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 10.68 ABLFPF-Active 130.3 ABLFPF-Conservative 111.04 ABLFPF-SAP 102.78 ABLGSF-B 10.59 ABLIDSF 11.08 ABLIF 10.49 ABLIFPF-Active 131.2 ABLIFPF-Aggressive 135.43 ABLIFPF-Conservative 113.93 ABLIFPF-SAP 120.64 ABLIFPF-SAP-II 106.35 ABLIFPF-SAP-III 100.81 ABLIIF 10.49 ABLIPPF-D 113.09 ABLIPPF-E 202.43 ABLIPPF-MM 110.51 ABLISF 19.14 ABLPPF-D 137.23 ABLPPF-E 199.72 ABLPPF-MM 113.11 ABLSF 20.22 AGHPAF 91.7 AGHPCF 523.94 AGHPIF 115.56 AGHPIIF 104.93 AGHPIMF 55.51 AGHPIPF-D 100.9 AGHPIPF-E 104.36 AGHPIPF-MM 100.93 AGHPIPPF-AAP 118.21 AGHPIPPF-AAP-II 111.25 AGHPIPPF-BAP 107.94 AGHPISF 84.39 AGHPMMF 103 AGHPPF-D 101.26 AGHPPF-E 100.45 AGHPPF-MM 101.29 AGHPPPF-AAP 129.83 AGHPPPF-CAP 114.71 AGHPPPF-MAP 119.03 AGHPSF 170.32 AGHPVF 83.24 AGHSF 110.71 AKDCF 52.75 AKDGASSF 14.1 AKDIF 54.45 AKDITF 18.44 AKDOF 119.37 ASKARIAAF-B 56.1 ASKARIAAF-C 56.1 ASKARIEF 132.89 ASKARIHYS 106.41 ASKARIIAAF-B 125.3 ASKARIIAAF-C 125.3 ASKARIIIF-B 105.33 ASKARIIIF-C 105.33 ASKARISCF 107.68 ASKARISYE 105.38 ATLASGF 104.68 ATLASIF 533.44 ATLASIIF 525.07 ATLASISF 644.02 ATLASMMF 525.89 ATLASPF-D 229.69 ATLASPF-E 531.05 ATLASPF-G 113.81 ATLASPF-MM 219.21 ATLASPIF-D 192.86 ATLASPIF-E 706.05 ATLASPIF-MM 202.96 ATLASSLF 104.14 ATLASSMF 693.71 BMACRSF 8.6 BMAECF 10.49 DAWOODIF 86.01 DAWOODISF 142.53 FAYSALAAF 82.72 FAYSALBGF 78.06 FAYSALFIAAF 121.07 FAYSALFSOF 105.43 FAYSALIGF 109.23 FAYSALISGF 106.45 FAYSALMMF 106.89 FAYSALMTSF 104.55 FAYSALSGF 106.67 FCMF 13.98 FCMF 13.98 FCMF-A 13.98 FDAWOODMF 23.4 FHABIBCF 105.85 FHABIBIF 105.83 FHABIBIIF 100.92 FHABIBSF 128.84 FHIBF 124.6 HBLCF-C 105.18 HBLCF-D 105.18 HBLEF 16.93 HBLEQF 142.79 HBLGSF-C 109.92 HBLGSF-D 109.92 HBLIAAF 114.28 HBLIEF 141.56 HBLIF 110 HBLIIF 104.79 HBLIMMF 104.1 HBLIPF-D 136.69 HBLIPF-E 465.68 HBLIPF-MM 134.04 HBLISF 170.86 HBLMAF 119.96 HBLMMF 106.75 HBLMSF1 108.04 HBLPF-D 152.07 HBLPF-E 420.09 HBLPF-MM 139.95 HBLSF 135.24 JSCF 107.38 JSCPF-V 105.37 JSFOF 60.43 JSGF-A 237.14 JSIF 101.16 JSIGSF 102.41 JSIPSF-D 194.22 JSIPSF-E 829.66 JSIPSF-MM 168.17 JSISF 153.97 JSLCF 159.16 JSPSF-D 227.09 JSPSF-E 582.75 JSPSF-MM 184.14 JSUTP 196.35 JSVF-A 268.3 LAKSONAADMF 121.3 LAKSONAAEMF 110.24 LAKSONEF 151.61 LAKSONIF 105.92 LAKSONMMF 105.58 LAKSONTF 119.84 MCBAHAIAAF 102.34 MCBAHAIAAF 83.69 MCBAHAIIF-A 105.92 MCBAHAISF 14.45 MCBAHIIF-B 104.13 MCBAHMCBCMOF 106.12 MCBAHMCBDIF 111.76 MCBAHPCF 53.45 MCBAHPCM 13.81 MCBAHPFPF 101.67 MCBAHPIEF 55.26 MCBAHPIF 56.66 MCBAHPIPF-D 191.41 MCBAHPIPF-E 617.76 MCBAHPIPF-MM 172.54 MCBAHPPF-D 227.86 MCBAHPPF-E 595.27 MCBAHPPF-MM 208.54 MCBAHPSMF 119.56 MCBPAAF 88.13 MCBPSF 55.72 MEEZANAAF 65.9 MEEZANBF 19.16 MEEZANCF 52.75 MEEZANEF 58.21 MEEZANFPFF-A 89.51 MEEZANFPFF-M 76.17 MEEZANFPFF-MAAP-I 67.76 MEEZANFPFF-MAAP-II 68.17 MEEZANFPFF-MAAP-III 67.39 MEEZANFPFF-MAAP-IV 59.9 MEEZANFPFF-MSAF-III 50.85 MEEZANFPFF-MSAP-I 57.29 MEEZANGF 52.07 MEEZANIF 88.96 MEEZANIIF-B 53.48 MEEZANIIF-C 53.48 MEEZANKMIF 102.15 MEEZANMF 24.13 MEEZANMFPFF-C 67.32 MEEZANMSAP-II 51.95 MEEZANSF 53.43 MEEZANTPF-D 212.19 MEEZANTPF-E 648.52 MEEZANTPF-G 93.45 MEEZANTPF-MM 210.09 NAFAAAF 19.68 NAFAAARFSF 10.29 NAFAFSIF 11.22 NAFAGSLF 10.82 NAFAGSSF 10.79 NAFAIAAEF 15.8 NAFAIAAF 19.57 NAFAIAAP-I 144.67 NAFAIAAP-II 139.66 NAFAIAAP-III 126.38 NAFAIAAP-IV 118.18 NAFAIAAP-V 103.41 NAFAIEF 15.12 NAFAIF 10.26 NAFAIOF 11.26 NAFAIPF-D 123.22 NAFAIPF-E 346.06 NAFAIPF-MM 123.47 NAFAIPPF-I 103.3 NAFAIPPF-II 101.61 NAFAISF 16.28 NAFAMAF 20.64 NAFAMMF 10.35 NAFAPF-D 140.23 NAFAPF-E 345.35 NAFAPF-MM 127.34 NAFAPPF 102.18 NAFARFSF 10.66 NAFASF 18.54 NAFASPF 10.83 NAFIAIF 9.89 NIT-GBF 10.38 NIT-IF 10.75 NIT-NI(U)T 92.47 NITGTF 10.42 NITIEF 13.31 NITIIF 10.38 NITIPF-D 10.64 NITIPF-E 14.01 NITIPF-MM 10.55 NITPF-C 11.03 NITPF-D 10.78 NITPF-E 12.85 NITPF-MM 10.74 PCF 103.86 PICICGF 55.62 PICICIF 24.01 PIMLAAF 109.31 POAAAF 69.08 POAIIF 54.94 POGSF 10.95 POIAAF 73.87 PRIMUSDRF 80.08 PRIMUSIEF 149.55 PRIMUSIMMF 103.87 PRIMUSSMAF 125.79 PRIMUSVEF 142.69 UBLAAAIRSF-D 157.2 UBLAAAIRSF-E 787.57 UBLAAAIRSF-MM 151.78 UBLAAF 143.38 UBLAAIAAP-I 133.56 UBLAAIAAP-II 135.29 UBLAAIAAP-III 133.79 UBLAAIAAP-IV 132.47 UBLAAIAAP-V 119.56 UBLAAIAAP-VI 108.3 UBLAAIAAP-VII 104.76 UBLAAIDEF 148.45 UBLAIAAF 132.16 UBLAICF 104.17 UBLAIIF-G 103.46 UBLAIIF-I 103.46 UBLAISF 105.18 UBLASSF 177.06 UBLCPF-III 101.45 UBLGF 86.8 UBLGSF 109.39 UBLIOF 114.14 UBLLPF-C 105.71 UBLMMF 104.94 UBLRSF-C 112.26 UBLRSF-D 203.93 UBLRSF-E 786.24 UBLRSF-MM 166.89 UBLUGIF-G 89.35 UBLUGIF-I 89.35 UBLUSAF 85.12

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.

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