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.
786SF 88.7 ABLAFF 9.3 ABLCF 10.22 ABLFPF-Active 83.73 ABLFPF-Conservative 121.61 ABLFPF-SAP 90.15 ABLGSF-B 11.57 ABLIAAF 10.47 ABLICF 10 ABLIDSF 6.68 ABLIF 11.48 ABLIFPF-Active 92.28 ABLIFPF-Aggressive 96.27 ABLIFPF-Conservative 117.55 ABLIFPF-CPP-I 105.83 ABLIFPF-SAP 102.55 ABLIFPF-SAP-III 99.76 ABLIIF 11.26 ABLIPPF-D 128.55 ABLIPPF-E 131.29 ABLIPPF-MM 125.67 ABLISF 12.17 ABLPPF-D 177.09 ABLPPF-E 125.22 ABLPPF-MM 141.53 ABLSF 11.41 ABLSSF-ASSP-I 10.07 ABLSSF-ASSP-II 10.06 ABLSSF-ASSP-III 10.92 ABLSSF-ASSP-IV 10 AGHPAF 52.68 AGHPCF 516.26 AGHPIF 128.26 AGHPIIF 102.34 AGHPIMF 60.92 AGHPIPF-D 115.87 AGHPIPF-E 69.95 AGHPIPF-MM 115.01 AGHPIPPF-AAP-II 91.32 AGHPIPPF-AAP-III 93.35 AGHPIPPF-BAP 107.63 AGHPIPPF-MAP 103.23 AGHPISF 40.01 AGHPMMF 98.51 AGHPPF-D 125.56 AGHPPF-E 64.01 AGHPPF-MM 124.34 AGHPPPF-AAP 96.79 AGHPPPF-CAP 111.79 AGHPPPF-MAP 104.4 AGHPSF 93.08 AGHPVF 50.43 AGHSF 122.51 AKDCF 56.23 AKDGASF 0 AKDGASF 0 AKDIF 57.4 AKDIIF 55.59 AKDISF 29.22 AKDITF 10.89 AKDOF 67.11 ALFALAHGHPCPF-II 102.83 ALFALAHGHPIDEF 63.62 ALFALAHGHPIPPF-CPP-IV 107 ALFALAHGHPIPPF-CPP-V 107.47 ALFALAHGHPIVF 90.07 ASKARIAAF-B 39.92 ASKARIAAF-C 39.92 ASKARIHYS 109.22 ASKARISCF 113.19 ASKARISYE 116.43 ATLASIDSF 438.17 ATLASIF 593.02 ATLASIFOF-AAAIP 483.68 ATLASIFOF-ACAIP 550.31 ATLASIFOF-AICPP 532.49 ATLASIFOF-AIDP 499.66 ATLASIFOF-AMAIP 511.71 ATLASIIF 558.37 ATLASISF 455.4 ATLASMMF 508.25 ATLASPF-D 308.02 ATLASPF-E 431.16 ATLASPF-MM 282.83 ATLASPIF-D 235.96 ATLASPIF-E 530.07 ATLASPIF-MM 250.08 ATLASSF 117.57 ATLASSMF 515.63 AWTAAF 90.12 AWTIF 124.2 AWTIIF 109.32 AWTISF 77.08 AWTSF 78.17 BMACRSF 9.08 BMAECF 11.27 FAYSALAAF 42.36 FAYSALFIAAF 70.53 FAYSALFSOF 114.1 FAYSALFVF 105.23 FAYSALGSF 102.32 FAYSALHAF 107.03 FAYSALIDEF 76.66 FAYSALIGF 117.22 FAYSALISGF 113.15 FAYSALMMF 113.69 FAYSALMTSF 113.13 FAYSALSF 44.18 FAYSALSGF 113.4 FCMF 6.33 FCMF 6.33 FCMF-A 6.33 FHABIBAAF 89.91 FHABIBCF 100.75 FHABIBIF 112.72 FHABIBIIF 100.53 FHABIBSF 71 FHISF 68.94 HBLCF-C 101.32 HBLCF-D 101.32 HBLEF 10.18 HBLEQF 100.04 HBLFPF-AAP 100.29 HBLFPF-CAP 113.99 HBLFPF-SIP 111.73 HBLGF-A 18.34 HBLGF-B 15.6 HBLGF-C 15.6 HBLGSF-C 122.65 HBLGSF-D 122.65 HBLIAAF 109.5 HBLIDEF 87.05 HBLIEF 76.77 HBLIF 119.8 HBLIF-A 6.58 HBLIF-B 8.13 HBLIF-C 8.13 HBLIFPF-AAP 98.29 HBLIFPF-CAP 109.82 HBLIFPF-ICP 111.35 HBLIFPF-SAP 112.2 HBLIIF 111.3 HBLIMMF 101.35 HBLIPF-D 162.79 HBLIPF-E 343.31 HBLIPF-MM 159.85 HBLISF 92.85 HBLMAF 97.3 HBLMMF 114.06 HBLPF-D 205.51 HBLPF-E 320.75 HBLPF-MM 176.31 HBLSF 86.11 JSCF 102.35 JSFOF 52.21 JSGF-A 148.3 JSIDEF 59.24 JSIF 104.97 JSIHFF-JSICPAP-I 105.67 JSIHFF-JSICPAP-II 105.62 JSIHFF-JSICPAP-III 97.63 JSIHFF-JSICPAP-IV 95.03 JSIHFF-JSICPAP-IX 101.21 JSIHFF-JSICPAP-V 91.62 JSIHFF-JSICPAP-VI 91.57 JSIHFF-JSICPAP-VII 91.28 JSIHFF-JSICPAP-VIII 86.07 JSIHFF-Mufeed 39.84 JSIHFF-Mustakhkem 66.12 JSIHFF-Mustanad 68.04 JSIHFF-Mutanasib 61.79 JSIIF 105.41 JSIPSF-D 234.42 JSIPSF-E 505.12 JSIPSF-MM 205.48 JSISF 78.88 JSLCF 98.73 JSPSF-D 268.61 JSPSF-E 354.52 JSPSF-MM 223.88 JSUTP 143.66 JSVF-A 165.6 LAKSONAADMF 151.6 LAKSONEF 86.46 LAKSONIF 114.18 LAKSONITF 88.18 LAKSONMMF 101.09 LAKSONTF 91.62 MCBAHAHIPF-D 227.61 MCBAHAHIPF-E 458.86 MCBAHAHIPF-MM 206.89 MCBAHAIAAF 94.06 MCBAHAIAAF-II 104.01 MCBAHAIAALF 63.12 MCBAHAIIF-A 112.02 MCBAHAISF 8.68 MCBAHDDF 100 MCBAHIIF-B 112.02 MCBAHMCBCMOF 100.9 MCBAHMCBDIF 118.63 MCBAHPCF 52.09 MCBAHPCM 10.5 MCBAHPFPF 99.43 MCBAHPIEF 60.69 MCBAHPIF 61.13 MCBAHPPF-D 296.11 MCBAHPPF-E 432.67 MCBAHPPF-MM 263.52 MCBAHPSMF 75.59 MCBPAAF 67.9 MCBPSF 61.62 MEEZAMSAF-II(MCPP-IV) 50.84 MEEZAMSAF-II(MCPP-V) 51.06 MEEZAMSAF-II(MCPP-VI) 49.76 MEEZAMSAF-II(MCPP-VII) 49.8 MEEZAMSAF-II(MCPP-VIII) 49 MEEZAMSAF-III(MCPP-IX) 50.61 MEEZANAAF 37.52 MEEZANBF 14.43 MEEZANCF 55.62 MEEZANDEF 34.38 MEEZANEF 30.46 MEEZANFPFF-A 61.84 MEEZANFPFF-M 59.08 MEEZANFPFF-MAAP-I 49.98 MEEZANGF 81.36 MEEZANIF 48.82 MEEZANIIF-B 56.91 MEEZANIIF-C 56.91 MEEZANKMIF 53.3 MEEZANMF 13.64 MEEZANMFPFF-C 60.16 MEEZANMSAF-MCPP-III 50.42 MEEZANMSAF-MSAP-I 39.02 MEEZANMSAF-MSAP-II 38.33 MEEZANMSAF-MSAP-III 37.43 MEEZANMSAF-MSAP-IV 38.1 MEEZANMSAF-MSAP-V 43.35 MEEZANRAF 50 MEEZANSF 56.82 MEEZANTPF-D 259.82 MEEZANTPF-E 396.26 MEEZANTPF-G 152 MEEZANTPF-MM 255.88 NAFAGSP-I 11.73 NAFAIAAP-I 120.93 NAFAIAAP-II 108.02 NAFAIAAP-III 111.52 NAFAIAAP-IV 100.78 NAFAIAAP-V 91.72 NAFAIAAP-VI 89.26 NAFAIAAP-VII 90.34 NAFAIAAP-VIII 103.35 NAFAICPP-I 106.38 NAFAICPP-II 105.37 NAFAICPP-III 102.85 NAFAICPP-IV 101.9 NAFAICPP-V 100.76 NAFAIPF-D 147.62 NAFAIPF-E 257.94 NAFAIPF-MM 151.24 NAFAIPPF-II 111.43 NAFAPF-D 188.19 NAFAPF-E 259.7 NAFAPF-MM 161.03 NBPAARFSF 11 NBPBF 17.48 NBPFSECTF 7.3 NBPFSIF 11.82 NBPGSLF 10.24 NBPGSSF 10.37 NBPIAAEF 9.56 NBPIDDF 10 NBPIEF 8.62 NBPIMAF 10.98 NBPIMMF 11.14 NBPIOF 12.05 NBPIRIF 8.85 NBPISIF 14.73 NBPISTF 9.43 NBPISVF 10.5 NBPMAF 11.38 NBPMMF 9.92 NBPRFSF 11.24 NBPSAVF 10.87 NBPSIF 15.43 NBPSTOCKF 11.76 NIT-GBF 11.35 NIT-IF 11.31 NIT-NI(U)T 54.87 NITAAF 10.13 NITIEF 7.3 NITIIF 10.72 NITIPF-D 12.82 NITIPF-E 8.55 NITIPF-MM 12.89 NITMMF 9.83 NITPF-C 15.88 NITPF-D 15.24 NITPF-E 8.28 NITPF-MM 13.76 NITPGETF 10.34 POAAAF 44.55 POAIIF 56.49 POGSF 12.41 POIAAF 44.42 UBLAAAIRSF-D 190.23 UBLAAAIRSF-E 569.53 UBLAAAIRSF-MM 184.15 UBLAAF 144.75 UBLAAIAAP-IX 100.57 UBLAAIAAP-VIII 89.84 UBLAAIAAP-X 98.3 UBLAAIAAP-XI 105.82 UBLAAIAIP-I 101.33 UBLAAIAPPP-I 105.62 UBLAAIAPPP-II 105.01 UBLAAIAPPP-III 104.9 UBLAAIAPPP-IV 111.34 UBLAAIDEF 102.59 UBLAASSF-AISSP-II 99.89 UBLAIAAF 122.44 UBLAICF 100.73 UBLAIEF 81.56 UBLAIIF-G 108.1 UBLAIIF-I 108.1 UBLAISF 110.45 UBLAPPP-I 103.12 UBLAPPP-II 103 UBLAPPP-III 100.65 UBLASSF 118.94 UBLCF 109.08 UBLDEF 84.86 UBLFSF 64.25 UBLGSF 121.06 UBLIOF 126.83 UBLLPF-C 101.2 UBLMMF 112.2 UBLPAKETF 11.39 UBLRSF-C 151.23 UBLRSF-D 264.56 UBLRSF-E 574.85 UBLRSF-MM 209.82 UBLSSP-I 113.39 UBLSSP-II 112.19 UBLSSP-III 116.25 UBLSSP-IV 111.67 UBLSSP-V 106.23 UBLSSP-VI 114.6 UBLSSP-VIII 106.67 UBLUGIF-G 96.56 UBLUGIF-I 96.58 UBLUSAF 58.68

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