Mutual Funds Association of Pakistan (MUFAP) is the trade body for Pakistan's multi billion rupees asset management industry. The money our members manage is in a wide variety of investment vehicles including stocks, bonds, money market instruments, government securities and bank deposits. Our role is to ensure transparency, high ethical conduct and growth of the mutual fund industry.
ABLACPF 10.14 ABLCF 10.54 ABLFPF-Active 97.21 ABLFPF-Conservative 109.43 ABLFPF-SAP 98.46 ABLGSF-B 10.47 ABLIDSF 8.6 ABLIF 10.45 ABLIFPF-Active 103.69 ABLIFPF-Aggressive 105.97 ABLIFPF-Conservative 111.23 ABLIFPF-SAP 104.96 ABLIFPF-SAP-II 94.59 ABLIFPF-SAP-III 98.63 ABLIFPF-SAP-IV 102.02 ABLIIF 10.56 ABLIPPF-D 115.71 ABLIPPF-E 168.12 ABLIPPF-MM 112.85 ABLISF 14.78 ABLPPF-D 143.07 ABLPPF-E 160.58 ABLPPF-MM 117.93 ABLSF 14.27 AGHPAF 73.24 AGHPCF 516.52 AGHPIF 116.58 AGHPIIF 105.01 AGHPIMF 55.57 AGHPIPF-D 102.94 AGHPIPF-E 85.77 AGHPIPF-MM 103.62 AGHPIPPF-AAP 97.36 AGHPIPPF-AAP-II 93.57 AGHPIPPF-AAP-III 96.25 AGHPIPPF-BAP 105.38 AGHPISF 63.54 AGHPMMF 102.11 AGHPPF-D 105.08 AGHPPF-E 83.84 AGHPPF-MM 105.16 AGHPPPF-AAP 107.46 AGHPPPF-CAP 110.75 AGHPPPF-MAP 104.2 AGHPSF 135.27 AGHPVF 62.39 AGHSF 110.31 AKDCF 52.33 AKDGASSF 10.32 AKDIF 53.42 AKDIIF 50.53 AKDISF 48.08 AKDITF 14.72 AKDOF 84.79 ALFALAHGHPCPF-II 100.17 ALFALAHGHPIDEF 86.54 ALFALAHGHPIVF 101.95 ASKARIAAF-B 43.46 ASKARIAAF-C 43.46 ASKARIEF 98.55 ASKARIHYS 106.06 ASKARIIAAF-B 96.74 ASKARIIAAF-C 96.74 ASKARIIIF-B 105.64 ASKARIIIF-C 105.64 ASKARISCF 104.85 ASKARISYE 105.93 ATLASIF 534.2 ATLASIIF 524.93 ATLASISF 538.5 ATLASMMF 526.42 ATLASPF-D 241.91 ATLASPF-E 498.93 ATLASPF-MM 231.89 ATLASPIF-D 200.73 ATLASPIF-E 617.5 ATLASPIF-MM 212.12 ATLASSLF 104.46 ATLASSMF 626.36 BMACRSF 8.62 BMAECF 10.53 DAWOODIF 87.92 DAWOODISF 119.69 FAYSALAAF 55.38 FAYSALFIAAF 81.36 FAYSALFSOF 105.56 FAYSALIGF 110.62 FAYSALISGF 106.62 FAYSALMMF 106 FAYSALMTSF 105.26 FAYSALSF 62.04 FAYSALSGF 106.26 FCMF 9.94 FCMF 9.94 FCMF-A 9.94 FDAWOODMF 22.48 FHABIBAAF 100.32 FHABIBCF 105.24 FHABIBIF 106.47 FHABIBIIF 103 FHABIBSF 90.51 FHISF 88.55 HBLCF-C 105.38 HBLCF-D 105.38 HBLEF 14.82 HBLEQF 110.85 HBLFPF-AAP 102.98 HBLFPF-CAP 103.41 HBLFPF-SAP 102.52 HBLGSF-C 109.68 HBLGSF-D 109.68 HBLIAAF 104.5 HBLIEF 93.39 HBLIF 110.62 HBLIFPF-AAP 100.91 HBLIFPF-CAP 101.17 HBLIFPF-SAP 101.84 HBLIIF 105.68 HBLIMMF 104.38 HBLIPF-D 141.24 HBLIPF-E 391.34 HBLIPF-MM 138.81 HBLISF 112.69 HBLMAF 104.91 HBLMMF 106.55 HBLPF-D 158.82 HBLPF-E 366.28 HBLPF-MM 146.53 HBLSF 107.51 JSCF 106.3 JSCPF-V 103.49 JSFOF 52.48 JSGF-A 187.49 JSIDEF 97.75 JSIF 100.68 JSIHFF-II-AAP-II 98.66 JSIHFF-JSIAAP I 99.26 JSIHFF-JSICPAP-I 100.01 JSIHFF-Mufeed 81.68 JSIHFF-Munafa 81.21 JSIHFF-Mustakhkem 96.97 JSIHFF-Mustanad 106.06 JSIHFF-Mutanasib 83.16 JSIIF 104.5 JSIPSF-D 200.04 JSIPSF-E 639.04 JSIPSF-MM 173.21 JSISF 106.79 JSLCF 138.22 JSPSF-D 237.33 JSPSF-E 485.53 JSPSF-MM 191.09 JSUTP 163.54 JSVF-A 217.42 LAKSONAADMF 131.21 LAKSONEF 115.84 LAKSONIF 105.41 LAKSONITF 94.54 LAKSONMMF 104.98 LAKSONTF 101.08 MCBAHAIAAF 92.47 MCBAHAIAAF-II 98.75 MCBAHAIAALF 70.88 MCBAHAIIF-A 105.42 MCBAHAISF 10.99 MCBAHDDF 100 MCBAHIIF-B 105.42 MCBAHMCBCMOF 105.34 MCBAHMCBDIF 110.71 MCBAHPCF 52.38 MCBAHPCM 11.3 MCBAHPFPF 100.89 MCBAHPIEF 55.51 MCBAHPIF 55.94 MCBAHPIPF-D 198.58 MCBAHPIPF-E 521.6 MCBAHPIPF-MM 179.06 MCBAHPPF-D 238.47 MCBAHPPF-E 521.21 MCBAHPPF-MM 218.4 MCBAHPSMF 96.12 MCBPAAF 79.08 MCBPSF 55.51 MEEZAMSAF-II(MCPP-IV) 49.71 MEEZAMSAF-II(MCPP-V) 50.03 MEEZANAAF 45.36 MEEZANBF 15.65 MEEZANCF 52.33 MEEZANDEF 49.62 MEEZANEF 49.79 MEEZANFPFF-A 70.26 MEEZANFPFF-M 67.92 MEEZANFPFF-MAAP-I 59.5 MEEZANFPFF-MAAP-IV 47.83 MEEZANGF 55.84 MEEZANIF 65.25 MEEZANIIF-B 53.25 MEEZANIIF-C 53.25 MEEZANKMIF 72.68 MEEZANMF 18.21 MEEZANMFPFF-C 65.46 MEEZANMSAF-MCPP-III 50.23 MEEZANMSAF-MSAP-I 44.92 MEEZANMSAF-MSAP-II 43.95 MEEZANMSAF-MSAP-III 42.89 MEEZANMSAF-MSAP-IV 43.61 MEEZANMSAF-MSAP-V 49.72 MEEZANSF 52.43 MEEZANTPF-D 219.49 MEEZANTPF-E 507.38 MEEZANTPF-G 100.05 MEEZANTPF-MM 217.4 NAFAAAF 15.97 NAFAAARFSF 10.37 NAFAFSECTF 9.91 NAFAFSIF 11.04 NAFAGSLF 10.64 NAFAGSSF 10.77 NAFAIAAEF 11.56 NAFAIAAF 15.77 NAFAIAAP-I 117.81 NAFAIAAP-II 110.38 NAFAIAAP-III 107.3 NAFAIAAP-IV 98.78 NAFAIAAP-V 90.54 NAFAIAAP-VI 87.95 NAFAIAAP-VII 94.47 NAFAIAAP-VIII 101.32 NAFAICPP-I 100.11 NAFAICPP-II 100.3 NAFAIEF 12.84 NAFAIF 10.24 NAFAIIF 9.93 NAFAIMMF 10.1 NAFAIOF 11.19 NAFAIPF-D 127.22 NAFAIPF-E 298.43 NAFAIPF-MM 128.09 NAFAIPPF-II 102.49 NAFAISF 11.57 NAFAMAF 18.18 NAFAMMF 10.34 NAFAPF-D 146.79 NAFAPF-E 307.91 NAFAPF-MM 133.32 NAFAPPF 102.99 NAFARFSF 10.66 NAFASF 14.82 NAFASPF 10.63 NIT-GBF 10.41 NIT-IF 10.77 NIT-NI(U)T 74.89 NITGTF 10.51 NITIEF 10.34 NITIIF 10.42 NITIPF-D 11.07 NITIPF-E 10.73 NITIPF-MM 10.97 NITPF-C 11.62 NITPF-D 11.35 NITPF-E 10.23 NITPF-MM 11.32 PCF 110.73 PICICGF 44.03 PICICIF 18.92 PIMLAAF 95.58 POAAAF 50.87 POAIIF 54.7 POGSF 11.05 POIAAF 54.77 PRIMUSDRF 83.99 PRIMUSIEF 107.17 PRIMUSIMMF 104.89 PRIMUSSMAF 107.34 PRIMUSVEF 108.51 UBLAAAIRSF-D 162.85 UBLAAAIRSF-E 649.13 UBLAAAIRSF-MM 157.45 UBLAAF 135.15 UBLAAIAAP-IX 99.1 UBLAAIAAP-V 100.95 UBLAAIAAP-VI 97.52 UBLAAIAAP-VII 92.08 UBLAAIAAP-VIII 92.02 UBLAAIAAP-X 101.6 UBLAAIAPPP-I 100.02 UBLAAICAP 100.35 UBLAAIDEF 119.38 UBLAIAAF 118.18 UBLAICF 104.65 UBLAIIF-G 103 UBLAIIF-I 103 UBLAISF 103.34 UBLAPPP-I 100.9 UBLASSF 138 UBLCAP 100.33 UBLCPF-III 100.74 UBLFSF 91.28 UBLGSF 109.91 UBLIOF 114.03 UBLLPF-C 105.64 UBLMMF 105.03 UBLRSF-C 116.49 UBLRSF-D 214.18 UBLRSF-E 670.98 UBLRSF-MM 174.64 UBLUGIF-G 88.59 UBLUGIF-I 88.59 UBLUSAF 69.72

MUFAP

    Mutual Funds Association of Pakistan (MUFAP) is the trade body for Pakistan’s multi billion rupees asset management industry. The money our members manage is in a wide variety of investment vehicles including stocks, bonds, money market instruments, government securities and bank deposits. Our role is to ensure transparency, high ethical conduct and growth of the mutual fund industry. MUFAP was formed in 1996 by Mr. Zaigham Mahmood Rizvi, ex-Chairman and founder member, and was formally incorporated in 2001 as a public company limited by guarantee not having share capital. MUFAP is licensed by Ministry of Commerce (Directorate General of Trade Organizations). After the establishment of MUFAP in 1996, private and foreign firms were allowed to float open-ended funds for the general public. This time also saw the stock market’s performance scale new heights as a result of positive government policies and incentives, registering a growth of more than 15 times in the net assets of the mutual funds between 2000-2008. Mutual Funds were initially overseen by the Corporate Law Authority (“CLA”) under its Securities Wing. The CLA, then a division of the Ministry of Finance, was gradually transformed and made independent as the Securities and Exchange Commission of Pakistan (“SECP”) as part of the Capital Market Development Program (CMDP) initiative of the Asian Development Bank undertaken for Pakistan.

    Memorandum of Association and Articles of Association of Mutual Funds Association of Pakistan (MUFAP)

    ROLE OF MUFAP - WHAT HAS BEEN DONE TO DATE

    In the following broad categories which fall in the role of MUFAP, MUFAP has done or is doing the following activities as listed below. Many of the voluntary initiatives taken by MUFAP became the industry norm and went on to being included by the SECP in the regulations and its directives as the mandatory standard/requirement.

    • Policy Issues & Shaping Regulation
    • Laws, Rules, Regulations
      • BATS platform was initiated at MUFAP and initially we had worked on its development
      • TFCs pricing & valuation methodology which has become industry currency was developed at MUFAP and is being audited on quarterly basis at a cost of Rs. 50, 000/- per quarter
      • Trustee regulations for TFCs Trustees
      • Listing regulations for debt securities
    • Taxation related issues/reforms
      • VPS related reforms- level playing field in terms of taxation, amendments in labor laws to incorporate VPS as an eligible retirement scheme.
      • Withholding tax exemption (earlier tax used to be withheld on funds and then
      • Tax credit for investments (mutual funds & VPS)
      • Double taxation impact on mutual funds
      • WWF
      • FED
    • Accounting Related issues
      • Treatment of element of income
    • NBFC Regulations, Rules, VPS, ETFs, company ordinance etc comments/ suggestions on ongoing basis
    • Pending legislation
      • Zakat Reforms - to bring level playing field between state owned and private sector Funds has been an issue that is outstanding since 1997.
    • Market Practices – developing and implementing Industry Codes and Guidelines
      • Standardization of Trust Deed & Offering Document (This was initiated with CDC to bring a standardized format)
      • Introduction of the Monthly Fund Manager's Reports and subsequently standardization of Fund Manager’s Reports
      • Categorization of Collective Investment Schemes
      • Inclusion of Gold/Commodity as an asset class in the Categorization Circular (in process)
      • Industry codes submitted to SECP which are yet to be approved by SECP. These include:
        • Code of Ethics Standards of Professional Conduct for Asset Management Companies
        • Code of Qualification for Investment Facilitators and Distributors of MUFAP
        • MUFAP Advertising Communications Standards for the Mutual Funds Industry of Pakistan
      • Paper on Management Fee sharing with Investors (recently notified by SECP)
      • Benchmark Standardization for the CIS (in process)
      • Working on Performance Presentation Standards (in process)

    In this regards, MUFAP within its limited resources is supporting institutes such as:

    • Institute of Capital Markets (ICM) - shareholder/member against payment of Rs. 1,000,000/-;
    • Pakistan Institute of Corporate Governance (PICG) making an annual payment of Rs. 100,000/-
    • Investor awareness & education 
    • Improved, informative and interactive website containing:
      • Daily NAVs,
      • AUMs
      • Payouts
      • Standardized Returns
      • Daily TFC Trade details
      • Daily & Fortnightly valuation of TFCs
    • Dissemination of Daily NAVS in the Newspapers (collectively through MUFAP)
    • Monthly FMRs & later standardization of FMRs
    • Daily TFC Trade details
    • Daily & Fortnightly valuation of TFCs
    • Daily NAVs for closed end funds
    • Portfolio of closed end funds on monthly basis
    • Collective Advertising Campaigns (Money Market Campaign)
    • Global Investment Performance Standards (GIPS) Awareness sessions
    • Public awareness seminars with CDC – FPCCI, OICCI
    • Road shows in collaboration with CDC
    • VPS website & awareness campaign (in process)
    • MUFAP hosted 12th Asia Oceania Regional Meeting of IIFA, in Lahore in 2007, attended by heads of respective associations of countries of the region to include Japan, Australia, Singapore, Philippines, Taiwan, China, Hong Kong, Bangladesh and India.
    • The International Finance Corporation (IFC – World Bank Group) held an interactive workshop to provide a platform to build capacity of MUFAP member institutions to improve techniques for assessing and contribution to the improvement of Corporate Governance practices of investee companies.
    • Interactive Meeting with Mr. Lee Kha Loon, Head of CFA Institute’s Regional Office for Asia and Pacific to discuss the best and desirable practices for the appointment of independent non-executive directors and minority shareholders and also provide an overview of policies in relation to the handling of related party transactions.
    • Competition Commission - Action of CCP on MUFAPs reference regarding Mandatory Directors  Certification Program for Directors done through Listing Rules of KSE.
    • Yearbook containing: MUFAP Members Profile, Professional Committee Terms of Reference, MUFAP Activities and Events, Chairman’s Review covering macro issues, CEO Review covering micro issues, Articles on core issues of the industry, Statistics (Net Assets, Sales, Redemptions and Net Sales, Mutual Fund Return, Unit Holder Pattern, New Funds Launched during the year)
    • Quarterly newsletter covering: MUFAP Activities , Events , SECP Updates, Market Development  & Capital Markets Updates, Investor educations/ industry matters related, Articles Contributed by AMCs & Funds Statistics
    • Five year strategic plan for industry development for implementation by SECP.
    • Research & Statistics 
    • Maintaining statistics on mutual fund industry
      • Daily NAVs
      • Payouts
      • Monthly Net Assets
      • Monthly Asset Allocation
      • Quarterly Sales, Redemptions and Net Sales
      • Daily Mutual Funds Return comparison on the website 
    • Yearbook & quarterly newsletter
    • Articles in yearbook, newsletters, supplements
    • Training 
    • Training certification program for distributors/sales agents/ sales team & training manual

    The first training manual and first exam for the training certification program was prepared at MUFAP. Subsequently the same is being handled at Institute of Capital Markets.

    Pakistan’s mutual fund industry has taken a giant leap forward over the last decade with the rising number of asset management companies, and size and number of funds. Moreover, the sector represents a strong presence of well-known financial groups, who bring professional expertise, risk management, large distribution networks and innovative product offerings putting the industry at par with its regional peers. Investor confidence remains high on the back of superior profitability delivered in an environment of fairness and transparency, through an effective regulatory framework. The future holds tremendous potential and MUFAP remains committed to its mission of raising the professional standards of the industry, improving public awareness and advancing the interests of all the stakeholders.  

INFORMATION

MUFAP gratefully acknowledges Center for International Private Enterprise (CIPE) Business Support grant amongst others for investors protection and access to information.

MUFAP is an affiliate of the South Asian Federation of Exchanges (SAFE).

MUFAP is a member of International Investment Fund Managers Association (IIFA) and the Asia Oceania Regional Meeting (AORM).

SECP's Investor Portal Jama Punji

SECP's Service Desk