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 86.32 ABLACPF 10.54 ABLAFF 11.74 ABLCF 10.24 ABLFPF-Active 102.15 ABLFPF-Conservative 120.41 ABLFPF-SAP 109.33 ABLGSF-B 10.79 ABLIAAF 10.98 ABLIDSF 8.61 ABLIF 10.75 ABLIFPF-Active 110.58 ABLIFPF-Aggressive 109.89 ABLIFPF-Conservative 118.69 ABLIFPF-CPP-I 112.79 ABLIFPF-SAP 121.82 ABLIFPF-SAP-III 116.07 ABLIIF 10.91 ABLIPPF-D 126.21 ABLIPPF-E 166.74 ABLIPPF-MM 122.91 ABLISF 15.29 ABLPPF-D 165 ABLPPF-E 163.96 ABLPPF-MM 135.03 ABLSF 14.93 ABLSSF-ASSP-I 10.01 ABLSSF-ASSP-II 10.45 ABLSSF-ASSP-III 10.35 ABLSSF-ASSP-IV 10.15 AGHPAF 70.38 AGHPCF 535.08 AGHPIF 119.82 AGHPIIF 105.79 AGHPIMF 56.59 AGHPIPF-D 112.64 AGHPIPF-E 86.77 AGHPIPF-MM 112.19 AGHPIPPF-AAP-II 99.29 AGHPIPPF-AAP-III 100.47 AGHPIPPF-BAP 107.97 AGHPIPPF-MAP 108.35 AGHPISF 51.35 AGHPMMF 98.73 AGHPPF-D 119.67 AGHPPF-E 83.86 AGHPPF-MM 119.42 AGHPPPF-AAP 109.51 AGHPPPF-CAP 111.17 AGHPPPF-MAP 108.71 AGHPSF 124.48 AGHPVF 59.95 AGHSF 113.49 AKDCF 53.9 AKDGASF 8.55 AKDGASF 8.55 AKDIF 54.36 AKDIIF 53.5 AKDISF 39.46 AKDITF 13.94 AKDOF 75.93 ALFALAHGHPCPF-II 108.25 ALFALAHGHPIDEF 80.68 ALFALAHGHPIPPF-CPP-IV 109.09 ALFALAHGHPIPPF-CPP-V 108.73 ALFALAHGHPIVF 102.67 ASKARIAAF-B 43.46 ASKARIAAF-C 43.46 ASKARIHYS 103.67 ASKARISCF 108.14 ASKARISYE 109.21 ATLASIDSF 537.27 ATLASIF 555.75 ATLASIFOF-AAAIP 550.12 ATLASIFOF-ACAIP 563.75 ATLASIFOF-AICPP 557.67 ATLASIFOF-AMAIP 555.61 ATLASIIF 538.95 ATLASISF 564.77 ATLASMMF 507.27 ATLASPF-D 284.18 ATLASPF-E 536.72 ATLASPF-MM 271.03 ATLASPIF-D 230.27 ATLASPIF-E 650.16 ATLASPIF-MM 243.79 ATLASSF 108.87 ATLASSMF 648.15 AWTAAF 92.03 AWTIF 114.51 AWTIIF 108.56 AWTISF 107.23 AWTSF 102.73 BMACRSF 8.77 BMAECF 10.86 FAYSALAAF 51.21 FAYSALFFPF-FAPPP 100.61 FAYSALFIAAF 76.21 FAYSALFSOF 109.4 FAYSALFVF 100.59 FAYSALHAF 102.81 FAYSALIDEF 100.41 FAYSALIGF 112.42 FAYSALISGF 109.42 FAYSALMMF 109.01 FAYSALMTSF 108.29 FAYSALSF 55.54 FAYSALSGF 108.6 FaysalSPF-FSCPP 102.93 FaysalSPF-FSCPP-II 103.67 FCMF 8.17 FCMF 8.17 FCMF-A 8.17 FHABIBAAF 92.71 FHABIBCF 100.85 FHABIBIF 106.65 FHABIBIIF 100.76 FHABIBSF 89.45 FHISF 86.7 HBLCF-C 101.48 HBLCF-D 101.48 HBLEF 13.86 HBLEQF 119.88 HBLFPF-AAP 114.06 HBLFPF-CAP 114.52 HBLFPF-SIP 103.49 HBLGF-A 24.89 HBLGF-B 20.34 HBLGF-C 20.34 HBLGSF-C 113.17 HBLGSF-D 113.17 HBLIAAF 115.63 HBLIDEF 0 HBLIEF 97.53 HBLIF 112.64 HBLIF-A 8.91 HBLIF-B 10.61 HBLIF-C 10.61 HBLIFPF-AAP 109.5 HBLIFPF-CAP 111.78 HBLIFPF-ICP 116.78 HBLIFPF-SAP 123.05 HBLIIF 107.77 HBLIMMF 101.55 HBLIPF-D 160.4 HBLIPF-E 421.05 HBLIPF-MM 156.03 HBLISF 116.89 HBLMAF 116.1 HBLMMF 109.38 HBLPF-D 189.78 HBLPF-E 410.42 HBLPF-MM 169.54 HBLSF 113.45 JSCF 103.58 JSFOF 60.84 JSGF-A 177.16 JSIDEF 89.69 JSIF 101.04 JSIHFF-II-AAP-II 103.29 JSIHFF-JSICPAP-I 107.25 JSIHFF-JSICPAP-II 107.88 JSIHFF-JSICPAP-III 107.81 JSIHFF-JSICPAP-IV 109.62 JSIHFF-JSICPAP-V 111.06 JSIHFF-JSICPAP-VI 110.8 JSIHFF-JSICPAP-VII 108.95 JSIHFF-JSICPAP-VIII 103.04 JSIHFF-Mufeed 74.47 JSIHFF-Mustakhkem 87.24 JSIHFF-Mustanad 106.51 JSIHFF-Mutanasib 93.73 JSIIF 103.09 JSIPSF-D 230.86 JSIPSF-E 605.56 JSIPSF-MM 200.04 JSISF 99.66 JSLCF 127.09 JSPSF-D 282.23 JSPSF-E 448.74 JSPSF-MM 223.48 JSUTP 165.36 JSVF-A 209.09 LAKSONAADMF 162.67 LAKSONEF 112.34 LAKSONIF 108.62 LAKSONITF 96.59 LAKSONMMF 101.39 LAKSONTF 106.46 MCBAHAHIPF-D 222 MCBAHAHIPF-E 539.88 MCBAHAHIPF-MM 202.15 MCBAHAIAAF 98.13 MCBAHAIAAF-II 103.37 MCBAHAIAALF 77.19 MCBAHAIIF-A 107.91 MCBAHAISF 10.74 MCBAHDDF 100 MCBAHIIF-B 107.91 MCBAHMCBCMOF 100.64 MCBAHMCBDIF 113.2 MCBAHPCF 53.78 MCBAHPCM 11.95 MCBAHPFPF 102.54 MCBAHPIEF 56.87 MCBAHPIF 57.71 MCBAHPPF-D 277.41 MCBAHPPF-E 543.82 MCBAHPPF-MM 252.53 MCBAHPSMF 97.38 MCBPAAF 83.32 MCBPSF 57.58 MEEZAMSAF-II(MCPP-IV) 56.01 MEEZAMSAF-II(MCPP-V) 56.16 MEEZAMSAF-II(MCPP-VI) 55.95 MEEZAMSAF-II(MCPP-VII) 56.45 MEEZAMSAF-II(MCPP-VIII) 55.24 MEEZAMSAF-III(MCPP-IX) 54.84 MEEZANAAF 44.39 MEEZANBF 15.93 MEEZANCF 53.65 MEEZANDEF 44.58 MEEZANEF 41.68 MEEZANFPFF-A 70.73 MEEZANFPFF-M 63.02 MEEZANFPFF-MAAP-I 51.44 MEEZANGF 73.72 MEEZANIF 60.75 MEEZANIIF-B 54.85 MEEZANIIF-C 54.85 MEEZANKMIF 68.36 MEEZANMF 16.98 MEEZANMFPFF-C 60.93 MEEZANMSAF-MCPP-III 55.86 MEEZANMSAF-MSAP-I 40.34 MEEZANMSAF-MSAP-II 43.48 MEEZANMSAF-MSAP-III 42.27 MEEZANMSAF-MSAP-IV 43.02 MEEZANMSAF-MSAP-V 49.03 MEEZANRAF 50 MEEZANSF 54.9 MEEZANTPF-D 251.05 MEEZANTPF-E 481.6 MEEZANTPF-G 140.12 MEEZANTPF-MM 248.37 NAFAGSP-I 10.78 NAFAIAAP-I 131.53 NAFAIAAP-II 115.61 NAFAIAAP-III 120.69 NAFAIAAP-IV 109.21 NAFAIAAP-V 100.05 NAFAIAAP-VI 97.51 NAFAIAAP-VII 97.86 NAFAIAAP-VIII 112.39 NAFAICPP-I 115.88 NAFAICPP-II 114.19 NAFAICPP-III 112.42 NAFAICPP-IV 112.29 NAFAICPP-V 113.05 NAFAIPF-D 144.05 NAFAIPF-E 312.31 NAFAIPF-MM 146.88 NAFAIPPF-II 119.44 NAFAPF-D 171.46 NAFAPF-E 318.18 NAFAPF-MM 154.1 NBPAARFSF 10.63 NBPBF 20.06 NBPFSECTF 10.98 NBPFSIF 11.28 NBPGSLF 10.27 NBPGSSF 10.38 NBPIAAEF 11.52 NBPIDDF 10 NBPIEF 11.14 NBPIMAF 10.62 NBPIMMF 10.73 NBPIOF 11.43 NBPIRIF 10.22 NBPISIF 16.91 NBPISTF 11.59 NBPISVF 10.14 NBPMAF 10.88 NBPMMF 9.95 NBPRFSF 10.88 NBPSAVF 10.46 NBPSIF 17.8 NBPSTOCKF 15 NIT-GBF 10.57 NIT-IF 10.64 NIT-NI(U)T 65.9 NITIEF 9.14 NITIIF 10.4 NITIPF-D 12.62 NITIPF-E 10.29 NITIPF-MM 12.54 NITMMF 9.84 NITPF-C 14.39 NITPF-D 13.6 NITPF-E 10.26 NITPF-MM 13.22 POAAAF 49.9 POAIIF 55.07 POGSF 11.35 POIAAF 51.01 UBLAAAIRSF-D 185.93 UBLAAAIRSF-E 668.45 UBLAAAIRSF-MM 179.32 UBLAAF 152.13 UBLAAIAAP-IX 108.15 UBLAAIAAP-VII 99.37 UBLAAIAAP-VIII 96.04 UBLAAIAAP-X 106.21 UBLAAIAAP-XI 112.11 UBLAAIAPPP-I 117.53 UBLAAIAPPP-II 115.96 UBLAAIAPPP-III 115.59 UBLAAIAPPP-IV 118.66 UBLAAIDEF 121.98 UBLAIAAF 128.37 UBLAICF 100.77 UBLAIEF 106.04 UBLAIIF-G 106.01 UBLAIIF-I 106.01 UBLAISF 107.19 UBLAPPP-I 116.92 UBLAPPP-II 113.4 UBLAPPP-III 114.11 UBLASSF 141.32 UBLCF 104.15 UBLCPF-III 103.62 UBLDEF 103.09 UBLFSF 97.08 UBLGSF 112.82 UBLIOF 118.41 UBLLPF-C 100.78 UBLMMF 107.61 UBLRSF-C 137.08 UBLRSF-D 245.97 UBLRSF-E 707.58 UBLRSF-MM 201.1 UBLSSP-I 102.07 UBLSSP-II 101 UBLSSP-III 103.55 UBLSSP-IV 102.12 UBLSSP-V 104.69 UBLSSP-VI 104.16 UBLUGIF-G 89.86 UBLUGIF-I 89.86 UBLUSAF 73.1

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