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.
ABLCF 10.13 ABLFPF-Active 100.67 ABLFPF-Conservative 107.82 ABLFPF-SAP 97.16 ABLGSF-B 10.07 ABLIDSF 9.19 ABLIF 10.08 ABLIFPF-Active 107.62 ABLIFPF-Aggressive 110.2 ABLIFPF-Conservative 110.24 ABLIFPF-SAP 107 ABLIFPF-SAP-II 95.46 ABLIFPF-SAP-III 97.47 ABLIIF 10.22 ABLIPPF-D 113.97 ABLIPPF-E 171.16 ABLIPPF-MM 111.42 ABLISF 15.76 ABLPPF-D 138.74 ABLPPF-E 167.52 ABLPPF-MM 114.62 ABLSF 15.27 AGHPAF 76.7 AGHPCF 499.56 AGHPIF 112.47 AGHPIIF 101.64 AGHPIMF 53.48 AGHPIPF-D 101.71 AGHPIPF-E 88.95 AGHPIPF-MM 101.95 AGHPIPPF-AAP 99.46 AGHPIPPF-AAP-II 94.25 AGHPIPPF-AAP-III 95.55 AGHPIPPF-BAP 103.55 AGHPISF 65.78 AGHPMMF 98.16 AGHPPF-D 102.35 AGHPPF-E 87.06 AGHPPF-MM 102.42 AGHPPPF-AAP 109.46 AGHPPPF-CAP 108.61 AGHPPPF-MAP 103.61 AGHPSF 142 AGHPVF 64.65 AGHSF 106.44 AKDCF 50.59 AKDGASSF 12.03 AKDIF 51.88 AKDITF 15 AKDOF 91.92 ALFALAHGHPIDEF 88.4 ASKARIAAF-B 48.17 ASKARIAAF-C 48.17 ASKARIEF 109.17 ASKARIHYS 102.24 ASKARIIAAF-B 106.95 ASKARIIAAF-C 106.95 ASKARIIIF-B 101.71 ASKARIIIF-C 101.71 ASKARISCF 100.97 ASKARISYE 102.61 ATLASGF 105.87 ATLASIF 515.6 ATLASIIF 506.2 ATLASISF 547.06 ATLASMMF 505.84 ATLASPF-D 233.45 ATLASPF-E 485.92 ATLASPF-G 115.33 ATLASPF-MM 223.01 ATLASPIF-D 195.31 ATLASPIF-E 631.96 ATLASPIF-MM 205.79 ATLASSLF 100.75 ATLASSMF 617.1 BMACRSF 8.3 BMAECF 10.21 DAWOODIF 80.72 DAWOODISF 125.56 FAYSALAAF 62.81 FAYSALBGF 69.31 FAYSALFIAAF 92.32 FAYSALFSOF 101.74 FAYSALIGF 106.32 FAYSALISGF 103.06 FAYSALMMF 102.09 FAYSALMTSF 101.17 FAYSALSGF 102.51 FCMF 11.32 FCMF 11.32 FCMF-A 11.32 FDAWOODMF 21.9 FHABIBCF 101.21 FHABIBIF 102.58 FHABIBIIF 100.44 FHABIBSF 91.24 FHIBF 89.69 HBLCF-C 101.27 HBLCF-D 101.27 HBLEF 15.06 HBLEQF 111.7 HBLGSF-C 106.08 HBLGSF-D 106.08 HBLIAAF 103 HBLIEF 95 HBLIF 106.5 HBLIFPF-AAP 98.44 HBLIFPF-CAP 98.68 HBLIFPF-SAP 99.51 HBLIIF 101.57 HBLIMMF 101.22 HBLIPF-D 138.15 HBLIPF-E 395.04 HBLIPF-MM 135.52 HBLISF 116.16 HBLMAF 104.31 HBLMMF 102.55 HBLPF-D 153.93 HBLPF-E 365.95 HBLPF-MM 142.12 HBLSF 109.35 JSCF 102.39 JSCPF-V 101.51 JSFOF 54.6 JSGF-A 204.67 JSIF 96.62 JSIHFF-Mufeed 91.41 JSIHFF-Munafa 91.72 JSIHFF-Mustakhkem 97.6 JSIHFF-Mustanad 100.55 JSIHFF-Mutanasib 91.41 JSIIF 101.2 JSIPSF-D 195.87 JSIPSF-E 716.52 JSIPSF-MM 169.65 JSISF 120.64 JSLCF 146.92 JSPSF-D 229.95 JSPSF-E 522.84 JSPSF-MM 185.62 JSUTP 174.72 JSVF-A 229.55 LAKSONAADMF 119.86 LAKSONAAEMF 96.81 LAKSONEF 120.46 LAKSONIF 101.45 LAKSONMMF 100.94 LAKSONTF 101.34 MCBAHAIAAF 95.13 MCBAHAIAAF 69.94 MCBAHAIAAF-II 98.23 MCBAHAIIF-A 101.58 MCBAHAISF 11.14 MCBAHIIF-B 101.58 MCBAHMCBCMOF 101.31 MCBAHMCBDIF 107.12 MCBAHPCF 50.64 MCBAHPCM 11.03 MCBAHPFPF 101.5 MCBAHPIEF 53.55 MCBAHPIF 54.13 MCBAHPIPF-D 193.7 MCBAHPIPF-E 525.68 MCBAHPIPF-MM 174.62 MCBAHPPF-D 231.12 MCBAHPPF-E 508.34 MCBAHPPF-MM 211.53 MCBAHPSMF 95.12 MCBPAAF 79.34 MCBPSF 53.51 MEEZANAAF 47 MEEZANBF 15.95 MEEZANCF 50.73 MEEZANEF 50.27 MEEZANFPFF-A 74.52 MEEZANFPFF-M 68.88 MEEZANFPFF-MAAP-I 59.59 MEEZANFPFF-MAAP-II 57.8 MEEZANFPFF-MAAP-III 57.22 MEEZANFPFF-MAAP-IV 50.2 MEEZANFPFF-MSAF-III 44.88 MEEZANFPFF-MSAP-I 46.82 MEEZANFPFF-MSAP-IV 45.36 MEEZANFPFF-MSAP-V 50.02 MEEZANGF 52.15 MEEZANIF 69.42 MEEZANIIF-B 51.52 MEEZANIIF-C 51.52 MEEZANKMIF 72.56 MEEZANMF 19.16 MEEZANMFPFF-C 64.96 MEEZANMSAP-II 45.78 MEEZANSF 51.19 MEEZANTPF-D 214.44 MEEZANTPF-E 536.97 MEEZANTPF-G 93.52 MEEZANTPF-MM 212.49 NAFAAAF 16.06 NAFAAARFSF 10.07 NAFAFSIF 10.58 NAFAGSLF 10.24 NAFAGSSF 10.38 NAFAIAAEF 12.26 NAFAIAAF 16.18 NAFAIAAP-I 124.33 NAFAIAAP-II 115.37 NAFAIAAP-III 109.75 NAFAIAAP-IV 101.46 NAFAIAAP-V 92.48 NAFAIAAP-VI 89.44 NAFAIAAP-VII 95.43 NAFAIEF 13.02 NAFAIF 9.83 NAFAIOF 10.78 NAFAIPF-D 124.51 NAFAIPF-E 300.27 NAFAIPF-MM 124.76 NAFAIPPF-I 103.95 NAFAIPPF-II 101.32 NAFAISF 11.95 NAFAMAF 18.32 NAFAMMF 9.94 NAFAPF-D 142.28 NAFAPF-E 301.53 NAFAPF-MM 129.14 NAFAPPF 101.91 NAFARFSF 10.26 NAFASF 14.93 NAFASPF 10.22 NAFIAIF 9.57 NIT-GBF 10.04 NIT-IF 10.38 NIT-NI(U)T 78.14 NITGTF 10.12 NITIEF 10.57 NITIIF 10.09 NITIPF-D 10.78 NITIPF-E 11.66 NITIPF-MM 10.69 NITPF-C 11.3 NITPF-D 10.96 NITPF-E 10.94 NITPF-MM 10.93 PCF 106.04 PICICGF 51.46 PICICIF 21.92 PIMLAAF 95.32 POAAAF 56.9 POAIIF 52.71 POGSF 10.69 POIAAF 59.38 PRIMUSDRF 81.42 PRIMUSIEF 118.32 PRIMUSIMMF 101.92 PRIMUSSMAF 110.24 PRIMUSVEF 116.72 UBLAAAIRSF-D 158.84 UBLAAAIRSF-E 668.52 UBLAAAIRSF-MM 153.52 UBLAAF 130.95 UBLAAIAAP-II 125.7 UBLAAIAAP-III 118.99 UBLAAIAAP-IV 117.44 UBLAAIAAP-V 105.36 UBLAAIAAP-VI 98.45 UBLAAIAAP-VII 92.48 UBLAAIAAP-VIII 92.65 UBLAAIDEF 122.45 UBLAIAAF 115.84 UBLAICF 100.89 UBLAIIF-G 100.32 UBLAIIF-I 100.32 UBLAISF 100.69 UBLASSF 141.19 UBLCPF-III 98.69 UBLGF 87.22 UBLGSF 106.16 UBLIOF 110.5 UBLLPF-C 101.47 UBLMMF 101.1 UBLRSF-C 117.91 UBLRSF-D 206.82 UBLRSF-E 684.16 UBLRSF-MM 169.24 UBLUGIF-G 85.36 UBLUGIF-I 85.36 UBLUSAF 70.87

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