Mutual Funds Association of Pakistan (MUFAP)


To have collective investment as the preferred investment solution for investors and financial intermediaries.


The Association is engaged in five core missions: contributing to a strong national economy by encouraging savings and improving the opportunities for achieving personal financial independence; encouraging adherence to high ethical standards by all industry participants; providing services that improve the regulatory framework; advancing the interest of funds and the fund managers; and promoting public understanding of mutual funds and pension funds.

Role of the Association

The role of MUFAP covers the following broad categories:

1. Policy Issues and Shaping Regulation

Representing the industry with the regulatory authorities and Government agencies to ensure that the environment and infrastructure available can support the continued development of the industry.

i. Laws, Rules, Regulations. To contribute to shape laws, rules, regulation by bringing valuable input and industry insight whenever there is need to adapt the regulatory framework, or to create a specific regulatory framework for new products or services. MUFAP at times also initiates the process and sends their recommendations to SECP for their review.

ii. Pending Legislation. MUFAP would like to play an important role in legislation in areas where it is long overdue. These include pension, real estate, company ordinance, debt instruments and reform in the legal system relating to financial and capital markets. In all such areas, study groups would need to be set up to prepare reports, submissions to the Government and follow-up. These matters need also to be highlighted for public awareness through articles and seminars. We consider that positive development in these areas will have positive impact on the capital market.

2. Market Practices - developing and implementing Industry Codes and Guidelines

Investor trust is a key to successfully developing the collective investment business.

i. MUFAP strives to encourage professional behaviour, quality products and services, and integrity of all players involved by developing codes of conduct, transparency and good corporate governance and ethical and professional standards of the industry.

ii. Further, through the development of industry policy and guidance papers, the MUFAP can assist in the defining of practice in complex areas such as compliance, valuation, accounting, share dealing and registration.

iii. Standardization of operational processes through implementations of codes and guidelines for all operational processes such as advertising, printing of advertising materials/brochures, etc., which then require adherence and compliance to the code rather than specific approvals from SECP.

3. Investor Awareness and Education

Protect the interests of the investing public and make them more knowledgeable about their investment options and risk exposures through:

i. Improved, informative and interactive website: Disseminate information about the mutual fund industry as well as individual mutual funds to assist the investor in making better investment decisions, i.e., net asset values, risk level, historical performance, performance comparison with market index, etc.

ii. Publish, print, broadcast or telecast including publication of newsletters, yearbooks, journals, advertisements, pamphlets, brochures, statistical books or literature and marketing campaigns for the spread and propagation of knowledge and information useful to the members in particular and to public at large.

iii. Organize meetings, conferences, workshops, seminars, lectures and other activities as may seem to be conducive to promoting proper understanding of the concept and workings of mutual funds.

4. Research and Statistics

i. Maintaining a library and a research department for collecting and maintaining data and statistics on the mutual fund industry, and disseminating such statistical data, and providing research material to all related to the mutual fund industry and general public at large (so as to educate investors) through its website.

5. Training

i. Training programs and industry-specific seminars and briefings

ii. To enhance and improve the training and certification program in place for sales agents/distributors.


Presently, Mutual Funds Association of Pakistan (MUFAP) offers full membership only to asset management companies and investment advisory companies.

MUFAP has a total of 20 members, among which 19 are asset management companies (managing mutual funds and voluntary pension schemes) and 1 is an investment adviser (providing discretionary and non-discretionary advisory and portfolio management). All Asset Management Companies and Investment Advisory Service Companies are required by the Securities and Exchange Commission of Pakistan to become members of MUFAP. The list of MUFAP's members is available on MUFAP's website.

Regulatory Info

The governing regulatory framework for the mutual funds industry can be accessed from SECP's website, and includes the following:

  1. Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003
  2. Non-Banking Finance Companies and Notified Entities Regulations, 2008
  3. Circulars and Directives issued by the SECP
  4. Voluntary Pension System Rules 2005 and related circulars

Contact Info

Head Office
Tel: + 921 21 5293136-37
Fax: + 92 21 5293104

IIFA Contact

Mashmooma Majeed
Tel: 0092 21 3529 3136-7
Fax: 0092 21 3529 3104

Association Members

Shiraz Ahmed
Tel: 0092 21 3529 3136-7
Tel: 0092 21 3529 3103

Siraj Ali
Assistant Manager
Tel: 0092 21 3529 3136-7
Tel: 0092 21 3529 3103

Misbah Wahid
Manager Operations and Company Secretary
Tel: 0092 21 3529 316-7
Tel: 0092 21 3529 3103

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