The Banking Companies (Recovery of Loans, Advances, Credits and Finances) Ordinance, 1997

PREAMBLE

1 Short title and commencement

2 Definitions

3 Ordinance not to derogate from other laws

4 Establishment of Banking Court

5 High Court

6 Resignation and removal of Judges

7 Powers of Banking Courts

8 Suit for recovery of written off loans, etc.

9 Procedure of Banking Courts

10 Decree

11 Attachment before judgment and appointment of receivers

12 Execution of Decree

13 Provisions relating to certain offences

14 Application of fines

15 Transfer of pending criminal proceedings

16 Appeal

17 Finality of orders

18 Limitation Act, 1908 (Act IX of 1908) not to apply

19 Powers to amend Schedule

20 Powers to make rules

21 Indemnity

22 Removal of difficulties

23 Repeal

SCHEDULE. Schedule

The Banking Companies (Recovery of Loans, Advances, Credits and Finances) Ordinance, 1997

ORDINANCE XXV OF 1997

An Ordinance to repeal, and with certain modifications to consolidate and re‑enact the banking Companies (Recovery of Loans) Ordinance, 1979 and the Banking Tribunals Ordinance, 1984

[Gazette of Pakistan, Extraordinary, Part I, 4th February, 1997]

No.F.2(1)197‑Pub., dated 4‑2‑1997.‑‑‑The following Ordinance made by the President is hereby published for general information:---

Whereas it is expedient to repeal and with certain modifications to consolidate and re‑enact the Banking Companies (Recovery of Loans) Ordinance, 1979 (XIX of 1979) and the Banking Tribunals Ordinance, 1984 (LVIII of 1984);

And whereas the National Assembly is not in session and the President is satisfied that the circumstances exist which render it necessary to take immediate action;

Now, therefore, in exercise of the powers conferred by clause (1) of Article 89 of the Constitution of the Islamic Republic of Pakistan, the President is pleased to make and promulgate the following Ordinance, namely:‑‑-

1. Short title and commencement.‑‑(1) This Ordinance may be called the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Ordinance, 1997.

(2) It extends to the whole of Pakistan.

(3) It shall come into force at once.

2. Definitions. In this Ordinance, unless there is anything repugnant in the subject or context,‑‑-

(a) “banking company” means,---

(i) any company whether incorporated within or beyond Pakistan which transacts the business of banking in Pakistan or carries one or more businesses specified in section 7 of the Banking Companies Ordinance, 1962 (LVII of 1962);

(ii) a bank as defined in the Banks (Nationalization) Act, 1974 (XIX of 1974);

(iii) a scheduled bank as defined in the State Bank of Pakistan Act, 1956 (XXXIII of 1956);

(iv) a Government Saving Bank to which the Government Saving Bank Act, 1873’(V of 1873) applies; and

(v) a company, an institution or an organization specified in the Schedule to this Ordinance;

(b) “Banking Court” means,‑‑‑

(i) in respect of a case in which the outstanding amount of claim based on loan or finance does not exceed ten million rupees or the trial of offences under this Ordinance, the Court established under section 4 of this Ordinance; and

(ii) in respect of any other case, the High Court;

(c) “borrower” means a person who has obtained a loan under a system based on interest from a banking company and includes a surety or an indemnifier;

(d) “customer” means a person who has obtained finance under a system which is not based on interest from a banking company or is the real beneficiary A such finance, and includes a surety or an indemnifier;

(e) “finance” includes accommodation or facility under a system which s not based on interest but provided on the basis of participation in profit and loss, mark‑up or mark‑down in price, hire purchase, equity support, lease, rent sharing, licensing, charge or fee of any kind, purchase and sale of any property, including commodities, patents, designs, trade marks and copyrights, bills of exchange, promissory notes or other instruments with or without buy‑back arrangement by a seller, participation term certificate, musharika certificate, Modaraba certificate, term finance certificate or any other mode other than an accommodation or facility based on interest and also includes guarantees, indemnities and any other obligation, whether fund based or non-fund based, and any accommodation or facility the real beneficiary whereof is a person other than the person to whom or in whose name it was provided;

(f) “loan” means loan, advance and credit under a system based on interest and includes,‑‑‑

(i) an advance cash `credit, overdraft, packing credit, a bill discounted and purchased or any other financial accommodation provided by a banking company to a borrower;

(ii) a guarantee, indemnity, letter of credit or any other financial engagement which a banking company may give, issue or undertake on behalf of a borrower;

(iii) a Banam loan, that is, a loan the real beneficiary or recipient whereof is a person other than the person in whose name the loan is advanced or granted;

(iv) any amount due from any borrower to a banking company under a decree passed by a Civil Court or an award given by an arbitrator; and

(v) any loan due from any borrower to a Banking Company which is the subject matter of any pending suit, appeal or revision before any Court; and

(g) “rules” means rules made under this Ordinance.

3. Ordinance not to derogate from other laws. The provisions of this Ordinance shall be in addition to and, save as hereinafter expressly provided, not in derogation of any other law for the time being in force.

4. Establishment of Banking Court.‑‑(1) The Federal Government may by notification in the Official Gazette, establish as many Banking Courts as it considers necessary to exercise jurisdiction in respect of the case under section 2(b)(i) and appoint a Judge for each of such Courts and where it establishes more Banking Courts than one, if shall specify in the notification the territorial limits within which each of the Banking Courts shall exercise jurisdiction under this Ordinance.

(2) Where more Banking Courts than one have been established in the same or different territorial limits, the High Court may, if it considers expedient to do so in the interest of justice or for the convenience of the parties or of the witnesses, transfer any case from one Banking Court to another.

(3) A Judge of a Banking Court shall be appointed by the Federal Government after consultation with the High Court of the Province in which the Banking Court is established and no person shall be appointed a Judge of a Banking Court unless he has been a Judge of a High Court or is or has been a District Judge.

(4) A Banking Court shall hold its sittings at such places within its territorial jurisdiction as may be determined by the Federal Government.

(5) A Judge of a Banking Court shall hold office for a term of three years from the date on which he enters upon his office.

(6) The salary, allowances and other terms and conditions of service of a person appointed as a Judge of a Banking Court shall be such as may be determined by the Federal Government.

(7) Nothing contained in this section shall apply to a High Court in the exercise of its jurisdiction under the Ordinance.

5. High Court.--‑The Chief Justice of each High Court shall, for securing expeditious disposal of cases under this Ordinance, nominate one or more Judges to exercise jurisdiction in respect of the cases in which the High Court has jurisdiction under section 2(b)(ii).

6. Resignation and removal of Judges.‑‑(1) A person appointed as a Judge of a Banking Court under section 4 may, by notice in writing under his hand addressed to the Federal Government, resign from his office.

(2) A person appointed as a Judge of a Banking Court under section 4 may be removed from his office on the ground of misconduct or incapacity if after enquiry into the matter a Judge of a High Court reports that such person has been guilty of misconduct or is incapable of performing the duties of his office.

7. Powers of Banking Courts.-‑‑(1) Subject to the provisions of this Ordinance, a Banking Court shall‑‑‑

(a) in the exercise of its civil jurisdiction have all the powers vested in a Civil Court under the Code of Civil Procedure, 1908 (Act V of 1908);

(b) in the exercise of its criminal jurisdiction, try the offences punishable under this Ordinance and shall, for this purpose, have the same powers as are vested in the Court of Session under the Code of Criminal Procedure, 1898 (Act V of 1898):---

Provided that a Banking Court shall not take cognizance of any offence punishable under this Ordinance except upon complaint in writing made by a person authorised in this behalf by the banking company in respect of which the offence was committed.

(2) A Banking Court shall in all matters with respect to which procedure has not been provided for in this Ordinance, follow the procedure laid down in the Code of Criminal Procedure, 1908 (Act V of 1908), and the Code of Criminal Procedure 1898 (Act V of 1898).

(3) All proceedings before a Banking Court shall be deemed to be judicial proceedings within the meaning of sections 193 and 228 of the Pakistan Penal Code (Act XLV of 1860), and the Banking Court shall be deemed to be a Court for the purposes of the Code of Criminal Procedure, 1898 (Act V of 1898).

(4) Subject to subsection (5) no ‘Court other than Banking Court shall have or exercise any jurisdiction with respect to any matter to which the jurisdiction of a Banking Court extends under this Ordinance, including a decision as to the existence or otherwise of a loan or finance and the execution of a decree passed by a Banking Court.

(5) Nothing in subsection (4) shall be deemed to affect,‑‑‑

(a) the right of a banking company to seek any remedy before any Court or otherwise that may be available to it under the law by which the banking company may have been established; or

(b) the power of the banking company or jurisdiction of any Court such as it referred to in clause (a); or

require the transfer to a Banking Court of any proceeding pending before the banking company or any such Court immediately before coming into force of this Ordinance.

(6) All proceedings, including proceedings following the filing of an arbitration award and proceedings for the execution of a decree within the jurisdiction of a Banking Court, pending in any Special Court constituted under the Banking Companies (Recovery of Loans) Ordinance, 1979 (XIX 1979), any Banking Tribunal constituted under the Banking Tribunals Ordinance, 1984 (LVIII of 1984) or any other Court ‘including a High Court shall stand transferred to the Banking Court having jurisdiction. On transfer of proceedings under this subsection, aBanking Court shall require the attendance of the parties through notice issued in accordance with the procedure for service of summons or notice laid down in subsection (2) of section 9.

(7) In respect of proceedings transferred to a Banking Court under subsection (6) the Banking Court shall proceed from the stage at which the proceedings have been transferred and shall not be bound to recall and rehear any witness who has given evidence before the transfer, and may act on the evidence already recorded or produced before the Court or Tribunal from which the proceedings have been transferred.

8. Suit for recovery of written off loans, etc.‑‑(1) Subject to subsection (2), notwithstanding anything contained in the Limitation Act, 1908 Act No.IX of 1908) or any other law, a banking company may, within three years from the date of coming into force of this Ordinance, file suit for the recovery of any amount written off, released or adjusted under any agreement, contract, consent, including compromise or withdrawal of any suit or legal proceedings or adjustment of decree between a banking company and the borrower or customer on any day on or after the first day of January, 1986 and before coming into force of this Ordinance, where it can establish that the amount was written off, released or adjusted for considerations other than bona fide business considerations.

(2) No suit under subsection (1) shall be filed unless the Board of Directors, if the Banking Company is incorporated within Pakistan, or the Chief Executive of the company in Pakistan, if the Banking Company is incorporated beyond Pakistan, has approved the filing of the suit.

9. Procedure of Banking Courts.‑‑(1) where a borrower or customer or yanking company commits default in fulfilling any obligation, the banking company or, as the case may be, the borrower or customer may file its claim with the Banking Court in the form of a plaint which shall be verified on oath in he case of a banking company by the Branch Manager or an officer of the rank A Assistant Vice-president or Assistant Manager or such other officer as the Board of Directors of a banking company may authorize in this behalf.

(2) On a plaint being filed with the Banking Court in accordance with he provisions of subsection (1), the Banking Court shall issue summons or notice requiring the defendant to show cause, within twenty-one days of the service of such summons or notice, as to why the decree as prayed for in the Taint should not be passed against him. The summons or notice under this section shall be served on the defendant through the bailiff of the Court, by registered post acknowledgment due and by publication, and service in any of he aforesaid modes shall be deemed valid service for the purposes of the Ordinance.

(3) Upon the defendant failing to file a reply with the time given in the show cause notice under subsection (2) or upon rejection by the Banking Court A the pleas taken by him in the reply, the Banking Court shall pass a decree as prayed for in the plaint.

(4) In the event of the Banking Court passing a decree against the defendant on his failure to give a reply to the show cause notice within the period specified in subsection (2), the Banking Court may, on the application of the defendant filed within twenty-one days of the passing of the decree, set aside the same and permit the defendant to file his reply under that subsection provided it is satisfied that there was sufficient cause for the defendant not having filed the reply within the specified period.

(5) All suits filed in the Banking Court shall be disposed of within ninety days of the filing of the plaint and in case proceedings continue beyond the said period, the defendant shall be required to deposit in cash, or to furnish security acceptable to the Banking Court equal in value to, the claim in suit, and on failure of the defendant to make such deposit or furnish such security, the Banking Court shall pass decree as prayed for in the plaint:---

Provided that the requirement of deposit in cash or furnishing security may be dispensed with if in the opinion of the Banking Court the delay is not attributable to the conduct of the defendant.

(6) Suits before a Banking Court shall come up for regular hearing as expeditiously as possible and, except in extraordinary circumstances and for reasons to be recorded, a Banking Court shall not allow adjournment for more than seven days.

(7) Where the claim filed by a banking company before the Banking Court is for the enforcement of a mortgage of immovable property, the decree shall mean final decree for foreclosure or sale as provided for in Order XXXIV of the First Schedule to the Code of Civil Procedure, 1908 (Act V of 1908) and the provision relating to passing of preliminary decrees contained in the said Order shall not apply.

(8) In respect of proceedings transferred to a Banking Court under subsection (6) of section 7, the application for leave to defend filed by a defendant under Order XXXVII of the First Schedule to the Code of Civil Procedure and the reply filed by a defendant under section 6 of the Banking Tribunals Ordinance 1984 shall be deemed to be a reply filed by a defendant under subsections (2) and (3), and no fresh show cause notice shall be necessary.

10. Decree.‑‑ (1) The decree shall provide for interest or mark‑up, as the case may be, on the judgment debt from the date of institution of suit to payment,---

(a) in the case of loan, for interest at the contracted rate or at the rate o1 two per cent. above the State Bank Repo rate whichever is higher; and

(b) in the case of finance under a system, not based on interest, for mark‑up at the contracted rate or at the latest rate of the banking company for similar finance whichever is higher.

Explanation In clause (a) “State Bank Repo rate” means the Repo rate fixed by the State Bank of Pakistan.

(2) The Banking Court shall not, without the consent of the decree*holder, allow the decrial amount to be paid in such installments as would extend the period of full recovery beyond two years from the date of decree.

11. Attachment before judgment and appointment of receivers.‑‑(1) Where the plaint under subsection (1) of section 9 is for recovery of any amount through sale or any property pledged, mortgaged, hypothecated, assigned or otherwise charged as a security for the loan or finance, the Banking Court may, at any stage of the proceedings;

(a) attach such property; and

(b) appoint one or more receivers of such property on such terms and conditions as it may deem fit.

(2) At the time of passing an order under subsection (1), the Banking Court shall issue to the defendant against whom such order is passed a notice accompanied by a copy of the order calling upon the defendant to show cause, by the date specified in the notice, why the order made under subsection (1) should not be confirmed and, if no cause is shown on or before the date specified in the notice, the Banking Court shall forthwith confirm such order until satisfaction of any subsequent decree that may be passed by the Banking Court.

12. Execution of Decree.‑‑(1) The Banking Court shall, on the written or oral application of the decree holder, forthwith order execution of the decree or order and, where the decree or order pertains to money, may direct, that the amount covered by the decree or order, as the case may be, shall be recovered as arrears of land revenue in accordance with the provisions of the Code of Civil Procedure, 1908, or any other law for the time being in force or in such other manner as the Banking Court may deem fit.

(2) Subject to subsection (3), where a banking company is a mortgagee of any property belonging to the judgment debtor, it may, sell such property without the intervention of the Banking Court either by public auction or by private treaty to any person or purchase such property on its own account and appropriate the proceeds thereof towards total or partial satisfaction of the decree.

(3) Where the judgment debtor or any person acting on his behalf does not voluntarily give possession of the mortgaged property sold or sought to be sold or purchased or sought to be purchased or purchased by the banking company under subsection (2), the Banking Court on the application of the Banking Company or the purchaser shall put the banking Company or, as the case may be, the purchaser in possession of the mortgaged property in accordance with the provisions of Order XXI of the Code of Civil Procedure.

(4) Where the mortgaged property has been sold or purchased by the banking company under subsection (2), the banking company shall present proper account of the proceeds to theBanking Court within thirty days from the date of the appropriation of the proceeds.

(5) Where the banking company wishes to sell the property by private treaty or to purchase it on its own account it shall, before concluding the sale give to the judgment debtor an option by a notice in writing for purchasing or redeeming such property at the price at which the banking company proposes to sell or purchase within such period as the banking company may specify in such notice which shall not, in any case, be less than seven days.

(6) where a decree passed by a Banking Court remains unsatisfied beyond a period of sixty days from the passing of decree due to any omission or commission on the part of the judgment debtor, the Banking Court may on application made by the decree holder impose a penalty at the rate of twenty per cent of the decrial amount on the judgment debtor and the amount of such penalty shall be recovered from the judgment debtor as a fine under the Code of Criminal Procedure, 1898 (Act V of 1898) and the recovery so made shall be made over to the banking company as liquidated damages for the failure of the judgment debtor to satisfy the decree.

(7) Any penalty imposed by a Banking Court on a judgment debtor under subsection (7) shall not be a bar for imposition of any further penalty at a later date where the failure to pay the decrial amount continues.

(8) Notwithstanding anything contained in the Code of Civil Procedure 1908 (Act VI of 1908), or any other law for the time being in force;

(a) the investigations of claims and objections in respect of attachment of any property shall be completed within thirty days of filing such claims or objections, as the case may be; and

(b) the sale of mortgaged or attached property shall not be postponed unless the judgment debtor or any other person interested therein produces a better confirmed offer and advance payment equal to fifty per cent. of the purchase money of the said property is deposited with the Banking Court.

Explanation In clause (b) “better confirmed offer” means the offer‑ of sale price which shall be more than the sale price the property fetched at the sale sought to be postponed.

13. Provisions relating to certain offences. Whoever,---

(a) intentionally destroys, or removes, or reduces the value of the property on the security of which loan or finance was provided to him, or, without the prior approval in writing of the banking company which provided loan or finance transfer such property or any part thereof otherwise than in accordance with the terms of approval; or

(b) dishonestly commits breach of the terms of letter of hypothecation of trust receipt or such other instrument or document executed by him whereby the possession of the property offered as security for the loan or finance is not with the banking company but is, retained by or entrusted to him for the purpose of effecting sale and paying over the sale proceeds thereof, to the banking company; or

(c) subsequent to the creation of a mortgage in favour of a Banking Company, dishonestly creates any further encumbrance or parts with the possession of the mortgaged property, without the written permission of the banking company,

shall, without prejudice to any other action which may be taken against him under this Ordinance or any other law for the time being in force, be punishable with imprisonment of either description for a term which may extend to five years, and shall also be liable to fine, and shall be ordered by the Banking Court trying the offence to deliver up or refund, within a time to be fixed by the Banking Court, the property or the value of the property so destroyed, removed or reduced in value or transferred as the case may be.

Explanation Dishonesty shall be presumed where a borrower or a customer,---

(a) shall not have deposited the sale proceeds of hypothecated goods with the banking company in whose favour the goods were hypothecated in accordance with the hypothecation agreement between the banking company and the borrower or customer; and

(b) subsequent to the creation of a mortgage in favour of a banking company, creates any further encumbrance or parts with the possession of the mortgaged property, without the written permission of the banking company.

(2) Whoever knowingly makes a false statement in an application for Loan or finance or applies the amount of the loan or finance towards a purpose other than that for which the loans or finance was applied for by him or furnishes false accounts of his business to the banking company, shall be guilty of an offence punishable with imprisonment of either description for a term which may extend to three years, or with fine, or with both.

(3) Whoever resists or obstructs, either himself or on behalf of the judgment debtor or any other person, the execution of decree or delivery of mortgaged or attached property, shall be punishable with imprisonment which may extend to three years, or with fine or with both.

(4) Where the person guilty of an offence under this Ordinance is a company or other body corporate, the Chief Executive by whatever name called and every Director, other than a non‑executive Director, Manager, Secretary and other officer thereof shall, unless he proves that the offence was committed without his knowledge or that he exercised all the due diligence to prevent the commission of such offence, also be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly.

(5) All offences under this Ordinance shall be bailable, no cognizable and compoundable.

14. Application of fines. A Banking Court imposing any fine under this Ordinance may direct that the whole or a part thereof shall be applied in or towards,---

(a) payment of cost of all or any of the proceedings under this Ordinance; and

(b) payment to a banking company of compensation for any loss caused by the offence, including loss of income.

15. Transfer of pending criminal proceedings. All criminal proceedings pending before the Special Courts constituted under the Banking Companies (Recovery of Loans) Ordinance, 1979 (XIX of 1979), and the Banking Tribunals constituted under the Banking Tribunals Ordinance, 1984 (LVIII of 1984) immediately before the establishment of the Banking Courts under section 4 shall stand transferred to the said Banking Court having jurisdiction:---

Provided that a Banking Court shall not, on conviction in any such case, pass sentence exceeding the maximum sentence prescribed by the aforesaid laws.

16. Appeal.‑‑(1) Any person aggrieved by a decree or an order refusing to set aside the decree and to permit the defendant to file his reply under subsection (4) of section 9 or a sentence passed by a Banking Court established under section 4, may, within thirty days of such order, decree or sentence, prefer an appeal to the High Court:---

Provided that no appeal shall be admitted for hearing unless the appellant deposits in cash with the High Court an ‑amount equivalent to the judgment debt or, at the discretion of the High Court, furnishes security equal in value to such amount:---

Provided further that where the claim of the decree holder is based on the default of the defendant in payment of agreed installments, the deposit shall be made or, as the case may be, the security furnished to the extent of the amount of installments in default.

(2) An appeal under subsection (1) shall be heard by a Bench of not less than two Judges and, in case the appeal is admitted, it shall be decided within ninety days from the date of admission.

(3) An appeal under subsection (1) may be preferred on any one or more of the following grounds, namely:‑‑-

(a) the decision being contrary to law or to some usage having the force of law; or

(b) the decision having failed to determine a material issue of law or usage having the force of law; or

(c) a substantial error apparent in the procedure provided by or under this Ordinance which may have produced error in the decision on merits.

(4) an appeal may be preferred under this section from a decree made ex pane.

(5) No appeal, review or revision shall lie against any interlocutory order of the Banking Court.

17. Finality of orders. Subject to the provisions of appeal under section 16, no Court or other Authority shall revise or review or call, or permit to be called, in question any preceding, order, judgment, decree or sentence of a Banking Court or the legality or propriety of anything done or intended to be done by the Banking Court under this Ordinance.

18. Limitation Act, 1908 (Act IX of 1908) not to apply The provisions of the Limitation Act, 1908 (Act IX of 1908), shall not apply to any suit, application or other proceedings filed or transferred to a Banking Court under this Ordinance.

19. Powers to amend Schedule. The Federal Government may, by notification in the Official Gazette, modify the Schedule so as to add any entry thereto or omit any entry therefrom.

20. Powers to make rules. The Federal Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Ordinance.

21. Indemnity. No suit, prosecution or other legal proceedings shall lie against the Federal Government, a Banking Court or a banking company or any other person for anything’ which is in good faith done or intended to be done under this Ordinance or any rule or order made thereunder.

22. Removal of difficulties. If any difficulty arises in giving effect to any )f the provisions of this Ordinance, the Federal Government may, by notification in the Official Gazette, make such provisions as it thinks fit for emoting that difficulty.

23. Repeal. The Banking Companies (Recovery of Loans) Ordinance 1979 (XIX of 1979), and Banking Tribunals Ordinance, 1984 (LVIII of 1984) are hereby repealed.

SCHEDULE

(See section 2(a)(Vi)

1 Bankers Equity Limited

2 House Building Finance Corporation

3 Investment Corporation of Pakistan

4 National Development Finance Corporation

5 National Investment Trust

6 Pakistan Industrial Credit and Investment Corporation

7 Pak. Libya Holding Co. Limited

8  Pak-Kuwait Investment Co. Limited

9 Saudi Pak Industrial and Agricultural Investment Company Limited

10 Small Business Finance Corporation.

11 National Development Leasing Corporation

12 Regional Development Finance Corporation

13 Equity Participation Fund

14 Orix Leasing Pakistan Limited

15. Dadabhoy Agricultural Leasing Company Limited

16 Asian Leasing Corporations Limited

17. Atlas BOT Leasing Corporation Limited
18. Pakistan Industrial and Commercial Leasing Corporation Limited.

19. Pakistan Industrial Leasing Corporation Limited.

20. Standard Chartered Mercantile Leasing Company Limited

21. National Assets Leasing Company Limited

22. International Multi-Leasing Corporation Limited

23  Ghemni Leasing Company Limited

24 First Leasing Corporation Limited.

25. Credit and Leasing Corporation Limited.

26. English Leasing Company Limited.

27. Trust Leasing Corporation Limited.

28   B.F. Modaraba.

29   B.R.R. Capital Modaraba

30  B.R.R Second Modaraba

31  Constellation Modaraba

32  First Crescent Modaraba

33  First D.G. Modaraba.

34. First Elite Capital Modaraba.

35. First Equity Modaraba.

36. First Grindlays Modaraba.

37. First Habib Bank Modaraba.

38. First Habib Modaraba.

39. First Hajwairy Modaraba.

40. First Inter Fund Modaraba,
41. First Mehran Modaraba

42 First National Modaraba

43 First Nishat Modaraba

44  First Pak. Modaraba

45 First Premier Modaraba.

46. First Professional Modaraba.

47. First Providence Modaraba.

48. First Prudential Modaralia.

49. First Sanaullah Modaraba.

50. First Tawakal Modaraba.

51. First Tri Star Modaraba.

52 First U.D.L. Modaraba

53. Industrial Capital Modaraba.

54. L.T.V. Capital Modaraba

55 Modaraba Almali,

56. Modaraba Al Tijara.

57. Schon Modaraba.

58. 2nd Prudential Modaraba.

59. 3rd Prudential Modaraba.

60. Trust Modaraba.

61. Uni Gap Modaraba

62 Al-Zamin Leasing Modaraba.

63. Crescent Investment Bank Limited.

64. First International Investment Bank Limited

65. Islamic Investment Bank Limited.

66. Al-Tawfeeq Investment Bank Limited.

67. Prudential Investment Bank Limited.

68. Atlas BOT Investment Bank Limited.

69. Security Investment Finance Bank Limited.

70. Fidelity Investment Bank Limited.

71. Al‑Faisal Investment Bank Limited.

72. Citibank Housing Finance Company Limited.

73. Citicorp Investment Bank (Pakistan) Limited,

74. Natover Motor Lease Limited.

75. International Housing Finance Limited

76. Interfund Housing Finance Limited.

77. Prudential Discount and Guarantee House Limited

78. Inter Asia Leasing Company Limited.

79. Al‑Ata Leasing Modaraba.

80. Al‑Faysal Investment Bank Limited.

81. The Bank of Punjab

82. Askari Leasing Limited

83. Capital Assets Leasing Corporation Limited

84. Union Leasing Limited

85. Pacific Leasing Limited