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 10.09 ABLGSF-B 10.1 ABLIF 10.09 ABLIIF 10.07 ABLIPPF 10.37 ABLIPPF-II 10.31 ABLISF 10.75 ABLSF 11.73 AGHPAF 59.89 AGHPCF 505.48 AGHPIF 55.42 AGHPIGIAIF 42.94 AGHPIGIIF 101.06 AGHPIGIIIF 100.8 AGHPIGIMMF 101.5 AGHPIGISF 106.34 AGHPIMF 48.37 AGHPVF 56.05 AGHSF 100.81 AKDCF 50.36 AKDGASSF 10.89 AKDIF 47.54 AKDITF 13.69 AKDOF 54.73 ASIANSF 17.52 ASKARIAAF-B 52.13 ASKARIAAF-C 52.13 ASKARIEF 116 ASKARIHYS 100.1 ASKARIIAAF-B 111.26 ASKARIIAAF-C 111.26 ASKARIIIF-B 100.55 ASKARIIIF-C 100.55 ASKARISCF 101.14 ASKARISYE 100.63 ATLASGF 100.74 ATLASIF 507.28 ATLASIIF 507.2 ATLASISF 422.08 ATLASMMF 505.48 ATLASPF-D 181.81 ATLASPF-E 327.95 ATLASPF-G 104.54 ATLASPF-MM 184.79 ATLASPIF-D 168.79 ATLASPIF-E 413.96 ATLASPIF-MM 177.49 ATLASSMF 459.09 BMACRSF 8.13 BMAECF 10.22 FAYSALAAF 69.4 FAYSALBGF 62.18 FAYSALFSOF 100.77 FAYSALIGF 105.67 FAYSALISGF 102.41 FAYSALMMF 101.51 FAYSALSGF 102.3 FCMF 11.44 FCMF 11.44 FHABIBCF 100.71 FHABIBIF 100.85 FHABIBSF 108.27 FHIBF 105.27 HBLIF 101.86 HBLIMMF 100.66 HBLIPF-D 120.96 HBLIPF-E 263.99 HBLIPF-MM 119.55 HBLISF 136.22 HBLMAF 97.55 HBLMMF 100.95 HBLPF-D 123.19 HBLPF-E 233.34 HBLPF-MM 121.84 HBLSF 108.87 JSCF 102.84 JSFOF 46.2 JSGF-A 147.8 JSIF 87.12 JSIGSF 99.68 JSIPSF-D 173.04 JSIPSF-E 430.56 JSIPSF-MM 151.53 JSISF 72.52 JSKSE-30IF 30.23 JSLCF 83.97 JSPSF-D 188.64 JSPSF-E 329.46 JSPSF-MM 159.8 JSUTP 135.87 JSVF-A 171.31 KASBAAF 41.54 KASBCF 102.46 KASBCROSBYDF 103.57 KASBIIOF 101.54 KASBIOF 71.04 KASBIOF-CBL 71.04 LAKSONAADMF 107.01 LAKSONAAEMF 105.69 LAKSONAAGCF 100.5 LAKSONEF 109.05 LAKSONIF 100.8 LAKSONMMF 100.75 MCBAHMBPSF-P 50.4 MCBAHMCBCMOF 100.64 MCBAHMCBDAF 72.89 MCBAHMCBDCF 101.77 MCBAHMCBIIF 100.7 MCBAHMCBIIF 100.7 MCBAHPCF 50.32 MCBAHPCM 9.44 MCBAHPIEF 51.37 MCBAHPIEIF 51.02 MCBAHPIF 52.27 MCBAHPIPF-D 170.32 MCBAHPIPF-E 286.88 MCBAHPIPF-MM 156.43 MCBAHPPF-D 176.89 MCBAHPPF-E 284.2 MCBAHPPF-MM 181.01 MCBAHPSAF 9.99 MCBAHPSMF 65.17 MCPF-II 50.61 MCPF-III 53.79 MEEZANBF 13.67 MEEZANCF 50.3 MEEZANCF2 53.52 MEEZANFPFF-A 61.84 MEEZANFPFF-M 57.8 MEEZANIF 52.24 MEEZANIIF-B 50.51 MEEZANIIF-C 50.51 MEEZANKMIF 65.08 MEEZANMF 14.49 MEEZANMFPFF-C 56.35 MEEZANSF 50.68 MEEZANTPF-D 184.87 MEEZANTPF-E 343.86 MEEZANTPF-MM 183.58 NAFAAAF 12.42 NAFAFSIF 10.21 NAFAGSLF 10.11 NAFAGSSF 10.05 NAFAIAAF 13.47 NAFAIF 9.42 NAFAIOF 10.54 NAFAIPF-D 109.45 NAFAIPF-E 143.18 NAFAIPF-MM 108.82 NAFAIPPF-I 104.58 NAFAIPPF-II 102.06 NAFAMAF 12.85 NAFAMMF 10.07 NAFAPF-D 109.97 NAFAPF-E 147.74 NAFAPF-MM 109.45 NAFARFSF 10.15 NAFASF 10.55 NAFASPF 10.11 NAFIAIF 9.38 NAMCOBF 8.25 NAMCOIF 106.25 NIT-GBF 10.17 NIT-IF 10.27 NIT-NI(U)T 58.35 PCF 100.91 PICICCF-C 100.77 PICICCF-D 100.77 PICICEF 11.77 PICICGF 46.09 PICICIF 100.9 PICICIF 20.47 PICICIF 100.9 PICICIIF 100.53 PICICISF 103.91 PICICSF 114.43 POAAAF 51.06 POAF 11.32 POAIIF 51.83 POGSF 10.14 POIAAF 51.06 PRIMUSDRF 100.78 PRIMUSIEF 106.51 PRIMUSIMMF 100.52 PRIMUSSMAF 108.15 SAFEWAYMF 28.83 UBLAAF 106.92 UBLAIAAF 104.59 UBLAICF 100.89 UBLAIIF-G 96.13 UBLAIIF-I 96.13 UBLAIPPF-I 117.27 UBLAIPPF-II 110.63 UBLAIPPF-III 104.24 UBLAIRSF-D 140.1 UBLAIRSF-E 338.33 UBLAIRSF-MM 135.52 UBLAISF 101.52 UBLASSF 100.39 UBLFSBF 101.22 UBLGF 85.37 UBLGSF 101.05 UBLLPF-C 101.02 UBLMMF 101.18 UBLPPF-II 108.75 UBLPPF-III 106.1 UBLRSF-C 101.7 UBLRSF-D 147.68 UBLRSF-E 342.02 UBLRSF-MM 144.14 UBLUGIF-G 78.92 UBLUGIF-I 78.92 UBLUSAF 48.83

Board Of Directors

Dr. Amjad Waheed, CFA - Chairman

Dr. Amjad Waheed holds a doctorate in Investments & Finance from Southern Illinois University, USA and is also a Chartered Financial Analyst. For the last 7 years he is CEO of NBP Fullerton Asset Management Ltd (NAFA), which is a subsidiary of National Bank of Pakistan, with Fullerton Fund Management Company of Singapore as the other joint venture partner. NAFA is presently managing fourteen mutual funds and several portfolios with about Rs 45 billion invested in these funds. NAFA is among the largest Asset Management Companies in Pakistan today.

Before joining NAFA, Dr. Amjad was Head of Equity Mutual Funds & Portfolios at Riyad Bank, Saudi Arabia, for about 5 years where he was managing US$ 7.5 billion invested in 22 mutual funds. Prior to that Dr. Amjad was Head of Investments at NIT, and Chief Operation Officer of FC-ABN AMRO Equities for several years. Before moving back to Pakistan, Dr. Waheed was Assistant Professor of Finance at Tennessee State University, USA and has published several articles in top journals of the world such as Journal of Banking & Finance and Financial and Financial Management.

Dr. Amjad has served on the Board of various companies including Siemens, Nishat Mills, PICIC, Askari Bank, Millat Tractors, Fauji Fertilizer, Pakitstan Tobacco Company, Treet Corporation, Gul Ahmed Textile, Bata Pakistan.

Mr. Mohammad Shoaib, CFA - Senior Vice Chairman

Mr. Mohammad Shoaib, CFA is the Chief Executive of Al Meezan Investment Management Ltd. He has played a key role in setting up the company and has been associated with it since inception. He is a highly qualified and seasoned professional with 23 years experience in capital markets. 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 an MBA degree from IBA besides being a Chartered Financial Analyst (CFA) charter holder. He has to his credit the honor of being the founder and first president of CFA Association of Pakistan, a member society of CFA Institute. He has been active participant in the Islamic finance and asset management for the last 10 years. In this respect, he has also actively participated as a speaker and panelist in various international and domestic seminars, conferences and workshops.

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 Vice Chairman on the Board of Mutual Funds Association of Pakistan. He is currently serving on the Board of Directors of Pakistan Institute of Corporate Governance and Institute of Capital Markets. 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 and Asset Manager Code Advisory Committee. He has also had the honour to represent over 16,000 charterholders in Asia Pacific Region as their representative on the Presidents' Council of CFA Institute.

Mr. Farid Ahmed Khan, CFA - Vice Chairman

Mr. Farid Ahmed Khan, CFA is the CEO of ABL Asset Management. He has been involved with capital markets for over 18 years and has a broad-based, global experience with bulge bracket firms in Asset Management, Investment Banking, Investment Research and Sales, Business Development & International Project Finance. He joined ABL AMC from Credit Suisse, where he was the Country Manager of Credit Suisse Pakistan. Prior to that, he worked for MCB, initially as Head of Investment Banking Group and later as the CEO of MCB Asset Management. Farid has extensive experience outside Pakistan, having worked at Morgan Stanley, ING Barings Securities and CLSA Emerging Markets in Kuala Lumpur, London and Istanbul in a variety of senior positions. He holds an MBA in Finance from IBA, Karachi and got his CFA qualification in 1998.

Dr. Ali Akhtar Ali - Director

Appointed as the Chief Executive Officer of JS Investments Limited in April, 2014, Dr. Ali brings to this new assignment an overall experience of more than 13 years in the capital markets of Pakistan including both Fixed Income and Equity markets. Prior to his appointment as the CEO, Dr Ali was served for a short time as Chief Operating Officer. He has served in the capacity of Chief Investment Officer and is associated with JS Investments since 2009.

Before joining JS Investments Limited he remained associated with KASB Capital Ltd and KASB Securities where he started as Chief Dealer in the Treasury Department and was later was assigned the position of Head of Money Market, Forex and Financial Advisory at KASB Securities. Prior to KASB Capital he served his first stint with JS Investments Limited from 2006 till 2008 in the capacity of both Equity & Fixed Income Fund Manager. He also remained associated for two and a half years (2004-2006) with Jahangir Siddiqui Capital Markets as Senior Dealer Fixed Income Desk and where he was later promoted to the position of Head of Fixed Income. He started his professional career with BMA Capital Management where he served for 3 years (2000-2004) as a Senior Dealer on the Fixed Income Desk. He has been one of the lead pioneer traders in the Corporate Debt Market of Pakistan also.

Dr. Ali holds a degree of Masters in Business Administration with majors in Finance and is also a qualified medical doctor holding an MBBS degree from Baqai Medical College.

Mr. Enamullah Khan - Director

Mr. Enam Khan is the CEO of Faysal Asset Management. He brings with him 20 years of focused experience and technical proficiency in equity markets, fixed income markets, complex derivatives and commodity markets from across the globe. Prior to joining Faysal group, he served as a consultant with Nasdaq OMX, Stockholm, Managing Director - Cannon Bridge Corporation, London, Head of Pakistan Initiative - Cantor Fitzgerald, London and as Head of Sales and Trading Asia at Berkeley Futures Ltd, London.

In his previous assignment, Mr. Khan served as Head of Equity Capital Markets (ECM) at Faysal Bank, where he initiated Pakistan's first ever equity capital markets department within the banking sector backed by comprehensive research, risk and compliance functions. Furthermore, he is accredited with setting up Pakistan's first ever technical analysis desk.

Mr. Khan holds several FSA (Financial Services Authority) accreditations, obtained during his time in London which has aided his desire towards pioneering product development in the capital markets.

Ms Hina Ghazanfar - Director

Ms Hina Ghazanfar is the CEO of Pak-Oman Asset Management Company Limited (POAMCL). An MBA from Lahore University of Management Sciences (LUMS), she has been engaged in senior management positions for the past 10 years. Ms Hina has had the opportunity of not only managing international equity portfolios worth $100 million to $200 million, but has also been involved in the management of large local equity portfolios for prime Development Finance Institutions (DFIs).

Mr. Imran Motiwala - Director

Mr. Motiwala is the CEO of AKD Investment Management Limited. He has also served the Company as Chief Operating Officer. He has more than 19 years experience of the capital markets from securities broking to asset management. He has served at JPMorgan based in Karachi, ABAMCO Limited (now JS Investments Limited), Crosby Asset Management (Pakistan) Limited (now merged with KASB Funds). He is a graduate with Marketing major from the Southeastern University (Karachi Campus) in 1994.

Mr. M. Habib-ur-Rahman - Director

Mr. M. Habib-ur-Rahman is a Fellow Chartered Accountant from the Institute of Chartered Accountants of England & Wales. He has attended a number management programs, including PMD from Harvard Business School, Economic Development Institute of the World Bank and the International Institute of Islamic Studies, Cairo. He played an instrumental role in setting up the first open-end mutual fund in the private sector in Pakistan and was the Chairman/ Chief Executive of then ABAMCO Limited (presently JS Investments Limited) till December 2003. He was a founding member of the Mutual Funds Association of Pakistan. He has served on the Board of the Karachi Stock Exchange in 2000, 2001, & 2003, as the nominee of Securities and Exchange Commission of Pakistan. He has also served as a member of the Commission's Advisory Group on Capital Markets and was on the Committee, formed by the Commission to enquire on the management of Exposure Rules by KSE/ LSE. He also served as Chairman of Mutual Funds Association of Pakistan during 2009-2010.

Ms. Maheen Rahman - Director

Ms. Maheen Rahman is the CEO of Alfalah GHP Investment Management Ltd. She has over 12 years of experience in the financial services industry. She was the Head of Business Development at IGI Securities, the brokerage arm of IGI Financial Services. 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. Ms Rahman has also worked with Merrill Lynch in their Investment Banking Group and was a key team member for several high profile international transactions that spanned the Asia Pacific region and North America. She has also worked with ABN Amro Bank in Corporate Finance and M&A Advisory and was involved in a series of equity raising and IPO activity across south-east Asia. She holds a Bachelors of Science degree from LUMS and a Masters in Finance and Economics from Warwick Business School in the UK. She also holds a Series 7 qualification from the New York Stock Exchange.

Mr. Mir Adil Rashid - Director

Mir Adil Rashid has more than 14 years of rich and diversified professional experience in the field of portfolio management and institutional and retail sales. Besides that, Adil carries a proven track record of turning around business organizations into vibrant units. Adil took over as the Chief Executive Officer (CEO) of PICIC AMC in Dec 2008 and has successfully turned the company around with a proactive hands-on approach to management. The company's assets under management, after touching a low of approximately PKR 6.5 billion, have registered an impressive growth in the last four and a half years to PKR 21.40 billion as of August 31, 2013. This success has been shared vehemently with the certificate / unit holders in the form of PKR 6.6 billion in distribution payouts during the same period. Furthermore, with the objective of taking the company to new heights, under Adil's guidance, PICIC AMC has launched the Investment Advisory division with the intention of servicing not only domestic but also international clients. PICIC AMC's Investment Advisory division has been positioned to provide international service standards under the branding of PICIC Bespoke.

Prior to joining PICIC AMC, Adil was the CEO of Global Securities Pakistan Ltd. (one of the leading corporate brokerage houses of Pakistan) where he played an instrumental role in managing the growth of the company by leveraging potential opportunities and developing cost effective solutions resulting in raising competitiveness and increasing firm revenues. At Global, Adil had been involved in landmark investment transactions, including the privatizations of Pakistan Telecommunications Company Limited (PKR 155.13 billion), Pak Telecom (PKR 27.51 billion), Habib Bank Limited (PKR 22.40 billion), United Bank Limited (PKR 12.35 billion) and Kot Addu Power Company Limited (PKR 4.75 billion). Under his tenure at Global, Adil successfully introduced compliance and risk management systems. Adil also established key relationships with international portfolio managers, broker dealers and hedge funds by providing investment advice on the Pakistan equity market through international road shows and conferences. Adil was also pivotal in converting the research department from a traditional cost centre to a revenue generating centre.

Adil's association with the capital markets is also longstanding where he has recently served on the board of MUFAP for two years between 2009 and 2011. He holds a Bachelor's degree from Forman's Christian College, Lahore majoring in Mathematics and Statistics. He has attended various conferences and workshops on strategic planning, team building and business development.

Mr. Rehan N. Shaikh - Director

Mr. Rehan N. Shaikh is the Chief Executive Officer of HBL Asset Management Limited with over 17 years of international experience in the Mutual Funds industry. Prior to joining HBL Asset Management Limited at its inception in 2006, Mr. Shaikh worked at State Street Corporation in Boston, USA for 10 years. He has also served as Chairman of MUFAP for the year 2012/13.

Mr. Yasir Qadri- Director

Mr. Qadri currently serves as the CEO and Director of MCB Arif Habib Savings. Before the merger of MCB Asset Management and Arif Habib Investments Limited, he served as CEO of MCB Asset Management Limited, a position he held for over three years. He also served as the Chief Operating Officer of MCB Asset Management Limited. Prior to MCB he was at Arif Habib Investments looking after Business Development and HR and sat on investment committees of both fixed income and equity funds. Mr. Qadri left Arif Habib Investments as Senior Executive Vice President after having spent about six years with the company. His idea brought two of the leading business groups of the country together to merge their asset management wings and appoint him in the leadership role.

Mr. Qadri also worked in marketing research and communication. He also managed an integrated family business comprising of poultry farming an feed manufacturing units and has a total experience of 16 years. Mr. Qadri has served on the Board of Mutual Funds Association of Pakistan (MUFAP) and has also served as a member on Council of the Pakistan Advertisers Society (PAS). He has also actively served on various pan industry committees as member and Chairman. Mr. Qadri is also a regular speaker in seminars and conferences on industry issues. He has also been associated as visiting faculty for graduate and undergraduate classes with leading educational institutions of the country. He has served on the Consultative Group for capital markets set up by SECP. Mr. Qadri earned his BBA and MBA degree from University of Central Oklahoma, where he also served on the Student Senate as a representative of foreign students.

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).