Shariah Compliant Funds

NAFA Active Allocation Riba Free Savings Fund

NAFA Active Allocation Riba Free Savings Fund

1. Brief information on the Fund

NAFA Active Allocation Riba Free Savings Fund is a Shariah-compliant Fund launched by NBP Fullerton Asset Management Limited, which aims to earn a reasonable rate of return along with a high degree of liquidity by investing in short-term Shari’ah compliant banks deposits and money market/debt securities.

2. Key benefits

·         Managed by Professional Fund Managers;

·         Tax credit as per the applicable laws;

3. Key features of the Fund

Fund Category / Type

Open Ended Shariah Compliant Income Fund

Investment Objective:

The objective of the Fund is to earn a reasonable rate of return along with a high degree of liquidity by investing in short-term Shari’ah compliant banks deposits and money market/debt securities.

Benchmark:

6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP

Launch Date:

January 18, 2016

Dealing Days & Cut off Time:

(Monday-Thursday) 09:00 A.M. to 05:00 P.M. (Friday) 09:00 A.M. to 05:30 P.M.

Pricing Mechanism:

Forward Pricing

Fund Stability Rating:

"A-(f)" by PACRA

Risk Profile:

Low

Minimum investment amount:

PKR 10,000/-

Only Fund-of-Funds schemes managed by NBP Fullerton Asset Management Limited may submit applications for the Purchase of Units of the Fund.

Name of the IC Members:

Dr. Amjad Waheed, CFA; Sajjad Anwar, CFA; Muhammad Ali Bhabha, CFA, FRM; Hassan Raza, CFA

4. Fees and charges

* Management fee:

1.25% p.a

Structuring fee - upfront:

Nil

Early exit fee

Nil

5. Service Providers

Regulator:

Securities and Exchange Commission of Pakistan

Shariah Advisory Services:

Shariah Technical Advisor: Meezan Bank
Shariah Advisory Board: Dr. Imran Ashraf Usmani, Mufti Ehsan Waquar Ahmad, Mufti Muhammad Naveed Alam

Listing:

Pakistan Stock Exchange

Auditor:

A.F Fergusons & Co, Chartered Accountants

Trustee and Custodian:

Central Depository Company of Pakistan Ltd. (CDC)

* Taxes apply as per applicable income tax law.

S.No

Description

Entity-Instrument Rating

Min

Max

Max Maturity

1

Shariah Compliant Government Securities

AAA

0%

75%

3 Years

2

Placement of Riba Free Deposits (Excluding term deposits) with Islamic Banks or with Islamic branches/windows of others banks

A-

25%

100%

n/a

3

Placement of Riba Free Deposits with Islamic Banks or with Islamic Branches of other bancks

A-

0%

50% for upto 6 months maturity.

 

15% for more than 6 months

1 Year

4

Shariah Complaint Islamic Money Market Instruments including but not limited to Certificates of Musharika (CoM), Certificates of Deposits (CoD), Certificate of Islamic Investments (COII) issued by Financial Institutions

“A-“ for banks, A for other Institutions

0%`

Non-tradable investment 50% for top up to 6 months maturity.


Non-tradable investment 15% for top up to 6 months maturity.

1 Year

5.

Shariah Compliant Debt Securities

AA-

0%

50%

2 Years

6

Any other securities or instruments that may be permitted or approved under the SECP Rules, Regulations or any other directive and the Shariah Advisor from time to time

A

0%

As specified by the Commission at the time of approval

2 Years

Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand investment policies and the risks involved.

NAFA Islamic Energy Fund

Brief of the Fund:

The aim of the Fund is to gain from the upside potential of the attractive prices of the energy chain stocks, which we believe hold promise to deliver substantial returns over the medium term with gradual recovery in global crude oil prices.

Key benefits:

  • Exposure in Shariah Compliant Energy sector stocks.

  • Benefit from the expected rise in oil prices. International Energy Agency predicts $80 per barrel by 2020 (Presently $39* per barrel).

  • An opportunity to invest in China Pakistan Economic Corridor (CPEC) related Energy companies with potential IRR (Profit) of 17%-18% per annum.

  • NAFA - a Subsidiary of National Bank of Pakistan - is rated among the top four Asset Management Companies in Pakistan.
    *As of April 5, 2016

Key features of the Fund:

Fund Category / Type: Open End Shariah Compliant Equity Scheme
Investment Objective: The objective of NAFA Islamic Energy Fund is to provide investors with long term capital growth from an actively managed portfolio of Shari’ah Compliant listed equities belonging to the Energy Sector.
Benchmark: KMI-30 Index
Authorized Investments: Key Investment Avenues Minimum Maximum
Shariah compliant listed equities in the Energy Sector (Oil & Gas Exploration, Oil Marketing Companies, Refineries, and Power Generation, etc) 70% 95%
Bank Deposits, minimum "A-" rated 5% 30%
Shariah compliant GoP Securities, with max remaining maturity of 90 days 0% 30%
Management fee: 2% per annum
Load:

Front End Load (Individual): 3% (Nil on investment above Rs. 101 million)

Front End Load (Other): 3% (Nil on investment above Rs. 50 million)

Back End Load: NIL
Regulator: Securities and Exchange Commission of Pakistan (SECP)
Shariah Supervisory Board: Dr. Imran Ashraf Usmani , Mufti Ehsan Waquar, and Mufti Muhammad Naveed Alam
Listing: Pakistan Stock Exchange

Auditors:

A. F. Ferguson & Co. - Chartered Accountants

Trustee:

Central Depository Company of Pakistan Ltd. (CDC)

Fund Manager:

Taha Khan Javed, CFA

Asset Manager Rating:

AM1 by PACRA (Very High Quality)

** Taxes apply

Disclaimer: All investments in mutual funds are subject to market risks. The investors are advised in their own interest to carefully read the contents of the Offering Document in particular the Investment Policies mentioned in Clause 2.1 and Risk Factors mentioned in Clause 2.4 and Warnings in clause 9 before making any investment decision.

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NAFA Islamic Stock Fund
Offering Document Monthly Report Forms Financial Statement

Introduction

NAFA Islamic Stock Fund is a Shariah-compliant Scheme launched by NBP Fullerton Asset Management Limited, which aims to grow the value of the Unit holders’ investments over the long term in approved Shariah compliant equities.

The product is suitable for those investors who want to seek capital appreciation that adheres to Shariah principles.


Objective

The objective of the Fund is to provide investors with long term capital growth from an actively managed portfolio of Shariah Compliant listed equities.

Authorized Investments:

Key Investment Avenues Minimum Maximum
Shariah compliant listed equities 70% 95%
Shariah compliant Bank Deposits (excluding TDRs) in Islamic Banks / Islamic windows of banks, minimum ‘A-’ rated 5% 30%

Quick Stats

Launch date: January 9, 2015
Risk Profile: High
Management fees: 2.0% p.a
Benchmark: KMI-30 Index
Category: Open end Shariah Compliant Equity Scheme
Load*: Front End Load (Individual):3% (Nil on investment above Rs. 101 million)
Front End Load (Other): 3% (Nil on investment above Rs. 50 million)
Back End Load: NIL
Minimum investment: Growth units-Rs.10,000/-, Income units-Rs.100,000/-
Listing: Pakistan Stock Exchange
Auditors: A.F. Ferguson & Co.,- Chartered Accountant
Trustee: Central Depository Company of Pakistan Ltd. (CDC)
Fund Manager: Sajjad Anwar, CFA
Shariah Supervisory Board: Dr.Imran Ashraf Usmani
Mufti Ehsan Waquar
Mufti Muhammad Naveed Alam
Asset Manager rating: AM1 by PACRA (Very High Quality)
Pricing Mechanism: Forward Pricing

Taxation:

        • Capital Gains withholding tax rate for individual is 12.5% for holding period up to four years if dividend receipt of the Fund are less than capital gain, otherwise 10%. For holding period of more than 4 years no    deduction is made.
        • Tax rate on dividends for individuals is 12.5% if dividend receipt of the Fund are less than capital gain, otherwise 10%.
 

Taxes apply on dividend as per Income Tax Ordinance 2001.

Benefits at a Glance:

  • Professional Fund Management;
  • Exposure to diversified portfolio of Shariah Compliant Equities
  • No minimum holding period. Redeem at will
  • Encashment within 2-3 business days (Otherwise the constitutive documents allow for six working days to pay redemption proceeds)
  • Minimum Investment Rs.10,000/-(Growth Units)
  • Subsequent Investment Rs.1,000/-
  • Tax benefit available under Section 62 of Income Tax Ordinance 2001.
  • Zakat exemption on submission of relevant affidavit (CZ – 50)
  • Units of Funds can be used as collateral to avail bank financing subject to Shariah guidelines.

*Taxes Apply

Disclaimer: All investments in mutual funds are subject to market risks. Past Performance is not necessary indicative of future results. Please read the offering documents to understand the investment policies and the risk involved.

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NAFA Islamic Asset Allocation Fund
Offering Document Monthly Report Forms Financial Statement

Introduction

NIAAF is a Shariah Compliant open-end Asset Allocation fund. It seeks to provide long-term capital appreciation with a moderate risk profile and a medium to long-term investment horizon. NIAAF’s investment philosophy is to provide stable returns via dynamic allocation to Shariah Compliant equities and fixed income instruments depending upon market conditions.

The Fund's objective is to generate capital appreciation by investing in Shariah Compliant equity and equity related securities and income by investing in Shariah Compliant bank deposits, debt & money market securities. It aims to achieve attractive returns at moderate levels of risk by investing in a variety of Shariah Compliant securities, instruments and avenues such as Equities, Bank Deposit, Sukuks etc.

Quick Stats

Launch date: October 26, 2007
Category: Open End- Shahriah Compliant Asset Allocation Fund
Risk Profile: Moderate
Management fees*: 2.00% p.a
Benchmark: Daily weighted return of KMI-30 Index & 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP, based on Fund's actual allocation.
Load*:

Front End Load (Individual): 3%, (Nil on investment above Rs. 101 million)

Front End Load (Other): 3.0% (Nil on investment above Rs. 50 million)

Back End Load: NIL
Minimum investment: Growth units-Rs.10,000/-, Income units-Rs.100,000/-
Listing: Pakistan Stock Exchange
Auditors: Deloitte Yousuf Adil

Chartered Accountants

Trustee: Central Depository Company of Pakistan Ltd. (CDC)
Fund Manager: Taha Khan Javed, CFA
Shariah Advisory Board: Dr.Imran Ashraf Usmani
Mufti Ehsan Waquar
Mufti Muhammad Naveed Alam
Asset Manager Rating: AM1 by PACRA (Very High Quality)
Pricing Mechanism: Forward Pricing

Taxation:

Tax apply as per Income Tax Ordinance, 2001

            • Capital Gains withholding Tax rate for individual is 10% for up to four years holding period. For holding period of more than 4 years no deduction is made.
            • Tax rate on dividends for individuals is 10% for filer and 15% for non-filer.

Benefits at a Glance:

  • Minimum Investment Rs.10,000/-(Growth Units), Subsequent Investment Rs.1,000/-
  • No Back End load
  • Tax benefit available under section 62 of Income Tax Ordinance 2001.
  • No minimum holding period. Redeem at will.
  • Encashment within 2-3 business days (Otherwise the constitutive documents allow for six working days to pay redemption proceeds)
  • Investment can be encashed at any place in Pakistan through ATM facility. (ATM withdrawal limit for a single day is Rs.100,000/- or 60% of your investment balance whichever is lower).
  • Units of Funds can be used as a collateral to avail bank financing.
  • On investment or maintaining a minimum investment Balance/Value of Rs.100,000/- in mutual funds managed by NAFA, individuals (Principal account holders only) will be entitled to free of cost Accidental Death and Permanent Total Disability Takaful Cover equal to the investment value subject to a maximum of Rs.1,000,000/-.
  • Zakat exemption on submission of relevant affidavit (CZ-50).
Taxes apply*

Disclaimer: The NAFA Islamic Asset Allocation Fund holds certain non-compliant investments. Before making any investment decision, investors should review the latest monthly Fund Manager Report and financial statements of the Fund particularly the details of non-complaint investments and Risk Factors. All investments in mutual Funds are subject to market risks. Please read the Offering Documents and Trust Deeds of the Fund to understand the investment policies and risk involved. Past performance is not necessarily indicative of future results.

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NAFA Islamic Income Fund (Formerly; NAFA Islamic Aggressive Income Fund)
Offering Document Monthly Report Forms Financial Statement

Introduction

NIIF is an open-end Shariah compliant Income fund, with no direct exposure to shares. NIIF Authorized Investments include Shariah compliant money market instruments, Shariah compliant Government Securities (GOP Ijara Sukuk), debt securities (Sukuks) and bank deposit with Islamic banks/ Islamic windows of the conventional banks.

The objective of NAFA Islamic Income Fund (NIIF) is to earn a reasonable rate of return in a Shariah compliant manner by investing in Shariah compliant debt securities, money markets instruments, and bank deposits.

Quick Stats

Launch date: October 26, 2007
Category: Open end – Shariah Complaint Income Fund
Risk Profile: Low to Medium
Stability rating: 'A-(f)' by PACRA
Management fees*: 10% of net income (min 0.5%p.pa, max 1%p.a.)
Benchmark:

1-year average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP

Load*:

Front End Load (Individual): without life Takaful 1%, with life Takaful 3% (Nil on investment above Rs. 26 million)

Front End Load (Other): 1% (Nil on investment above Rs. 16 million)

Back End Load: NIL

 
Minimum investment: Growth units-Rs.10,000/-, Income units-Rs.100,000/-
Listing: Pakistan Stock Exchange
Auditors: Deloitte Yousuf Adil Chartered Accountants
Trustee: Central Depository Company of Pakistan Ltd. (CDC)
Fund Manager: Muhammad Ali Bhabha, CFA, FRM
Shariah Advisory Board: Dr.Imran Ashraf Usmani
Mufti Ehsan Waquar
Mufti Muhammad Naveed Alam
Asset Manager Rating: AM1 by PACRA (Very High Quality)
Pricing Mechanism: Forward Pricing

SECP has approved the change in category of NAFA Islamic Aggressive Income Fund from Shariah Compliant Aggressive Income Fund to Shariah Compliant Income Fund w.e.f. March 14, 2017.Consequently; Name of NAFA Islamic Aggressive Income Fund will be NAFA Islamic Income Fund from March 14, 2017.

Taxation:

Taxes apply as per the Income Tax Ordinance, 2001

            • Capital Gains withholding Tax rate for individual is 10% for up to four years holding period. For holding period of more than 4 years no deduction is made.
            • Tax rate on dividends for individuals is 10% for filer and 15% for non-filer.

Benefits at a Glance:

  • Minimum Investment Rs.10,000/-(Growth Units), Subsequent Investment Rs.1,000/-
  • No Back End load
  • Tax benefit available under section 62 of Income Tax Ordinance 2001.
  • No minimum holding period. Redeem at will.
  • Encashment within 2-3 business days (Otherwise the constitutive documents allow for six working days to pay redemption proceeds)
  • Investment can be encashed at any place in Pakistan through ATM facility. (ATM withdrawal limit for a single day is Rs.100,000/- or 60% of your investment balance whichever is lower).
  • On investment or maintaining a minimum investment Balance/Value of Rs.100,000/- in mutual funds managed by NAFA, individuals (Principal account holders only) will be entitled to free of cost Accidental Death and Permanent Total Disability Takaful Cover equal to the investment value subject to a maximum of Rs.1,000,000/-.
  • Zakat exemption on submission of relevant affidavit (CZ-50).
Taxes apply*

Disclaimer: All investments in mutual Funds are subject to market risks. Please read the Offering Documents and Trust Deeds of the Fund to understand the investment policies and risk involved. Past performance is not necessarily indicative of future results.

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NAFA Riba Free Savings Fund
Offering Document Monthly Report Forms Financial Statement

Introduction

NRFSF is an open-end Shariah compliant income fund, with no direct or indirect exposure to Corporate Sukuks. It aims to provide consistent and halal returns via investment in Government securities (GOP Ijarah sukuks), Shariah compliant money market instruments (rated AA- & above) and Islamic Banks/ Islamic windows of conventional Banks rated A- or above.

The Fund’s objective is to provide preservation of capital and earn a reasonable rate of return along with a high degree of liquidity by investing in short term Shariah Compliant banks and money market / debt securities.
 

Quick Stats

Launch date: August 20, 2010
Category: Open End Shariah Compliant – Income Fund
Risk Profile: Very Low
Stability Rating: 'A(f)' by PACRA
Management fees*: 10% of Net Income (min 0.5% p.a, max 1.25% p.a.)
Benchmark:

6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP

Load*:

Front End Load (Individual): without life Takaful 0.5%, with life Takaful 3% (Nil on investment above Rs. 26 million)

Front End Load (Other): 0.5% (Nil on investment above Rs. 16 million)

Back End Load: NIL

 
Minimum investment: Growth units-Rs.10,000/-, Income units-Rs.100,000/-
Listing: Pakistan Stock Exchange
Auditors: Deloite Yousuf Adil Chartered Accountants
Trustee: Central Depository Company of Pakistan Ltd. (CDC)
Fund Manager: Muhammad Ali Bhabha, CFA, FRM
Shariah Advisory Board: Dr.Imran Ashraf Usmani
Mufti Ehsan Waquar
Mufti Muhammad Naveed Alam
Asset Manager Rating: AM1 by PACRA (Very High Quality)
Pricing Mechanism: Forward Pricing

Taxation:

             • Capital Gains withholding Tax rate for individual is 10% for up to four years holding period. For holding period of more than 4 years no deduction is made.
             • Tax rate on dividends for individuals is 10% for filer and 15% for non-filer.

Benefits at a Glance:

  • Minimum Investment Rs.10,000/-(Growth Units), Subsequent Investment Rs.1,000/-
  • No Back End load
  • Tax benefit available under section 62 of Income Tax Ordinance 2001.
  • No minimum holding period. Redeem at will.
  • Encashment within 2-3 business days (Otherwise the constitutive documents allow for six working days to pay redemption proceeds)
  • Investment can be encashed at any place in Pakistan through ATM facility. (ATM withdrawal limit for a single day is Rs.100,000/- or 60% of your investment balance whichever is lower).
  • Units of Funds can be used as a collateral to avail bank financing.
  • On investment or maintaining a minimum investment Balance/Value of Rs.100,000/- in mutual funds managed by NAFA, individuals (Principal account holders only) will be entitled to free of cost Accidental Death and Permanent Total Disability Takaful Cover equal to the investment value subject to a maximum of Rs.1,000,000/-.
  • Zakat exemption on submission of relevant affidavit (CZ-50).
Taxes apply*

Disclaimer: All investments in mutual Funds are subject to market risks. Please read the Offering Documents and Trust Deeds of the Fund to understand the investment policies and risk involved. Past performance is not necessarily indicative of future results.

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News

New ISLAMIC SAVINGS CENTRES

NAFA ISLAMIC SAVINGS CENTER- Now Open at Paris Road, Sialkot And Liaqat Road, Faisalabad.

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CLOSURE OF FUND TRANSACTIONS (Bank Holiday) - July 03, 2017

July 03, 2017 (Monday) being Bank Holiday transaction in all funds will not be allowed except below mentioned funds. NAFA Stock Fund (Transfer In / Out within NSF / NMF / NISF / NIEF allowed only) NAFA Multi Asset Fund (Transfer In / Out within NSF / NMF / NISF / NIEF allowed only) NAFA Islamic Stock Fund (Transfer In / Out within NSF / NMF / NISF / NIEF allowed only) NAFA Islamic Energy Fund (Transfer In / Out within NSF / NMF / NISF / NIEF allowed only) No Sales, Redemption's, Transfer to and from any OTHER NAFA FUND will be accepted on July 03, 2017 (Monday).

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NAFA Stock Fund posts 33.7% return

NAFA Stock Fund has posted a return of 33.7% during the financial year ending June 30, 2017, versus a 23.2% return on the KSE 100 index. Thus the Fund outperformed the stock market by 10.5%. The fund size of NAFA Stock Fund grew from Rs. 7.9 billion to Rs. 16.9 billion during the year. Source: MUFAP & PSX

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Dividend Distribution 2016-17

NAFA Funds will distribute dividend for the financial year 2016-17 on two different dates. Half of the Funds will distribute their incomes on Monday June 19, 2017 and remaining half on Wednesday June 21, 2016 respectively. The fund wise distribution will be as follows: Distribution on Monday 19-Jun-2017: NAFA Money Market Fund, NAFA Financial Sector Income Fund, NAFA Income Fund, NAFA Savings Plus Fund, NAFA Islamic Income Fund (Formerly; NAFA Islamic Aggressive Income Fund), NAFA Multi Asset Fund, NAFA Islamic Stock Fund, NAFA Stock Fund, NAFA Active Allocation Riba Free Savings Fund, NAFA Islamic Active Allocation Equity Fund. Distribution on Wednesday 21-Jun-2017: NAFA Government Securities Liquid Fund, NAFA Income Opportunity Fund, NAFA Government Securities Savings Fund, NAFA Riba Free Savings Fund, NAFA Islamic Energy Fund, NAFA Islamic Asset Allocation Fund, NAFA Asset Allocation Fund, NAFA Islamic Principal Protected Fund-I, NAFA Islamic Principal Protected Fund-II, NAFA Islamic Principal Preservation Fund, NAFA Islamic Active Allocation Fund-I, NAFA Islamic Active Allocation Fund-II.

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NBP Fullerton Asset Management Ltd (NAFA), announces cash dividend (As of June 19, 2017)

NBP Fullerton Asset Management Ltd (NAFA), is pleased to announce final cash dividend on NAFA Money Market Fund, NAFA Financial Sector Income Fund, NAFA Income Fund, NAFA Savings Plus Fund, NAFA Islamic Income Fund (Formerly; NAFA Islamic Aggressive Income Fund), NAFA Multi Asset Fund, NAFA Islamic Stock Fund, NAFA Stock Fund, NAFA Active Allocation Riba Free Savings Fund and NAFA Islamic Active Allocation Equity Fund for the Financial Year 2016-2017.

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NBP Fullerton Asset Management Ltd (NAFA), announces cash dividend (As of June 21, 2017)

NBP Fullerton Asset Management Ltd (NAFA), is pleased to announce final cash dividend on NAFA Government Securities Liquid Fund, NAFA Income Opportunity Fund, NAFA Government Securities Savings Fund, NAFA Riba Free Savings Fund, NAFA Islamic Energy Fund, NAFA Islamic Asset Allocation Fund, NAFA Asset Allocation Fund, NAFA Islamic Principal Protected Fund-I, NAFA Islamic Principal Protected Fund-II, NAFA Islamic Principal Preservation Fund, NAFA Islamic Active Allocation Fund-I, NAFA Islamic Active Allocation Fund-II. for the Financial Year 2016-2017.

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Reduction in Management fee of NAFA Income Opportunity Fund (NIOF)

This to inform you that with effect from May 02, 2017, the Management of NAFA has decided to reduce the management fee of NAFA Income Opportunity Fund from 1.30% p.a. to 1.00% p.a. of average annual net assets.

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NBP Fullerton Asset Management Ltd (NAFA), Revised Transaction Timings.

Please note that revised transaction timings for equity related funds w.e.f 15/4/17 are as follows; Mon-Thu: 9am to 4:30pm Fri: 9am to 5pm

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NBP Fullerton Asset Management Ltd (NAFA), Announces bonus distribution for NIPPF-I, NIPPF-II & NIPPF.

NBP Fullerton Asset Management Ltd (NAFA) is pleased to announce bonus distribution for NIPPF-I, NIPPF-II & NIPPF (Financial Year 2016-2017).

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Notice of change of Name & Category of Fund - NAFA Islamic Aggressive Income Fund

We would like to inform you that the Management of NBP Fullerton Asset Management Limited (NAFA), with the approval of Securities and Exchange Commission of Pakistan (SECP), has changed the category of NAFA Islamic Aggressive Income Fund from Shariah Compliant Aggressive Income Fund to Shariah Compliant Income Fund. Accordingly the name of NAFA Islamic Aggressive Income Fund will be NAFA Islamic Income Fund w.e.f. March 14, 2017. For further information, please call our toll free helpline # 0800-20002 Kindly also note that all cheques for investment in NAFA Islamic Aggressive Income Fund from March 14, 2017 onwards shall be made in the name of CDC Trustee NAFA Islamic Income Fund.

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