ALLIED BANK LIMITED

FINAL REPORT
MUTUAL FUND ANALYSIS OF ALLIED BANK LIMITED

MADE BY:
AYESHA ISLAM
NOOR US SAHER
ADEENA AMIR
ZOHA KHALIQ

TO BE SUBMITTED TO: MA’AM UROOJ ISTEQLAL

 TABLE OF CONTENT:

1 Acknowledgment.
2 Mutual funds.
3 Types and categories.
4 Fund structure and determination of
unit price.
5 Ways to provide return to investors.
6 Fees and cost in mutual fund.
7 Taxation on mutual fund.
8 Company’s introduction.
9 Mission vision.
1 Board of directors.
0
1 Focus on fund managing.
1
1 Graphs.
2
1 Conclusion.
3
 “ACKNOWLEDGEMENT”

This work would not have been possible without the support of Mam Urooj Istaqlal who
gives us this opportunity to complete this report. I am especially indebted to her and my
seniors, who have been supportive of our career goals and who worked actively to provide
us with the protected academic time to pursue those goals. we are grateful to all of those
with whom we have had the pleasure to work during this and other related projects. Each
of the members of our group has provided extensive personal and professional guidance
and taught a great deal about both the researches and life in general.

I would especially like to thank Mam Urooj as my qualified teacher; she has taught us
more than I could ever give her credit for here. She has shown us, by her example, what a
good teacher (and person) should be. Nobody has been more important to us in the pursuit
of this project than the members of our family. We would like to thank our parents, whose
help and guidance are with us in whatever we pursue. They are the ultimate role models.
WHAT ARE MUTUAL FUNDS?

“MUTUAL FUNDS”

A “Mutual Fund” is a collective investment scheme, which specializes in investing a pool of

money collected from investors for the purpose of investing in securities such as stocks, bonds,
money market instruments and similar assets.

One of the main advantages of mutual funds is that they give small investors access to
professionally managed, diversified portfolios of equities, debt instruments i.e. TFCs and Govt.
Securities and other securities, which otherwise would be quite difficult (if not impossible) to
create with a small amount of capital. The income earned through these investments and the
capital appreciations realized are shared with its unit holders in proportion to the number of units
owned by them.

TYPES OF MUTUAL FUNDS:-

There are basically two types of Mutual Funds:

 Open-Ended Mutual Funds

 Closed-Ended Mutual Funds

Open-ended: These are mutual funds which continually create new units or redeem issued
units on demand. They are also called Unit Trusts. The Unit holders buy the Units of the fund or
may redeem them on a continuous basis at the prevailing Net Asset Value (NAV). These units
can be purchased and redeemed through Management Company which announces offer and
redemption prices daily.

Close-ended: These funds have a fixed number of shares like a public company and are
floated through an IPO. Once issued, they can be bought and sold at the market rates in
secondary market (Stock Exchange). The market rate is announced daily by the stock exchange.
STRUCTURE OF MUTUAL FUND: Mutual Funds are operated by Asset Management
Companies (AMCs) which exists in the form of a public limited company registered under
Companies Ordinance, 1984. The AMC launches new funds through the establishment of a Trust
Deed, entered between the Asset Management Company and the Trustee, with due approval
from the SECP under the Non-Banking Finance Companies (Establishment and Regulation)
Rules, 2003 (the “Rules”). The Trustee performs the functions of the custodian of the assets of
the Fund. The trustee ensures that the Fund Manager takes the investment decisions within the
defined investment policy of the mutual fund. Under Pakistan law, banks and central depository
companies, approved by the SECP, can act as trustee. At present Central Depository Company of
Pakistan (CDC) is acting as Trustee of most of the funds of the industry. The Securities &
Exchange Commission of Pakistan (SECP) is the regulator of mutual funds industry and is very
stringent in issuing licenses to fund management companies, especially in the case of Collective
Investment Scheme (CIS). The SECP also carries out continuous monitoring of mutual funds
through reports that the mutual funds have to file with the SECP on a regular basis. In addition,
SECP conducts on-site inspections of the AMCs.

CATEGORIES OF MUTUAL FUND

SECP the Regulator has categorized the Schemes of mutual funds as under:-

 Equity Scheme:
An equity scheme or equity fund is a fund that invests in Equities more commonly known as
stocks. The objective of an equity fund is long-term growth through capital appreciation,
although dividends and capital gain realized are also sources of revenue.

 Balanced Scheme:
These funds provide investors with a single mutual fund that invests in both stocks and debt
instruments and with this diversification aimed at providing investors a balance of growth
through investment in stocks and of income from investments in debt instruments.

 Asset Allocation Fund:

These Funds may invest its assets in any type of securities at any time in order to diversify its
assets across multiple types of securities & investment styles available in the market.

 Fund of Fund Scheme:

Fund of Funds are those funds, which invest in other mutual funds. These funds operate a diverse
portfolio of equity, balanced, fixed income and money market funds (both open and closed
ended).

 Shariah Compliant (Islamic) Scheme:

Islamic funds are those funds which invest in Shariah Compliant securities i.e. shares, Sukuk,
Ijara sukuks etc. as may be approved by the Shariah Advisor of such funds. These funds can be
offered under the same categories as those of conventional funds.

 Capital Protected Scheme:

In this type of scheme, the payment of original investment is guaranteed with any further capital
gain which may accrue at the end of the contractual term of the Fund. Such funds are for a
specific period.

 Index Tracker Scheme:

Index funds invest in securities to mirror a market index, such as the KSE 100. An index fund
buys and sells securities in a manner that mirrors the composition of the selected index. The
fund's performance tracks the underlying index's performance.

 Money Market Scheme:

Money Market Funds are among the safest and most stable of all the different types of mutual
funds. These funds invest in short term debt instruments such as Treasury bills and bank
deposits.

 Income Scheme:
These funds focus on providing investors with a steady stream of fixed income. They invest in
short term and long term debt instruments like TFCs, government securities like T-bills/ PIBs, or
preference shares.

 Aggressive Fixed Income Scheme:

The aim of aggressive income fund is to generate a high return by investing in fixed income
securities while taking exposure in medium to lower quality of assets also.

 Commodity Scheme:
These schemes enable small investors to take advantage of gains in commodities such as gold
through pooled investments. They invest at least 70%of their assets in commodity futures
contracts, which include both cash-settled and deliverable contracts.

How to get maximum returns from mutual funds?

1) Invest through SIP: Best way to invest in mutual funds is investing through SIP every
month. Each small amount invested through mutual fund every month would create a good
amount over a period of time.

2) Invest based on risk appetite: High risk appetite investors should go more towards
equity funds, moderate risk appetite investors should be investing in hybrid funds (Equity + debt
combination) and low risk appetite investors should be investing more in debt related funds. E.g.
Reliance Small Cap fund, which is for high risk investors gave 140% returns in 1 year.

3) Invest in various categories of funds: Large cap, mid-cap and small-cap funds

perform differently over a period of time in various market scenarios. Hence, investing in various
categories of such funds would help you to get maximum returns.

4) Use STP for lump sum mutual fund investments: One of the biggest mistake
investor would do is investing a lump sum in equity funds. This may be a good strategy during
market corrections. However, when markets are reaching peak or when you do not know its
direction, the best way to invest a lump sum in mutual funds is invest in short term debt funds
and do STP (Systematic Transfer Plan) to equity funds over a period of time. This is nothing but
you are doing SIP to equity fund from debt fund thereby reducing risk of investing a lump sum in
mutual fund.

5) Invest in funds based on your financial goal: One of the area where investors fail to
understand about mutual funds is they invest in wrong funds or misunderstand about the basic
principle that they need to hold for the long term. Don’t invest just because a mutual fund
scheme has given 100% returns in one year. You should know that such fund could erode your
capital if there is market crash.

How do Mutual Funds determine their Unit Price?

A fund's Net Asset Value (NAV) represents the price per unit. The NAV is equal to the market
worth of assets held in the portfolio of a Fund, minus liabilities, divided by the number of units
outstanding.

NAV = Current Market Value of all the Assets – Liabilities

Total Number of Units Outstanding

In order to determine the sale price of the unit sales load is added to the NAV. In case there is no
sales load the NAV will be the sale price as well as the redemption price. The sale and
redemption price is declared on a daily basis by the Funds and can be viewed on their websites.

Expenses common to mutual funds

The following fees are generally known as operating costs and are common to most mutual
funds. They are paid out of the fund’s overall assets, not charged directly to an individual
shareholder. A particular fund, including a no-load fund, may charge some or all of them,
depending on how the fund is structured.

 Management fees–These pay the fund’s investment manager or management firm for making
investment decisions about which securities to invest in and when to buy and sell.

 12b-1 fees–Named after the section of the law that allows them, 12b-1 fees pay for the fund’s
advertising and sales expenses.

 Reinvestment fees–These may be charged when you reinvest distributions, such as dividends,
back into the fund.

 Exchange fees–These may be imposed when you switch your assets from one fund to another
within the same fund company.

 Custodial fees–These are charged by the custodian (generally, the bank or other financial
institution holding the fund assets in-house) for the service it provides.

 Administrative fees–These include everything from rent to shareholder services.

 Taxation on Mutual Funds

Tax-Saving Equity Funds:

Equity-Linked Saving Scheme (ELSS) are the most efficient tax-saving instruments under
Income Tax Act 1961. These are diversified equity funds which invest in equity shares of
companies across market capitalization .ELSS come up with a lock-in period of 3 years. It means
that once you invest in ELSS, you cannot redeem your units before expiration of 3 years. You
can claim a tax deduction of up to Rs 1.5lakh and save taxes up to Rs 45000 by investing in
ELSS.

Non-tax Saving Equity Funds:

Long-term capital gains (LTCG) on non-tax saving equity funds of up to Rs 1 lakh are tax-free in
your hands.  LTCG in excess of Rs 1 lakh are taxed at the rate of 10% without the benefit of
indexation.

Debt Funds:
Long-term capital gains on debt fund are taxed at the rate of 20% after indexation. Indexation is
a method of factoring in the rise in inflation between the year when the debt fund units were
bought and the year when they are sold.

Balanced funds:- Balanced funds are equity-oriented hybrid funds that invest at least 65% of
their assets in equities. This is why their tax treatment is exactly the same as non-tax saving
equity funds.
 “INTRODUCTION TO ALLIED BANK”

HISTORY:-

ABL is the first Muslim Bank established on territory that later on became Pakistan. It was established on
December 3, 1942 as Australasia Bank at Lahore with capital of 0.12 million. At that time the chairman
was Khan. Bashir Baksah. ABL’s story was one of the dedication, commitment to professionalism and
adaptation to changing environmental changes.

The bank's history is divided into many phases. During 25 years of united Pakistan the bank advanced
forward in all areas of its activities. 1970’s were a difficult decade for all Banks of Pakistan. In 1971 East
Pakistan was separated and Australasia Bank lost its 50 branches and a lot of capital as well.
Nevertheless, the growth remained steady.

In 1974 all the Banks were nationalized including Australasia Bank. The small provincial Banks were
merged into Australasia Bank. On 1 July 1974 the new entity was renamed as ABL of Pakistan Limited.
Then it started its operations as Public sector financial institution.

AN OVERVIEW OF ALLIED BANK LIMITED:-

Allied Bank is a commercial bank in Pakistan. Allied Bank, with its registered Office in Lahore,
is one of the largest banks within the country with over 1250 branches and ATMs. It was the first
Muslim bank established in Pakistan before independence (1942) with the name of Australasia
Bank. It was named as Allied Bank of Pakistan from Australasia Bank Limited in 1974, and
Sarhad Bank Ltd, Lahore Commercial Bank Ltd and Pak Bank Ltd were also merged in it. Allied
Bank Limited provides various banking products and services. It operates through Corporate &
Investment Banking, Trading and Sales (Treasury), and Commercial & Retail Banking segments.
The company offers savings and term deposits; everyday accounts, and transaction and business
accounts; bank assurance services; remittance services; treasury and home remittance services;
finance/credit and demand finance facility, guarantee, and foreign bill purchase services; cash
management solutions; and SME and agriculture financing services. It also provides corporate
banking services, including working capital facilities, term loans, structured trade finance
facilities and letters of guarantee.

Vision:-
To become a dynamic and efficient bank providing integrated solutions in order to be the first
choice bank for the customers.

Mission:-
 To provide value-added services to our customers.
 To provide high-tech innovative solutions to meet customers’ requirements.
 To create sustainable value through growth, efficiency and diversity for all stakeholders.
 To provide a challenging work environment and reward dedicated team members according
to their abilities and performance.
 To play a proactive role in contributing towards the society.

Core Values:-
 Integrity.
 Excellence in Service.
 High Performance.
 Innovation and Growth.

BOARD OF DIRECTORS:-

1. MOHAMMAD NAEEM MUKHTAR

Chairman / Non Executive Sponsor Director

2. MUHAMMAD WASEEM MUKHTAR

Non Executive Sponsor Director

3. ABDUL AZIZ KHAN

Non-Executive Director

4. MUBASHIR A. AKHTAR

Non-Executive Director

5. ENGR. DR. MUHAMMAD AKRAM SHEIKH

Independent Director

6. ZAFAR IQBAL

Independent Director
7. TAHIR HASSAN QURESHI

Chief Executive Officer

“ANALYSING THE MUTUAL FUNDS OF

ALLIED BANK LIMITED”

FOCUSING ON ABL INCOME FUND:-

FUND TYPE: Open-end

CATEGORY: Equity Scheme
BENCHMARK: KSE 100 index
ABL-IF generated an annualized return of 4.54% in December 2016, lower than the benchmark
return of 6.14%. Fund performance was improved by 63 bps against last month. Similarly, fund
also outperformed the industry average of 3.83% by 76 bps. On YTD basis, ABL IF posted an
annualized return of 4.71%against its benchmark return of 6.06%. Fund size increased by 10.8%
during the month to close at PKR 3.822 billion.
And for the month of Dec’17, ABL Income Fund posted a return of 4.34% against the
benchmark return of 6.21% therefore underperforming the benchmark by 187 bps
PERFORMANCE:-

FOR YEAR 2016 FOR YEAR 2017

ABL-IF ABL-IF
4.14% 4.34%
BENCHMARK RETURN BENCHMARK RETURN
6.14% 6.12%

ASSETS ALLOCATION:-

ASSETS 2016 2017

ALLOCATION
STOCK/EQUITIE 49.43% 80.41%
S
BANK BALANCE 5.33% 18.14
T-BILLS 0.00% 0.00%
OTHER 0.24% 1.45%
LEVERAGE NIL NIL
TOTAL 100% 100%

FOCUSING ON ABL STOCK FUND:-

FUND TYPE: Open-end

CATEGORY: Income Scheme
BENCHMARK: 6 Months KIBOR
In 2016 the ABL-SF generated a return of 13.56% while the benchmark was up by 12.16%; thus,
showing an out-performance of 140 bps. In 2017 ABL-SF slightly increased by 0.83% in
December 2017 against 1.15% increase of the benchmark, reflecting an underperformance of 32
basis points. During the period under review, allocation to Commercial Banks increased
from13.35% to 16.14%. As at December 31, 2017, ABL-SF was 80.41% invested in equities and
remaining in bank deposits.

PERFORMANCE:-

FOR YEAR 2016 FOR YEAR 2017

ABL-SF ABL-SF
13.56% 0.83%
BENCHMARK RETURN BENCHMARK RETURN
12.14% 1.15%

ASSET ALLOCATION:-

ASSETS 2016 2017

ALLOCATION
STOCK/EQUITIE 94.43% 80.41%
S
BANK BALANCE 5.33% 18.14%
T-BILLS 0.00% 0.00%
OTHERS 0.24% 1.45%
LEVERAGE NIL NIL
TOTAL 100% 100%
FOCUSING ON ABL CASH FUND:-

FUND TYPE: Open-end

CATEGORY: Money market Scheme
BENCHMARK: 70%-Avg of 3M PKRV rates + 30% 3M Avg Deposit

ABL CF generated an annualized return of 5.32% in December 2016, an improvement of 63 bps

over 4.69% in November 2016. Fund return improved on account of higher allocation to fixed
income deposits which includes TDRs, LOPs and Daily Product Accounts (DPAs), as the bank
offered higher rates than T-Bills (+80 to 100 bps) For the month of Dec’17, ABL Cash Fund
posted a return of 5.34% against the benchmark return of 5.22%. On year-to-date basis, the fund
posted a return of 5.33% against the benchmark return of 5.18%. Fund's size as at December 31,
2017 stood at PKR 13,423.4 Millions.

PERFORMANCE:-

FOR YEAR 2016 FOR YEAR 2017

ABL-CF ABL-CF
5.32% 5.34%
BENCHMARK RETURN BENCHMARK REUTRN
5.29% 5.22%
ASSETS ALLOCATION:-

ASSETS 2016 2017

ALLOCATIO
N
CASH 76.54% 80.05%
PLACEMENTS 13.23% 18.03%
WITH BANK
T-BILL 0.00% 0.00%
RESERVE RATIO 0.00% 0.00%
CLEAN 9.7% 0.00%
PLACEMENT
OTHER 0.53% 1.2%
TOTAL 100% 100%

FOCUSING ON ABL GOVERNMENT SECURITIES FUND:-

FUND TYPE: Open-end.

CATEGORY: Income Scheme.
BENCHMARK: 6 Months PKRV rates.

ABL GSF generated an annualized return of 3.83% in December 2016, lower than the
benchmark return of 5.98%. Underperformance in the fund was mainly attributable to valuation
losses in Government securities (i.e. T-bills & PIBs) which comprised of 70% of the total
allocation of the fund (on net assets basis). For the month of Dec’17, ABL GSF posted a return of
4.48% against the benchmark return of 6.02%. On year to date basis, the fund posted a return of
4.87% thereby underperforming the benchmark by 115bps. At month end, the fund maintained a
total of 39.89% in government securities whereas 10.53% was placed with Banks as TDRs. A
total of 40.88% was placed as cash in Bank.

PERFORMANCE:-

YEAR YEAR 2017

2016
ABL-GSF ABL-GSF
3.83% 4.48%
BENCHMARK BENCHMARK RETURN
RETURN 6.02%
5.98%

ASSETS ALLOCATION:-

ASSET 2016 2017

ALLOCATION
CASH 11.43% 40.88%
PLACEMENTS 15.14% 10.53%
WITH BANK
T-BILLS 53.36% 39.83%
PIBS 4.77% 0.00%
MONEY MARKET 7.39% 0.00%
PLACEMENTS
TFCS 2.69% 8.41%
OTHERS 2.22% 0.29%

TOTAL 100% 100%

FOCUSING ON ABL ISLAMIC INCOME FUND:-
FUND TYPE: Open-end.
CATEGORY: Islamic Income Scheme.
BENCHMARK: Average of 6 Month Deposit Rate of 3 A rated Islamic Banks.

ABL IIF generated an annualized return of 5.22% in December 2016 compared to benchmark
yield of 2.82%, showing significant outperformance of 240 bps due to valuation gains in
corporate Sukuks and placements with banks at higher rates. During the month, prices of Ijarah
Sukuk were reduced in the range of 13 to 80 bps (more on longer duration Sukuk) as yields were
excessively adjusted in previous month. Due to planned year end redemptions, fund size of ABL
IIF was reduced by 15.92% to close at PKR 4.28 billion compared to PKR 5.1 billion in
November 2016. For the month of Dec’17, ABL Islamic Income Fund posted a return of 4.79%
against the benchmark return of 2.61%, hence outperforming the benchmark by 218 bps.

PERFORMANCE:-

YEAR 2016 YEAR 2017

ABL-LLF ABL-LLF
5.22% 4.79%
BENCHMARK RETURN BENCHMARK RETURN
2.82% 2.61%
ASSET ALLOCATION:-

FOCUSING ON ABL ISLAMIC STOCK FUND:-

FUND TYPE: Open-end.
CATEGORY: Islamic Equity Scheme.
BENCHMARK: Average of 6 Month Deposit Rate of 3 A rated Islamic Banks.

ABL-ISF generated a return of 13.24% against the benchmark return of 14.51%. During the
month, exposure in cement sector was further increased to 20.13% from 17.42% in order to
benefit from robust domestic demand. As at December 31, 2016, ABL-ISF was 95.06% invested
in equities and remaining in bank deposits. ABL-ISF increased by 0.23% in December 2017
against 0.76% increase of the benchmark, reflecting an underperformance of 53 basis points.
During the period under review, allocation to Oil & Gas Exploration Companies increased from
22.33% to 24.39%. As at December 31, 2017, ABL-ISF was 80.02% invested in equities and
remaining in bank deposits.

PERFORMANCE:-

YEAR 2016 YEAR 2017

ABL-ISF ABL-ISF
13.24% 0.23%
BENCHMARK RETURN BENCHMARK RETURN
14.51% 0.76%
ASSET ALLOCATION:-

ASSET 2016 2017

ALLOCATIO
N
STOCK AND 95.06% 80.02%
EQUITIES
BANK BALANCE 4.22% 18.29%
OTHERS 0.71 1.69%
5
LEVERAGE NIL NIL
TOTAL 100% 100%
FOCUSING ON ABL PENSION FUND:-
FUND TYPE: Open-end.
CATEGORY: Voluntary pension Scheme.

ABL Pension Fund - Debt Sub Fund posted an annualized yield 4.41% during the month of
December 2016. During the month, bond yields increased sharply across all tenors on account of
increase in international oil prices. ABL Pension Fund - Money Market Sub Fund generated an
annualized return of 4.46% and the ABL Pension Fund - Equity Sub Fund increased by 14.56%
in December 2016.

PERFORMANCE:-

PERFORMANCE APF-DSF APF-MMSF APF-ESF

FOR YEAR 2016 4.41% 4.46% 14.56%
YTD 3.71% 3.87% 32.23%
FOR YEAR 2017 3.92% 3.67% 0.66%
YTD 3.55% 3.77% (16.57%)
ASSET ALLOCATION:-

APF-DEPT SUB FUND:-

ASSET 2016 2017

ALLOCATION
CASH 15.98% 27.33%
PLACEMENT WITH 0.00% 0.00%
BANK(TDRs)
CORPORATE SUKUK 2.69% 18.04%
T-BILLS 74.29% 54.27%
PIBS 0.00% 0.00%
OTHERS 7.12% 0.35%
TOTAL 100% 100%

APF-MONEY MARKET SUB FUND:-

ASSET 2016 2017

ALLOCATION
CASH 57.67% 56.26%
CORPORATE SUKUK 0.00% 0.00%
PIBS 0.00% 0.00%
BILLS 42.09% 43.21%
OTHERS 0.24% 0.53%
TOTAL 100% 100%

APF-EQUITY SUB FUND:-

ASSET 2016 2017

ALLOCATION
STOCK/EQUITIES 94.94% 92.75%
BANK BALANCE 4.67% 6.61%
PIBS 0.00% 0.00%
BILLS 0.39% 0.65%
OTHERS NIL NIL
TOTAL 100% 100%
FOCUSING ON ABL ISLAMIC PENSION FUND:-
FUND TYPE: Open-end.
CATEGORY: Voluntary pension Scheme.
ABL Islamic Pension fund - Debt Sub Fund posted a subdued return of 0.38% for the month of
December 2016. The primary reason was attributable to the valuation losses in GoP ijarah
Sukuks which comprised of 78.86% of the portfolio. On YTD basis, ABL Islamic Pension Fund
posted an annualized return of 6.36%. Other than GoP Ijarah Sukuk, portfolio allocation
comprised of 9.97% allocation in Corporate Sukuk, and 8.00% is placed as cash at banks.On the
other hand, ABL Islamic Pension Fund - Money Market Sub Fund generated an annualized
return of 1.28% in December 2016. On YTD basis, fund posted an annualized return of 3.94%.
Fund size remained largely stable to close the month at PKR 35.56 million. ABL Islamic Pension
Fund - Equity Sub Fund increased by 14.29% in the month of December 2016. In next year ABL
Islamic Pension fund - Debt Sub Fund posted a return of 2.71% in December’17. ABL Islamic
Pension Fund - Money Market Sub Fund generated an annualized return of 1.87% in
December’17. Fund size remained largely stable and closed at PKR 36.92 milions.

PERFORMANCE:-

PERFORMANC APF-IDSF APF-IMMSF APF-IESF

E
FOR YEAR 2016 0.38% 1.28% 14.29%
YTD 6.36% 3.94% 30.18%
FOR YEAR 2017 2.71% 1.87% 0.47%
YTD 0.92% 1.51% (14.07)

ASSET ALLOCATION:-

ABL-ISLAMIC DEBT SUB FUND:-

ASSET 2016 2017

ALLOCATION
CASH 8.00% 7.11%
GOP IJARAH SUKUK 78.86 80.03%
CORPORATE SUKUK 9.97% 12.11%
OTHERS 3.17% 0.75%
TOTAL 100% 100%
ABL-MONEY MARKET SUB FUND:-

ASSET 2016 2017

ALLOCATION
CASH 61.12% 71.15%
GOP IJARAH SUKUK 38.31% 28.37%
CORPORATE SUKUK 0.00% 0.00%
OTHERS 0.58% 0.47%
TOTAL 100% 100%

ABL-EQUITY SUB FUND:-

ASSET 2016 2017

ALLOCATION
SHARIAH COMPLIANT 95.17% 94.49%
EQUITIES
BANK BALANCE 4.28% 4.18%
OTHERS 0.56% 1.33%
LEVERAGE NIL NIL
TOTAL 100% 100%
GRAPH 2017
GRAPH 2016
 “CONCLUSION”
 Mutual funds offer investors the opportunity to earn maximum income through professional
management.
 Risk is diversified by portfolio diversification.
 Proper liquidity of investor fund.
 Mutual fund are not liable to pay tax on the income they earn.
 It is a convenient option for the investor.