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

Board Of Directors

Mr. M. Habib-ur-Rahman - Chairman

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.

Mr. Farid Ahmed Khan, CFA - Senior Vice Chairman

Mr. Farid Ahmed Khan, CFA - Senior Vice Chairman Farid Ahmed Khan, CFA is CEO of HBL Asset Management Ltd. He has been involved with capital markets for over 22 years and has a broad-based, global experience with bulge bracket firms in Fund Management, Investment Banking, Investment Research and Sales, Business Development & Project Finance. Before joining HBL, Farid served as CEO of ABL AMC for over six years. Prior to that, he worked for MCB, initially as Head of Investment Banking Group and later as the first CEO of MCB Asset Management. Farid has extensive experience outside Pakistan, having worked at Credit Suisse, Morgan Stanley, ING Barings Securities and CLSA Emerging Markets in Singapore, Kuala Lumpur, London and Istanbul in a variety of senior positions. Farid also serves on the boards of NADRA Authority, FINCA Microfinance Bank and is also a member of Corporate Leaders Advisory Board of IBA, Karachi. He has previously served as Director of CFA Society Pakistan.

He holds an MBA in Finance from Institute of Business Administration, Karachi and got his CFA qualification in 1998.

Ms. Maheen Rahman - Vice Chairperson

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 has been widely covered in local and international media on significant performance and returns achieved on funds under management. Most recently, she has been featured in Fortune’s 40 Under 40 Top Ten Women to Watch for 2015.

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.

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 grow Assets Under Management by over sixty percent in the first nine months post acquisition making it one of the fastest growing asset management companies in the country.

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. Shahid Ghaffar - Director

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).

Dr. Amjad Waheed, CFA - Director

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. Adeel Ahmed Khan - Director

Mr. Adeel Ahmad Khan has over 16 years of experience with 11 years in asset management industry in the sphere of Business Strategy, Business Development, Investments, Product Development, Finance and Operations. Earlier he was working in the capacity of Chief Executive Officer with BMA Funds; his responsibilities included rolling out and managing the asset management business. He was involved in the introduction of the first Capital Protected Fund in Pakistan and was an essential part of the team to launch and manage the first offshore country focused fund for Pakistan. He was previously associated with Shell Gas LPG (Pakistan) Limited and KPMG TaseerHadi.

Mr. Adeel hold a Masters Degree in Economics from the University of Karachi. He also holds a certificate of CA Intermediate from the Institute of Chartered Accountants of Pakistan.

Mr. Hasnain Raza Nensey - Director

Mr. Hasnain Raza Nensey is the Chief Executive Officer of JS Investments Ltd since March 2017. He has an aggregate work experience of 23 years of which around 15 years has been in the Financial Industry in Pakistan. Prior to joining JSIL, he spent 11 years at UBL Fund Managers Ltd in multiple capacities namely Chief Operating Officer, Chief Financial Officer & Chief Investment Officer. Prior to 2005, Mr. Nensey was associated with the JS Group in various roles including Chief Investment Officer at JS Abamco Limited.

Mr. Nensey has a BSBA Degree with a concentration in Finance and Marketing from Boston University in Massachusetts, USA. He is also an MBA from Babson College in Massachusetts, USA which is very well known for its specialization in entrepreneurial studies.

Mr. Imran Hafeez - Director

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.

Mr. Khaldoon Bin Latif - Director

Khaldoon has over 13 years of rich and varied experience in Financial Services. Prior to joining BMA Funds, he was associated with JS Investments Limited and KASB Funds Limited as a Chief Investment Officer (CIO) and Chief Executive Officer (CEO). He has also worked with TAIB Bank BSC – Bahrain, as a Managing Director of their Brokerage, Asset Management, Custody and Advisory Operation. He has also been associated with the research and trading departments of AKD Securities Limited and PICIC Asset Management Company Limited.

He has represented strategic and non strategic shareholders as a director, on a number of different regulated entities in the Middle East. He is currently serving on the Board of IIBH Holding B.S.C., Bahrain, BMA Funds Ltd, and BMA Pakistan Opportunities Fund, listed on the Irish Stock Exchange. He has also served on the Board of PACE Pakistan Limited.

Mr. Muhammad Saqib Saleem - Director

Mr. Saleem is a Fellow member of the Institute of Chartered Accountants of Pakistan. He has over 13 years of working experience which includes 11 years of post qualification experience with leading institutions such as JS Investments Limited (formerly JS ABAMCO Limited), Habib Bank Limited and Atlas Asset Management Limited. Before joining the Company in 2007, Mr. Saleem was heading the Internal Audit Department of Atlas Asset Management Limited which includes Risk Management and Compliance. He was performing as Chief Operating Officer & Company Secretary before being elevated to CEO. Mr. Saleem is a member of SECP's Technical Committee on "Pension under National Financial Inclusion Strategy” and has been a member of Technical Committees constituted by Mutual Fund Association of Pakistan.

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).

SECP's Investor Portal Jama Punji