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_: Islamic mutual fund works in a similar manner as a conventional fund except that the Islamic mutual fund only deploys funds in Shariah-compliant investments. The key players in Islamic mutual fund are: Asset Management Company, Trustee, Shariah Advisor & Registrar. Following are some of the top funds (based on NAV) according to Mutual Funds Association of Pakistan:
UBL Al Ameen Funds (Shariah Compliant Money Market - Annualized return)
Al-Ameen Islamic Cash Fund (AICF) [formerly UBL Islamic Cash Fund (UICF)] is a mutual fund investment scheme that offers an ideal investment facility, which allows to earn an attractive and stable riba-free return on one's money while providing the flexibility of instant access to the money at all times.
NAFA Islamic Principal Protected/Preservation Fund (Shariah Compliant Fund of funds - Absolute return)
The objective of NAFA Islamic Principal Protected Fund-II is to earn a potentially high return through dynamic asset allocation between Shariah Compliant Equities and Money Market investment avenues, while providing principal protection. Key holdings of the fund belong to Oil & Gas Exploration Companies, Fertilizer and Cement.
The objective of NAFA Islamic Principal Preservation Fund is to earn a...