First IBL Modaraba

First IBL Modaraba (PSX: FIBLM) is a listed Islamic financial institution in Pakistan operating under the modaraba framework. According to the Pakistan Stock Exchange (PSX), the modaraba commenced operations on October 19, 1989, and is managed by IBL Modaraba Management (Private) Limited. Its stated business activities include Islamic financing arrangements such as Ijarah, Musharaka and Murabaha.

Important investor alert: The official PSX company page currently displays a Risk Warning Alert stating that the company is in continuous violation of specified PSX regulatory clauses and may face suspension of trading or delisting. Investors should read the current PSX notice and relevant filings before relying on this profile. The alert is a material regulatory consideration, not a prediction of the company's eventual outcome.

Business Activities

First IBL Modaraba conducts activities through Islamic modes of financing. These include:

• Ijarah: An Islamic leasing arrangement in which an asset is leased under agreed terms.
• Musharaka: A partnership-based arrangement involving shared participation under the relevant agreement.
• Murabaha: A cost-plus sale structure used in Shariah-compliant financing.

The actual scale, profitability and risk exposure of each activity should be assessed using the latest audited annual report and interim financial statements rather than inferred from the business description alone.

Financial Performance

The PSX company page reports the following annual figures. Amounts for income and profit are shown in Pakistani rupees.

Financial metric	FY2025	FY2024
Total income from operations	Rs. 54.45 million	Rs. 52.10 million
Profit after taxation	Rs. 26.84 million	Rs. 10.98 million
Earnings per certificate	Rs. 1.24	Rs. 0.51

These figures indicate higher reported income and profit in FY2025 than in FY2024. However, one year's improvement does not establish that the trend will continue. Investors should examine operating income composition, expenses, taxation, cash flows, asset quality and the explanations in the directors' report.

PSX also lists financial results for the quarter ended March 31, 2026. Consult the original filing and subsequent disclosures for the complete interim results. The financial data displayed on the PSX summary page may be standardized, so the company's filed statements should be treated as the primary source for detailed analysis.

Shariah Compliance Status

First IBL Modaraba was listed as Shariah-compliant in the PSX-KMI All Share Islamic Index recomposition effective June 5, 2026, based on accounts as of December 31, 2025. The index methodology uses specific screening criteria, and Islamic financial institutions may be assessed using specialized metrics.

Shariah status can change at a subsequent review. Investors should verify the latest official PSX-KMI All Share Islamic Index list before investing. PSX announced in February 2026 that the interest-bearing debt-to-total-assets threshold would be reduced from 37% to 33%, with implementation from the November 2026 recomposition based on June 2026 annual or half-yearly accounts. The new threshold should not be treated as already applied to the June 2025-based review.

Shariah compliance under an index screening methodology is distinct from financial strength, valuation, liquidity or regulatory standing. It does not guarantee investment performance.

Regulatory and Risk Considerations

The PSX company page displays a Risk Warning Alert referencing continuous violation of clauses 5.11.1 or 5.11.2 and the possibility of suspension or delisting. Investors should:

• Read the current alert and related PSX notices.
• Check whether the company has published a subsequent compliance update.
• Review the latest audited financial statements and quarterly results.
• Consider trading liquidity and the possibility of elevated price volatility.
• Avoid making decisions based solely on past earnings or Shariah-screening status.

The alert should remain prominent in this profile while it is displayed by PSX. This profile does not determine the legal meaning of the alert or imply that suspension or delisting is certain.

Dividends and Corporate Actions

Dividend payments, recommendations and other entitlements should be reported only after checking the relevant official company announcement. The availability of historical earnings figures alone is not sufficient to establish a current dividend entitlement. Review the PSX announcements and payout records for the latest confirmed information.

Investor Considerations

Investors researching FIBLM may wish to focus on:

1. Earnings quality: Determine whether profit growth is supported by recurring operating activities.
2. Financial position: Review asset quality, liquidity, liabilities and cash-flow movements.
3. Regulatory status: Investigate the PSX Risk Warning Alert and any subsequent official updates.
4. Shariah screening: Confirm inclusion in the latest PSX-KMI All Share Islamic Index review.
5. Market liquidity and valuation: Compare the current market price with reported earnings and relevant balance-sheet information, while accounting for the risks of a potentially thinly traded security.

These are research considerations, not a recommendation to buy or sell the certificate.

Frequently Asked Questions

What is the PSX symbol of First IBL Modaraba?

Its Pakistan Stock Exchange symbol is FIBLM.

Is First IBL Modaraba Shariah-compliant?

It was listed as compliant in the PSX-KMI All Share Islamic Index review effective June 5, 2026, based on accounts dated December 31, 2025. Check the latest review for any change in status.

What does First IBL Modaraba do?

Its stated activities include Islamic financing arrangements such as Ijarah, Musharaka and Murabaha.

What were its FY2025 earnings?

The PSX summary reports total income from operations of Rs. 54.45 million, profit after taxation of Rs. 26.84 million and earnings per certificate of Rs. 1.24 for FY2025.

Is there a regulatory warning on FIBLM?

Yes. The official PSX company page displays a Risk Warning Alert concerning regulatory violations and potential suspension or delisting. Investors should consult the current PSX page and related notices.

Does Shariah compliance mean the investment is safe?

No. Shariah screening addresses compliance with the applicable screening methodology. It does not remove business, market, liquidity or regulatory risks.

Official Sources and Further Research

• Pakistan Stock Exchange — First IBL Modaraba: https://dps.psx.com.pk/company/FIBLM
• PSX — Islamic indices: https://www.psx.com.pk/psx/product-and-services/indices
• PSX — Shariah-compliant investment information: https://www.psx.com.pk/psx/resources-and-tools/shariah-compliant-investment
• First IBL Modaraba — Official website: https://www.firstibl.com/
• PSX announcement revising Shariah screening methodology: https://dps.psx.com.pk/download/attachment/271129-1.pdf

This profile is intended for company research and investor education. Verify current financial statements, Shariah-screening status and regulatory disclosures from the original official sources before making an investment decision.