1.

Introduction

In the developing country like Pakistan it is one life’s most important achievement to own a home. Because it provides the security, stability and is a great blessing in itself. Now days it is unpredictable and costly environment, saving the required money can take a life time in itself. Rising property prices, taxes, inflation, currency devaluation, it is very hard task. On the other hand owing own home by paying an easy instalments that takes the step towards complete the ownership, is so much better than paying the rent which ultimately addition in the expenses rather than the ownership of the property. By accepting the borrowing options that being a Muslim one should accept the totally Riba – Free (interest free) financing option for inner satisfaction and peace of mind, because Allah prohibited the interest for believers. Islamic mortgage lending based on a diminishing Musharakah base, which means where bank provides the certain amount of finance to the customer and the borrower agree to a monthly payment to the bank of which a component is for the use of the home (rent), and another for customer’s equity share, as the result the monthly payment reduced regularly and customer’s share in the mortgage property grows. When the borrower made the full investment that had been agreed, then he becomes the sole owner of the property and bank removed its charge from the property. But here the point is this why the people of country are entering the interest based structure instead of interest free banking system. <http://www.meezanbank.com/easyhome.asp > In a home mortgage market there are no limits to the options. This has made it possible for almost anyone to buy, construct or renovate the home. Most people however rush headlong into the mortgage process without checking out the options. This could be because we are too busy to study the market, or would like to use the same company as people they know. At the time of entering the mortgage contract there should be study before choosing the mortgage options. There are numerous items like attractive rates, lock in periods, insurance benefits and other add-ons to sweeten the deal. It is always beneficial for the borrower to compare the various options available in the market. That’s why one will know that he/she is getting the best deal. Here 1

the question becomes, what source of mortgage should be used and how one can glean these information. http://www.4loanranger.com/bank-loan/index.html The Shariah prohibits interest or usury, gambling and gharar (undue risk taking), involvement in trading in such goods and services that are unlawful in themselves. As such, Islamic banking products are fundamentally and conceptually different from conventional banking products, although in order to facilitate customer ease and clarity of understanding, such products often emulate the packaging and presentation of conventional banking products. This does not mean that these products are the same as those offered by conventional banks. Islamic Banks serve the same purpose to customers and the functions of Islamic banks are and will remain essentially that of financial intermediaries. <http://www.nbp.com.pk/EcomomicBulletin/Economic%20Bulletin%20Jan-Feb %202005.pdf>

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2.
2.1

Literature Review
The Islamic Perspective

The fundamental sources of Islam – Quran and the Sunnah (teaching and traditions) of the Holy Prophet Muhammad (Peace Be Upon Him) – provide guidelines for economic behaviour and a blueprint of how economic system should be organized. (Khan S. Mohsin & Mirakhor, Abbas 1992) Islam is not a new religion; it is the same truth that God revealed through all His prophets. All religions are the same in essence, whether given, for example, to Noah, Abraham, Moses, or Jesus, or to the holy Prophet of Islam. For a fifth of the world’s population, Islam is both a religion and a complete code of life. Economic growth is the main transmission channel for development. Islam does not contradict growth; it promotes sustainable development and growth. The ultimate objectives of an Islamic economic system are achieving development, based on socio-economic justice, care and compassion for all, in terms of complete human personality. Tools prescribed to achieve the socio-economic objectives of the Islamic economic system are the system of Zakat, prohibition of Riba and the Islamic Law of Inheritance. Prohibition of Riba is the cornerstone of Islamic financial transactions; the basis of cooperation between capital and enterprise in Islam is sharing of the risks and gains between the two. (Hussain, Dr. Ishrat 2004) In Islam the practice of paying and receiving interest is prohibited between individuals and the state as much as between one individual to another. (Siddiqi, Muhammad Nejatullah 1983) Those interested in Islamic economics have been endeavouring to develop and crystallize economic concept and theories which confirm to the Islamic ideology and postulates. (Modeling Interest – Free Economy: A Study in Macro-Economics and Development 1991)

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2.2

Concept of Interest in Islam
“Those who devour Riba shall rise up before Allah like men whom Shaitan has demented by his touch; for they claim that trading is like usury. But Allah has permitted trading and forbidden usury. He that receives an admonition from his Rabb and mends his ways may keep what he has already earned; his faith is in the hand of Allah. But he that pays no heed shall be among the people of fire and shall remain in it forever.” (Surah Al Baqarah 275)

A very important pillar of this model is the prohibition of Interest or Riba, which is made clear by the following Qur’anic verse in which Allah (SWT) says: “O, believers, fear Allah, and give up what is still due to you from interest (Riba), if you are true believers. If you do not do so, then take notice of war from Allah and His Messenger. But, if you repent, you can have your principal. Neither should you commit injustice nor should you be subjected to it.” (Surah Al Baqra 278-279) Islam is a complete religion; it provides guidance for each and every aspect of human life. Economics is one of the most important aspects, as every human being needs involvement in some kind of economic activity for survival. Islam has provided a complete economic model for a establishing a healthy society. With the expanding focus and scope of Islamic finance worldwide, there is a rapid proliferation of feasible solutions that cater to almost all financial requirements. Ahmad, Khurshid (1981) & <http://www.nbp.com.pk/EcomomicBulletin/Economic%20Bulletin%20Jan-Feb %202005.pdf> Whenever a contract involves a guaranteed profit for one party, riba (interest) is involved (Aly, Remona 2005)

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2.3

Mortgages Concept in Islamic Banking

According to documented Shariah jurisprudence opinion which is known as Fatwa, the proposed arrangement is having the following transactions:      To create joint ownership in the property (Shirkat-al-Milk) Giving the share of the financier to the client on rent. Promise from the client to purchase the units of share of the financier. Actual purchase of the units at different stages. Adjustment of the rental according to the remaining share of the financier in the property. (Muhammad Taqi Usmani 1998) It's a transaction in which a buyer purchases a home through a rent-to-own agreement. A conventional mortgage, in which a buyer repays a loan with interest, violates the Quran, which forbids the payment or receipt of interest. http://www.islam-finance.com/FAQ.html The Holy Quran forbids "riba", which is interest, or usury. Yet Muslims need money and banks need to make a living. Systems are devised to get round the ban. For example, instead of a Muslim holding a mortgage for a house, the bank can own the house and make arrangements for the Muslim gradually to buy it off the bank over a period of years. (Moore, Charles 2004) & <http://www.lariba.com/knowledge-center/faqs.htm#question1>

2.4

Government steps

As the part of the Islamization of economic structure the all commercial bank convert their some work to non – interest basis. But the procedure by their selves was un – Islamic declared by Federal Shariat Court (FSC) in 1991, the govt. and other banks were to go appeal in Supreme Court of Pakistan. The Shariat Appellate Bench of Supreme Court of Pakistan upheld the previous decision in 1999. In the light of this order government of Pakistan form a committee to judge the strength and risks of conversion of the interest based system in to Islamic finance system. Because it was not possible to implement this in short term. The State Bank of Pakistan issued criteria for the 5

5 Role of State Bank of Pakistan Since 1991 verdict by Supreme Court that initially sought a conversion of the banking and finance system along with Islamic principles. (Bokhari.establishment of Islamic banks in private sector and it decided to promote Islamic banking parallel with the conventional banking. but only if the right products and the necessary performance are there. The decision appears to be a reversal of Pakistan's earlier policy of a cap on the number of private banks in the country with a view to encouraging mergers to build up national banking networks.htm&w=islamic+banking+pakistan&d= SWo47Q0DL-7h&icp=1&. “From a marketing perspective. replacing small. the first time that new banking licences would be issued in a decade. Farhan 2001) Despite annual growth of about 15 per cent. (Bokhari. it is driven mainly by concerns over the controversy surrounding the future of Islamic banking in Pakistan.intl=uk> 2. However. Dr. Ishrat 2004) (For further details See Appendix A) Pakistan’s government is to issue licences for new Islamic banks. analysts say Islamic banking is being held back because Muslim scholars have yet to define how compatible the newest financial products are with Islam. Farhan 2003) 6 .109. the authorities are now working to create either a network of new Islamic banks or "windows" offering Islamic services within conventional banks. Farhan 2002) & (Bokhari. finance minister. On appeal.98/search/cache?p=%27Islamic+Banking+in+Pakistan %27&ei=UTF8&u=pakistantimes. (Hussain. the sharia compliance brings the customer to you. The performance sells it to them.net/2003/11/29/business. according to Shaukat Aziz. David Waite from Gulf International Bank in London said market research had shown 20 per cent of people from Islamic countries would be attracted to investments compliant with Islamic Shariah law.” <http://216.124. regional banks. the court's ruling was toned down but central bank officials say that rather than converting the entire financial system to an Islamic one.

adding that "nobody wants to see disruption". Haris & Nambiar. Dr. the central bank governor. The rate of interest is determined by 7 . transparency ethics. Ishrat Husain has pressured upon the banks to adopt best international practices in corporate governance. Shanthy 2005) Pakistan’s leading bankers become uncomfortable when pushed to say how they plan to cope with an Islamic system of banking. State Bank of Pakistan. While in the capitalist economy the interest is the price of money when conventional banker rents / lends it.7 Variation in banking procedure & risk Islamic banking is a system of finance totally based on the sharing of risk and profit. provide a comprehensive and secure regulatory framework to establish Islamic banks as a parallel banking system. checks and balances. Farhan 2001) 2. Dr. (Hussain. responsible behavior. seeking to attract overseas lenders to offer service that comply with Shariah and promote Islamic finance. Particularly the management of Islamic institutions emphasized that sound Corporate Governance envisages setting up an environment of trust.The Governor of State Bank of Pakistan reiterated the central bank’s commitment to promote Islamic banking on sound footings. is convinced that the change to an Islamic system would not spell disaster for the country's economy. Ishrat 2003) 2. He said by keeping an eye on the economy that market risk is now becoming one of the major challenges faced by the financial institutions and that management boards should be vigilant in this area also. comparable and compatible with the conventional banking system and at the same time making sure that it is Shariah compliant. Dr.6 Corporate governance with reference to Islamic banking The former Governor. But. (Hussain. (Bokhari. Ishrat 2004) State Bank of Pakistan plans to license two overseas banks by mid 2006 to offer services that comply with Muslim principles. rather than on the payment of interest or the payment of predetermined rates. (Zamir.

8 Banks in Pakistan (total and Islamic) Total financial institutions in Pakistan are 70. (1992) The Economist Vol. <http://www. Meezan Bank and Al Baraka Islamic Bank are currently operating in Pakistan with 36 branches. Many Muslim countries have developed a variety of partnership agreements to allow lending without interest. (Banking Law. foreign banks. <http://www.htm#question1> 2. Al Baraka Islamic Bank.PDF > The total number of banks having Islamic Banking Licence has increased to five. M/s. Under such schemes. investment banks. which include nationalized schedule banks. the mistakes that have led Western banks and economies into their present financial troubles are precisely the errors that Islamic banking tries to avoid. this is a mistake. houses finance companies. banks receive a contractual share of the profits generated by borrowing firms. Few Westerners take it seriously as a way for a modern economy to do business.org.lariba. venture capital companies and micro finance banks (Please see the appendix E & F). discount and guarantee houses. this approach has many advantages.com/knowledgecenter/faqs. Bank Islami Pakistan Limited and Emirates Global Islamic Bank Limited are the other four banks having Islamic Banking Licences.org. private schedule banks. Along with boosting the welfare of general public.finance. In some ways. Iss.central bank as a result of the fiscal and monetary policy measures.pk/survey/chapters/06-Money%20and%20Credit.pk/press/2005/Dubai_IBL. 7753) & <http://www.sbp. In addition to these banks..pdf Nambiar. specialized banks. 31 branches of nine conventional banks are also providing exclusive Islamic banking services to their customers in all the four provinces of the country. Haris & 8 . such as encouraging equity and discouraging debt. Shanthy (2005) > & Zamir. Banking Industry in Pakistan……. 323. developing financial institutions. In one view. Meezan Bank Limited.

pk/EcomomicBulletin/EB%20for%20Jul-Aug %202005.pdf> 2. And they are earning huge profits and also enjoy good credit rating. the debt equity ratio go down for lower income group and maximum period reached from fifteen to twenty years. Most of the top 16 financial institution (as shown in Appendix F) are dealing in home finances. (For further details please see Appendix F. the total number of housing units throughout the country was 19. analysts have yet to produce credible estimates of market size and growth potential in the region. there are signs of growth in financial sector on the retail side.com. maintaining huge deposits and advances portfolio. At the end of year 2004 all local and foreign financial institutions have 6581 local and overseas branches. Indonesia and Pakistan offer opportunities because of their large populations. H & J) <http://www. G. The maximum loan amount has been increased from Rs. this huge number become due to backlog of previous years. Particularly for the low income groups.nbp. 9 . their income level and how banks treat them According to 1998 census. while there are signs of a growing demand for Asian Islamic banking products. Countries such as Malaysia. with estimates ranging from Dollars 50bn to Dollars 200bn. Farhan 2004) & (Mcsheehy.10 People needs for homes. The global Islamic banking market is still a grey area.000 units annually.3 million." Yet. (Bokhari.10 million.5 million to Rs.9 Image of the banks The leading financial institutions are rapidly progressing in the country.In Asian economy . Will 2004) 2. The annual requirements of the houses is 820.

Agriculturists unless where agriculture income is the main source of income 4. stockbrokers. Entertainment Business 14. ice factories. Businesses with pronounced cyclical trends displayed in their cash flows e. The bank’s policy contravene the 10 . 6. stock purchase and selling. cold storage & warm clothing related businesses. property buying & selling. commodity brokers. Government contractors / suppliers dealing with or owing money to GOP. People related to entertainment business. real estate agents. it came into the knowledge that almost these institutions are hesitating the extension of finance to the following categories. 1. Business involved in giving away goods on loans or instalments. Transporters 13.After the discussion with the manager mortgages and credit initiation units heads of different banks including Islamic banks. 15. 11. Commission based business e.e. Business involved in rental business. Jewellers (smaller ones only) Estate related business where there is no permanent/proper office. As mentioned point number three in the above category. 10. Journalists (Publishers & Editors can be looked on case to case basis). Construction/Real 12. Lawyers 2.g.g. 3. Law enforcement personnel even if they have a business concern 5. 8. It is surprising to come into the knowledge the one side the Islamic institutions raise the slogan for the welfare of the general public on the other hand they are not providing the facilities to below mentioned categories and treated as negative occupations. Speculative business i. the institutions are not granting the loans to the agriculturalist. 9. 7.

2.com/knowledge-center/faqs.000/-.from an Islamic financial institution for twenty years and other person gets same finance amount. Ensuring that you have selected the most competitive mortgage can result in substantially lower cost of borrowing. The overall cost of this can vary radically depending on the mortgage product. <http://www. As mentioned in the above list number 18 the institutions are not sanctioning the finance to the members of stock exchange except the Karachi stock exchange member. Hamza 2006) As mentioned in appendices K & L the comparison of instalment amount on the same amount of finance for the same period. For the comparison it is assumed that if a person gets finance amounting to Rs. It is the contradiction with the policy of the bank because the members of stock exchange located in Lahore have the same worth just like Karachi stock exchange member. (Please see the appendices K & L). 1. This tendency reflects that the financing option from conventional bank is more expensive than the Islamic mode of mortgage finance. because Pakistan is a agricultural country and in such country the institutions are not giving the loan facilities to the people having the main source of income from agricultural. for the same period from other conventional financial institution. The person took finance from an Islamic institution have to pay amounting to Rs. on the other hand the person got finance from ordinary or conventional institution have to pay amounting to Rs.policy of the govt. (Mian.952/-. To add to the mainstream mortgage choices available there are a number of Shariah compliant products now on the market which are becoming more easily accessible and more competitive.528.600.248. 4.11 Comparison of instalments amount The most expensive asset that any of us will generally purchase is our homes.lariba.htm#question1> 11 . 3.000/.

 Lack of effective enforcement of contracts.  Negative occupation.  Minimum equity requirement  Corruption In an In an article in ‘The Economist’ on the subject Islam and changes of interest rate the author explained that from a bank's point of view. In other ways. however.  Area restrictions. Islamic banks are less obviously suited to modern economies.  Minimum income level.2.  Inefficiency in the system of early recovery  Ineffective code of conduct for professionals  Lack of public awareness about Islamic financial system and its availability. mark-up loans are a relatively easy way to lend without receiving interest. Judging whether a company will make profits in the future is harder than making a decision about its current ability to repay a loan.14 Problems of Islamic Banking As defined by the governor of State Bank of Pakistan the followings are the challenges faced by the Islamic banking structure in Pakistan. 12 .

So they are not checking their previous e – mails IDs. The major portion of the methodology conducts through telephones in Pakistan to the different officials of the different financial institutions as mentioned acknowledgement. But due to my previous experience in the field of banking and some personal contacts with the different staff member.com/resources_f. But prior to this.S.islamic-finance. http://www.htm I would like to mention that I got a lot of e .pk . time to time they send me the data for the purpose of review and research. Methodology For a literature review. who made the research on the topic of Islamic finances.uk . I used the ID of the bank in which I worked that was sameen.Majid@wlv. After ten to fifteen days I got reply form some persons. This replies tendency raise the assumption that most of e – mails IDs of that people who made research on this topic during their studentship time and now they in practical fields and now they also have another e – mails IDs. It is just like that during the studentship time in University of Wolverhampton I am mostly using University e – mail ID i. Round about sixty to seventy sources are selected and email to them in the second week of December.e. But keeping in view the secrecy of internal working and key facts of the policy of 13 .islamic-finance. And the reply tendency was only twenty percent to the mails send to them.majid@mcb. Some of them give the internal information verbally not on e-mail. I mostly use the university ID for mailing purpose and only check hotmail or yahoo account after couples of weeks.htm http://www. during the search on the internet I got some valid references from the following website.mails ID’s of those people. M.ac. The assumption is also supported by another argument i.3.com/research_f.e. if a person mails me on hotmail or yahoo ID it will not be possible for me to comply him within fifteen to twenty days due to non checking these accounts.com.

000/. In contravention financial system the rate of interest determine by the central bank. But in mortgages lending the Islamic banks also should have the edge over the conventional banking on account of the principle of non-interest. semi government and privates sector is less than PKR 10.000/-. One side they raise the point that they are working for all masses but on the other they are targeting the rich people. Iss. 1992 The Economist Vol.000/. Banking Industry in Pakistan……. but can high light the issues involved. The Islamic financial institutions borrow and lend money on the basis of profit sharing.to 18.because the majority salary class in government. 323. they bound me and got a commitment from me not to produce the internal working papers further as it is.000/. it should be assumption that the welfare of general public should be kept in mind in making of loan repayment structure. 7753) The minimum income level should be less than PKR 10. Like in case of late payment of monthly rentals of the payment of unit price the Islamic bank should charge some penalty from the borrower. But the minimum income level for required by the conventional banks is PKR 12. But the minimum income required by the Meezan Bank Limited is PKR 20. 3.which is most higher income level than the conventional banks. and it should not be consider as the income and the cumulative amount should be spent the welfare work of the public.the banks. 3.000/-.1 Variation Development in Banking Procedure and Level of Islam provides the banking system based on profit and risk sharing rather than the fixed payment of interest after a fixed interval.. Here in Islamic banking context. In an Islamic perspective the bank should give the right to all people instead of their previous financial record. The Islamic banks should get the Fatwa from the renowned Shariah Scholars. which is contravenes the teachings of Islam. which is ethically accepted by me. On the other hand the conventional banks charged the late payment charges (LPC) and treat this amount as income of the bank. (Banking Law.2 Banks in Pakistan 14 .

But inductive aspect the image of the bank is accounted for from their deposit.4 Bank’s image – publicity In the Islamic banking context the bank’s image should be on account of the service or products which it offers by keeping in view the welfare of general public.5 Interest free banking in practice (Detail of Lending) 15 . number of branches they have and from the credit rating. But unfortunately only four out of these are complete Islamic institutions. According to populations census in 1998 the Lahore’s population is 5.1 million. equity.As shown in appendix E & F the more than 60 financial institutions are working in Pakistan.3 Banks in Lahore Lahore is the second biggest city of Pakistan after Karachi. 3. profit ranking. According to the some staff members the Islamic financial institutions are a new in the field and they are not making a big advertising campaign. And out of these fours at the moment only two are functioning. Being an Islamic republic the all financial institutions should deal in Islamic system. But main source of the bank’s image in the general public is the advertisement of the products which they offer. 3. More than 95% of the population of the country are Muslims. So the other conventional institutions should take step to improve the situation. A study on the growth shows that the in Asia the Islamic banks in retail market are growing tremendously and having a targeted to grow from US$ 50bn to US$ 200bn. By the lack of advertising campaign the Islamic financial institutions can’t create a big name as which they deserve due to the unique procedure free from interest. But the only two banks are providing the mortgage facilities to people. advances. In the Lahore region other top ten conventional banks have more than 470 branches. 3. Upon this ground there should be more Islamic facilities for finances should be available to the public.

Islam permits the riba or inter free banking and believe on the profit sharing both for the depositors and as well as borrowers. 3. And give the opportunity to the borrower to purchase these units within a specified period of time and against this service it charges the rent on the units which are held by the financial institution. Credit Matrix. In the other words (Islamic term) ‘Murabaha’ is the sale on profit. how bank treat people) Islam talks about the welfare of whole society not the specific group or class. The customer fills the application and 16 .6 Zoning (Lahore. Especially in case of mortgages the bank create joint ownership of the property with the buyer and convert the bank’s finance amount into units by dividing the contribution of finance amount over the total months. Areas. in consumer finances the financial institutions contact with the customer through their sales officers. But according to different bankers the all banks including Islamic and other conventional should finance the amount for home and all the city area.7 Procedure of mortgage consumer finances. They viewed in that areas the property documents are not cleared and the interest of the bank will be damaged in case of defaults of the customers. Important Elements for Credit Policy According to different sales head of consumer department. On the other hand it is observed in the conventional banking the bank grant the loan to the borrower and he solely purchase the property and he paid the principal amount and the interest thereon. If a person has no funds to purchase a home or property it comes in financial institution and requests it then after checking his credit worthiness and credibility the bank and the borrower jointly purchase the property and financial institution gives the right to further purchase the units of the property into different part within specified period of time. The sales officer visits the customer or the customer contacts with bank. means cost plus profit. 3. or in other words they are targeting the rich people. the practice in Lahore. Hence this practice not adopted by the financial institutions they are granting the loans into the specified areas.

Some time bank’s executive gave the deviation to the customers in terms of debt burden.provides the relevant documents to bank. CREDIT INITIATION STRATEGY Credit initiation checks will be built-in to ensure minimum risk acceptance criteria. After fulfilling necessary requirement the bank disburse the loan. Conformity with eligibility criteria Bank statement/tax returns. Then issue the offer and sanction letter to the customer. These will include: • • • • • Completion of documents – KYC is the primary responsibility of Sales Officer and concerned RM. And after that the external agency management unit (EAMU) of the bank make the necessary arrangements for the completion of the transaction and mark the bank lien on the property. Prior to these the bank’s legal consultants check the copies of the documents and appraisal agency value the property. The bank checks the track record of the customer from the documents to be provided and from the data check facility which is provided by the central bank.8 Context of Staff and Procedure adopted by different financial institutions 17 . 3. but they didn’t grant deviation to that customer which directly affects the bank’s income. it is only for business purposes. It is observed the some time people having less income proof the bank executive gave the deviation to that customers. area. (for estimating income) Satisfactory property valuation Satisfactory legal review The credit initiation will be a case-by-case analysis against minimum acceptance criteria as per above.

It is observed during the discussion that the hierarchy level in the staff and procedure of the advancing is same in all institutions but the procedure in the Islamic bank in terms of contract between customer and banks are different.The prime duty of the staff should be to provide the best services to the people. As reported by the staff members of a commercial bank the charged documents prepared by the financial institutions are the followings:  AGREEMENT FOR LONG-TERM FINANCING ON MARK-UP BASIS  AGREEMENT TO CREATE REGISTERED MORTGAGE  PROMISSORY NOTE  UNDERTAKING FROM SELLER  UNDERTAING FROM BUYER  AUTHORIZATION TO TAKE THE POSSESSION OF TITLE DOCUMENTS IN CASE OF BALANCE TRANSFER FACILITY In the banks dealing in Islamic operations are preparing the Sale Agreement instead of agreement of long term finance on markup basis. Because the Islamic bank made the contract with the customer for the purchase of different units of the mortgage property. But in other charged they never use the word of interest and remaining charged documents are same. 18 .

Additionally. This is mitigated by the following factors: • • • • Gradual build-up of the portfolio both numbers and geographic spread.  Improper/ inadequate documentation review leading into problems with reference to security enforcement. absence of technology based collection system will further aggravate the situation. Clearly defined product structures / variables with strong application filtering process. basically through the study of competition.4. Hiring of experienced staff. Following are the major issues which should be mitigate.  Interest rate margin & liquidity risk prospects the Islamic banks has less liquidity surplus and a higher cost of funds. Problem Differentiation The following are the problems with the mortgage lending in Pakistan and as well as in Lahore. which requires expertise in the bank to deal with lending to a large customer base. Segregation of functional duties process cross – checks in the system.  Consumer assets business is a high turnover business. MAJOR RISK ISSUES Based on market analysis and in the light of discussion with the different banks staff. 19 . and on the past experiences certain product related risks have been identified.

20 . some business will be diverted to competition. letter of Intimation is used to advise the concerned housing authority about the property that is mortgaged with us and therefore. A new legislation under Financial Institutions (Recovery of Finances) requires some amendments. Sale of Mortgaged Property by the borrower. and societies procedural requirements  Increased documentary requirements before property transaction resulting into costs/hassle for the purchaser/ borrower.  Security Enforcement Issue means lack of focus on housing finance from financial institutions was mainly due to cumbersome legal process in relation to the security enforcement. unavailable for sale/ purchase/ encumbrance.  The property valuation risk involves: • • Valuation of Choice: Applicant influencing valuators Improper valuation – Valuation done without conducting proper site visit  In view of the target market being businessmen and self-employed professionals with the fact of undeclared / under income reporting. we have an income estimation system.  With competition offering higher loan amounts both to fresh and BTF customers. The process requires a Bank designated Chartered Accounting Firm to establish applicant’s income by reviewing the informal documentation.  Regulatory bodies like LDA.

 Competitive Banks have been engaging in price wars and enhanced product features and expanded geographical offerings to build portfolios 21 .  Large local banks (UBL & HBL) have capitalized on high marketing budgets to advertise their mortgage products. thus making the borrower continue to pay instalments even before the actual transaction takes place. The above also resulted in increased TAT.

The following are the recommendations for the promotion of Islamic banking in the country: 22 .  Special interviews of the managers of Islamic institutions.  Contact with the people who made the research on Islamic finances prior to that. can physically observe or investigate the actual practice.  If one have an access with the staff member of Islamic banks  Researcher if he / she is in that country (Pakistan) can do internship as a part of his / her graduation degree in commerce.5.  By attending the annual general meeting of Islamic banks. Recommendations The following are the recommendations for the further research on this topic:  Literature point of view keeps an eye on the news papers and economic bulletin published by available on the site of National Bank of Pakistan.  Keep an eye on the news papers especially ‘The News’ etc.

 Purchase of the property is allowed if a customer is temporarily residing in non approved city and is purchasing the property in an approved city where verification is possible. It is the opportunity for the international Islamic financial institutions to enter in the market. in case the existing tenant is the new buyer of the property. the undertaking for vacation will not be required.  The government of Pakistan is privatizing the nationalized banks and also welcoming the foreign investors in the country. In case of HP also the status is to be verified and if tenancy declared the seller to give undertaking that it would be vacated before the transaction. (Discounted/free home decorations/ paint facilities by making alliances with paint manufacturers etc). However.  Bank has to appointed and is using reputable legal council to counter this risk  The central bank should use its legitimate powers to compel the banks to start the Islamic banking operations or can establish a subsidiary for these purposes.  Owner occupied residential property only. Advertising campaign on outdoor and print media with the same tag line but enhanced features given in this product program  Hiring of separate sales managers to manage Real Estate Channel & Branches  Loyalty programs for current customer base to generate positive word of mouth. 23 . provided the applicant is purchasing the property for his family/ self residence after the purchase.

These “stepping loans” minimise risk to the borrower (particularly start-ups or early stage expansions) and to the lender. 24 . For the successful Islamic banking operations. the outreach of services to the underserved segments of population has increased. Further. it will be beneficial for the institution to provide minimal credit amounts to different people and target more people instead of the volume of bookings. When a customer manages a good credit history with them the institutions should give another opportunity for entering a further contract for new property.6. Conclusion The financial services sector in Pakistan has been going through a major reform process for the last several years. By minimizing the factor of risk the financial institutions can diversified their lending portfolios and have opened access to credit for a large number of people across the country.

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. Farhan (2004) FT.pk/press/2003/Corporate-Governance-13102003. Ishrat (2004) State Bank issues Islamic banking …Accessed on 22 Dec. [cited 03 January 2006]..meezanbank. 2005 Available from <http://www. Accessed via <http://www.Bokhari. 22 July. 6 [cited 16 December 2005].sbp.com/knowledge-glossary.. ‘Review of Islamic Economics…Journal of the International Association for Islamic Economics’ Volume 1 No 1 Cromwell Press Ltd.org.org.com/pqdlink? did=668402621&sid=3&Fmt=3&clientId=53702&RQT=309&VName=PQD> Meezan Bank Ltd. p. Broughton Gifford.habibbankltd. 1 [cited 16 December 2005]. Abbas (1992) “Islam and the Economic System”. [cited 19 December 2005]. Dr. Accessed via Proquest at: < http://proquest. Masood Waqar (1991) “Interest Free Islamic Economic System”. 2005 Available from <http://www.sbp. Ishrat (2003) The banks to adopt best international practices in corporate governance….cfm? sub_region_id=28&region_id=11 Hussain. Broughton Gifford.com London (UK) [online].pdf > Khan. 1 [cited 16 December 2005]. Will (2004) FT. Farhan (2004) Financial Times London (UK) [online]. Accessed via Proquest at: < http://proquest.com/pqdlink? did=3242449&sid=3&Fmt=2&clientId=53702&RQT=309&VName=PQD> Habib Bank Ltd.umi. [online]. Accessed via Proquest at: < http://proquest. Wiltshire (Page 1) Mcsheehy. Accessed via http://www. 27 [cited 16 December 2005]. Wiltshire (Page 67) Khan S. Section: Global Investing p. Mohsin & Mirakhor.pdf > Hussain.umi.umi. p. [online]. Dr.. 19 Jan.umi. p.com/pqdlink? did=706372501&sid=3&Fmt=3&clientId=53702&RQT=309&VName=PQD> Bokhari.com/html/branch_lst.com London (UK) [online]. Accessed via Proquest at: < http://proquest.asp? action=show&alpha=M> 26 .13 Oct. 16 April. Kathy (1992) The Guardian Manchester (UK) [online]. ‘Review of Islamic Economics…Journal of the International Association for Islamic Economics’ Volume 2 No 1 Cromwell Press Ltd.. Accessed on 22 Dec.com/pqdlink? did=618910401&sid=3&Fmt=3&clientId=53702&RQT=309&VName=PQD> Evans.pk/press/2005/Dubai_IBL. 4 Oct.

meezanbank. (Page 89) Modeling Interest – Free Economy: A Study in Macro-Economics and Development (1991) ‘Review of Islamic Economics…Journal of the International Association for Islamic Economics’ Volume 1 No 2 Cromwell Press Ltd.. [cited 03 January 2005]. Accessed via http://www.com/newsdetails..asp Meezan Bank Ltd.pdf Saunders. A. ‘Banking Without Interest’ Leicester (UK): The Islamic Foundation (Page 175) State Bank of Pakistan [online]. [cited 19 December 2005].com/network.pk/EcomomicBulletin/EB%20for%20Jul-Aug%202005. Wiltshire (Page 47) National Bank of Pakistan [online]. [cited 24 December 2005]. “Using Secondary Data” ‘Research Methods for Business Students’ Lodnon: Prentice Hall Financial Times (Page 188-219) Siddiqi.ubl.meezanbank.pk/BranchNetwork/Lahore.pdf United Bank Ltd. ‘The Muslim Lifestyle Magazine’ January Edition. Accessed via http://www. [cited 03 January 2006].com.htm National Bank of Pakistan [online]. Hamza (2006) Debt – the scourge of the modern era…. (2003).com.htm National Bank of Pakistan [online]. [online]. Accessed via <http://www. [cited 03 January 2005]. M.pk/EcomomicBulletin/Economic%20Bulletin%20Jan-Feb %202005.pk/locations/search. Accessed via http://www.com. [cited 03 January 2005].com. [cited 24 December 2005]. Accessed via <http://www.sbp.asp?nid=9 > Mian. [cited 03 January 2006].pdf> National Bank of Pakistan [online]. P.nbp. Accessed via http://www.Meezan Bank Limited [online].nbp. [online].meezanbank. [online]. London: EMEL Media Ltd.com/easyhome.asp 27 . Accessed via <http://www.org.nbp. Thonrhill.“Final Warning”.asp > Meezan Bank Ltd.com. Broughton Gifford. [cited 03 January 2006].pk/BranchNetwork/BranchNBP2005.pk/ibd/2006/Ten_Year_Master_plan. Accessed via http://www.. Lewis. Accessed via http://www. Muhammad Nejatullah (1983) “Interest Free Banking”.nbp.

2005 Accessed on 29 Dec. Accessed via <http://www.PDF 28 .Zamir. reported Aug. Haris & Nambiar. 2005 Available <http://www.org.finance.pk/depts/pco/statistics/pop_major_cities/pop_major_cit ies.org.htm http://www.com/resources_f.finance. 2005 Available from <http://216.statpak. Accessed via http://www.lariba..org. The News. September 06..PDF > [cited 22 Decembver 2005]. 30.htm#question1> [cited 19 December 2005].com/articles/2005/09/05/bloomberg/sxislamic.com/research_f.com/knowledge-center/faqs.109.htm [cited 10 January 2005].pk/survey/chapters/06-Money%20and%20Credit.98/search/cache?p=%27Islamic+Banking+in+Pakistan %27&ei=UTF8&u=www.124.gov.pk/survey/chapters/06-Money%20and%20Credit.html [cited 22 December 2005]. Shanthy (2005) “Pakistan pushes Islamic Banking” ‘Bloomberg News’ Tuesday. Accessed via <http://www. 2005 & Pakistan daily.htm#question1> [cited 22 December 2005].finance.org. Accessed via Accessed on 22 Dec.pk/survey/chapters/16-Environment.islamic-finance.intl=uk> [cited 19 Decembver 2005].com/knowledge-center/faqs.lariba.iht.php&w=islamic+b anking+pakistan&d=IHN4Zw0DL__J&icp=1&. Accessed via http://www. Accessed via <http://www. Accessed via <http://www. Accessed via <http://www.lariba.htm#question1> [cited 19 December 2005].pk/survey/chapters/06-Money%20and%20Credit.finance. Accessed via <http://www.com/knowledge-center/faqs.islamic-finance.PDF > from [cited 22 Decembver 2005].PDF > [cited 22 Decembver 2005].

Dr. EVOLUTION OF ISLAMIC BANKING Dr. He presented his paper at a seminar on Islamic Banking held recently at the Islamic Chamber of Commerce & Industry building. Achieving development. whether given. Islam is both a religion and a complete code of life. the basis of cooperation between capital and enterprise in Islam is sharing of the risks and gains between the two. for example. Dr. Ishrat Husain today inaugurated the online facilities of SBP’s Credit information Bureau (CIB) for banks/Development Finance Institutions (DFIs) and Non. All religions are the same in essence. Abraham. Economic growth is the main transmission channel for development. Dr. For a fifth of the world’s population. Ishrat Husain delivered in the seminar. Prohibition of Riba is the cornerstone of Islamic financial transactions. care and compassion for all. Tools prescribed to achieve the socio-economic objectives of the Islamic economic system are the system of Zakat.Appendix A Category: Islamic Banking Attached File: No attached File EVOLUTION OF ISLAMIC BANKING Date Posted: 2/12/2004 Reference: SBP The Governor of the State Bank of Pakistan. Karachi sponsored by Meezan Bank Limited. • • • • STATE BANK GOVERNOR. it is the same truth that God revealed through all His prophets. ISHRAT HUSAIN INAUGURATES CIB ON-LINE FACILITIES The Governor. to Noah. in terms of complete human personality. highlighting the vision as the first Islamic bank in Pakistan and key challenges faced.Bank Finance 29 . State Bank of Pakistan. prohibition of Riba and the Islamic Law of Inheritance. Ishrat commended the innovative and dedicated professionals involved in Islamic Banking at Meezan Bank and emphasized the further need of amelioration in the sector. The following is complete speech of Dr. DR. Socio-economic (distributive) justice: The ultimate objective of an Islamic economy. Governor SBP THE ISLAMIC PERSPECTIVE • Islam is not a new religion. Ishrat Husain. or to the holy Prophet of Islam. based on socio-economic justice. Islam does not contradict growth. Moses. Meezan Bank’s senior management had also participated in the occasion. Ishrat Husain gave a comprehensive outline on the evolution of Islamic Banking in Pakistan. it promotes sustainable development and growth. or Jesus.

Mr. will be allowed on-line access to the CIB servers. checks and balances. also participated in a panel discussion on the subject of corporate governance. Aftab Manzoor President MCB and Mr. through CIB. President.Companies (NBFCs).pk/press/2003/25apr-03. 30 .pdf > Appendix C Corporate governance with reference to Islamic Banking The Governor. which has been developed in collaboration with Pakistan Banks Association. ABN AMRO Bank. the State Bank has become the first Central Bank in South Asia to offer online credit information service to its stakeholders. Through Online facility financial institutions can now obtain credit reports from SBP electronically via dial up. Ishrat Husain has stressed upon the banks to adopt best international practices in corporate governance. Zakir Mahmood. is an important step towards provision of best international practices to financial institutions and State Bank’s transformation into a modern and dynamic central bank.org.. Data contained in the credit reports issued by the credit bureaus improves the financial institutions’ ability to assess credit risk. Under this facility the authorized persons of the financial institutions listed with SBP. Naveed A Khan.and above to the borrowers. financial institutions will also submit monthly credit data required by the SBP. Mr. He was speaking at the concluding session of the Conference on Corporate Governance organized by the State Bank in Karachi today. Habib Bank was of the view that market risk is now becoming one of the major challenges faced by the banks and that boards should be vigilant in this area also. Reference: Accessed on 22 Dec. particularly the Board of Directors and emphasized that sound Corporate Governance envisages setting up an environment of trust. Dr. DFIs and NBFCs.000/. CIB online service. A good credit history is considered as “Reputation Collateral” which can build confidence into banker. transparency ethics. responsible behaviour. They reduce the information advantage that financial institutions have over their existing clients. online.sbp. collects credit data in respect of borrowers of Rs 500. Country Manager. It is already mandatory for the banks/NBFCs to seek credit report from CIB before extending any financial facility of Rs 500. loan processing cost and their credit appraisal administration & monitoring processes. Credit bureaus also encourage greater competition among financial institutions for chasing creditworthy customers. Besides credit reports. State Bank of Pakistan.000 and above from all banks. State Bank. The conference was organized to increase awareness about the corporate governance and the responsibilities of all stakeholders.customer relationship. 2005 Available from <http://www. With the launching of this facility. which leads to lower prices and greater access to credit.

Tax Return / Bank Certificate) Partnership Deed (in case of Partnership) Professional Degree / Certificate Professional Association Membership Certificate / Practice License If you have selected the property to buy or want financing for construction / re-placement / renovation Property Title Documents (copies at initial stage & original before disbursement) • • 31 . Submit the required cheque for Processing Fee & External Agency costs.g.last 6 months (if applicable) Copy of Management Accounts (if applicable) Business/Professional Information 3 years proof of business (e. Step 2: Required Documents Kindly attach all the required documents with your Application Form as mentioned below: • Personal Information Copy of NIC Copy of Co-Applicant's NIC (if applicable) 2 passport-sized colored Photographs of Applicant / Co-Applicant Copy of Rental Documents (if applicable) Copy of last paid Utility Bills (Electricity/Gas/Telephone) Borrower's Basic Fact Sheet Bank Statement .Appendix D Procedure of house finance Applying is simple! Simply download the application form and follow the 10 easy steps given below to make your dream of owning a Home. in a truly Halal way. come true.last 6 months Copy of recent Credit Card Bills Income Information Original or certified copy of recent Pay Slip Employer's Certificate including Tenor/Designation/Salary Bank Statement of Business . Step 1: Application Form & Initial Payment • • Submit the filled & signed application form to Meezan Bank.

will hand over the Pay Order to the Banker orSeller and will then complete the legal formalities on Meezan Bank's behalf. you are required to come to Meezan Bank for signing of the Islamic House Finance Agreement and other legal documents In Home Construction / Renovation / Replacement Cases Original property documents will be handed over to the Bank at this stage. Step 4: Income Estimation For Businessman / Self Employed professionals Meezan Bank's External Consultant will contact you to determine your monthly income to help you in obtaining the maximum possible financing from the Bank. after verification of the documents. 2005 Available from <http://www. Step 9: Signing of House Finance Agreement After completion of the above steps and approval of your case. Reference: Accessed on 24 Dec." Step 3: Address Verification Meezan Bank will verify your residential & office addresses and the addresses of references submitted.. Step 6: Property Valuation Meezan Bank's appointed Valuation Agency will evaluate the property to determine its market value Step 7: Credit Approval & Sanction Letter After you have satisfactorily fulfilled all Meezan Bank's credit requirements. all income related documents will also be required. For Salaried Individuals Meezan Bank will verify the income with your employer Step 5: Legal opinion Meezan Bank will obtain a legal opinion on the property documents provided by you.meezanbank.asp > 32 . you are required to open an account at Meezan Bank and submit a filled Account Opening Form. Kindly provide them all the required details. Step 8: Account Opening After approval of the case.com/easydownload. Original Property Documents will be handed over to the Lawyer who."In the case of a Co-Applicant. Step 10 Transfer of Property & Disbursement In Home Buying / Renovation Cases A Meezan Bank officer & our authorized lawyer will accompany you & the seller of the property to the appropriate Bank or Registrar's Office for Property Transfer. we will give you a conditional sanction letter.

Appendix E 33 .

finance. 2005 Available from <http://www.Reference: Accessed on 22 Dec.pk/survey/chapters/06-Money%20and %20Credit..PDF > 34 .org.

pdf Appendix G 35 . 2006 Available from http://www.com.nbp.pk/EcomomicBulletin/EB%20for%20Jul-Aug%202005.Appendix F Assessed on January 03.

com.pdf 36 .Assessed on January 03.pk/EcomomicBulletin/EB%20for%20Jul-Aug%202005.nbp. 2006 Available from http://www.

pk/EcomomicBulletin/EB%20for%20Jul-Aug%202005.nbp. 2006 Available from http://www.Appendix H Assessed on January 03.com.pdf 37 .

pdf 38 .com.pk/EcomomicBulletin/EB%20for%20Jul-Aug%202005. 2006 Available from http://www.nbp.Appendix J Assessed on January 03.

267 21.Appendix K Easy Home Payment Plan Summary 240Cost Price: (PKR) Customer Share: (PKR) 2.000 14.467 14.600 14.546.500.667 6.000 1.867 14.667 6.000 1.933 14.400 14.200 21.733 14.667 6.333 1.333 1.933 15.000/1.000 1.667 6.000 1.333 22.667 6.267 14.867 15.667 1.667 6.667 6.540.667 1.733 15.667 1.333 1.593.200 22.667 6.526.600.580.933 21.413.000 21.800 14.000/Profit Rate: Total Units 400.667 6.667 1.667 15.426.493.267 22.867 Rent (PKR) Unit Price (PKR) Monthly Payment (PKR) Balance Unit Value (PKR) 1.000 1.533 14.333 1.667 6.667 6.000 1.400 21.667 6.200 15.573.667 6.506.513.467 21.667 1.667 22.667 6.400 15.460.133 15.667 21.667 6.333 15.333 14.667 6.333 1.667 6.667 1.667 6.667 6.667 1.667/67/16.667 6.446.467 22.466.486.667 6.067 15.667/Buyer Bank Share: (PKR) Tenure in Years: Segment: Tentative Payment Schedule Months 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 16.267 15.433.067 22.600 15.520.533 15.067 21.600.440.586.133 22.467 15.533.560.667 6.000 1.667 6.333 1.667 6.933 20.533 22.333 21.400 22.533 21.000/12% 20 Salaried Unit Sale Price: (PKR) Monthly Rent Per Unit: (PKR) Total Starting Rent: (PKR) Starting Month Payment: (PKR) Easy Home Category: 6.000 1.600 21.566.000 1.667 22.000 1.420.000 15.667 6.800 15.667 6.733 21.867 21.473.667 1.000.333 1.000 20.800 21.600 22.333 Balance Units 240 239 238 237 236 235 234 233 232 231 230 229 228 227 226 225 224 223 222 221 220 219 218 217 216 215 214 213 212 39 .453.667 6.480.553.667 1.333 1.000/22.333 1.200 6.667 14.133 21.

667 1.29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 14.067 14.326.667 6.267 20.320.733 19.533 20.933 13.133 14.667 6.600 13.000 1.400.667 6.273.000 1.067 13.667 1.667 6.667 6.280.333 1.000 19.867 13.000 13.667 1.366.067 20.000 1.667 13.800 6.333 1.333.400 20.333 1.467 13.313.340.867 19.386.000 1.360.373.733 13.353.800 19.667 6.667 6.933 19.333 211 210 209 208 207 206 205 204 203 202 201 200 199 198 197 196 195 194 193 192 191 40 .667 1.667 6.667 6.333 20.300.333 1.400 13.133 20.667 6.333 13.133 13.667 6.600 19.293.306.380.667 1.667 6.000 1.600 20.667 1.667 6.200 20.000 1.667 6.667 6.667 20.800 20.667 20.667 6.267 13.467 1.667 6.667 1.393.406.733 20.533 19.533 13.346.000 1.867 12.333 1.333 1.667 6.667 6.800 13.000 12.467 20.286.200 13.667 19.933 12.667 6.

667 6.173.667 6.667 6.867 17.000 11.020.000 190 189 188 187 186 185 184 183 182 181 180 179 178 177 176 175 174 173 172 171 170 169 168 167 166 165 164 163 162 161 160 159 158 157 156 155 154 153 152 151 150 41 .800 17.093.467 18.200 11.667 1.400 17.133.667 6.180.667 6.333 1.400 19.240.146.667 6.667 6.333 1.600 17.867 16.667 1.333 12.067 18.667 6.133 17.667 6.000 1.667 6.133 18.667 6.000 1.467 10.667 11.266.206.667 6.213.153.667 6.220.226.533 18.186.400 18.100.800 11.073.046.233.533 12.333 1.253.667 6.333 1.800 18.667 6.933 17.667 6.133 12.533 10.026.200 18.040.033.267 19.733 17.080.600 18.933 16.000 18.667 1.667 6.667 6.260.667 1.067 17.667 6.667 6.267 17.000 1.867 11.667 6.333 18.200 17.667 6.933 18.667 10.667 6.400 10.333 17.600 11.733 1.667 6.333 1.200 19.733 10.467 12.667 6.667 6.667 6.667 12.000 1.333 1.667 6.667 1.667 1.067 11.667 6.667 6.867 10.066.400 12.000 16.200 10.067 19.667 1.113.000 1.600 10.733 12.267 10.667 6.800 16.667 1.667 6.667 6.106.166.133 19.267 18.267 12.120.006.000 17.000 1.667 1.667 6.067 12.933 11.667 18.067 6.867 18.333 1.667 1.667 6.013.667 17.000 1.333 1.000 10.267 11.933 10.200 12.140.333 1.133 10.000 1.667 6.060.400 11.50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 12.000 1.667 1.333 1.800 10.533 11.667 1.333 19.246.333 1.133 11.467 17.000 1.333 11.000 1.193.467 11.053.000 1.733 18.086.160.333 1.667 6.667 6.733 11.667 6.667 1.667 6.000.333 1.667 19.667 1.126.000 1.333 10.533 17.200.600 12.

600 14.667 6.533 16.000 833.267 8.533 7.267 16.667 6.933 7.333 846.933 993.667 820.867 9.000 793.333 746.667 6.333 786.667 7.667 15.667 16.667 6.667 14.733 14.267 9.067 9.667 880.000 873.867 7.000 13.533 9.667 6.400 14.667 6.667 8.733 8.267 6.333 826.667 6.133 15.667 760.667 960.000 15.000 753.600 8.867 8.533 15.733 15.733 7.333 9.667 6.667 6.667 720.667 840.067 8.667 6.000 7.333 906.667 6.333 806.267 14.667 860.667 6.400 15.667 6.000 913.667 6.667 6.533 14.533 8.667 6.467 16.067 16.800 9.667 800.667 6.400 7.000 973.600 16.400 9.800 8.933 9.667 9.667 6.667 900.667 6.667 6.867 15.467 8.333 886.667 16.200 9.667 740.667 940.667 6.333 946.000 853.333 726.600 15.933 15.333 14.133 14.000 9.667 6.667 6.800 14.333 15.333 8.667 6.267 15.467 15.667 6.400 8.667 6.733 9.667 6.667 6.867 14.000 893.067 14.667 920.000 773.91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 10.000 149 148 147 146 145 144 143 142 141 140 139 138 137 136 135 134 133 132 131 130 129 128 127 126 125 124 123 122 121 120 119 118 117 116 115 114 113 112 111 110 109 108 42 .467 14.667 6.333 926.000 813.333 766.800 7.333 966.667 6.000 933.200 16.600 7.000 8.933 8.000 953.667 6.667 6.333 986.667 6.133 8.667 6.133 9.667 6.667 6.000 14.333 16.467 7.667 6.333 7.667 6.800 15.200 15.200 14.600 9.000 733.200 8.667 780.933 14.667 6.067 15.133 16.667 980.667 6.467 9.333 866.667 6.400 16.

867 11.667 6.533 4.667 6.000 633.000 453.333 566.667 6.667 6.000 6.667 11.667 600.667 6.667 6.667 440.133 6.667 6.000 693.067 12.667 680.333 546.467 11.667 6.333 506.000 673.333 486.267 6.667 6.667 6.667 6.667 560.000 11.667 6.933 12.867 13.933 5.667 6.467 5.200 12.667 5.667 13.733 5.667 6.667 6.333 706.400 5.333 13.800 11.733 12.333 686.467 12.133 713.667 6.667 6.000 553.867 5.200 11.000 513.600 4.800 13.333 12.267 13.400 13.667 620.733 4.000 473.333 526.000 653.667 12.667 6.200 6.000 493.267 11.667 6.667 13.800 12.600 6.667 6.667 6.800 6.667 580.400 11.067 6.667 6.000 533.533 5.333 6.867 12.467 13.000 4.000 593.600 12.667 6.667 6.133 13.533 13.000 5.067 5.133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 7.667 520.667 6.533 6.667 6.067 7.000 613.933 6.667 6.933 11.667 6.333 446.733 6.667 6.733 11.200 13.733 13.333 5.667 6.667 6.667 6.333 11.800 5.467 6.533 12.333 626.667 6.600 13.667 6.600 11.667 500.467 6.200 7.667 4.667 6.667 6.333 586.667 540.533 11.333 666.000 107 106 105 104 103 102 101 100 99 98 97 96 95 94 93 92 91 90 89 88 87 86 85 84 83 82 81 80 79 78 77 76 75 74 73 72 71 70 69 68 67 66 43 .667 6.000 12.333 606.867 6.667 6.200 5.133 5.133 12.667 700.000 573.600 5.400 12.333 646.800 4.867 4.667 460.400 6.267 5.667 6.267 12.333 466.667 6.667 660.133 7.067 13.667 6.933 4.667 480.667 6.667 640.

667 10.667 220.267 4.667 6.400 8.600 10.333 366.000 373.467 9.933 3.667 3.000 233.000 65 64 63 62 61 60 59 58 57 56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 44 .667 6.533 9.667 6.000 413.333 166.667 6.933 8.333 266.667 380.000 173.800 8.000 273.667 280.200 10.333 10.333 4.000 393.333 306.667 6.067 3.667 420.933 9.667 2.333 3.533 3.667 6.600 8.733 8.667 6.733 3.000 333.067 9.400 9.667 6.067 10.667 6.333 386.133 3.200 9.667 340.667 6.667 6.467 3.067 11.600 9.000 293.800 10.067 2.533 2.600 2.667 6.667 6.867 10.667 8.800 2.667 6.200 2.200 4.933 1.133 10.667 6.733 2.667 6.533 10.333 346.933 10.667 400.667 6.400 3.267 3.667 9.667 6.000 253.867 2.800 3.667 160.333 2.333 286.200 3.667 6.867 1.667 6.600 3.667 6.267 10.175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 4.000 10.667 6.667 6.667 240.667 180.000 193.333 206.667 6.667 360.333 246.733 1.667 6.667 6.533 8.667 6.733 10.333 433.333 406.667 200.400 10.267 2.667 6.667 6.667 320.333 186.333 326.667 11.867 3.667 6.000 2.667 6.667 260.000 313.467 8.800 1.667 300.000 8.467 2.733 9.667 6.000 9.667 6.000 213.800 9.667 6.333 426.000 353.000 3.000 1.267 9.867 8.867 9.333 9.667 6.133 9.067 4.400 2.667 6.667 6.667 6.133 2.933 2.667 6.133 4.333 226.667 6.400 4.467 10.667 6.667 6.

667 6.667 20.000 7.667 100.333 7.217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 Total 1.267 1.667 0 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 45 .667 6.928.667 6.667 1.333 146.067 7.533 7.667 6.667 6.667 60.133 8.800 6.000 6.200 1.000 6.467 7.867 6.867 7.667 140.933 7.667 6.200 7.667 6.333 106.600 1.000 933 867 800 733 667 600 533 467 400 333 267 200 133 67 1.667 6.733 7.667 6.667 6.600.667 6.667 80.200 8.933 6.333 66.667 40.000 33.667 6.667 6.667 6.667 6.333 126.533 1.667 6.333 86.667 6.333 6.067 8.667 7.667 6.467 1.667 6.267 7.000 133.667 6.000 53.667 6.333 1.400 1.080 8.267 8.000 73.733 3.000 153.133 1.333 46.800 7.667 6.067 1.000 113.528.667 6.667 120.133 7.333 26.000 93.400 7.000 13.600 7.

6 2006 1.27 November 1.564.749 0 15.749 Total Installment At the time of disbursement 1. 8 2006 1.78 132 17.61 7 17.584.90 7 1.747 8 15.29 2 April 1.581.33 December 1.38 3 June 1.75 9 1.61 7 17.64 3 15.588.61 7 17.34 December 1. 3 2005 1.89 130 17. 2006 1.00 7 1.96 5 August 1.98 4 1.747 3 15.91 0 1. 2006 1.97 2 15.593.61 132 17.600.05 November 1.61 7 17.73 132 17. 2006 1.07 9 March 1.61 7 17.80 132 17.749 4 15.747 7 15. 2005 1.61 7 17.08 September 1.595.95 6 1.570.747 1 15.749 4 15.75 132 17.85 130 17.96 0 1.91 130 17.579.93 130 17.61 7 17. 2005 1.72 7 1.75 0 October 1. 2006 1.95 130 130 17.591.09 9 August 1.61 7 17.77 1 1.61 7 17.586. 2007 1.749 16.747 8 15.572.747 0 15.74 9 July 1.747 5 15.749 1 15.598.61 7 17.749 6 15.38 46 .61 7 17.66 5 June 1.93 3 1.61 3 15.749 0 15.749 1. ABC Number of Installment Principal at Beginning Loan Instalment Interest Income Principal Payment Property Insurance Premium 1.583.66 4 1.86 1 1.70 5 1. 2005 1. 1 2006 January 1.61 7 17.82 4 July 1.79 3 1. 2005 1.Appendix L MCB PYARA GHAR SCHEME Repayment Schedule Mr.70 132 17.82 130 17.65 132 17. 2005 1.575.577.749 3 15.590.61 7 17.63 132 17.88 4 1.81 4 1.71 132 17. 2006 1.84 130 17.747 17.61 7 17.68 5 1.66 132 17.61 7 17.747 1 15.59 9 January 1.61 7 17.61 7 17.600 17.61 7 17.74 8 1.749 7 15. 0 2005 1. 2006 1.84 9 1. 3 2005 1.566.43 September 1.61 7 17. 2006 1.83 7 1.84 8 February 1.87 130 17.568.596.00 0 May 1.68 132 17. 2006 1.573.76 132 17. 2006 1.19 1 October 1.61 7 17.48 8 May 1.749 7 15.

516. 2009 7 17.32 17.61 7 1.40 17.61 7 1.745 128 17.35 17.537.15 17.745 128 17.13 17.742 125 17.52 17. 2008 June 1. 2009 March 1.61 7 1.64 17.56 4 15. 2007 June 1.539.07 4 2.745 130 17.50 2 15. 2008 July 1.37 17.45 6 2.24 6 2. 2007 January 1.745 128 17.742 128 17.53 1 2.558.513.52 2 15.61 7 1.745 128 17. 2008 May 1. 2007 March 1.745 128 17.26 8 2.16 1 15.20 9 15.56 17.742 125 17.511.545.745 128 17.525.742 125 17.43 7 15.37 1 15.15 17. 2007 September 1.61 7 1.61 7 1.742 125 17.34 9 15.60 4 15.15 8 2.747 130 17.554.523.08 6 15.06 1 15.61 7 1.05 4 2.01 0 14.742 125 17.745 128 17.528.556.50 6 2. 2007 May 1.42 17.61 7 1.61 7 1. 2007 October 1. 2008 April 1.20 2 2.742 125 17.40 8 2.548.62 4 15.03 17.37 17.45 9 15.742 125 17. 2007 August 1. 2007 November 1.61 7 1.67 17.54 3 15.506.32 17.28 0 15.61 7 1.38 4 2.63 17.562.745 128 17.532.552.61 7 1.11 6 2.61 7 1.93 17.24 17.747 3 0 7 4 0 6 1 5 8 0 0 8 4 8 0 8 4 7 6 2 4 2 6 5 9 8 2 0 2 47 .745 128 17.61 7 1. 2008 March 1.55 6 2.33 7 2.61 7 1.31 17.22 4 2.745 128 17.89 17.11 17.508.61 7 1.43 2 2.41 February 1.88 17. 2008 August 1.63 4 122 17.13 7 2. 2008 September 1.09 17. 2008 November 1. 2008 October 1.500.541.32 6 15.530.99 3 2.13 6 15.58 4 15.25 7 15.61 7 1.98 17.48 1 2.11 2 15.503.534.01 17.48 0 15.61 7 4 15.09 5 2.61 7 1.74 17.740 125 17.31 4 2.61 7 1. 2009 February 1. 2009 June 1.41 6 15.61 7 1.742 125 17.745 128 17.520.61 7 1.560. 2008 January 1. 2009 April 1. 2008 December 1.742 125 17.56 17.62 17.742 125 17.23 3 15. 2008 February 1.7 1.61 7 1.740 122 17.36 1 2.61 7 1. 2009 May 1.742 125 17. 2007 December 1.518.18 5 15.03 3 2.61 7 1.01 3 2. 2007 April 1.18 0 2. 2007 July 1.30 3 15.03 6 15.61 7 1.98 4 4 1.58 2 2.29 1 2.39 4 15.61 7 1.60 8 2.61 7 1.747 130 17.61 7 1.543.498.550.

737 17.443.61 7 9 17.52 8 14.93 7 14.98 9 1.61 7 4 17.740 17.93 8 1.61 14.37 4 1.92 1 1.07 9 1. 2011 May 1. 2010 July 1. 2010 June 1.38 2 1.00 3 1.76 2 14. 2011 December 1.413.75 5 1.737 17.76 48 .733 17.61 7 8 17.18 119 3.46 0 14.737 17.740 17.84 8 14.62 7 14.90 122 2.99 119 3.17 5 14.00 6 1.24 7 14.67 9 1.61 7 0 17. 2011 April 1.55 1 1.02 119 3.733 17.61 7 7 17.20 1 14.40 4 14.61 7 7 17.85 122 2.79 4 14. 2011 September 1.15 119 3.55 116 116 17.64 4 1.733 17.82 122 2. 2009 November 1.61 7 3 17.61 7 3 17.81 8 1.440.493.479.733 17.737 17.420.13 0 14.470.31 116 3.74 122 2.08 119 3.05 119 3.92 3 1.740 9 1.68 122 2.51 3.61 7 2 17.17 0 1.61 7 4 17.737 17.73 0 14.740 17.740 17.737 17.61 7 8 17.423. 2010 January 1.67 8 14. 2011 July 1. 2009 December 1.433. 17.69 9 1.73 July 1.95 0 14.61 7 6 17.61 7 6 17.20 1 1. 2010 August 1.61 7 0 17.733 17.66 122 2.10 5 14.61 7 9 17.24 119 3.61 7 9 17.71 4 1.90 9 1.476.61 7 8 17.79 122 2.737 17.61 7 0 17. 2011 June 1. 2009 September 1.76 122 2. 2009 January 1.87 1 14.449.61 7 6 17.467.1.90 3 14.459.37 6 14.59 7 14. 2010 November 1.740 17.733 17.410.473. 2010 April 1.61 7 7 17.44 116 3.16 8 1.27 119 3.41 116 3. 2010 December 1.70 9 14.740 17. 2009 August 1.61 7 7 17.737 17.484.427.49 9 14.97 1 1.61 7 2 17.93 119 2.740 17.65 8 14. 2011 October 1.733 17. 2010 May 1.48 116 3.61 7 0 17.11 119 3.37 116 3. 2009 October 1.61 7 0 17.27 6 1.88 122 2.83 3 1.61 7 1 17.06 2.737 17.61 7 9 17.82 6 14.437.740 17.455.490.56 4 1.482.417.430.21 119 3.446.61 7 4 17.27 4 14.464.740 17. 2010 March 1. 2011 February 1.733 17.737 17.737 17. 2011 March 1.33 4 1.39 2 1. 2010 October 1.61 2 1.56 8 14.97 9 1.406.30 1 14. 2011 August 1.61 7 6 17.61 7 2 17.487. 2010 February 1.737 17.43 2 14.96 119 2.33 8 14.34 116 3.495. 2011 November 1.462.452. 2010 September 1.71 122 2.

69 0 4.41 3 13.61 7 17.95 2 1.365. 2013 August 1.729 112 17.61 7 17.81 2 13.37 5 4.332.15 5 1.61 7 17.89 2 1.729 112 17.729 112 17.45 5 13.55 2 4.34 7 1.311.50 5 1.16 2 4.65 7 3.61 7 13.61 7 17.69 4 3. 2012 February 1.88 7 1.729 112 17.396. 2014 March 1.46 3 4.19 9 13.733 116 17.377. 2013 October 1. 2013 November 1.01 1 1.399.725 107 17.73 5 13.64 4 4.47 4 1.74 1 1.319.59 8 4.61 7 17.373.353.84 4 3.725 107 17.733 116 17.80 6 3.99 6 13. 2013 September 1. 2013 January 1.03 2 13.315.70 1 1.381.729 112 17.70 1 1.50 4 1.725 107 17. 2012 December 1.62 6 1.92 3 1.84 9 13.00 0 4.06 5 13. 2012 June 1.292.65 4 1. 2012 July 1.04 0 4.61 7 17. 2012 March 1.725 107 17.37 1 13.65 7 13.297.61 7 17.61 7 17.35 4 1.729 112 17.61 7 17.729 112 17.73 7 102 17.392.62 2 1.69 6 13. 2012 September 1.733 49 .61 7 17. 2013 December 1.403.62 1 1.324.388.49 9 1.341.41 8 4.61 7 17. 2013 February 1.61 7 17.328.61 7 17.58 5 3.33 1 4.61 7 17.729 112 17.74 1 1.77 3 13.88 2 3.15 5 13. 2012 August 1.92 3 13.345. 2012 January 1.53 7 13.349.61 7 17.720 107 17.49 6 13.08 0 4.71 0 1. 2014 April 1.57 7 13.88 0 0 3.92 7 12.02 0 12.33 7 1.61 7 17.24 6 4. 2013 June 1.32 9 13.61 7 17.725 107 17.2011 January 1.76 8 3.61 7 17.725 107 17.61 7 17.11 0 13. 2014 1 1.61 7 17. 2014 February 1.301.88 7 13.61 7 17.21 1 1.725 107 17.13 3 1.729 116 17.729 112 17.733 116 17.96 0 13.34 9 1.61 7 17.306.61 7 17.384.61 7 17.24 3 13.26 7 1.50 7 4.725 112 17.61 7 8 14.12 1 4.61 7 17.97 4 12.729 112 17.357.02 0 7 17.28 9 4.96 0 4.62 1 3.59 9 1. 2012 October 1.73 1 3. 2013 April 1.729 112 17.92 1 3. 2013 May 1. 2013 July 1.00 5 1.61 7 17.20 4 4.337.61 7 17. 2013 March 1.725 107 17. 2012 November 1.369.725 107 17.725 107 17. 2012 April 1.361.725 107 17. 2014 May 1.28 6 13.61 7 17.288. 2012 May 1.

61 7 8 17.708 17.273.49 8 1.83 102 4.66 5 11.160.217.78 97 5.50 97 5.61 7 7 17.15 2 1. 2015 August 1.61 7 3 17.61 7 6 17.54 5 11.83 5 12.708 17.42 7 11.61 7 9 17.61 7 4 17.95 6 11. 2014 January 1.61 7 5 17.714 17.24 2 1. 2015 May 1. 2016 June 1.23 102 5.23 50 .714 17.72 97 5.77 8 11.60 2 1.48 0 12.55 9 1. 2015 February 1.129.61 97 5. 2014 September 1.61 7 2 17.21 1 1. 2015 December 1.61 7 6 17.76 9 1. 2015 July 1. 17. 2016 October 1.183. 2014 October 1.55 97 5.278.61 7 5 17.06 5 12.87 7 1.708 17.253.720 3 1.714 17.189. 2016 April 1.714 17.01 6 1.243.61 7 1 17. 2015 October 1.1.61 7 6 17.720 17.48 6 11.07 102 5.63 9 12.166.23 4.18 102 5.61 7 8 17.61 7 7 17.68 0 12.177.142.61 7 9 17.227.73 1 12.61 7 3 17. 2015 April 1.720 17.714 17.263.00 0 11.25 90 6.708 17.61 7 8 17.13 90 6.238.43 1 12.66 97 5. 2014 November 1.83 0 11.85 5 1.83 97 5.19 90 6.61 7 2 17.10 1 1.248.720 17.33 97 5.84 8 1. 2014 July 1.211.76 6 1. 2014 August 1.95 97 6.38 3 12.714 17. 2016 May 1. 2016 February 1.714 17. 2015 September 1.61 7 8 17.195.720 17.29 2 11.714 17.222.708 17.38 90 90 17.61 7 8 17.78 102 4.78 2 12.708 17.233.148. 2015 January 1.39 97 5.720 17.61 7 7 17.22 6 1.72 6 11.45 8 1.61 7 2 17.02 102 5.33 5 12.720 17.708 17.28 June 1.94 0 1.58 9 12.61 7 0 17.09 3 1.63 9 1.258.32 6.172. 2015 March 1.61 7 9 17.44 97 5.206.61 7 2 17.89 3 11. 2016 July 1.53 9 12.135.43 5 1. 2016 September 1.123.268.720 17. 2016 March 1.93 102 4.154.283. 2014 December 1. 2015 June 1.81 8 1.71 2 1.07 90 6.26 6 1.71 1 1.714 17.714 17.61 7 1 17.78 5 1.22 1 12.35 9 11. 2016 August 1. 2015 November 1.22 7 1.714 17.61 7 9 17.17 5 12.11 0 12.97 102 5. 2016 November 1.89 97 5.19 7 1.93 2 1.720 17.200.61 7 2 17.66 6 1.714 17.28 102 5.720 17.61 12.88 102 4.60 5 11.61 7 2 17.27 8 12.13 102 5.720 17.01 90 6.

692 75 17.097.692 75 17.61 7 17.2016 December 1.61 7 17.61 7 17.708 90 17.692 75 17.035. 2017 February 1.70 3 10.71 4 7.61 7 17.04 6 1. 2018 July 1.708 90 17.701 83 17.61 7 17.12 4 7.64 6 974.57 8 6.71 1 6. 2018 January 1. 2017 April 1.63 4 10.61 7 17.48 7 7. 2018 October 1.41 9 1.708 90 17. 2017 July 1.56 4 10.35 3 8.38 3 1.82 6 9. 2018 March 1.33 9 7.44 6 918.701 83 17. 2017 August 1. 2019 7 1.61 7 17.55 9 997.63 7 7.692 75 17.43 6 1.84 6 6.44 9 6. 2018 May 1.083.692 75 17.03 9 10.692 75 17.10 7 8.18 1 9. 2018 December 1. 2018 September 1.79 1 7.40 4 1. 2017 September 1.61 7 17.61 7 17.52 1 75 17.701 83 17.09 7 5 6.86 9 7.61 7 17.89 0 1.013.61 7 17.97 3 10.71 6 926.708 51 .61 7 17. 2017 June 1.61 7 17.41 3 7.61 7 17. 2018 April 1.20 5 10.701 83 17.51 0 9.61 7 2 11.90 5 934.84 0 10.01 2 942.61 7 17.02 7 8.85 2 1.42 3 10.027.27 0 8. 2018 November 1.43 6 8.74 9 9.03 9 951.10 4 11.94 8 8.34 7 9.26 0 1.116.67 0 9.701 83 17.90 4 9.36 0 982.692 75 17.66 8 1.701 83 17.99 7 990. 2019 March 1.77 8 6.98 0 9.701 83 17.708 90 17.61 7 17.701 83 17.31 2 1.61 7 17.005.26 7 7.09 3 909.33 3 1.042. 2018 February 1.110.95 7 1.61 7 17.59 0 9.063.56 2 7. 2019 February 1.692 83 17.692 75 17.42 9 9.61 7 17.049.61 7 17.35 1 10. 2017 January 1.16 9 11.070.64 4 6. 2017 October 1. 2017 November 1.51 3 6.090.103.701 90 17.49 4 10.056.61 7 17.19 5 7.61 7 17.65 7 7 17.91 4 6. 2018 August 1.27 8 10. 2017 March 1.61 7 17.85 5 966.61 7 17.05 3 7. 2016 January 1.61 7 17.61 7 17.90 7 10.077.13 0 10.05 6 9. 2017 May 1.61 7 17.77 2 10. 2019 April 1.61 7 17.79 8 1.45 9 1.020. 2017 December 1.17 9 1.701 83 17.692 75 17.18 8 8.06 5 1. 2018 June 1.98 3 7.26 4 9.692 75 17.692 75 17.701 83 17.701 83 17.98 6 959.

2021 September 1.61 7 0 17.683 17. 2019 August 1.61 7 2 17.63 2 613.64 0 701.92 41 11. 2020 June 1.53 3 679. 2019 July 1.19 2 857.19 1 839.00 2 658.52 3 732.50 54 10.01 6 6. 2020 February 1.61 7 1 17.658 17.20 2 8.39 7 8.69 54 9.24 1 6.901.671 17. 2020 July 1.19 54 10.671 17.05 9 866.61 7 5 17.29 54 10. 2019 June 1.61 7 8 17.683 17.86 65 8.683 17.89 54 9.09 54 10.53 0 883.658 17.61 7 6 17. 2020 November 1.50 65 9.99 0 782.47 7 6.658 17.683 17.61 7 6 17.83 9 8. 2019 October 1.90 2 6. 2020 March 1. 2020 December 1.72 2 7.51 0 811. 2021 April 1.61 7 1 17.66 5 8.04 65 9.07 4 647.671 17.83 8 875.33 1 722.03 41 11.671 17.671 17.671 17.13 8.52 1 7.61 7 3 17.683 17.671 17.37 11. 2021 17.79 9 6.61 7 5 17.658 17.13 65 9.61 7 5 17.683 17.81 54 10.99 54 10.61 9.05 6 829.03 8 635.42 2 7. 2020 April 1.41 65 9.11 1 7.671 17.39 54 10.59 1 791.71 54 10.79 54 9.61 7 3 17.61 7 1 17.01 6 8.683 17. 2021 May 1. 2019 January 1.61 7 6 17.22 65 9.61 7 2 17.29 2 772.61 7 9 17. 2020 September 1.49 8 762.683 17.23 6 848.61 7 5 17. 2019 December 1.29 9 8.14 41 11.658 17.60 65 8.683 17.92 2 8. 2020 October 1.671 17.82 1 669.61 7 6 17.61 7 0 17.62 1 7. 2021 June 1. 2021 August 1.09 8 801. 2020 August 1. 2019 September 1.57 5 8.683 6 892.03 7 711.48 5 8.82 9 820. 2021 July 1.82 4 7.61 7 8 17.60 65 9.658 17. 2020 May 1.60 6 752.61 7 1 17.75 7 8.13 9 690. 2021 March 1.77 65 8.61 7 0 17. 2020 January 1.01 1 7.95 65 9.13 May 1.671 17.92 7 7.683 17.48 41 41 17.89 1 624.61 7 2 17.69 7 6.25 41 11.61 7 1 17.11 6 8.26 52 .58 7 6.671 17.61 7 6 17.61 7 5 17.61 7 0 17.60 54 10. 2021 February 1.32 4 7.31 65 9.69 65 8.61 7 1 17. 2021 October 1.61 4 742.61 7 8 17. 2019 November 1.683 17.671 17.35 8 6.22 7 7.

29 1 5 11.62 17.61 7 415.66 6 5.645 41 17. 2023 March 1.81 3 12. 2022 March 1.645 28 17.43 8 14.623 6 17.61 7 3 6.60 4 3. 2022 November 1.658 41 17.61 7 566.01 6 3. 2022 October 1. 2022 January 1.17 9 3.61 7 303.46 4 3.1 November 1.01 8 5.17 17. 2023 February 1. 2023 September 1.60 17.17 5 15.42 6 5.16 17.31 3 12. 2023 August 1. 2023 April 1.19 1 12.54 7 4.02 4 15.80 4 4.15 4 14.87 5 14.645 28 17.61 7 505.623 6 17.20 1 13. 2024 February 1.36 17.61 7 360.05 17. 2022 February 1.66 17.61 7 401. 2022 December 1.15 1 4.61 7 229.645 28 17.94 1 13.658 41 17.41 17.623 6 17.10 17.44 3 2.74 3 3. 2022 September 1.645 28 17.645 28 17.645 28 17.73 7 13.60 1 13.21 17.39 17.61 7 332.623 6 17.43 6 12.88 9 2.67 6 4.61 7 374. 2022 April 1.37 17.25 17.56 1 12. 2021 December 1.61 7 346.61 7 480.658 41 17.61 7 578.87 6 15.658 41 17.07 1 12.54 7 5.32 2 3.59 3 2.30 4 5. 2023 June 1.60 17.29 17.09 17.18 1 5. 2022 August 1.41 17.61 7 590.28 4 4.61 7 387.07 1 13.78 5 5.59 17.623 28 17.61 7 554.623 6 17.61 7 454.61 7 542.61 7 274.95 1 12.61 7 428.658 41 17.58 3 14.645 28 17.77 17. 2023 May 1.03 5 2.46 7 13.99 17.46 17.623 6 17.61 7 467.68 6 12.41 6 4.61 7 493.74 2 2. 2023 November 1.645 28 17. 2024 March 1.59 17.623 6 17.26 17.93 1 4.61 7 530. 2023 December 1.623 6 17.90 2 5. 2022 June 1.61 7 317.61 7 259.61 7 244. 2021 January 1. 2024 7 601.645 28 17.658 6 7 1 8 7 7 5 2 6 5 9 5 4 3 2 9 2 0 3 8 4 1 5 7 4 6 0 6 1 53 .66 17. 2023 July 1.61 7 288.33 3 13.61 7 518. 2023 October 1.61 7 441.32 6 6 17.645 28 17.623 6 17.67 17.60 0 11.05 7 4.645 28 17.29 5 14.83 3 11.91 17.10 17.89 17.01 4 14.623 6 17. 2022 July 1.71 6 11.47 17.72 8 14. 2023 January 1.88 0 3. 2022 May 1.

617 17.94 17.44 1.61 7 3 17.61 7 4 2. 2025 March 1.81 2 34.61 7 8 17. 2024 June 1.93 17. 2024 January 1.50 5 68.600. 2025 February 1.617 17. 2025 17.82 1 1.61 7 9 17.44 3 54 .09 17.80 3 118.74 2 51.66 9 1.617 4.617 16.61 7 8 17. 2025 April 1.91 1 134. 2024 December 1.617 16. 2024 September 1.61 7 9 17.28 5 182.213. 2024 July 1.61 7 5 17. 2024 October 1.617 16.48 6 15.53 3 102.617 16.02 6 85 2 68 0 51 9 34 0 17 3 0 15.76 April 1.86 0 150.18 2 1.50 8 1.79 17.10 1 85.59 17.61 7 1 17.76 17.00 2 17.95 17.617 15.34 9 1.63 17.248.617 15.617 16.13 0 1.98 5 1.61 7 7 17.617 17.61 7 8 17.71 3 17.27 17.61 7 7 17.61 7 5 17.623 5 198.43 17. 2024 August 1. 2024 May 1.10 17. 2024 November 1.617 16.65 0 166.61 7 7 17.26 17.

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