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 10.38 ABLFPF-Active 98.91 ABLFPF-Conservative 99.85 ABLGSF-B 10.57 ABLIF 10.49 ABLIFPF-Active 99.12 ABLIFPF-Aggressive 97.88 ABLIFPF-Conservative 99.89 ABLIIF 10.41 ABLIPPF-D 108.01 ABLIPPF-E 128.49 ABLIPPF-II 10.91 ABLIPPF-MM 106.78 ABLISF 12.14 ABLPPF-D 128.46 ABLPPF-E 124.24 ABLPPF-MM 108.07 ABLSF 12.73 AGHPAF 67.75 AGHPCF 517.79 AGHPCPF 106.32 AGHPIF 110.66 AGHPIIF 103.18 AGHPIMF 53.34 AGHPISF 63.54 AGHPMMF 104.34 AGHPPPF-AAP 101.01 AGHPPPF-CAP 102.04 AGHPPPF-MAP 101.81 AGHPSF 119.82 AGHPVF 64.13 AGHSF 107.7 AKDCF 51.85 AKDGASSF 9.26 AKDIF 53.81 AKDITF 12.96 AKDOF 69.97 ASKARIAAF-B 45.21 ASKARIAAF-C 45.21 ASKARIEF 97.01 ASKARIHYS 108.32 ASKARIIAAF-B 96.44 ASKARIIAAF-C 96.44 ASKARIIIF-B 104.05 ASKARIIIF-C 104.05 ASKARISCF 104.39 ASKARISYE 108.64 ATLASGF 104.18 ATLASIF 535.75 ATLASIIF 516.61 ATLASISF 410.1 ATLASMMF 522.88 ATLASPF-D 213.98 ATLASPF-E 345.68 ATLASPF-G 107.67 ATLASPF-MM 205.51 ATLASPIF-D 181.97 ATLASPIF-E 457.74 ATLASPIF-MM 192.52 ATLASSLF 103.73 ATLASSMF 437.85 BMACRSF 8.68 BMAECF 10.55 FAYSALAAF 66.85 FAYSALBGF 66.99 FAYSALFIAAF 93.65 FAYSALFSOF 104.83 FAYSALIGF 111.04 FAYSALISGF 105.29 FAYSALMMF 104.66 FAYSALSGF 107.05 FCMF 10.23 FCMF 10.23 FCMF-A 10.23 FHABIBCF 104.12 FHABIBIF 105.99 FHABIBSF 92.06 FHIBF 94.47 HBLIAAF 100.16 HBLIF 109.2 HBLIMMF 103.28 HBLIPF-D 128.35 HBLIPF-E 318.45 HBLIPF-MM 127.34 HBLISF 118.35 HBLMAF 92.77 HBLMMF 104.48 HBLMSF1 103.08 HBLPF-D 143.64 HBLPF-E 296.47 HBLPF-MM 133.15 HBLSF 96.44 JSCF 106.1 JSFOF 50 JSGF-A 153.55 JSIF 97.78 JSIGSF 101.52 JSIPSF-D 183.16 JSIPSF-E 528.66 JSIPSF-MM 161.76 JSISF 92.96 JSLCF 103.61 JSPSF-D 214.54 JSPSF-E 377.93 JSPSF-MM 174.23 JSUTP 149.95 JSVF-A 182.74 LAKSONAADMF 117.48 LAKSONAAEMF 112.69 LAKSONAAGCF 108.68 LAKSONEF 99.72 LAKSONIF 106.95 LAKSONMMF 103.68 MCBAHMCBCMOF 103.81 MCBAHMCBDIF 110.09 MCBAHMCBIIF 103.28 MCBAHMCBIIF 101.73 MCBAHPCF 52.02 MCBAHPCM 10.16 MCBAHPFPF 100.15 MCBAHPIEF 56.19 MCBAHPIEIF 56.83 MCBAHPIF 55.74 MCBAHPIPF-D 182.37 MCBAHPIPF-E 372.08 MCBAHPIPF-MM 165.88 MCBAHPPF-D 215.77 MCBAHPPF-E 373.48 MCBAHPPF-MM 198.42 MCBAHPSMF 77.79 MCBAHPSRMF 106.02 MCBPAAF 76.84 MCBPISF 9.34 MCBPSF 55.78 MCPF-II 55.79 MCPF-III 58.34 MEEZANAAP-III 50.03 MEEZANBF 14.66 MEEZANCF 51.52 MEEZANFPFF-A 70.76 MEEZANFPFF-M 65.73 MEEZANFPFF-MAAP-I 49.11 MEEZANFPFF-MAAP-II 50.7 MEEZANFPFF-MCPP-I 54.71 MEEZANFPFF-MCPP-II 50.8 MEEZANGF 53.25 MEEZANIF 58.44 MEEZANIIF-B 52.84 MEEZANIIF-C 52.84 MEEZANKMIF 66.36 MEEZANMF 15.82 MEEZANMFPFF-C 63.2 MEEZANSF 52.05 MEEZANTPF-D 200.52 MEEZANTPF-E 421.04 MEEZANTPF-MM 200.21 NAFAAAF 14.53 NAFAAARFSF 10.03 NAFAFSIF 10.89 NAFAGSLF 10.5 NAFAGSSF 10.73 NAFAIAAEF 10.04 NAFAIAAF 15.37 NAFAIAAP-I 100.75 NAFAIF 10.17 NAFAIOF 11.23 NAFAIPF-D 118.13 NAFAIPF-E 209.75 NAFAIPF-MM 117.94 NAFAIPPF-I 118.27 NAFAIPPF-II 113.98 NAFAISF 10.68 NAFAMAF 14.92 NAFAMMF 10.21 NAFAPF-D 133.04 NAFAPF-E 206.75 NAFAPF-MM 120.94 NAFAPPF 102.35 NAFARFSF 10.52 NAFASF 12.07 NAFASPF 10.51 NAFIAIF 9.92 NAMCOBF 12.27 NAMCOIF 312.72 NIT-GBF 10.49 NIT-IF 10.84 NIT-NI(U)T 62.06 NITGTF 10.04 NITIEF 9.54 NITIPF-D 10.17 NITIPF-E 9.22 NITIPF-MM 10.15 NITPF-C 10.38 NITPF-D 10.26 NITPF-E 8.82 NITPF-MM 10.26 PCF 110 PICICCF-C 104.17 PICICCF-D 104.17 PICICEF 10.83 PICICGF 36.82 PICICIF 16.39 PICICIF 108.49 PICICIF 108.49 PICICIIF 103.18 PICICISF 115.94 PICICSF 119.22 POAAAF 51.22 POAIIF 52.73 POGSF 10.83 POIAAF 56.34 PRIMUSDRF 103.42 PRIMUSIEF 115.08 PRIMUSIMMF 104.37 PRIMUSSMAF 112.8 PRIMUSVEF 100.1 UBLAAF 121.19 UBLAAIAAP-I 99.64 UBLAAIAAP-II 101.61 UBLAAIAAP-III 98.95 UBLAAIDEF 96.41 UBLAIAAF 110.71 UBLAICF 103.22 UBLAIIF-G 101.51 UBLAIIF-I 101.51 UBLAIPPF-III 109.41 UBLAIPPF-IV 105.68 UBLAIPPF-V 100.8 UBLAIRSF-D 149.84 UBLAIRSF-E 496.09 UBLAIRSF-MM 145.44 UBLAISF 102.86 UBLASSF 113.59 UBLFSBF 112.6 UBLGF 87.07 UBLGSF 113.44 UBLLPF-C 103.86 UBLMMF 103.67 UBLPPF-III 116.06 UBLRSF-C 108.31 UBLRSF-D 189.35 UBLRSF-E 516.69 UBLRSF-MM 158.06 UBLUGIF-G 86.09 UBLUGIF-I 86.09 UBLUSAF 57.81

Board Of Directors

Mr. Shahid Ghaffar - Chairman

Mr. Shahid Ghaffar is Managing Director, National Investment Trust Limited (NITL) . He possesses vast experience of working at top positions in the financial sector. Prior to joining NIT, he was working as Head of Investor Relations and Corporate Representation as well as member of Management Forum at Habib Bank Limited (HBL). Prior to that he had also served as Chief Executive Officer of HBL Asset Management Limited for over six years (2005-2012) and was instrumental in the establishment and growth of the company.

Mr. Ghaffar has held key positions in the areas of asset management, capital market regulation and governance. At Securities And Exchange Commission of Pakistan (SECP) he served as Executive Director/Commissioner from 2000 to 2005 and played a vital role towards the implementation of wide ranging reforms in the Capital Market and capacity building of Securities Market Division of Securities And Exchange Commission of Pakistan (SECP). While working as Managing Director/CEO Karachi Stock Exchange during his two years’ tenure (1998-2000) he introduced effective risk management measures and was also instrumental in the automation of trading, enhancing capacity building and professionalism at the Stock Exchange.

During the period 1977-1998, Mr. Shahid Ghaffar had served National Investment Trust Limited (NITL) (one of the biggest open- ended funds in the country) in different capacities in the Asset Management Division and at various stages was responsible for managing equity market portfolio, debt/fixed income portfolio and trading desk. He was also involved in the appraisal and monitoring of projects. In 1996, Mr.Ghaffar was entrusted responsibility of Asset Management Division. He actively participated in the reconstruction of NIT during the crisis period i.e. 1996-1998.

Mr. Ghaffar holds Master Degree in Business Administration from Gomal University D.I.Khan, Khyber Pakhtunkhwa, Pakistan. He has attended several courses on Securities Regulations and Securities Markets Development and portfolio management including the prestigious course conducted by Securities and Exchange Commission, in Washington, DC. (United States).

Mr. Mir Muhammad Ali, CFA - Senior Vice Chairman

Mir Muhammad Ali, CFA became the CEO of UBL Fund Managers in July 2005. He has extensive experience in investment banking and fund management during the last 20 years. Prior to joining UBL Fund Managers he was with Asian Development Bank. He represented ADB on the board of several companies. Before joining ADB, Mr. Ali worked as Head Investment Banking of United Bank Limited. He was instrumental in setting up of the Investment Banking Group (IBG) at UBL which obtained the best investment bank award for the year 2002-2003 from the CFA Association of Pakistan. Apart from doing a large number of debt and capital market transactions, his achievements included, setting up of UBL Fund Managers, which was the first Asset Management Company to be set up by any commercial bank in Pakistan, and execution of Pakistan's first listed asset backed securitization transaction. During his career, he has also worked for various institutions such as Pakistan Kuwait Investment Company, IBM World Trade Corporation and ANZ Grindlays Bank. Being CEO of UBL Fund

Managers he has led the company to become one of the largest private sector asset management companies in Pakistan.

Mr. Ali is an MSc in Finance from University of Strathclyde in Glasgow, Scotland. He was awarded the prestigious Chevening Scholarship from the British Council for his MSc. He is an MBA from the Institute of Business Administration with a Gold Medal for an overall first position in 1988-89. He is also a CFA Charter Holder.

He is past Vice President of CFA Pakistan. He also served as Vice Chairman of Mutual Funds Association of Pakistan during 2008-2009.

Mr. Imran Azim - Vice Chairman

Mr. Imran Azim is MBA in finance and has almost three decades of experience in Mutual Fund Industry. He served NIT from 1977 to 1998 where he worked in almost all the departments including Investment, Marketing, Business Development and Accounts. After leaving NIT he joined Khalid Majid Hussain Rehman, a Chartered Accountants firm and later on joined Universal Insurance Company Limited. Prior to joining Habib Asset Management Limited he was Chief Executive of Haroon Oils Limited.

Mr. Babar Ali Lakhani - Director

Mr. Lakhani has over 13 years of investment and portfolio management experience in domestic and international equity and fixed income markets. Mr. Lakhani most recently served as the Chief Investment Officer of Century Insurance, a Public Limited Company listed on the Karachi and Lahore Stock Exchanges of Pakistan. He was an Investment Associate at High Street Advisors and a Research Analyst at Credit Suisse Equity Group (formerly Credit Suisse First Boston). Mr. Lakhani brings extensive investment experience, globally practiced portfolio management discipline, and a comprehensive understanding of the global asset management industry to Lakson Investments Limited.

Mr. Lakhani received his BA in Finance from Bentley College, and his MBA from Brandeis University.

Mr. Lakhani is a member of the Global Association of Risk Professionals (GARP), the Society of Financial Service Professionals and the Young Presidents' Organization (YPO). Mr. Lakhani is a member of the Alumni Trustee Committee of Brandeis University and is the school's representative in Pakistan.

Dr. Ali Akhtar Ali - Director

Dr. Ali Akhtar Ali is currently serving as the Chief Executive Officer (CEO) at JS Investments Limited (JSIL). He had previously been working as the Chief Investment Officer (CIO) for 3 years at JSIL and was subsequently elevated to the post of Chief Operating Officer (COO) before assuming the role of the CEO. During his stint as the CIO, JSIL's Equity Funds had consistently ranked as the Best performing funds in Pakistan for consecutive years and were also ranked among the Top 100 Funds in the world. His broad understanding of the Equity and Fixed Income Markets, coupled with his avid enthusiasm towards Global Markets, played an instrumental role in delivering Top-tier performances for his investors.

Dr. Ali brings with himself a wide scope of experience acquired over his role as a Chief Dealer at KASB Capital's Treasury Department where he was responsible for Heading the Money Market, Foreign Exchange and Financial Advisory services at KASB Capital. His diverse expertise equips him with a compelling skill-set that has materially benefited his clients in the form of highest ethical standards, compelling returns and hence, trust of valuable clients.

Dr. Ali offers over 15 years of professional experience in Fixed Income and Equity Markets of Pakistan. He holds a unique combination of an MBA as well as an MBBS from reputable universities in Karachi, Pakistan.

Mr. Imran Motiwala - Director

Mr. Imran Motiwala has been serving as the Chief Executive Officer of AKD Investment Management Limited since 2009, while also serving as a Director on the Company from 2007 and Chief Executive Officer of Golden Arrow Selected Stocks Fund Limited. Mr. Motiwala joined AKD Investment Management Limited in February 2006 as the Companys Chief Operating Officer and also over viewed several key areas including fund management, sales and marketing besides serving as a Member of the Investment Committee. With a career spanning almost 21 years in the capital markets, Mr. Motiwala is a seasoned finance professional with experience ranging from stock broking to asset management. Mr. Motiwala initiated his career with Ali Hussain Rajabali as an equity sales trader for both domestic and foreign institutions. He has also had the privilege of working with several prestigious financial institutions during his career including JP Morgan as an institutional securities sales broker and after almost 8 years of securities broking moved to asset management with ABAMCO Limited (now JS Investments) where he served as a Fund Manager and led the team in launching the Company fixed income fund. After which Mr. Motiwala moved to Crosby Asset Management Limited as Head of Fund Management where his responsibilities entailed managing the entire asset management business. Mr. Imran Motiwala is a marketing graduate from Southeastern University and a Certified Director from the Pakistan Institute of Corporate Governance.

Ms. Maheen Rahman - Director

Ms. Rahman is the Chief Executive of Alfalah GHP Investment Management, and has over fifteen years of experience in investment banking, research and asset management. She started her career with Merrill Lynch in Investment Banking and was part of several high profile international transactions that spanned the Asia Pacific region and North America. Post Merrill Lynch, she joined ABN Amro Bank in Corporate Finance and was involved in 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.

Maheen 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 Investments in 2013. Within the first year of the takeover, Ms. Rahman focused the company to successfully leverage off the wider distribution network of the Group 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. She has been widely covered in local and international media on significant performance and returns achieved on funds under management.

Ms. Rahman holds a B.Sc. (Hons) in Economics from LUMS and a M.Sc. Finance and Economics from Warwick Business School, UK. She also holds a Series 7 qualification from the NYSE.

Mr. Mohammad Shoaib, CFA - Director

The board of directors of the Mutual Fund Association of Pakistan (MUFAP) has elected Mohammad Shoaib, CFA as Chairman of MUFAP from October 01, 2014.

Mr. Mohammad Shoaib, CFA is the Chief Executive of Al Meezan Investment Management Limited. He has played a key role in setting up the company and making it the largest asset management company in private sector in Pakistan. He has been associated with it since inception in 1995. He is a highly qualified and seasoned professional with 24 years experience in capital market of the country and knows the fund management business in Pakistan inside out. He has to his credit many accolades and awards, the most significant of them being the “Most Influential CFA charter holder” awarded by CFA Institute in 2006.

Mr. Shoaib holds MBA degree from IBA besides being a Chartered Financial Analyst (CFA) charter holder. He has to his credit being the founder and first president of CFA Association of Pakistan, a member society of CFA Institute. He has also had the honor to represent over 16,000 charter holders in Asia Pacific Region as their representative on the Presidents' Council of CFA Institute.

Mr. Shoaib has also served in voluntary capacity at different domestic and international institutions. He has served as a Director on the Board of Karachi Stock Exchange and Senior Vice Chairman on the Board of Mutual Funds Association of Pakistan last year. He is currently serving on the Board of Directors of Pakistan Institute of Corporate Governance and Institute of Capital Markets. He also sits on the Advisory Board of Institute of Business Administration. He has also served on various global and regional committees of CFA Institute including Asia Pacific Advocacy Committee, Global Task Force on Corporate Governance, GIPS Regional Council, GIPS Executive Committee and Asset Manager Code Advisory Committee.

Mr. Rehan N. Shaikh - Director

Mr. Rehan N. Shaikh is the Chief Executive Officer of HBL Asset Management Limited with 18 years of international experience in the Mutual Funds industry. He joined HBL Asset Management at its inception as Chief Operating Officer in January 2006. Mr. Shaikh spearheaded establishment of the company and played an instrumental role in launch of its funds.

Prior to joining HBL Asset Management, Mr. Shaikh worked at State Street Corporation in Boston, USA. During his 10 years at State Street, Mr. Shaikh managed several operational groups including fund accounting, custody, security pricing and financial reporting for multiple institutional clients, including Federated Investors, MFS Investment Management and Wachovia Bank. Mr. Shaikh lead several mergers and back office conversions and also helped establish an operational department servicing State Street’s largest client, migrating over 250 funds and over $111 billion in assets to State Street. He is director of MUFAP and has also served as Chairman of MUFAP for the year 2012/13.

Mr. Shahzad Jawahar - Director

Mr. Jawahar has more than 17 years of diversified experience in areas of management, accounts, finance, business development, corporate finance, tax, legal, corporate & secretarial matters and asset management including 09 years of managerial experience. He joined First Capital/Pace Group in 1997 and has served on various key positions in the Group including Manager Finance & Corporate affairs, Senior Manager Group Corporate Affairs, DGM and General Manager Group Corporate Affairs.

Mr. Jawahar, during his services at First Capital/Pace Group has played a vital role in various strategic transactions done by First Capital/Pace Group including; private equity placements, Initial Public Offerings, Mergers and Takeovers, restructuring, issue of debt securities including TFC’s, Sukuks, International Foreign Currency convertible Bonds and Loans, conversion of Investment scheme into open end scheme etc;

In view of his diversified experience, in February 2012, Mr. Jawahar was promoted to the position of CEO/Director of First Capital Investments Limited, an Asset Management Company and First Capital Mutual Fund, an open end Equity Fund.

Mr. Jawahar has participated in various business conferences and seminars, also written articles on topics related to Mutual fund industry. He was given Professional Excellence Award by ICMA Pakistan in 2014.

Mr. Jawahar has qualified Directors’ Certification Training Program.

Mr. Jawahar is MBA in Finance and Accounts and Chartered Secretary.

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

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 been associated with the asset management industry in Pakistan for over ten 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 Limited, JS Investments and Crosby Asset Management. She started her career with HMA.


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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