National Bank’s asset management arm beats Al Meezan, the runner-up, in a year when Pakistani stocks rose about 44pc and Shariah-compliant funds grew to nearly half the mutual fund industry.
LAHORE: NBP Fund Management Ltd, the asset management company of state-owned National Bank of Pakistan, has been named Best Islamic Equity Fund Manager for the 2025-26 fiscal year by the CFA Society Pakistan, edging out Al Meezan Investment Management, Pakistan’s largest Islamic fund house, which was named runner-up.
The award was presented at the society’s annual excellence awards, which also recognise banks and other financial institutions. NBP Funds announced the win and congratulated Al Meezan on its runner-up place.
The award belongs to NBP Funds, a separate company from National Bank of Pakistan. NBP Funds stresses in its own disclosures that the use of the bank’s name and logo does not make the bank responsible for the liabilities or obligations of the fund company or any scheme it manages.
A strong year for Shariah-compliant investing
The award covers a year of sharp gains for Pakistani equities. The benchmark KSE-100 index rose about 44pc in the year to June 2026, closing at 180,302 points and outperforming other asset classes for a third straight year, according to brokerages AKD and Topline, Profit reported. Banks, fertiliser companies and technology stocks led the rally, supported by an IMF programme, rating upgrades and Pakistan’s return to international bond markets.
Islamic funds have been the fastest-growing part of the industry. Assets in Shariah-compliant mutual funds reached Rs2.1 trillion at the end of February 2026, up from Rs1.7 trillion a year earlier and close to half of the industry’s Rs4.35 trillion total, according to Mutual Funds Association of Pakistan data reported by ProPakistani. Islamic banks are expanding in parallel, with Meezan Bank adding Rs632 billion in deposits in the latest period.
The year was not one-way. Equity fund assets fell about 13pc in March as stocks slumped and investors moved into lower-risk funds, Profit reported in April, and foreign investors were net sellers of about $848 million over the fiscal year, with local institutions absorbing the outflows.
The rivalry
Al Meezan, majority-owned by Meezan Bank, has long dominated Shariah-compliant asset management in Pakistan, and its runner-up place shows how closely contested the category is. NBP Funds manages a range of conventional and Islamic funds, including the NBP Islamic Stock Fund.
NBP Funds’ sister conventional fund, the NBP Financial Sector Fund, returned 70.4pc in FY26 against 49.4pc for its benchmark, according to PakBanker. The company did not disclose the returns of its Islamic equity funds in the announcement.
Awards reflect past performance, which is not a guarantee of future returns. All mutual fund investments are subject to market risk, NBP Funds noted, and investors should read the offering documents to understand a fund’s investment policies and risks before investing.
The market backdrop has also shifted since June. Stocks have faced volatility from regional tensions and higher oil prices, even as the government secured an IMF staff-level agreement in October.
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