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 10.11 ABLICF 10.09 ABLIF 10.2 ABLSF 10.19 AGHPAF 54.5 AGHPCF 506.24 AGHPIF 57.66 AGHPIMF 50.06 AGHPPPF 51.82 AGHPPPF-II 49.43 AGHPVF 51.3 AHIEIF 38.57 AHMBPSF-12-12 47.8 AHMBPSF-P 49.54 AHPCF 50.23 AHPCM 7.15 AHPCPF-1 9.47 AHPCPF-FIS 10.23 AHPIEF 50.83 AHPIF 52.12 AHPIPF-D 126.61 AHPIPF-E 90.85 AHPIPF-MM 118.56 AHPPF-D 123.47 AHPPF-E 83.22 AHPPF-MM 129.61 AHPPFL 10.41 AHPSAF 7.41 AHPSMF 50.28 AKDGASSF 6.21 AKDIF 45.94 AKDITF 6.85 AKDOF 25.47 ASIANSF 7.07 ASKARIAAF-B 37.1 ASKARIAAF-C 37.1 ASKARIIAAF-B 100.75 ASKARIIAAF-C 100.75 ASKARIIF 89.81 ASKARIIF 89.81 ASKARIIIF-B 101.63 ASKARIIIF-C 101.63 ASKARISCF 102.13 ATLASFOF 7.31 ATLASIF 496.15 ATLASIIF 508.24 ATLASISF 297.06 ATLASMMF 509.66 ATLASPF-D 129.15 ATLASPF-E 102.28 ATLASPF-MM 131.4 ATLASPIF-D 127.21 ATLASPIF-E 123.66 ATLASPIF-MM 129.38 ATLASSMF 326.64 BMACRSF 9.15 BMAECF 10.23 CROSBYDF 79.68 CROSBYPF 104.27 DAWOODIF 97.9 DAWOODMMF 71.86 FAYSALAAF 58.71 FAYSALBGF 66.75 FAYSALIGF 102.77 FAYSALISGF 101.8 FAYSALSGF 102.14 FCMF 7.75 FDAWOODMF 8.19 FHABIBIF 101.79 FHABIBSF 94.31 HBLIF 99.45 HBLMAF 81.64 HBLMMF 101.55 HBLSF 81.56 IGIAIF 42.27 IGIIF 102.28 IGIIIF 101.92 IGIMMF 101.96 IGISF 104.01 JSAAA 19.64 JSAIF 98.38 JSCF 102.13 JSCPF 0 JSCPPF-IV 105.98 JSFOF 79.91 JSGF 8.96 JSIF 89.85 JSIPSF-D 124.57 JSIPSF-E 112.33 JSIPSF-MM 114.37 JSISF 59.19 JSKSE-30IF 24.13 JSLCF 6.48 JSPSF-D 132.94 JSPSF-E 74.32 JSPSF-I 111.57 JSPSF-II 101.81 JSPSF-MM 110.7 JSUTP 91.43 JSVFL 8.4 KASBBF 39.41 KASBCF 102.02 KASBCPGF 101.49 KASBIIF 95.81 KASBLF 83.88 KASBLF-CBL 83.88 KASBSMF 25.17 LASKONEF 100.43 LASKONIF 102.13 LASKONMMF 101.92 MCBCMOF 101.92 MCBDAF 69.65 MCBDCF 102.9 MCBDSF 79.65 MCBSMF-1 101.3 MEEZANBF 10.8 MEEZANCF 50.91 MEEZANCPF 51.8 MEEZANIF 37.98 MEEZANIIF-B 51.63 MEEZANIIF-C 51.63 MEEZANMF 10.38 MEEZANSF 50.93 MEEZANTPF-D 132.27 MEEZANTPF-E 102.65 MEEZANTPF-MM 131.66 NAFAAAF 10.04 NAFACF 9.84 NAFAGSLF 10.21 NAFAIF 10.08 NAFAIIF 7.93 NAFAIMAF 9.15 NAFAMAF 9.28 NAFARFSF 10.05 NAFASF 6.2 NAFASPF 10.21 NIT-GBF 10.18 NIT-IF 10.14 NIT-NI(U)T 25.13 NIT-NI(U)TLOC 0 PICICEF 9.64 PICICGF 23.7 PICICIF 101.27 PICICIF 11.4 POAF 11.11 POAIF 51.6 POAIIF 50.83 POASF 50.37 SAFEWAYMF 12.48 UBLCPF 11.09 UBLCPFII 101.22 UBLIRSF-D 102.2 UBLIRSF-E 99.51 UBLIRSF-MM 101.08 UBLLPF-C 101.95 UBLRSF-D 102.25 UBLRSF-E 99.49 UBLRSF-MM 102.56 UBLUCIF 67.66 UBLUGIF-G 96.79 UBLUGIF-I 96.79 UBLUIIF-G 98.2 UBLUIIF-I 98.2 UBLUSAF 32.8

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 licensed in 2001 as a public limited company (by guarantee) under Section 42 of the Companies Ordinance, 1984 by Ministry of Commerce (MOC) and is thus a quasi legal entity. 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. The CMDP envisaged formation of four types of Self-Regulated Organizations (“SROs”) to function under the SECP:
  1. Stock Exchanges recognized as separate SROs;
  2. Mutual Funds Association of Pakistan (MUFAP);
  3. Leasing Association of Pakistan (LAP); and
  4. Modaraba Association of Pakistan (MAP).
    MUFAP’s role is to establish the essential codes and standards within the industry to ensure the trust and confidence of investors and build the industry as a whole. MUFAP’s core objectives encompass: 
  1. Overseeing industry compliance under prescribed prudential standards;
  2. Perform onsite supervision based on agreed criteria;
  3. Conducting registration and testing/ examinations;
  4. Developing cooperative programs with governmental agencies and industrial organizations to resolve problems affecting investors;
  5. Liaising between the industry and SECP and other concerned government bodies to highlight and resolve issues affecting the mutual fund industry; and
  6. Presenting budgeting proposals and other recommendations to the SECP for the development of the industry.
Since inception, the Association’s most notable achievements are highlighted below:
  1. Successfully negotiated with the Ministry of Finance in bringing the CFS MK II financing issue to an amicable end saving massive defaults on the part of broker financees in the year 2008-09.
  2. Successfully launched the "Pricing Mechanism" for valuation of debt securities in the year 2008-09 as a first step towards development of the bond market in Pakistan.
  3. Successfully tested the first batch of Sales and Marketing teams of AMCs for furthering their marketing and selling skills in the year 2008-09.
  4. Successfully negotiated the tax benefits under Voluntary Pension Schemes (VPS) to bring them in line with the benefits offered in retirement funds as available in Income Tax Ordinance, 2001 securing some advantages for the VPS.
  5. Successfully organized the 12th Asia Oceania Regional Meeting 2007 of member countries of International Investment Funds Association (“IIFA”). The meeting was largely attended by the participants from India, Bangladesh, Taiwan, China, Australia, Philippines, Hong Kong, Japan and Singapore.
  6. Conducted a workshop on “Compliance and Ethics” in 2005 for its members;
  7. Conducted a workshop on “Corporate Governance” in 2002, in collaboration with MAP and LAP.
  8. Negotiated exemption from with-holding tax deduction on transactions of mutual funds thereby, preventing double tax deduction for the investors.
  9. Hosted “Performance Excellence Award” ceremony in recognition of NIT’s performance in 2005.
  10. Held discussions with the Indian counterparts on the possibilities of listing Indian mutual funds on KSE; channeling Indian investment into Pakistan markets and various levels of technical collaboration.
  11. Organized a talk show consisting of 13 episodes on Indus TV for investor education on mutual funds.
  12. Developed the MUFAP Advertising and Communication Standards for Asset Management and Investment Advisory services.
  13. Submitted proposals for the Federal budget aimed at encouraging further investment in mutual funds.
  14. Highlighted issues relating to lower fee structure, double Zakat deduction on mutual funds, negative impact of offering higher NSS rates on mutual funds, and proposed the capitalization of incorporation and initial public offering of funds. 
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 CIPE's Business Support grant amongst others for investors protection and access to information
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