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 10.22 ABLFPF-Active 98.04 ABLFPF-Conservative 107.82 ABLFPF-SAP 97.39 ABLGSF-B 10.17 ABLIDSF 8.75 ABLIF 10.18 ABLIFPF-Active 104.51 ABLIFPF-Aggressive 106.89 ABLIFPF-Conservative 109.84 ABLIFPF-SAP 104.41 ABLIFPF-SAP-II 94.06 ABLIFPF-SAP-III 97.32 ABLIFPF-SAP-IV 100.51 ABLIIF 10.29 ABLIPPF-D 114.21 ABLIPPF-E 167.99 ABLIPPF-MM 111.69 ABLISF 14.95 ABLPPF-D 139.68 ABLPPF-E 163.16 ABLPPF-MM 115.25 ABLSF 14.61 AGHPAF 74.69 AGHPCF 502.8 AGHPIF 113.43 AGHPIIF 102.37 AGHPIMF 53.99 AGHPIPF-D 102.04 AGHPIPF-E 86.25 AGHPIPF-MM 102.19 AGHPIPPF-AAP 98.03 AGHPIPPF-AAP-II 92.89 AGHPIPPF-AAP-III 95.01 AGHPIPPF-BAP 103.74 AGHPISF 64.19 AGHPMMF 98.96 AGHPPF-D 102.93 AGHPPF-E 84.21 AGHPPF-MM 103 AGHPPPF-AAP 107.91 AGHPPPF-CAP 108.81 AGHPPPF-MAP 103.18 AGHPSF 137.84 AGHPVF 63.32 AGHSF 107.16 AKDCF 50.95 AKDGASSF 10.27 AKDIF 52.05 AKDITF 14.68 AKDOF 87.43 ALFALAHGHPIDEF 86.02 ALFALAHGHPIVF 100.02 ASKARIAAF-B 46.7 ASKARIAAF-C 46.7 ASKARIEF 104.88 ASKARIHYS 102.86 ASKARIIAAF-B 103.21 ASKARIIAAF-C 103.21 ASKARIIIF-B 102.38 ASKARIIIF-C 102.38 ASKARISCF 101.77 ASKARISYE 103.28 ATLASGF 106.16 ATLASIF 519.63 ATLASIIF 510 ATLASISF 536.84 ATLASMMF 510.24 ATLASPF-D 235.19 ATLASPF-E 481.52 ATLASPF-G 115.58 ATLASPF-MM 224.9 ATLASPIF-D 196.28 ATLASPIF-E 617.99 ATLASPIF-MM 207.04 ATLASSLF 101.54 ATLASSMF 607.3 BMACRSF 8.35 BMAECF 10.28 DAWOODIF 82.86 DAWOODISF 120.46 FAYSALAAF 57.48 FAYSALBGF 65.32 FAYSALFIAAF 85.61 FAYSALFSOF 102.77 FAYSALIGF 107.36 FAYSALISGF 103.77 FAYSALMMF 102.92 FAYSALMTSF 101.97 FAYSALSGF 103.36 FCMF 10.28 FCMF 10.28 FCMF-A 10.28 FDAWOODMF 21.08 FHABIBCF 102.05 FHABIBIF 103.38 FHABIBIIF 100.98 FHABIBSF 90.67 FHIBF 88.17 HBLCF-C 102.17 HBLCF-D 102.17 HBLEF 15.15 HBLEQF 109.85 HBLFPF-AAP 100.67 HBLFPF-CAP 101.19 HBLFPF-SAP 100.55 HBLGSF-C 106.84 HBLGSF-D 106.84 HBLIAAF 103.14 HBLIEF 93.95 HBLIF 107.4 HBLIFPF-AAP 99.07 HBLIFPF-CAP 99.3 HBLIFPF-SAP 100.35 HBLIIF 102.48 HBLIMMF 101.84 HBLIPF-D 138.8 HBLIPF-E 387.93 HBLIPF-MM 136.18 HBLISF 113.61 HBLMAF 103.19 HBLMMF 103.36 HBLPF-D 155.05 HBLPF-E 359.82 HBLPF-MM 143.07 HBLSF 107.46 JSCF 103.22 JSCPF-V 101.73 JSFOF 52.58 JSGF-A 196.02 JSIF 97.52 JSIHFF-JSIAAP I 100.39 JSIHFF-Mufeed 85.63 JSIHFF-Munafa 86.03 JSIHFF-Mustakhkem 96.44 JSIHFF-Mustanad 103.53 JSIHFF-Mutanasib 86.27 JSIIF 101.82 JSIPSF-D 196.55 JSIPSF-E 675.88 JSIPSF-MM 170.17 JSISF 113.74 JSLCF 141.27 JSPSF-D 231.34 JSPSF-E 492.4 JSPSF-MM 186.63 JSUTP 169.86 JSVF-A 217.16 LAKSONAADMF 122.15 LAKSONAAEMF 93.95 LAKSONEF 115.88 LAKSONIF 102.18 LAKSONMMF 101.82 LAKSONTF 98.86 MCBAHAIAAF 92.63 MCBAHAIAAF-II 97.88 MCBAHAIAALF 69.9 MCBAHAIIF-A 102.42 MCBAHAISF 10.81 MCBAHIIF-B 102.42 MCBAHMCBCMOF 102.19 MCBAHMCBDIF 107.94 MCBAHPCF 51.03 MCBAHPCM 10.84 MCBAHPFPF 101.19 MCBAHPIEF 54.04 MCBAHPIF 54.54 MCBAHPIPF-D 194.79 MCBAHPIPF-E 502.05 MCBAHPIPF-MM 175.58 MCBAHPPF-D 232.77 MCBAHPPF-E 493.42 MCBAHPPF-MM 212.98 MCBAHPSMF 94.02 MCBPAAF 78.99 MCBPSF 53.93 MEEZANAAF 46.47 MEEZANBF 15.8 MEEZANCF 51.05 MEEZANDEF 50.64 MEEZANEF 50.16 MEEZANFPFF-A 72.49 MEEZANFPFF-M 67.79 MEEZANFPFF-MAAP-I 59.62 MEEZANFPFF-MAAP-II 56.11 MEEZANFPFF-MAAP-III 55.6 MEEZANFPFF-MAAP-IV 48.63 MEEZANFPFF-MSAF-III 43.58 MEEZANFPFF-MSAP-I 45.55 MEEZANFPFF-MSAP-IV 44.22 MEEZANFPFF-MSAP-V 49.79 MEEZANGF 52.17 MEEZANIF 67.56 MEEZANIIF-B 51.83 MEEZANIIF-C 51.83 MEEZANKMIF 72.32 MEEZANMF 18.7 MEEZANMFPFF-C 64.62 MEEZANMSAP-II 44.48 MEEZANSF 51.44 MEEZANTPF-D 215.53 MEEZANTPF-E 520.43 MEEZANTPF-G 93.66 MEEZANTPF-MM 213.35 NAFAAAF 15.85 NAFAAARFSF 10.13 NAFAFSIF 10.69 NAFAGSLF 10.32 NAFAGSSF 10.46 NAFAIAAEF 11.7 NAFAIAAF 15.86 NAFAIAAP-I 121.3 NAFAIAAP-II 112.47 NAFAIAAP-III 107.27 NAFAIAAP-IV 98.9 NAFAIAAP-V 90.64 NAFAIAAP-VI 87.83 NAFAIAAP-VII 94.18 NAFAIEF 12.92 NAFAIF 9.92 NAFAIOF 10.87 NAFAIPF-D 125.04 NAFAIPF-E 295.01 NAFAIPF-MM 125.39 NAFAIPPF-I 105.09 NAFAIPPF-II 101.38 NAFAISF 11.65 NAFAMAF 18.16 NAFAMMF 10.02 NAFAPF-D 143.26 NAFAPF-E 296.15 NAFAPF-MM 130.02 NAFAPPF 102.29 NAFARFSF 10.34 NAFASF 14.6 NAFASPF 10.31 NAFIAIF 9.64 NIT-GBF 10.12 NIT-IF 10.46 NIT-NI(U)T 74.69 NITGTF 10.21 NITIEF 10.52 NITIIF 10.15 NITIPF-D 10.83 NITIPF-E 11.41 NITIPF-MM 10.75 NITPF-C 11.36 NITPF-D 11.04 NITPF-E 10.73 NITPF-MM 11.01 PCF 107.29 PICICGF 47.86 PICICIF 20.3 PIMLAAF 94.19 POAAAF 54.52 POAIIF 53.06 POAIIF 53.06 POGSF 10.78 POIAAF 56.94 PRIMUSDRF 81.93 PRIMUSIEF 113.58 PRIMUSIMMF 102.69 PRIMUSSMAF 106.93 PRIMUSVEF 112.65 UBLAAAIRSF-D 159.59 UBLAAAIRSF-E 646.25 UBLAAAIRSF-MM 154.27 UBLAAF 130.67 UBLAAIAAP-II 100.06 UBLAAIAAP-III 116.12 UBLAAIAAP-IV 114.48 UBLAAIAAP-IX 99.38 UBLAAIAAP-V 102.61 UBLAAIAAP-VI 95.78 UBLAAIAAP-VII 90.49 UBLAAIAAP-VIII 90.43 UBLAAIDEF 119.41 UBLAIAAF 115.65 UBLAICF 101.63 UBLAIIF-G 100.79 UBLAIIF-I 100.79 UBLAISF 101.22 UBLASSF 137.9 UBLCAP 100.27 UBLCPF-III 98.79 UBLGSF 106.94 UBLIOF 111.02 UBLLPF-C 102.36 UBLMMF 101.95 UBLRSF-C 118.02 UBLRSF-D 208.53 UBLRSF-E 664.65 UBLRSF-MM 170.37 UBLUGIF-G 86 UBLUGIF-I 86 UBLUSAF 69.15

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