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 81.07 ABLAFF 9.39 ABLCF 10.19 ABLFPF-Active 86.39 ABLFPF-Conservative 110.29 ABLFPF-SAP 90.39 ABLGSF-B 10.06 ABLIAAF 9.9 ABLICF 10 ABLIDSF 6.95 ABLIF 10.11 ABLIFPF-Active 93.94 ABLIFPF-Aggressive 98.03 ABLIFPF-Conservative 115.97 ABLIFPF-CPP-I 100.76 ABLIFPF-SAP 98.97 ABLIFPF-SAP-III 102.22 ABLIIF 10.22 ABLIPPF-D 129.32 ABLIPPF-E 132.17 ABLIPPF-MM 125.46 ABLISF 12.59 ABLPPF-D 177.75 ABLPPF-E 126.34 ABLPPF-MM 142.41 ABLSF 11.87 ABLSSF-ASSP-I 10.08 ABLSSF-ASSP-II 10.03 ABLSSF-ASSP-III 10.04 ABLSSF-ASSP-IV 10.08 AGHPAF 54.97 AGHPCF 500.78 AGHPIF 112.97 AGHPIIF 102.25 AGHPIMF 53.35 AGHPIPF-D 116.63 AGHPIPF-E 72.53 AGHPIPF-MM 115.64 AGHPIPPF-AAP-II 91.88 AGHPIPPF-AAP-III 82.84 AGHPIPPF-BAP 100.04 AGHPIPPF-MAP 99.77 AGHPISF 41.33 AGHPMMF 98.28 AGHPPF-D 126.21 AGHPPF-E 66.7 AGHPPF-MM 125.13 AGHPPPF-AAP 100.05 AGHPPPF-CAP 103.36 AGHPPPF-MAP 99.3 AGHPSF 97.17 AGHPVF 50.92 AGHSF 106.99 AKDCF 50.63 AKDGASF 8.17 AKDIF 51.19 AKDIIF 50.24 AKDISF 30.66 AKDITF 11.3 AKDOF 70.48 ALFALAHGHPIDEF 65.91 ALFALAHGHPIPPF-CPP-IV 100.48 ALFALAHGHPIPPF-CPP-V 100.46 ALFALAHGHPIVF 88.9 ASKARIAAF-B 39.53 ASKARIAAF-C 39.53 ASKARIHYS 102.67 ASKARISCF 101.41 ASKARISYE 102.64 ATLASIDSF 441.7 ATLASIF 519.53 ATLASIFOF-AAAIP 478.02 ATLASIFOF-ACAIP 517.78 ATLASIFOF-AICPP 498.49 ATLASIFOF-AIDP 500 ATLASIFOF-AMAIP 495.35 ATLASIIF 504.89 ATLASISF 455.66 ATLASMMF 505.26 ATLASPF-D 311.65 ATLASPF-E 448.74 ATLASPF-MM 285.28 ATLASPIF-D 239.21 ATLASPIF-E 549.71 ATLASPIF-MM 252.71 ATLASSF 100.95 ATLASSMF 516.71 AWTAAF 89.19 AWTIF 106.82 AWTIIF 104.15 AWTISF 82.54 AWTSF 83.6 BMACRSF 8.28 BMAECF 10.18 FAYSALAAF 43.57 FAYSALFFPF-FAPPP 106.21 FAYSALFIAAF 71.6 FAYSALFIFPF-FSCPP-III 100.6 FAYSALFSOF 102.06 FAYSALFVF 106.63 FAYSALGSF 100.26 FAYSALHAF 100.26 FAYSALIDEF 80.43 FAYSALIGF 106.74 FAYSALISGF 103.34 FAYSALMMF 102.03 FAYSALMTSF 101.08 FAYSALSF 45.04 FAYSALSGF 102.65 FaysalSPF-FSCPP 102.04 FaysalSPF-FSCPP-II 103.28 FCMF 6.55 FCMF 6.55 FCMF-A 6.55 FHABIBAAF 91.74 FHABIBCF 100.52 FHABIBIF 101.13 FHABIBIIF 100.54 FHABIBSF 73.64 FHISF 71.58 HBLCF-C 101.33 HBLCF-D 101.33 HBLEF 10.25 HBLEQF 104.24 HBLFPF-AAP 97.26 HBLFPF-CAP 108.81 HBLFPF-SIP 105.08 HBLGF-A 18.56 HBLGF-B 15.63 HBLGF-C 15.63 HBLGSF-C 112.59 HBLGSF-D 112.59 HBLIAAF 104.66 HBLIDEF 90.5 HBLIEF 80.1 HBLIF 108.49 HBLIF-A 6.67 HBLIF-B 8.1 HBLIF-C 8.1 HBLIFPF-AAP 96.84 HBLIFPF-CAP 109.93 HBLIFPF-ICP 105.47 HBLIIF 101.66 HBLIMMF 101.28 HBLIPF-D 163.68 HBLIPF-E 355.3 HBLIPF-MM 160.88 HBLISF 96.55 HBLMAF 95.62 HBLMMF 102.54 HBLPF-D 206.36 HBLPF-E 334.86 HBLPF-MM 177.75 HBLSF 88.7 JSCF 102.17 JSFOF 52.88 JSGF-A 149.66 JSIDEF 60.36 JSIF 96.22 JSIHFF-JSICPAP-II 105.77 JSIHFF-JSICPAP-III 98.31 JSIHFF-JSICPAP-IV 95.87 JSIHFF-JSICPAP-IX 101.92 JSIHFF-JSICPAP-V 93.08 JSIHFF-JSICPAP-VI 91.72 JSIHFF-JSICPAP-VII 91.65 JSIHFF-JSICPAP-VIII 86.68 JSIHFF-Mufeed 39.76 JSIHFF-Mustakhkem 63.49 JSIHFF-Mustanad 66.46 JSIHFF-Mutanasib 62.01 JSIIF 102.77 JSIPSF-D 239.26 JSIPSF-E 524.74 JSIPSF-MM 207.78 JSISF 80.49 JSLCF 102.33 JSPSF-D 294.64 JSPSF-E 370.6 JSPSF-MM 235.93 JSUTP 144.35 JSVF-A 161.87 LAKSONAADMF 149.96 LAKSONEF 90.22 LAKSONIF 101.08 LAKSONITF 85.18 LAKSONMMF 100.77 LAKSONTF 89.62 MCBAHAHIPF-D 229.65 MCBAHAHIPF-E 478.56 MCBAHAHIPF-MM 208.61 MCBAHAIAAF 90.39 MCBAHAIAAF-II 95.72 MCBAHAIAALF 63.51 MCBAHAIIF-A 101.95 MCBAHAISF 8.85 MCBAHDDF 100 MCBAHIIF-B 101.95 MCBAHMCBCMOF 100.97 MCBAHMCBDIF 107.1 MCBAHPCF 50.42 MCBAHPCM 10.27 MCBAHPFPF 99.85 MCBAHPIEF 53.98 MCBAHPIF 54.26 MCBAHPPF-D 298.95 MCBAHPPF-E 450.45 MCBAHPPF-MM 265.63 MCBAHPSMF 78.7 MCBPAAF 69.52 MCBPSF 53.36 MEEZAMSAF-II(MCPP-IV) 49.74 MEEZAMSAF-II(MCPP-V) 50.3 MEEZAMSAF-II(MCPP-VI) 50.16 MEEZAMSAF-II(MCPP-VII) 49.24 MEEZAMSAF-II(MCPP-VIII) 49.09 MEEZAMSAF-III(MCPP-IX) 49.06 MEEZANAAF 37.54 MEEZANBF 13.94 MEEZANCF 50.55 MEEZANDEF 35.65 MEEZANEF 30.71 MEEZANFPFF-A 62.89 MEEZANFPFF-M 59.97 MEEZANFPFF-MAAP-I 50.88 MEEZANGF 85.32 MEEZANIF 48.26 MEEZANIIF-B 51.54 MEEZANIIF-C 51.54 MEEZANKMIF 54.94 MEEZANMF 13.73 MEEZANMFPFF-C 61.05 MEEZANMSAF-MCPP-III 50.88 MEEZANMSAF-MSAP-I 37.53 MEEZANMSAF-MSAP-II 37.44 MEEZANMSAF-MSAP-III 36.26 MEEZANMSAF-MSAP-IV 36.95 MEEZANMSAF-MSAP-V 42.92 MEEZANRAF 50 MEEZANSF 51.61 MEEZANTPF-D 262.81 MEEZANTPF-E 413.05 MEEZANTPF-G 160.83 MEEZANTPF-MM 258.02 NAFAGSP-I 10.08 NAFAIAAP-I 109.06 NAFAIAAP-II 108.37 NAFAIAAP-III 101.17 NAFAIAAP-IV 91.91 NAFAIAAP-V 84.2 NAFAIAAP-VI 81.78 NAFAIAAP-VII 86.29 NAFAIAAP-VIII 98.85 NAFAICPP-I 101.03 NAFAICPP-II 100.56 NAFAICPP-III 99.28 NAFAICPP-IV 98.99 NAFAICPP-V 98.38 NAFAIPF-D 148.97 NAFAIPF-E 268.8 NAFAIPF-MM 152.39 NAFAIPPF-II 103.36 NAFAPF-D 189.57 NAFAPF-E 271.07 NAFAPF-MM 162.29 NBPAARFSF 10.04 NBPBF 16.89 NBPFSECTF 7.69 NBPFSIF 10.55 NBPGSLF 10.22 NBPGSSF 10.39 NBPIAAEF 9.01 NBPIDDF 10 NBPIEF 8.67 NBPIMAF 10.07 NBPIMMF 10.05 NBPIOF 10.77 NBPIRIF 8.62 NBPISIF 14.41 NBPISTF 9.78 NBPISVF 9.54 NBPMAF 10.19 NBPMMF 9.89 NBPRFSF 10.27 NBPSAVF 9.81 NBPSIF 14.83 NBPSTOCKF 12.3 NIT-GBF 11.43 NIT-IF 11.38 NIT-NI(U)T 56.22 NITAAF 10.21 NITIEF 7.4 NITIIF 10.81 NITIPF-D 12.96 NITIPF-E 8.91 NITIPF-MM 12.98 NITMMF 9.69 NITPF-C 16.08 NITPF-D 15.33 NITPF-E 8.42 NITPF-MM 13.9 NITPGETF 10.27 POAAAF 45.34 POAIIF 52.57 POGSF 10.79 POIAAF 45.2 UBLAAAIRSF-D 191.63 UBLAAAIRSF-E 590.38 UBLAAAIRSF-MM 185.28 UBLAAF 137.48 UBLAAIAAP-IX 103.27 UBLAAIAAP-X 100.78 UBLAAIAAP-XI 107.42 UBLAAIAIP-I 100.85 UBLAAIAPPP-I 106.25 UBLAAIAPPP-II 105.62 UBLAAIAPPP-III 105.62 UBLAAIAPPP-IV 112.29 UBLAAICP-I 100 UBLAAIDEF 106.7 UBLAASSF-AISSP-II 100.02 UBLAIAAF 114.66 UBLAICF 100.57 UBLAIEF 82.31 UBLAIIF-G 100.5 UBLAIIF-I 100.5 UBLAISF 101.26 UBLAPPP-I 103.79 UBLAPPP-II 101.64 UBLAPPP-III 101.32 UBLASSF 122.59 UBLCF 100.16 UBLDEF 87.73 UBLFSF 68.17 UBLGSF 105.78 UBLIOF 110.35 UBLLPF-C 101 UBLMMF 100.83 UBLPAKETF 11.72 UBLRSF-C 155.19 UBLRSF-D 266.6 UBLRSF-E 597.12 UBLRSF-MM 211.31 UBLSSP-I 107.62 UBLSSP-II 107.57 UBLSSP-III 112.02 UBLSSP-IV 106.66 UBLSSP-V 101.34 UBLSSP-VI 103.74 UBLSSP-VIII 101.96 UBLUGIF-G 85.07 UBLUGIF-I 85.07 UBLUSAF 61.18

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