerbaijan New Manats AZN a
Bahamas Dollars BSD $
Barbados Dollars BBD $
Belarus Rubles BYR p.
Belgium Euro EUR t
Belize Dollars BZD BZ$
Bermuda Dollars BMD $
Bolivia Bolivianos BOB $b
Bosnia and Herzegovina
Convertible
Marka BAM KM
Botswana Pulas BWP P
Bulgaria Leva BGN n
Brazil Reais BRL R$
Britain (United Kingdom) Pounds GBP
Brunei Darussalam Dollars BND $
Canada Dollars CAD $
Cayman Islands Dollars KYD $
Chile Pesos CLP $
China Yuan CNY
Colombia Pesos COP $
Croatia Kuna HRK kn
Cyprus Euro EUR t
Czech Republic Koruny CZK Kc
Denmark Kroner DKK kr
Dominican Republic Pesos DOP RD$
East Caribbean Dollars XCD $
Egypt Pounds EGP
El Salvador Colones SVC $
England (United Kingdom) Pounds GBP
Estonia Krooni EEK kr
Euro EUR t
Falkland Islands Pounds FKP
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 28
Fiji Dollars FJD $
France Euro EUR t
Ghana Cedis GHC
Gibraltar Pounds GIP
Greece Euro EUR t
Guatemala Quetzales GTQ Q
Guernsey Pounds GGP
Guyana Dollars GYD $
Holland (Netherlands) Euro EUR t
Honduras Lempiras HNL L
Hong Kong Dollars HKD $
Hungary Forint HUF Ft
Iceland Kronur ISK kr
India Rupees INR Rs
Indonesia Rupiahs IDR Rp
Iran Rials IRR
Ireland Euro EUR t
Isle oI Man Pounds IMP
Israel New Shekels ILS n
Italy Euro EUR t
Jamaica Dollars JMD J$
Japan Yen JPY
Jersey Pounds JEP
Kazakhstan Tenge KZT n
Korea (North) Won KPW #
Korea (South) Won KRW #
Kyrgyzstan Soms KGS n
Latvia Lati LVL Ls
Lebanon Pounds LBP
Liberia Dollars LRD $
Liechtenstein
Switzerland
Francs CHF CHF
Lithuania Litai LTL Lt
Luxembourg Euro EUR t
Macedonia Denars MKD e
Malaysia Ringgits MYR RM
Malta Euro EUR t
Mexico Pesos MXN $
Mozambique Meticais MZN MT
Namibia Dollars NAD $
Netherlands Antilles Guilders ANG ]
Netherlands Euro EUR t
New Zealand Dollars NZD $
Nicaragua Cordobas NIO C$
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 29
Nigeria Nairas NGN
North Korea Won KPW #
Norway Krone NOK kr
Oman Rials OMR .' -
Pakistan Rupees PKR Rs
Panama Balboa PAB B/.
Paraguay Guarani PYG Gs
Peru Nuevos Soles PEN S/.
Philippines Pesos PHP Php
Poland Zlotych PLN zl
Qatar Rials QAR .' -
Romania New Lei RON lei
Russia Rubles RUB py
Saint Helena Pounds SHP
Saudi Arabia Riyals SAR
Serbia Dinars RSD .
Singapore Dollars SGD $
Slovenia, Euro EUR t
Solomon Islands Dollars SBD $
Somalia Shillings SOS S
South AIrica Rand ZAR R
South Korea Won KRW #
Spain Euro EUR t
Sri Lanka Rupees LKR #
Sweden Kronor SEK kr
Switzerland Francs CHF CHF
Suriname Dollars SRD $
Syria Pounds SYP
Taiwan New Dollars TWD NT$
Thailand Baht THB
Trinidad and Tobago Dollars TTD TT$
Turkey Lira TRY TL
Turkey Liras TRL
Tuvalu Dollars TVD $
United Kingdom Pounds GBP
United States oI America Dollars USD $
Uruguay Pesos UYU $U
Uzbekistan Sums UZS n
Vatican City Euro EUR t
Venezuela
Bolivares
Fuertes VEF Bs
Vietnam Dong VND
Zimbabwe
Zimbabwe
Dollars ZWD Z$
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 30
11. FOREIGN CURRENCY RATES
OPEN MARKET FOREX RATES
Updated at: 16/5/2011 2:31 AM (PST)
Currency Buying Selling
Australian Dollar 89.35 90.35
Bahrain Dinar 222.8 224
Canadian Dollar 87.2 88.2
China Yuan 12.8 13.4
Danish Krone 16.3 16.6
Euro 120.2 122.2
Hong Kong Dollar 10.9 11.25
Indian Rupee 1.85 1.95
Japanese Yen 1.044 1.054
Kuwaiti Dinar 301 303.5
Malaysian Ringgit 28 28.4
NewZealand $ 66.9 68
Norwegians Krone 15.4 15.7
Omani Riyal 218 219.5
Qatari Riyal 23.2 23.4
Saudi Riyal 22.6 22.78
Singapore Dollar 67.7 68.7
Swedish Korona 13.4 13.7
Swiss Franc 96 97
Thai Bhat 2.8 2.9
U.A.E Dirham 23.1 23.32
UK Pound Sterling 137.6 139
US Dollar 85.1 85.45
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 31
1. PROVIDENT FUND
A Iund into which the employer and the employee both pay money regularly, so that when the
employee retires or leaves the company, he or she receives a sum oI money.
A provident Iund is a retirement savings account that all companies with over a certain number
oI employees are legally required to maintain on behalI oI their employees. Employees
contribute a certain amount oI money Irom their salaries into the Iund and employers generally
pledge to match the employees` contributions, up to a certain pre-speciIied limit which varies
Irom company to company.
The provident Iund was originally set up in a bid to provide monetary security to employees
when they retire. Too oIten, people Iind that the golden years oI their liIe are years marked by
Iinancial inadequacy and dependency on relatives or children. The provident Iund is designed to
provide the retiring individual with dignity and security. However, it has, over the years,
developed into a broad plan Ior social security which covers the retirement, buying houses,
medical expenses and related expenses.
EOBI
Introduction:
EOB Act 1976 was enIorced with eIIect Irom April 01, 1976, to achieve the objective oI Article
38 (C) oI the Constitution, by providing Ior compulsory social insurance. It extends Old-Age
BeneIits to insured persons or their survivors
Benefits:
Under EOB Scheme, Insured Persons are entitled to avail beneIit like, Old-Age Pension (on the
event oI retirement), Invalidity Pension (In case oI permanent disability), Old-Age Grant (an
Insured Person attained superannuation age, but does not posses the minimum threshold Ior
pension) Survivor's Pension (in case an Insured Person is expired)
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 32
Functions of EOBI
O IdentiIication and registration oI establishment and industries
O IdentiIication and registration oI insured persons
O Collection oI contributions
O EOB Iund management
O Provision oI beneIits as per laws
O
Companies providing !ension fund schemes to their employees in !akistan
O State liIe insurance corporation
O Unilever
O PSO
O NBP
O Abbot laboratories Pakistan
O Engro
O EFU liIe insurance
O Coco-cola beverages
O Fatima Iertilizer company
O Pakistan reIinery limited
O Cherat Cement Company - Nowshera
O Murree brewery company
O Pakistan national shipping corporation
O The general tyre and rubber company oI Pakistan
O GlaxoSmithKline Pakistan limited
O Power plant lead chemist Kot Addu Power co. Pakistan
O Sargodha spinning mills limited
O Mirpur Khas Sugar Mills Limited
O SSGC
O others
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 33
1. STOCK EXCHANGE COMPANY
Is an entity that provides services Ior stock brokers and traders to trade stocks, bonds, and other
securities. Stock exchanges also provide Iacilities Ior issue and redemption oI securities and
other Iinancial instruments, and capital events including the payment oI income and dividends.
Securities traded on a stock exchange include shares issued by companies, unit trusts,
derivatives, pooled investment products and bonds.
To be able to trade a security on a certain stock exchange, it must be listed there. Usually, there
is a central location at least Ior record keeping, but trade is increasingly less linked to such a
physical place, as modern markets are electronic networks, which gives those advantages oI
increased speed and reduced cost oI transactions. Trade on an exchange is by members only.
Sr. # STOCK EXCHANGES IN PAKISTAN
1 Karachi Stock Exchange
2 Lahore Stock Exchange
3 Islamabad Stock Exchange
Stock Exchange Listed Companies
Sr.
# STOCK EXCHANGE LISTED COMPANIES OF PAKISTAN
1 AltaI Adam Securities (Private) Limited 101 Global Securities Pakistan Limited
2 Abid Ali Habib Securities (Private) Limited 102 Growth Securities (Private) Limited
3
Muhammad Hussain Ismail Securities
(Private) Ltd 103 J.P. Morgan Pakistan Broking (Private) Ltd.
4 MYTP Securities (Private) Limited 104
Moosa, Noor Mohammed, Shahzada & Co.
(Pvt) Ltd.
5
Jawed Zakaria Gulabi Securities (Private)
Limited 105 Shahid Ali Habib Securities (Pvt.) Limited
6 Sherman Securities (Pvt.) Limited 106 MAC Securities (Private) Limited
7 Amanah Investments Limited 107 Star Securities (Private) Limited
8
Millennium Capital Management (Pvt.)
Limited 108 Azee Securities (Private) Limited
9 Schon Capital Markets Limited 109 Dalal Securities (Pvt.) Limited
10 Sakarwala Capital Securities (Pvt.) Ltd. 110 Al-Hoqani Securities & Investment
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 34
Corporation (Pvt.)
11 Hum Securities Limited 111 Salma Bano
12 Reliance Securities Limited 112 Standard Capital Securities (Private) Limited
13 First Choice Securities Limited 113 Amin Tai Securities (Private) Limited
14 Merchant Investments (Private) Limited 114
Investec Securities Limited, (Under
Suspension)
15 Saya Securities (Private) Limited 115 Patel Securities (Private) Limited
16 D.J.M. Securities (Pvt.) Limited 116 TewIiq Mohammed Amin Fikree
17 Summit Capital (Pvt.) Limited 117 Sunrise Capital (Private) Limited
18 Ismail Iqbal Securities (Pvt.) Ltd. 118 KAI Securities Limited
19 AKD Securities Limited 119 AlIalah Securities (Private) Limited
20 H.M.Y. Securities (Private) Limited 120 Salim Sozer Securities (Private) Limited
21 AlIa Adhi Securities (Pvt.) Ltd. 121
Muhammad AshIaq Hussain Securities
(Private) Ltd.
22 BMA Capital Management Limited 122 MAS Capital Securities (Pvt.) Ltd.
23 Khanani Securities (Private) Limited 123 Invest & Finance Securities Limited
24 Masons Securities (Pvt.) Limited 124 Gazipura Securities & Services (Pvt.) Limited
25 Shehzad Chamdia Securities (Pvt.) Limited 125 Nini Securities (SMC-PRIVATE) Limited
26
Habib Metropolitan Financial Services
Limited 126 H. M. Idrees H. Adam
27 Ghani Osman Securities (Private) Limited 127 KASB Securities Limited
28 AKY Securities (Private) Limited 128 Taurus Securities Limited
29 Cedar Capital (Private) Limited 129 Mannoo Capital (Private) Limited
30 AshIaq AshraI Securities (Private) Limited 130 GMI Capital Securities (Private) Limited
31 ZaIar Moti Capital Securities (Pvt.) Ltd. 131 Eleven Stars Securities (Private) Limited
32 AAZEB Securities (Private) Limited 132 Alpha Beta Capital Markets (Private) Limited
33 Al-Asar Securities (Pvt.) Limited 133 ade-In-Securities (Private) Limited
34 Surmawala Securities (Private) Limited 134 Y.H. Securities (Pvt.) Limited
35 Time Securities (Pvt.) Limited 135 Jahangir Siddiqui & Co. Ltd.
36 HH Misbah Securities (Private) Limited 136
Smart Investments Capital Management (Pvt.)
Ltd.
37 A.H.M. Securities (Private) Limited 137 Escorts Capital Limited
38 Ghory's Securities (Private) Limited 138 Asian Securities Limited
39 ZHV Securities (Private) Limited 139 M.M. Securities (Private) Limited
40 Zubeda Abdul Sattar 140 Float Securities (Private) Limited
41 R.F.R. Securities (Private) Limited 141 Foundation Securities (Private) Limited
42 Live Securities Limited 142 SAAO Capital (Private) Limited
43 IGI Finex Securities Limited 143 Dattoo Securities (Private) Limited
44 Bhayani Securities (Private) Limited 144 Adam Securities (Pvt.) Ltd
45 Fortune Securities Limited 145
Jan Mohammed A. LatiI Nini & Sons (Pvt)
Ltd.
46 Zillion Capital Securities (Pvt.) Ltd 146 A.I. Securities (Private) Limited
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 35
47 Next Capital Limited 147 Oriental Securities (Private) Limited
48 Multiline Securities (Pvt.) Ltd. 148 JS Global Capital Limited
49 AriI Habib Limited 149 Askari Securities Limited
50 Rayomund Jal H.P. Byramji 150 Javed Omer Vohra & Co. Ltd.
51 N.U.A. Securities (Private) Limited 151
Muhammad AnaI Kapadia Securities (SMC-
PVT.) Ltd.
52 M H Securities (Private) Limited 152 Creative Capital Securities (Private) Limited
53 Bawa Securities (Pvt.) Limited 153
Muhammad Bashir Kasmani Securities (Pvt)
limited
54 Burj Capital Pakistan (Private) Limited 154 B&B Securities (Pvt.) Ltd.
55 Nael Capital (Private) Limited 155 Z.A. GhaIIar Securities (Private) Limited
56 First Capital Equities Limited 156 H & H Securities (Private) Limited
57 Dawood Equities Limited 157 Moosani Securities (Pvt) Limited
58 H.H.K. Securities (Pvt.) Limited 158 RaIi Securities (Private) Limited
59 Haroon Suleman 159 Moonaco Securities (Private) Limited
60 Abbasi Securities (Private) Limited 160 Pak Meezan Securities (Pvt.) Limited
61 WE Financial Services Limited 161 Aba Ali Habib Securities (Private) Limited
62 AL Habib Capital Markets (Pvt.) Limited 162 Friendly Securities (Pvt.) Limited
63 unaI Sattar Securities (Private) Limited 163 United Capital Securities (Pvt.) Limited
64 Tariq Vohra Securities (Private) Limited 164 Hussain Ebrahim (LATE)
65 Iqbal Usman Kodvavi Securities (Pvt.)Ltd 165 Topline Securities (Pvt) Ltd.
66 ACE Securities (Private) Limited 166 AMZ Securities (Private) Limited
67 MAK Securities (Private) Limited 167 AAU Securities (Private) Limited
68 Invisor Securities (Private) Limited 168 Pearl Securities Limited
69 M.B.J. Securities (Pvt.) Limited 169 M.J. Memon Securities (Private) Limited
70 Amber Haroon Saigol 170 Securities (Pvt.) Limited
71 TS Securities (Private) Limited 171 M.A.N. Securities (Pvt.) Limited
72 Khoja's Capital Management (Pvt) Limited 172 Mazhar Hussain Securities (Pvt) Limited
73
Pak Libya Holding Company (Private)
Limited 173 Aziz Dawood Securities (Private) Limited
74 A.R.Securities (Pvt.) Limited 174 First National Equities Limited
75 S. Nasir Hussain 175
Muhammed Salim Kasmani Securities
(Private) Ltd.
76 Orix Investment Bank Pakistan Limited 176 LatiI Suleman Securities (Private) Limited
77 Salman Capital Investments (Pvt.) Limited 177 A.H.K.D. Securities (Pvt.) Limited
78 IrIan Mazhar Securities (Pvt.) Limited 178 Continental Capital Management (Pvt) Ltd.
79 Akbani Securities (SMC-Private) Limited 179 Dawood Mohammed
80 Security Investment Bank Limited 180 First Equity Modaraba
81 Mayari Securities (Private) Limited 181 Cassim Investments (Private) Limited
82 Al-Mal Securities & Services Ltd 182 R.T. Securities (Pvt.) Limited
83
Muhammad Munir Muhammad Ahmed
Khanani 183 Prime Securities (Pvt.) Limited
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 36
84 Securities (Pvt.) Ltd. 184 A. Sattar Motiwala Securities (Pvt.) Ltd
85 Concordia Securities (Pvt) Ltd. 185 Mohammed Tariq Moti
86 ort Securities (Private) Limited 186 SAZ Capital Securities (Pvt.) Ltd.
87 Aziz Fidahusein & Co. (Pvt.) Limited 187 Apex Capital Securities (Private) Ltd.
88 Fawad YusuI Securities (Private) Limited 188 Pervez Ahmed Capital (Private) Limited
89
Investment Managers Securities (Private)
Ltd 189 Naveed H.M. Idrees
90 Darson Securities (Private) Limited 190 Pearl Capital Management (Private) Limited
91 ket Securities Limited 191 Kosmopolitan Securities (Private) Limited
92 Memon Securities (Private) Limited 192 Akhai Securities (Pvt.) Limited
93
Farooq Abdullah Securities (Private)
Limited 193 M.R.A. Securities (Pvt.) Limited
94 FDM Capital Securities (Pvt.) Limited 194 A.A.K. Securitie (Private) Limited
95 SNM Securities (Pvt.) Limited 195 Rah Securities (Private) Limited
96 MSMANIAR Financials (Private) Limited 196 Lakhani Securities (Private) Limited
97 Invest Capital Investmen Bank Limited 197 Motiwala Securities (Pvt.) Ltd.
98
Fairtrade Capital Securities (Private)
Limited 198 Pardesi Securities (Private) Limited
99 Sattar Chinoy Securities (Pvt.) Limited 199 Ali Husain Rajabali Limited
100 Elixir Securities Pakistan (Private) Limited
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 37
1. FOREIGN EXCHANGE COMPANY
A non-bank Ioreign exchange company also know as Ioreign exchange broker or simply Iorex
broker is a company that oIIers currency exchange and international payments to private
individuals and companies. The term is typically used Ior currency exchange companies that
oIIer physical delivery rather than speculative trading. i.e., there is a physical delivery oI
currency to a bank account.
Foreign exchange companies are normally distinct Irom money transIer companies or remittance
companies and Bureau de change as they typically perIorm high-value transIers unlike their
money transIer counterparts that Iocus on high-volume low-value transIers generally by
economic migrants back to their home country or to provide cash Ior travelers.
Sr.
# FOREIGN EXCHANGE COMPANIES IN PAKISTAN
1 Al-Hameed International Exchange Company 8 Chase Exchange Comnpany-B (Pvt.) Ltd.
2 Al-Rahim Exchange Company Ltd. 9 East West Exchange Company-B (Pvt.) Ltd.
3 Al-Sahara Exchange Company Ltd. 10 Great Union Exchange Company-B (Pvt.) Ltd.
4 Data Exchange Company Private Ltd. 11
Harat Management Exchange Company-B (Pvt.)
Ltd.
5 Dollar East Exchange Company Ltd. 12 International Exchange Company-B (Pvt.) Ltd.
6 Eastren Union Exchange Company (Pvt.) Ltd. 13 Islamabad Exchange Company-B (Pvt.) Ltd.
7 Fair Deal Exchange Company (Pvt.) Ltd. 14 Karwan Exchange Company-B (Pvt.) Ltd.
8 Glaxy Exchange Company (Pvt.) Ltd. 34 Madina Exchange Company-B (Pvt.) Ltd.
9 H&H Exchange Company.(Pvt) Ltd. 35 MARS Exchange Company-B (Pvt.) Ltd.
10 Khanani & Kalia International (Pvt.) Ltd. 36 Mega Currency Exchange Company-B (Pvt.) Ltd.
11 Malik Exchange Company Ltd. 37
Money Masters Currency Exchange Company-B
(Pvt.) Ltd.
12 NBP Exchange Company Ltd. 38 Muhammadi Exchange Company-B (Pvt.) Ltd.
13 Noble Exchange International (Pvt.) Ltd. 39 Orient Exchange Company-B (Pvt.) Ltd.
14 Pakistan Currency Exchange Co. (Pvt.) Ltd. 40 Overseas Exchange Company-B (Pvt.) Ltd.
15
Paracha International Exchange Company
Ltd. 41 Premier Exchange Company-B (Pvt.) Ltd.
16 PICIC Exchange Company Ltd. 42 Rajgan Exchange Company-B (Pvt.) Ltd.
17 Riaz Exchange Company (Pvt.) Ltd. 43 SKY Exchange Company-B (Pvt.) Ltd.
18 Wall Street Exchange Company Ltd. 44
Swiss International Exchange Company-B (Pvt.)
Ltd.
Financial Institutions oI Pakistan
Dadabhoy Institute oI Higher Education Page 38
19 Zarco Exchange Company Ltd. 45 Time Exchange Company-B (Pvt.) Ltd.
20 AItab Exchange Company-B (Pvt.) Ltd. 46 Union Exchange Company-B (Pvt.) Ltd.
21 Al-Khaleej Exchange Company-B (Pvt.) Ltd. 47 United Exchange Company-B (Pvt.) Ltd.
22
Al-Pine International Exchange CompanyB
(Pvt.) Ltd. 48 Universal Exchange Company-B (Pvt.) Ltd.
23 Al-Quaim Exchange Company-B (Pvt.) Ltd. 49
Usman International Exchange Company-B (Pvt.)
Ltd.
24 Best Way Exchange Company-B (Pvt). Ltd. 50 World Exchange Company-B (Pvt.) Ltd.
25 Capital Exchange Company-B (Pvt.) Ltd. 51 World Express Exchange Company-B (Pvt.) Ltd.
26 Chanda Exchange Company-B (Pvt.) Ltd. 52 World Wide Exchange Company-B (Pvt.) Ltd.