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.

Board Of Directors

Dr. Amjad Waheed - Chairman

Dr. Amjad Waheed holds a Doctorate in Business Administration with a major in Investments and Finance from Southern Illinois University, USA and is also a Chartered Financial Analyst (CFA). Since inception of the company (fifteen years ago), Dr. Amjad Waheed is the CEO of NBP Fund Management Limited (NBP Funds).

Before joining NBP Funds, Dr. Amjad was Head of Equity Mutual Funds & Portfolios at Riyadh Bank, Saudi Arabia, for about 5 years where he was managing around US$ 7.5 billion invested in 22 mutual funds. Prior to that Dr. Amjad was Head of Asset Management at NIT and Chief Operating Officer of FC-ABN AMRO Equities for several years. Before moving back to Pakistan, Dr. Amjad was Assistant Professor of Finance at Tennessee State University, USA and has published several articles in top journals of the world such as Journal of Banking & Finance and Financial Management.

Dr. Amjad has served or is serving on various boards including Siemens (Pakistan), Nishat Mills, PICIC, Askari Bank, Millat Tractors, Fauji Fertilizer, Pakistan Tobacco Co, Parke-Davis, Treet Corporation, Atlas Investment Bank, Bata Pakistan, LRBT, Gul Ahmed Textile Mills, Mehran Sugar Mills, BankIslami, International Steels, and Institute of Financial Markets of Pakistan. He is presently the Chairman of Mutual Funds Association of Pakistan (MUFAP).

Mr. Mohammad Shoaib - Senior Vice Chairman

Mr. Mohammad Shoaib, CFA is the founding CEO of Al Meezan Investment Management Ltd., the first and the only full-fledged Shariah Compliant Asset Management Company in Pakistan. Al Meezan is also the largest asset management company in Pakistan managing about USD 950 million on behalf of clients.

Shoaib holds an MBA degree from IBA besides being a Chartered Financial Analyst (CFA) charter holder.

Shoaib has not only been the driving force behind building a Shariah Compliant Asset management industry in Pakistan but is also the founding President of CFA Society Pakistan, a member society of CFA Institute. He has to his credit many accolades and awards, including "Most Influential CFA charter holder" awarded by CFA Institute in 2006, and "Lifetime Achievement award" in 2019.

Shoaib has an impeccable track record of serving in volunteer capacity for various bodies and local, regional and global level. This includes serving as Presidents' Council Representative for Asia Pacific Region (APAC) of CFA Institute (Asian and Australian continents) representing the entire APAC membership of CFA Institute at the Board of Governors Level. He has also served a several and global committees of CFA Institute over the last 18 years.

Some of the other prominent volunteer roles that he has performed include the following:

  • Nominee director of SECP on Board of Pakistan Stock Exchange
  • Board member of Institute of Financial Capital Markets in Pakistan
  • Chairman, Mutual Funds Association of Pakistan
  • Board member Pakistan Institute of Corporate Governance
  • Member of the Academic Board of Institute of Business Administration, Pakistan
  • Member of the Central Bank's Committee on Islamic Capital Markets

Currently he is board member, Advocacy and GIPS Chair for CFA Society Pakistan.

He has participated in various seminars, conferences and workshops across the globe during his 30-year career in managing investments. He has been a speaker / panelist at various conferences on Islamic Asset Management in Middle Eastern and Far Eastern countries. He has also been featured in CFA Magazine with reference to his contribution to Islamic asset management, corporate governance and volunteer leadership roles. He has authored various articles and chapters in local and international publications including Islamic Finance News and Redmoney

Mr. Khaldoon Bin Latif - Vice Chairman

Mr. Latif has been associated with the capital markets for over a fifteen years, with both domestic and international experience providing a comprehensive blend. Prior to joining Faysal Asset Management, Mr. Khaldoon was associated with BMA Asset Management Company Limited as its Chief Executive Officer (CEO). Earlier he was associated with JS Investments Limited as its Chief Investment Officer (CIO) and KASB Funds Limited as its CEO. Before KASB Funds he was the General Manager and Director of TSWLL Bahrain, a wholly owned subsidiary of TAIB Bank BSC. which offered custody, brokerage, asset management, and advisory services for over 40 different markets spanning across the US, Europe, MENA, Far East and South Asia. Mr. Latif has also held non-Executive Directorships at TSLLC, a brokerage firm which was a member of both Abu Dhabi and Dubai Stock Exchanges. He has also been an non-executive director on the board of TSML - a broad based fund incorporated out of Mauritius dedicated to investing in India. He has also represented a European hedge fund on the board of PACE Pakistan Ltd and has served on the board of TMT Ventures - venture capital firm based in Pakistan with successful incubation startups particularly in the telecom space. He has been a member of the Mutual Fund Association over the last four years and has been an Executive Director between FY17&18. He is also a non-executive director on a bank holding company out of Bahrain, IIBank LLC, that has operations in Africa and Europe.

Mr. Latif also brings both buy and sell side exposure of domestic capital markets in Pakistan. Mr. Latif began his career on the sell side with AKD Securities Ltd in various capacities including Head of Foreign Institutional Sales and Equity Research in the capacity of Head of Research and Chief Economist. On the Buy side, Mr. Latif has worked with PICIC AMC as Head of Research and Product Development where his tenor also included active management of the PICIC Energy Fund. Mr. Latif is a LUMS Alumni and has done a number of capital market courses with CFA association, Daiwa, J.P. Morgan and Bahrain Institute of Banking and Finance (BIBF). He has also completed his Director certification program from IBA.

Mr. Abdul Samad - Director

Mr. Muhammad Abdul Samad has a vast experience of local investment management industry. He joined Atlas Asset Management Limited (AAML) in November 2005, and has held C-suite positions for over a decade, including the Chief Investment Officer and Chief Operating Officer positions. He attended Advanced Management Program at INSEAD, on nomination by the Atlas Group. In more than twelve years of his association with AAML, he has actively been involved in new business initiatives, marketing, human resource, and risk management & compliance areas. Mr. Samad was instrumental in the outsourcing of back office functions at AAML. He has also contributed to industry related issues at association level, and was a member of technical committee on retirement schemes. Prior to joining AAML, Mr. Samad spearheaded the research function at National Investment Trust Limited, and was also a part of various merger, acquisition and corporate governance related matters beside research. He has a significant Board experience, where he has served as a director on the board of nineteen listed companies, including Atlas Battery Limited, Lucky Cement, Berger Paints, Mirpurkhas Sugar, amongst others. Currently he is serving as a Director on the Board of MUFAP also.

Mr. Kashif Rafi - Director

Mr. Kashif Rafi has vast experience expanding over 19 years in the field of Investments and Fund Management. He has worked on senior level positions with some of the top names in Asset Management Industry like MCB Arif Habib, ABL Asset Management & JS Investments. Prior to joining AL Habib Asset Management as CEO, he was associated with Bank AL Habib Limited with a primary task to acquire and run a successful asset management company from Bank AL Habib's platform. Mr. Kashif holds an MBA in Finance from IBA and is an Executive Committee Member of the Financial Markets Association of Pakistan (FMAP) and served on various committees of Mutual Fund Association of Pakistan.

Ms. Maheen Rahman - Director

Ms. Rahman is the Chief Executive of Alfalah GHP Investment Management, and has over fourteen years of experience in investment banking, research and asset management. Ms. Rahman started her career with Merrill Lynch in their Investment Banking Group and was a key team member for several high profile international transactions that spanned the Asia Pacific region and North America. Post Merrill Lynch, she joined ABN Amro Bank in Singapore in the Corporate Finance department and was involved in a series of equity raising and IPO activity across south-east Asia.

She has also served as Head of Research for BMA Capital Management where she spearheaded the research effort to provide sound and in depth investment advice across all capital markets to a wide range of corporate and institutional clients. Under her stewardship BMA Capital's Research was represented on several international forums and widely recognized by local and international equity fund managers for its incisive analysis.

She joined IGI Funds in 2009 as Chief Executive. Total assets under management grew by over two hundred percent over the course of her tenure with a considerable widening in diversity and depth of client relationships on both mutual funds and investment advisory. The company was acquired by Bank Alfalah's asset management company Alfalah GHP Investment Management in 2013. Within the first year of the takeover, Ms. Rahman focused the company to successfully leverage off the wide distribution network of Bank Alfalah with Assets Under Management showing over sixty percent growth in the first nine months post acquisition making it one of the fastest growing asset management companies in the country. Her strategy for the company is straightforward – provide all clients with customized solutions and services for their investing and savings needs.

Ms. Rahman holds a Bachelors of Science (B.Sc. Hons) degree in Economics from the Lahore University of Management Sciences and a Masters of Science (M.Sc.) in Finance and Economics from Warwick Business School in the UK. She also holds a Series 7 qualification from the New York Stock Exchange.

 

Mr. Mir Adil Rashid - Director

Mr. Mir Adil Rashid possesses rich and diversified experience of approximately 20 years of portfolio management, brokerage along with managing retail & institutional client relationships and investment portfolios. He has previously served as Chief Executive Officer of erstwhile PICIC Asset Management Company Limited for 6 years which has since been merged with and into HBL Asset Management Limited in 2016.

Mr. Muhammad Saqib Saleem - Director

Mr. Saleem is a Fellow member of the Institute of Chartered Accountants of Pakistan. He has over 17 years of working experience which includes 11 years of post-qualification experience with leading institutions such as JS Investments Limited (formerly JS ABAMCO Limited), Habib Bank Limited and Atlas Asset Management Limited. Before joining MCB-Arif Habib Savings and Investments Limited in 2007, Mr. Saleem was heading the Internal Audit Department of Atlas Asset Management Limited which includes Risk Management and Compliance. He was performing as Chief Operating Officer & Company Secretary before being elevated to CEO. Mr. Saleem is a member of SECP's Technical Committee on "Pension under National Financial Inclusion Strategy" and has been a member of Technical Committees constituted by Mutual Fund Association of Pakistan.

Ms. Sadaf Kazmi - Director

Ms. Sadaf is the CEO of Pak Oman Asset Management Company Limited since June 2019, and currently on the Board of Mutual Funds Association of Pakistan (MUFAP). She holds a Master's degree from Quaid-e-Azam University. She is a stalwart of mutual funds and financial industry of Pakistan and has previously worked at key positions with prestigious institutions such as NIT, HBL Asset Management, PAIR, NBP Funds and JS Investments. Her competencies and success include turnarounds in sales and marketing of financial products to corporate and retail sectors. She has extensive market knowledge, with an overall experience of 19 years within the financial sector. Ms. Sadaf is ambitious in helping build the mutual fund industry in Pakistan, contributing her knowledge and skills to reach and educate investors from benefiting from savings and investments.

She is a Dynamic, result-oriented leader with a strong track record of performance in high-paced organizations. Utilize keen analysis and insights and team approach to drive organizational improvements and implementation of best practices. Superior interpersonal skills, capable of resolving multiple and complex issues and motivating staff to peak performance and her presence gives an energetic boost to her entire team.

With extensive experience in spearheading business growth and revenue generating strategies, she has been a core player in promoting mutual funds. She is also a member of Institute of Financial Markets of Pakistan (IFMP).

Ms. Tara Uzra Dawood - Director

Miss Tara Uzra Dawood is CEO and Founder of 786 Investments Ltd., one of Pakistan's pioneer asset management companies. It is publicly listed on the Pakistani Stock Exchange. She also currently sits on the boards of Pakistan State Oil - where she chairs the Audit, HR and IT/Innovation committees - Pakistan Refinery Ltd., Dawood Family Takaful Ltd., and Mutual Funds Association of Pakistan, and previously served on the board of Lahore Electric Supply Company (LESCO). She is further serving on the Energy Sub-Committee of Advisory Committee of the Planning Commission under Chairmanship of Asad Umar, Federal Minister for Planning, Development, Reforms and Special Initiatives (PD&SL). She is certified in Corporate Governance by both Pakistan Institute of Corporate Governance and Harvard Business School. She holds a Doctorate in Judicial Science from Harvard Law School - where she specialized is shariah law and finance, as well as mergers and acquisitions - and Bachelor of Arts Honors from Cornell University and Oxford University. She worked for law firms in New York, Toronto, Amsterdam, Brussels and California before launching 786 Investments Ltd. She has served on the Faculty at Danube University Krems (Austria) as recommended by The International Investment Funds Association and EBAMA. She speaks globally at numerous international mutual fund and banking conferences as an authority on shariah-compliant finance as well as finance for women, and most recently represented Pakistan at ALFI Rentree 2020, the annual Association of the Luxembourg Fund Industry, where she has previously been a speaker on Islamic finance in both 2013 and 2014. She also was invited to France to assist the Association Française de la Gestion Financière on the launching of their shariah mutual funds industry. She is well known for her philanthropic work for women and children, in partnership with Facebook's internet.org foundation and with the support of the World Bank, as well as distribution of emergency supplies during the SWAT earthquake and most recently, food rations during COVID-19/Sindh floods.

Mr. Yasir Qadri - Director

Mr. Yasir Qadri is a past Chairman of MUFAP and has served on the Board of MUFAP for several years. He has about 20 years of asset management experience. He has served as CEO of leading AMCs for the last 12 years. He has been CEO of UBL Funds since 2016. Yasir has chaired and served on many MUFAP and pan industry committees.

Ms. Mashmooma Zehra Majeed, CFA, FRM - Chief Executive

Ms. Majeed completed her Chartered Financial Analyst (CFA) program in 2001 from the CFA Institute and the Financial Risk Manager (FRM) Program in 2010. She has a vast experience of 20 years in Investment and Capital Markets. She has been associated with the asset management industry in Pakistan for over 18 years with her forte being in investment management and product development. She has played an instrumental role in launching the first Islamic open-end mutual fund in Pakistan as well as the launch of the voluntary pension scheme in Pakistan under the Voluntary Pension System Rules. She has been actively involved with MUFAP throughout her career. She has previously worked in senior positions in Atlas Asset Management Ltd., JS Investments Ltd (formerly ABAMCO Ltd.) and Crosby Asset Management Pakistan Ltd. She started her career with M/s Hameed Majeed Associates (Pvt) Ltd.

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).

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