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.

Board Of Directors

Mr. Zafar Abdullah - Chairman

Mr. Zafar Abdullah is a fellow member of the Institute of Chartered Accountants of Pakistan (ICAP). He did his chartered accountancy from KPMG Pakistan and got extensive training in the areas of assurance and audit, financial advisory and corporate advisory. He also holds a bachelor’s degree in commerce from Karachi University.

He has served SECP as Commissioner for two consecutive terms (3 years each), primarily overseeing Specialized Companies Division (SCD) and Securities Market Division (SMD). During this period, he also served as Acting Chairman from July 24, 2017 to May 11, 2018. In addition, served/headed different other Divisions/Departments of SECP as Commissioner including Support Services Division (SSD), Company Law Division (CLD), Prosecution & Legal Affairs Division (PLAD), Islamic Finance Department (IFD), Media & Corporate Communication Department (MCCD), Information Systems and Technology Department, Information Security Department, Translation Department, Internal Audit and Compliance Department, Shariah Advisory Board, Commission’s Secretariat, and Market Development & Investor’s Education Department (MD & IED). As a member of the SECP Appellate Bench (a quasi-judicial forum), he had been part of more than two hundred (200) judgements passed. He also led the team assigned drafting of the Securities Act, 2015 and made contributions as team member in drafting of Companies Act, 2017 and Code of Corporate Governance Regulations, 2017.

During the period of January 2007 to February 2008, he has also served as Executive Director (ED), Securities Market Division. Being ED, responsible to oversee the regulatory functions of the capital market institutions, including the three Stock Exchanges, Securities Depository, Clearing & Settlement Company and the Mercantile Exchange.

Served as Company Secretary and Head of Legal Division with Faysal Bank Limited in 2012 before leaving Crosby Securities Pakistan (Private) Limited (CSPL) as CEO which he joined in 2008. Other than these, he has been associated with Dewan Mushtaq Group as Group Company Secretary, Central Depository Company of Pakistan Limited (CDC) as their 1st head of operation and Karachi Stock Exchange (Guarantee) Limited as Chief of Operations.

He is currently working as an independent consultant providing advisory services relating to Corporate Compliance, Corporate Governance, Securities Laws, Corporate Laws, Merger & Acquisition, Corporate Finance, Corporate Strategies, Public Offerings and Listings.

Mr. Aftab Diwan - Independent Director

Mr. Diwan joined CDC in 1999 as the Head of Operations and had served there as the Chief Operating Officer since 2004. He was then delegated the responsibility of CEO of CDC by the Board of Directors of CDC in January 2017 which remained with him till December 2018. He is a seasoned professional in the field of Custodial Services. Prior to joining CDC, he has worked at Citibank extensively, both locally and internationally including assignments at Citibank United Kingdom and Romania from 1997 to 1999.

He is currently serving on the Board of Dalda Foods Limited, Oil Processors and Refineries (Pvt) Limited, and DFL Corporation (Pvt) Limited.

Ms. Fauzia Hasnain - Independent Director

Ms. Fauzia Hasnain completed her Bachelor of Arts in May 1985 from the Wheaton College, Massachusetts, U.S.A. and also received the William & Bertha Schrafft award for her academic achievements. She is currently running a financial consultancy firm “Noor Consult” as Chief Executive which was established in April 2017 with a focus on debt / equity raising for institutions, corporates and Small & Medium Enterprises (SMEs), corporate / debt restructuring, and M&A transactions.

She started her professional career with Deutsche Bank AG (Karachi) in 1985 which lasted 10 years with her last designation as Deputy Manager & Unit Head, Corporate Banking Department in 1995. Her other employments were as below;

  • Smith International Securities Ltd. as Head of Equities from April 1995 to July 1996
  • ORIX Investment Bank Pakistan Ltd. (OIBP) as General Manager, Credit & Marketing / Corporate Finance from August 1996 to July 2001
  • Pakistan Kuwait Investment Company (Pvt) Ltd. (PKIC) as Senior Vice President, Corporate Finance from August 2001 to July 2003.
  • AMZ Group of Companies as Chief Executive Officer, AMZ Securities (Pvt) Ltd. (Stock Brokerage Company), Chief Executive Officer, AMZ Access (Pvt) Ltd. (IT Company), Director – AMZ Ventures Ltd. (Venture Capital Company), and Director – Apvision (Pvt) Ltd. (Software Company) from July 2003 to June 2008.
  • Arkaan Capital Partners LLC as Head of Strategic Business Development from July 2008 to July 2009
  • Noor Consult FZE from March 2010 to May 2013
  • MAS ClearSight Ltd. as Director Business Development from May 2013 to June 2015.
  • A.J. Mirza Pharma (Pvt) Ltd. as Director Projects from March 2016 to March 2017.

Mr. Mir Adil Rashid - Director

Mir Adil Rashid possesses rich and diversified experience of approximately 20 years of portfolio management, brokerage along with managing retail & institutional client relationships and investment portfolios.

He has previously served as Chief Executive Officer of erstwhile PICIC Asset Management Company Limited for 6 years which has since been merged with and into HBL Asset Management Limited in 2016.

Mr. Mir Muhammad Ali - Independent Director

Mr. Mir Muhammad Alihas over 26 years of extensive experience in the financial markets of Pakistan, covering leadership roles in investment management, corporate finance, investment banking, treasury and project financing. Primary career achievments include developing new businesses, leadership development and transforming faultering businesses to industry leaders.

His last corproate engagement ended with the position of Chief Executive at UBL Fund Managers Limited; a Pakistan based asset management firm managing over USD 600mn in mutual funds and managed accounts. In over ten years as CEO, he converted a small-sized dwindling asset management firm to one of the most successful investment management firms in Pakistan. Main achievements of the Firm were developing Leadership & Human Resource, building a diversified suite of products (including Shariah-compliant funds and industry leader / pioneer capital protected funds), undertaking many industry-first customer services initiatives and offering solid fund performance. Generated ROE in excess of 25% throughout. Firm was recognised as the best managed in the whole financial sector by the Management Association of Pakistan in 2014 and 2015.

Developed UBL Investment Banking Unit from scratch in 2000, which soon became one of the leading investment banking players in Pakistan. UBL received the Best Corporate Finance House Award for 2002-3 from CFA Pakistan Society. Landmark transaction apart from setting up of UBL Fund Managers, Pakistan first listed ‘true sale’ asset backed securitization of future flows for a cellular company. Till date, UBL Investment Banking enjoys lead industry position.

He left CEO position of UBL Funds in Feb 2016 to pursue entreprenueral ambitions. In March 2016 co founded an online sport store which is running successfuly. Also working as Executive Director for Training Impact delivering training in leadership and team development through experientiel based learning.

Currently serving board of trustees of Kashmir Education Foundation and certified director and trainer from Pakistan Institute of Corporate Governnance. Previous member Academic Board of IBA, Karachi

Mr. Khawaja Khalil Shah - Director

Mr. Khalil brings with him more than 30 years of banking experience, evenly divided between corporate business solicitation and risk management. Prior to joining MCB Investment Management Limited (formerly MCB Arif Habib Savings and Investments Limited) as Chief Executive Officer, he served as Chief Risk Officer at MCB Islamic Bank Limited and as Business Head-Portfolio Management in the Wholesale Banking Group at MCB Bank Limited. Mr. Khalil has also spent considerable time at Al-Faysal Investment Bank and Faysal Bank Limited. Mr. Khawaja Khalil Shah holds an MBA degree from Lahore University of Management Sciences.

Mr. Khaldoon bin Latif - Director

Mr. Latif has been associated with the capital markets for over 16 years, with both domestic and international experience providing a comprehensive blend. Prior to joining Alfalah Asset Management Limited Mr. Khaldoon was associated with Faysal Asset Management Limited as its Chief Executive Officer (CEO) and under his leadership, Faysal Asset Management has achieved significant growth during his tenure and transformed into major industry player. Earlier he was associated with BMA Asset Management Company Limited as its CEO, JS Investments Limited as its Chief Investment Officer (CIO) and KASB Funds Limited as its CEO. Before KASB Funds he was the General Manager and Director of TSWLL Bahrain, a wholly owned subsidiary of TAIB Bank BSC. which offered custody, brokerage, asset management and advisory services for over 40 different markets spanning across the US, Europe, MENA, Far East and South Asia. Mr. Latif has also held non-Executive Directorships at TSLLC, a brokerage firm which was a member of both Abu Dhabi and Dubai Stock Exchanges. He has also been an non-executive director on the board of TSML - a broad based fund incorporated out of Mauritius dedicated to investing in India. He has also represented a European hedge fund on the board of PACE Pakistan Ltd and has served on the board of TMT Ventures - venture capital firm based in Pakistan with successful incubation startups particularly in the telecom space.

He has been a member of the Mutual Fund Association over the last four years and has been an Executive Director between FY17&18. He is also a non-executive director on a bank holding company out of Bahrain, IIBank LLC, that has operations in Africa and Europe.

Mr. Latif also brings both buy and sell side exposure of domestic capital markets in Pakistan. Mr. Latif began his career on the sell side with AKD Securities Ltd in various capacities including Head of Foreign Institutional Sales and Equity Research in the capacity of Head of Research and Chief Economist. On the Buy side, Mr. Latif has worked with PICIC AMC as Head of Research and Product Development where his tenor also included active management of the PICIC Energy Fund. Mr. Latif is a LUMS Alumni and has done a number of capital market courses with CFA association, Daiwa, J.P. Morgan and Bahrain Institute of Banking and Finance (BIBF). He has also completed his Director certification program from IBA.

Mr. Yasir Qadri - Director

Mr. Yasir Qadri has about 20 years of asset management experience in different positions. He has served as CEO of leading AMCs for the last 12 years. He has been CEO of UBL Funds since 2016. Yasir has chaired and served on many MUFAP and pan industry committees.

He had done his MBA from the University of Central Oklahoma in 1996.

Mr. Zafar Iqbal Sobani - Independent Director

Mr. Zafar Iqbal Sobani brings with him over 40 years of experience of working in the manufacturing, power sector and audit profession in Pakistan and in the Middle East. Currently he is engaged in the finance, business and power sector consultancy and he is also a business entrepreneur. He is serving as a Board Member of Privatization Commission since January 2014 and has actively contributed in the Privatization transactions carried during this period which included spade work on PSE and Energy sector. In addition, he is on the Board of TRG (Pakistan) Limited, Primus Leasing Limited – subsidiary of Brunei Investment Company Limited, IT Minds – a subsidiary of Central Depository Company AGP Pakistan Limited and Hardon Solar – Developer of Solar solutions. He is also a Chairman of ICAP Audit Committee.

During his career, he worked for two years with House of Habib between 2015 and 2013 in the areas of New Project Development and Real Estate Management. He has rich exposure to the power sector industry in the country along with strong relationship with all the major stake holders. His experience includes leading the power sector of the Country as CEO of Hubco Pakistan with three IPP based power project between 2013 and 2011 and CEO of Liberty Power Tech 200 MW IPP based power project between 2011 and 2008. Majority of his career was spent with Century Paper & Board, a part of Lakson Group, between 2008 and 1990 in the areas of finance, arranging project funding for large size projects treasury, costing and supply chain. In addition, was responsible for overall coordination of the Finance Department of the group. He also worked with Pakistan Oxygen Limited between 1990 and 1985 in the core finance functions. He has been the President of Institute of Chartered Accountants of Pakistan (ICAP) and served actively in council and regional committee in various capacities. He also remained Chairman of Quality Control Board for nine years and was entrusted with the objective of overseeing the quality of audit assurance work in Pakistan. He also remained Member of the managing committees of Overseas Investors Chamber of Commerce and Industry. He was the Sponsor Director of Pakistan Institute of Corporate Governance in year 2005 and 2004 and has Certification as a trainer of Corporate Governance by IFC.

He obtained qualification of Chartered Accountancy and Cost & Management Accountancy in the early eighties from Pakistan. He worked with A.F. Ferguson (PWC) in Pakistan and Ernst and Young, Saudi Arabia.

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

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 a vast experience of 20 years in Investment and Capital Markets.

She has been associated with the asset management industry in Pakistan for over 18 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 Ltd., JS Investments Ltd (formerly ABAMCO Ltd.) and Crosby Asset Management Pakistan Ltd. She started her career with M/s Hameed Majeed Associates (Pvt) Ltd.