First Pak Modaraba - The Company's principal activities includes deployment of funds on Morabaha and Musharika arrangements and in the trading of listed marketable securities. The Company is a multipurpose, perpetual Modaraba registered under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed there under and is managed by Royal Management Services (Private) Limited, incorporated in Pakistan. The Company derives income from Morabaha transactions recognized on time proportion basis that takes into account the effective yield on the investments. The profit on Musharika arrangements is being shared by the modaraba in an agreed ratio based on estimated profit for the transaction. Loss, if any will be shared equally by the modaraba Dividend income is recorded at the time of closure of share transfer books of the company declaring dividend. Profit on bank deposit/portfolio management scheme account is recognised on accrual basis on time.