Financial Markets and Institutions

Name: Muhammad Haider Saleem

Roll No.: BAFE-20-18
Department: Commerce
Class: BS Accounting & Finance (E)
Semester:
4th
Course:
Financial Reporting and
Topic: Financial
Logistics Intermediaries
Subtitle: Assignment
Submitted By: BAFE-20-18 Muhammad Haider Saleem
Submitted To: Mrs. Farheen Zahra
Dated: February 16, 2022

1|Page
Financial Markets and Institutions

Table of Contents
Financial Intermediaries
............................................................................................................................... 3
Depository Institutions
................................................................................................................................ 3
Credit Union
................................................................................................................................................. 3
Commercial Bank
.......................................................................................................................................... 4
Savings Bank
................................................................................................................................................. 5
Mutual Savings Bank
.................................................................................................................................... 7
Contractual Institutions
............................................................................................................................... 7
Life Insurance Company
............................................................................................................................... 8
Fire and Casualty Insurance Company
......................................................................................................... 8
Pension Funds and Government Retirement Funds .................................................................................
10
Investment Intermediaries
........................................................................................................................ 11
Finance Companies
.................................................................................................................................... 12
Mutual Funds
.............................................................................................................................................. 12
Money Market Mutual Funds
.................................................................................................................... 14
Investment Banks
....................................................................................................................................... 15
Table for Principal Financial Intermediaries and Value of Their Assets ...................................................
16 References ..................................................................................................................................................
17

2|Page
Financial Markets and Institutions

Financial Intermediaries
There are 3 types of financial intermediaries:
1. Depository Institutions
2. Contractual Institutions
3. Investment Intermediaries

Depository Institutions
A depository refers to a place or entity that holds financial securities in a dematerialized form,
eliminating the risk related to holding physical financial securities.
State Bank of Pakistan is the prime example of depository institution in Pakistan.

Functions of Depository Institutions

 Serves as a link between public companies and investors/shareholders.
 Eliminates risk related to owning physical financial securities.
 Allows the provision of loans to interested parties.
 Reduced paper work and accelerates the process of transferring securities.

Types of Depository Institutions

Following are the main types of depository institutions:
1. Credit union
2. Commercial Bank
3. Savings Bank
4. Mutual Savings Bank

Credit Union
A credit union is a member owned financial cooperative, controlled by its members and
operated on a not-for-profit basis.
There is total 445 credit unions in Pakistan. (Credit Unions Pakistan, 2022)

Province Credit Unions

Punjab 188
Sindh 153
Islamabad Capital Territory 43
Khyber Pakhtunkhwa 45
Balochistan 16

e.g., Khushhali Bank Limited, MCB Bank Limited, Summit Bank Limited, etc. are some credit
unions in Pakistan.

3|Page
Financial Markets and Institutions

Commercial Bank
Commercial banks are for profit organizations and generally owned by private investors. State
Bank of Pakistan is the central bank.
e.g., Habib Bank Limited, Allied Bank Limited, etc. are some examples of commercial banks in
Pakistan.
There are 3 types of commercial banks in Pakistan:
i. Public Sector Banks
ii. Private Sector Banks
iii. Foreign Banks

Public Sector Banks

A type of financial institution that is state owned by the corresponding government. There is
total 5 public sector banks in Pakistan. (SBP Regulated Institutes, 2016)

List of Public Sector Commercial Banks

First Women Bank Limited National Bank of Punjab
The Bank of Khyber The Bank of Punjab
Sindh Bank Limited

Private Sector Banks

Private sector banks are financial institutions registered as companies with limited liability. The
major part of share capital is owned by individuals or private businesses. There is total 15
private sector commercial banks in Pakistan. (SBP Regulated Institutes, 2016)

List of Private Sector Commercial Banks

Habib Bank Limited United Bank Limited
MCB Bank Limited Allied Bank Limited
Bank Al-Falah Limited Bank Al-Habib Limited
Habib Metropolitan Bank Limited JS Bank Limited
Faysal Bank Limited Askari Bank Limited
Standard Chartered Bank (Pakistan) Limited Soneri Bank Limited
Silk Bank Limited Summit Bank Limited
Samba Bank Limited

Foreign Banks
Foreign banks are financial institutions that are operating overseas within a foreign nation. They
are essential for the economic development of a nation. There is total 4 foreign banks in
Pakistan. (SBP Regulated Institutes, 2016)

4|Page
Financial Markets and Institutions

List of Foreign Banks

Citi Bank N.A Deutsche Bank AG
Industrial & Commercial Bank of China Bank of China Limited

Savings Bank
A savings bank is a financial institution whose primary purpose is accepting savings deposit and
paying interest on these deposits.
There are 2 savings banks services in Pakistan.
1. National Savings Center
2. Pakistan Post Savings Bank

National Savings Center

National Savings is the largest investment and financial institution in Pakistan with a portfolio of
over Rs. 3.4 trillion and more than 04 million valued investors are being served through a large
network of 376 branches nationwide controlled by 12 Regional Directorates of National Savings
(RDNS). (NS About Us, 2017)
National Savings is a financial organization and ministry of finance is the mother body of national
savings. Pakistan Post Office, NIFT, State bank of Pakistan and CDC are corporate partners of
National Savings. (NS Corporate Partner, 2017)
As on July, 2021, share of products in stocks of National Savings Scheme (NSS) are: (National
Savings, 2017)

Accounts Certificate Prize NSS Debt Other

25% s Bonds 20% Domestic
63% 8% Debts
81%

Pakistan Post Savings Bank

Pakistan Post Savings Bank offers the largest network of savings bank services in Pakistan.
Serving on behalf of Ministry of Finance, it has been playing a crucial role in encouraging and
mobilizing savings among the general populace since long.
It is popular both in urban and rural areas, but its operations in rural Pakistan are wide spread
and deep rooted. In fact, in most of the remote areas, it is the only banking service available.
Through its extensive network of post offices, Pak Post Saving Bank offers a number of very
attractive saving bank schemes. Following are the schemes: (PP Savings Bank, 2022)

5|Page
Financial Markets and Institutions

Savings Account (SA)

 Easy and simple transfer of account to any Post Office branch within the country
 No maximum limit of investment.

Special Savings Account (SSA)

 Three years scheme, but investment can be withdrawn any time after one month.
 No maximum limit of investment

Savings Bank Mobile Account

This service ensures safety in handling of money from one city to another. The account holder is
required to deposit at least Rs. 2000 and is allowed to withdraw 75% of the whole deposit in any
GPO in Pakistan.
 Safe and reliable
 Guards against risk in handling cash during journey
 Deposits earn profit

Defence Saving Certificate

 Certificates are issued for ten years but are cashable any time after one month
 Certificates are transferable from one city and one person to another city and another
person
 Certificates are available in the denominations of Rs. 500 to one Million
 No maximum limit of investment

Special Savings Certificate

 Three years scheme, but investment can be withdrawn any time after one month
 These certificates are available in the denomination of Rs. 500, 1000, 5,000, 10,000,
50,000, 100,000, 500,000 and Rs.1,000,000/=
 Profit is paid on the completion of each period of six months
 No maximum limit of investment

Regular Income Certificate

 Five years regular scheme
 Rs. 740 monthly profit on account of one lakh rupees subject to 10% withholding tax
 These certificates are available in the denominations of Rs. 50,000, 100,000, 500,000,
1,000,000, 5,000,000 and Rs. 10,000,000/=
 Profit is payable on monthly basis
 Both single and joint purchase permitted
 No maximum limit of investment
 Exempt from zakat deduction
 Scheme has been specifically designed to meet the requirements of pensioners, widows,
orphans etc.

6|Page
Financial Markets and Institutions

Mutual Savings Bank

A financial institution chartered by a central or regional government, without capital stock,
owned by its members who have the common funds.

Advantages of Mutual Savings Bank Disadvantages of Mutual Savings Bank

(MSB) (MSB)
Financial stability Sometimes too conservative
Solid customer service No member control
Depository safety Risk of being acquired or going public
Long-term oriented outlook
Profits stay within community
Accessibility

In Pakistan, a person can invest through Mutual Funds Association of Pakistan (MUFAP).

Mutual Funds Association of Pakistan (MUFAP)

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. (MUFAP Index,
2022)
These are the 20 members of the Mutual Funds Association of Pakistan (MUFAP) listed below:
(MUFAP Members, 2022)

AMC Name AMC Name

ABL Asset Management Company Limited
AL Habib Asset Management Limited
Alfalah GHP Investment Management Limited
AWT Investments Limited
BMA Asset Management Company Limited
First Capital Investments Limited
JS Investments Limited
Magnus Investments Advisors Limited
National Investment Trust Limited
Pak Oman Asset Management Company
Limited
AKD Investment Management Limited
Al Meezan Investment Management Limited
Atlas Asset Management Limited
786 Investments Limited
Faysal Asset Management Limited
HBL Asset Management Limited
Lakson Investments Limited
MCB-Arif Habib Savings and Investments
Limited
NBP Fund Management Limited
UBL Fund Managers Limited

Contractual Institutions
These are the financial intermediaries that acquire funds periodically on a contractual basis and
invest them in such a way that they have financial instruments maturing when contractual
obligations have to be met.

7|Page
Financial Markets and Institutions

Functions of Contractual Institutions

 They can predict their liabilities fairly accurately.
 They do not have to worry about losing funds.
 They have long-term liabilities.
 Stable cash flow.

Types of Contractual Institutions

There are 3 main categories of contractual institutions in Pakistan:
1. Life Insurance Company
2. Fire and Casualty Insurance Company
3. Pension Funds and Government Retirement Funds

Life Insurance Company

i. Life insurance companies sell life insurance policies that protect the beneficiaries of a
policy holder against financial hazards like death of the insured person.
ii. Life insurance companies also sells annuities in which an insurance company contracts to
make annual income payments to the annuity buyer upon his/her retirement.
iii. Life insurance companies acquire funds through payments of premiums by individuals
who pay to keep their policies in force.
iv. Life insurance companies use these funds to buy long-term securities.
There are 50 insurance companies listed with Securities and Exchange Commission of Pakistan
(SECP) on March 10, 2021. In which 39 are non-life insurance/general takaful operators, 1
reinsurance company and 10 life insurance companies. (SECP List of Insurers, 2021)

List of Life Insurance Companies

Name Status Takaful Authorization
Adamjee Life Assurance Company Limited Active Yes
Askari Life Assurance Company Limited Active Yes
Dawood Family Takaful Limited Active Dedicated Operator
EFU Life Assurance Company Limited Active Yes
IGI Life Insurance Limited Active Yes
Jubilee Life Insurance Company Limited Active Yes
Pak-Qatar Family Takaful Limited Active Dedicated Operator
State Life Insurance Corporation of Pakistan Active Yes
TPL Life Insurance Limited Active Yes
Postal Life Insurance Company Limited Active No

Fire and Casualty Insurance Company

i. Also known as property and casualty insurance companies are just like the life insurance
companies.

8|Page
Financial Markets and Institutions

ii. They insure policy holders against the risk of loss such as fire, flood, theft or accidents.
iii. Like life insurance companies, fire and casualty insurance companies acquire funds
through payments of insurance premium.
iv. However, these insurance companies are subject to greater uncertainty with respect to
their liabilities. Due to this kind of uncertainty, these insurance companies buy more
short-term securities.

List of Non-Life Insurance Companies/General Insurance Companies (SECP List of

Insurers, 2021)

Name Status Takaful Authorization

Adamjee Insurance Company Limited Active Yes
Alfalah Insurance Company Limited Active Yes
Allianz EFU Health Insurance Limited Active Yes
Alpha Insurance Company Limited Active No
Asia Insurance Company Limited Active Yes
Askari General Insurance Company Limited Active Yes
Atlas Insurance Limited Active Yes
Century Insurance Company Limited Active Yes
Chubb Insurance Company Limited Active No
Continental Insurance Company Limited Disputed No
Crescent Star Insurance Company Limited Active No
East West Insurance Company Limited Active Yes
EFU General Insurance Limited Active Yes
Habib Insurance Company Limited Active Yes
IGI General Insurance Limited Active Yes
Jubilee General Insurance Company Limited Active Yes
National Insurance Company Limited Active No
New Hampshire Insurance Company Limited Disputed No
Pak-Kuwait Takaful Company Limited Disputed Dedicated Operator
Pak-Qatar General Takaful Limited Active Dedicated Operator
PICIC Insurance Limited Disputed No
Progressive Insurance Company Limited Disputed No
Premier Insurance Limited Active Yes
Reliance Insurance Company Limited Active Yes
Security General Insurance Company Limited Active Yes
Shaheen Insurance Company Limited Active Yes
Silver Star Insurance Company Limited Disputed No
Sindh Insurance Limited Active Yes
SPI Insurance Company Limited Active Yes
Salaam Takaful Limited Active Dedicated Operator
The Asian Mutual Insurance Company (Gte) Limited Disputed No
The Cooperative Insurance Society of Pakistan Active No
The Pakistan General Insurance Company Limited Disputed No

9|Page
Financial Markets and Institutions

The Pakistan Mutual Insurance Company (Gte) Ltd. Disputed No

The United Insurance Company of Pakistan Limited Active Yes
The Universal Insurance Company Limited Active No
TPL Insurance Limited Active Yes
TRAFCO Insurance Company Limited Active No
UBL Insurers Limited Active Yes

Pension Funds and Government Retirement Funds

i. Private pension and government retirement funds receive periodic payments of
contributions from employers/employees that participate in the program.
ii. Employee contributions are either automatically deducted from pay or made voluntarily.
iii. The pension and retirement funds’ liability is to provide retirement income in the form of
annuities.
iv. The liability of private pension and government fund is of a long-term nature in the form
of corporate stocks and bonds. (Bukhari, 2021)
Currently in Pakistan, 3 types of retirement benefits exist ranging from:
1. Gratuity
2. Provident Fund
3. Voluntary Pension Scheme

Gratuity
A cash lumpsum payment made by the employer to the employee as token of appreciation for
the service. e.g., golden handshake, etc. (Bukhari, 2021)

Provident Fund
An investment fund into which both the employee and the employer make contributions which
are then invested on behalf of the employee. (Bukhari, 2021)

Voluntary Pension Scheme

VPS gives employees the option to choose portfolios which better match their risk appetite and
financial goals. VPS gives employees direct control over their account. e.g., Meezan Tahaffuz
Pension Fund, etc. (Bukhari, 2021)

Gratuity vs Provident Fund vs VPS Table (Bukhari, 2021)

Gratuity Provident Fund VPS
Structure Defined benefits Defined contribution Defined contribution
Asset Allocation Strictly cash One portfolio for all Individually
employees customizable

10 | P a g e
Financial Markets and Institutions

Taxation  Tax exempt  Fully taxable  Tax exempt

for  Gains beyond up to 20% of
Contribution employer 33% of annual

Capital Gains  Not income gross
 applicable taxable income
 Early
Withdrawal  Not  Taxable, no  Tax exempt
Retirement applicable penalty  Taxable, if no
 Tax Taxable disability
Withdrawal  
exempt  Tax exempt

Registration
No Yes No
requirements with
FBR
Visibility into
No No Yes
investments
and
Examples
performanceof Pension Funds and Government Retirement Funds
Jama Punji, Pakistan Provident Fund, Alhamra Islamic Pension Fund, Income Payment Plan,
Meezan Tahaffuz Pension Fund, UBL Fund Managers Limited, Al-Ameen Islamic Retirement
Savings Fund, etc. are the prime examples of pension and retirement funds in Pakistan.

Investment Intermediaries

Investment intermediaries facilitate investments in financial assets by individuals and institutions

by pooling resources and investing them according to stipulated objectives.

Functions of Investment Intermediaries

 Act as a deposit agent/broker

 Advise on investment products
 Receive and transmit orders in investment instruments on behalf of consumers to other
financial service providers.
 e.g., Banks, Insurance Companies, Investment Managers, etc.

Types of Investment Intermediaries

These are the main categories/types of investment intermediaries:

1. Finance Companies
2. Mutual Funds
3. Money Market Mutual Funds
4. Investment Banks

11 | P a g e
Financial Markets and Institutions

Finance Companies

Finance companies acquire funds by issuing commercial papers (shot-term corporate debt
instruments), stocks and bonds. They are the funds to make loans to customers to finance
homes or purchase a furniture or car and to small businesses for various purposes.

Examples of Finance Companies

Al Meezan Investment Management Limited, Atlas Capital Markets (Pvt) Limited, House Building
Finance Corporation, State Life Insurance Corporation of Pakistan, etc. are some prime examples
of finance companies in Pakistan. (HW Finance Companies Directory, 2022)

List of Development Financial List of Non-Bank Financial Companies

Institutions (DFIs) (SBP Members, 2016)
Bankers Equity Limited
House Building Finance Company Limited
PAIR Investment Company Limited
Pak Brunei Investment Company Limited
Pak Oman Investment Company Limited
Pak-China Investment Company Limited
Pakistan Kuwait Investment Company
Limited
Pak-Libya Holding Company Limited
Punjab Small Industries Corporation
Saudi Pak Industrial & Agricultural
Investment Company Limited
(NBFCs) (SBP Members, 2016)
Capital Assets Leasing Corporation Limited
Grays Leasing Limited
Invest Capital Investment Co. Limited
Orix Leasing Pakistan Limited
Primus Leasing Limited
Pak Gulf Leasing Company Limited
Pakistan Industrial & Commercial Leasing
Limited
Saudi Pak Leasing Company Limited
Security Leasing Corporation Limited
SME Leasing Limited
Khan Housing and Agriculture Network
Limited

Mutual Funds

A mutual fund is a collection or assortment of stocks, bonds, money market instruments and
similar assets. Broadly speaking, a mutual fund can be a collection of various stocks or stocks &
bonds or government bonds & certificates of deposits or stocks & fixed income securities or any
other combination of securities that are grouped together as a single investment instrument.

Mutual fund investments are governed by Money Managers or Fund Managers, who invest or
manage the funds in a way to create capital gains for income of investors. Mutual funds are
operated by Asset Management Companies (AMCs) which exist in the form of public limited
companies registered under the Companies Ordinance 1984. A Trust (and Trust Deed) is
established by the Asset Management Company through which a mutual fund is launched. The
Trustee performs the functions of the custodian of the assets of the fund whereas the Fund

12 | P a g e
Financial Markets and Institutions

Manager takes the investment/ operational decisions regarding the fund. The use of mutual
fund reduces the transaction costs for the individual. (PSX, 2021)

Types of Mutual Funds

An investor must be aware of the 2 broad types of mutual funds. They are:

1. Closed-Ended Mutual Funds

2. Open-Ended Mutual Funds

Closed-Ended Mutual Funds

These funds are traded on the Secondary Market, following an Initial Public Offering (IPO).
However, not all closed-ended mutual funds are listed on the Stock Exchange. (PSX, 2021)

Open-Ended Mutual Funds

These funds are issued in the form of Units to investors, which can be redeemed, as well, on the
basis of their Net Asset Value (NAV) at any time. These funds can be purchased and redeemed
through the Management Company which announces their offer and redemption prices daily.
These funds can also be listed on the Stock Market. (PSX, 2021)

Categories of Mutual Funds

The categories of mutual funds are listed as follows: (PSX, 2021)

Fund Category Investment In Characteristics & Features

Money Market Fund Short-term fixed income Lower risk, high liquidity
securities
Income Fund Money market securities, Less risk, limited capital
Term Finance Certificates/ appreciation
Sukuks, Commercial Paper,
and spread transactions
Equity Fund Stocks High risk level, high capital
appreciation
Balanced Fund Equities and fixed income Lesser risky with objective of
securities growth and regular income
Asset Allocation Fund Equities and fixed income High risk, high return
securities
Capital Protected Fund Term Deposit & as per The original amount of the
authorized investments in investment is protected. These
the offering document funds have a mutually agreed
upon fixed maturity period

13 | P a g e
Financial Markets and Institutions

Index Tracker Fund Securities and stocks to The fund’s performance tracks
mirror a market index the underlying index’s
performance.
Aggressive Fixed Fixed income securities & High return investment.
Income medium to lower quality Investment in govt. securities,
Scheme of assets fixed income debt securities,
deposits with
bank(s), certificates of
investment, &
commercial paper etc.

Commodity Scheme Commodities such as gold, Stable returns investment.

Funds of Funds
Shariah Compliant (Islamic)
Funds
Examples of Mutual Funds
crude oil, silver, agriculture Investment in commodity
commodities & commodity futures such as
gold
Other varieties of mutual Balanced returns
funds
Shariah compliant All categories of conventional
securities i.e., shares, mutual funds have their shariah
Sukuk (Islamic bonds), and compliant variants. These funds
GoP Ijara Sukuk etc. are approved by Shariah Advisor

ABL Cash Fund, Alfalah GHP Cash Fund, Atlas Liquid Fund, Faysal Cash Fund, HBL Cash Fund, JS
Cash Fund, UBL Cash Fund, Pakistan Cash Management Fund, MCB Cash Management Optimizer,
NBP Government Securities Liquid Fund, etc. are some prime examples of mutual funds in
Pakistan. (MUFAP NAV Returns Performance, 2021)

Money Market Mutual Funds

These are like ordinary mutual funds with some added characteristics. They have very short-
term securities. Because of the kind of securities they invest in, assets of a money market fund
are considered very liquid and are unlikely to generate losses. A key feature of these funds is
that shareholders can write checks against the value of their shareholdings.

Examples of Money Market Mutual Funds

Al Habib Money Market Fund, AWT Money Market Fund, Alfalah GHP Money Market Fund, Atlas
Money Market Fund, Faysal Money Market Fund, HBL Money Market Fund, NBP Money Market
Fund, UBL Money Market Fund, etc. are some prime examples of money market mutual fund
companies in Pakistan. (MUFAP NAV Returns Performance, 2021)

14 | P a g e
Financial Markets and Institutions

Investment Banks

An investment bank is a financial service company that acts as an intermediary in large and
complex financial transactions. It advises the corporation on which type of securities to issue;
then it helps sell the securities by purchasing them from the corporation at a predetermined
price and reselling them in the market. It also has a role as a dealer or broker or financial
advisor for large institutional clients such as pension funds.
There is total 6 investment banks in Pakistan listed below: (SBP Members, 2016)
Name of Investment Banks
Escorts Investment Bank Limited
First Credit & Investment Bank Limited
First Dawood Investment Bank Limited
Innovative Investment Bank Limited
Security Investment Bank Limited
Trust Investment Bank Limited

15 | P a g e
Financial Markets and Institutions

Table for Principal Financial Intermediaries and Value of Their

Assets Value of Assets (Rs in billion, end of year)
Type of Intermediary 2021
Depository Institutions (banks)
Commercial banks
 Public Sector banks  5,544.082 (SBP, Quarterly
 Private Sector banks Compendium: Statistics of the
 Foreign banks Banking System, 2021, p. 9)
 21,606.031 (SBP, Quarterly
Compendium: Statistics of the
Banking System, 2021, p. 9)
 756.141 (SBP, Quarterly
Compendium: Statistics of the
Banking System, 2021, p. 9)

Savings bank -8.0501 (SBP, Savings Mobilized by National

Mutual savings bank
Credit unions
Contractual Institutions
Life insurance companies
Fire and casualty insurance companies
 2020
 2021(Q1) (General Insurance)
Savings Schemes, 2021)
N/A
N/A
62.532 (Tauseef & Raza, Life Insurance, 2021,
p. 5)
 47.72012 (Tauseef & Raza, General
Insurance, 2021, pp. 3,4,7,10,11,15 &
16)
 28.698 (Tauseef & Raza, General
Insurance, 2021, pp. 3,5,8,12 & 13)

Pension and government retirement funds 39.57 (SECP, 2021, p. 9)

Investment Intermediaries
Finance companies 51.32 (SECP, 2021, p. 1)
Mutual funds 1,190.60 (SECP, 2021, p. 4)
Money market mutual funds 585.93 (SECP, 2021, p. 5)
Investment banks 77.22 (SECP, 2021, p. 15)

16 | P a g e
Financial Markets and Institutions

References
Bukhari, M. F. (2021, October 17). A guide to retirement benefits and how they work in Pakistan.
Pakistan Today Profit. Retrieved from https://profit.pakistantoday.com.pk/2021/10/17/a-guide-
to-retirement-benefits-and-how-they-work-in-pakistan/
Credit Unions Pakistan. (2022). Retrieved from infoisinfo: https://www.infoisinfo.com.pk/search/credit-
unions

HW Finance Companies Directory. (2022). Retrieved from Hamariweb:

https://hamariweb.com/finance/directory/finance_companies_cid23.aspx

MUFAP Index. (2022). Retrieved from Mutual Funds Association of Pakistan:

https://www.mufap.com.pk/index.php

MUFAP Members. (2022). Retrieved from Mutual Funds Association of Pakistan:

https://www.mufap.com.pk/members.php

MUFAP NAV Returns Performance. (2021, August 12). Retrieved from Mutual Funds Association of
Pakistan: https://www.mufap.com.pk/nav_returns_performance.php?tab=01&

National Savings. (2017). Retrieved from National Savings: https://savings.gov.pk/

NS About Us. (2017). Retrieved from National Savings: http://savings.gov.pk/about-us/

NS Corporate Partner. (2017). Retrieved from National Savings: http://savings.gov.pk/corporate-

partners/

PP Savings Bank. (2022). Retrieved from Pakistan Post: http://pakpost.gov.pk/saving-bank.php

PSX. (2021). What is a Mutual Fund; How does it Work. Official blog of Pakistan Stock Exchange.
SBP. (2021). Quarterly Compendium: Statistics of the Banking System. Financial Stability Department.
State Bank of Pakistan. Retrieved from https://www.sbp.org.pk/Ecodata/fsi/qc/2021/June.pdf

SBP. (2021, November 30). Savings Mobilized by National Savings Schemes. Retrieved from State Bank of
Pakistan: https://www.sbp.org.pk/ecodata/savings.pdf

SBP Members. (2016). Retrieved from State Bank of Pakistan:

https://www.sbp.org.pk/ecib/members.htm

SBP Regulated Institutes. (2016). Retrieved from State Bank of Pakistan:

https://www.sbp.org.pk/f_links/f-links.asp

SECP. (2021). Sector Summary NBFCs & Modarabas Sector December 2021. Securities and Exchange
Commission of Pakistan. Retrieved from https://www.secp.gov.pk/document/monthly-sector-
summary-for-december-2021/?wpdmdl=44113&refresh=620c11f53ca3a1644958197

SECP List of Insurers. (2021, March 10). Retrieved from Securities and Exchange Commision of Pakistan:
https://www.secp.gov.pk/document/list-of-insurers-updated-as-on-march-10- 2021/?
wpdmdl=41902&refresh=620bcf29651071644941097

17 | P a g e
Financial Markets and Institutions

Tauseef, S., & Raza, I. (2021). General Insurance. The Pakistan Credit Rating Agency Limited. Retrieved
from https://www.pacra.com/sector_research/PACRAResearchGeneralInsuranceFY21.pdf

Tauseef, S., & Raza, I. (2021). Life Insurance. The Pakistan Credit Rating Agency Limited. Retrieved from
https://www.pacra.com/sector_research/PACRAResearchLife%20InsuranceJune21.pdf

18 | P a g e