Al-Ameen is the Islamic brand of UBL Fund Managers, and its three core open-end funds cover the whole risk spectrum from a Rs 500 entry point. The Al-Ameen Shariah Stock Fund (ASSF) is a Rs 33.1 billion equity fund launched in December 2006 that returned 14.60% in the year to August 2026 against 18.50% for its KMI-30 benchmark, while beating it over three years and since inception. The Al-Ameen Islamic Sovereign Fund (AISF) is a Rs 6.2 billion income fund holding mostly Government Ijarah Sukuk, returning 8.16% against a 9.90% benchmark over one year. The Al-Ameen Islamic Cash Fund (AICF) is a Rs 26.8 billion money market fund that returned 9.99% against 9.43%.
Total expense ratios for the financial year to date were 3.73%, 1.87% and 1.16% respectively, which is the single most useful fact for choosing between them. UBL Fund Managers holds an AM1 management quality rating from VIS, and names Mufti Muhammad Hassan Kaleem and Mufti Muhammad Najeeb as its Shariah advisors. All figures in this review are taken from the August 2026 Fund Managers Report and the company's website, read on 21 September 2026, and will have moved by the time you read this.
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The Al-Ameen line-up at a glance
The August 2026 Fund Managers Report lists twelve Shariah-compliant schemes under the Al-Ameen name, from money market plans to voluntary pension funds. This review concentrates on the three the search queries ask about, but the shelf also includes the Al-Ameen Islamic Income Fund (Rs 74.0 billion, launched May 2023, now the largest fund in the family), the Al-Ameen Islamic Cash Plan-I (Rs 35.1 billion), the Al-Ameen Islamic Asset Allocation Fund (Rs 5.5 billion), the Al-Ameen Islamic Energy Fund (Rs 4.9 billion) and the Al-Ameen Islamic Retirement Savings Fund, which is the pension vehicle. Our Al-Ameen Funds profile rates the house as the accessibility champion of Pakistani halal investing on the strength of those Rs 500 minimums, and the investing hub explains where mutual funds sit among the halal options.
| Fund | Category | Launch date | Fund size, Aug 2026 (Rs million) | Risk profile | Minimum investment |
|---|---|---|---|---|---|
| Al-Ameen Shariah Stock Fund (ASSF) | Islamic Equity | 24 December 2006 | 33,086 | High | Rs 500 initial and subsequent |
| Al-Ameen Islamic Sovereign Fund (AISF) | Shariah Compliant Income | 7 November 2010 | 6,217 | Medium | Rs 500 initial |
| Al-Ameen Islamic Cash Fund (AICF) | Shariah Compliant Money Market | 17 September 2012 | 26,766 | Low | Rs 500 initial |
Al-Ameen Shariah Stock Fund: what it holds and how it has done
ASSF is a plain long-only equity fund benchmarked to the KMI-30, with 97.12% of assets in shares at the end of August 2026 and the rest in cash. The top ten holdings are the familiar large caps of the KMI-30: Meezan Bank 11.26%, Oil and Gas Development Company 10.31%, Fauji Fertilizer 8.53%, Engro Holdings 7.92%, Lucky Cement 7.76%, Pakistan Petroleum 7.75%, Hub Power 4.72%, Systems Limited 3.30%, Mari Energies 3.26% and Pakistan State Oil 2.98%. The fund discloses one non-compliant position, National Foods at 0.55% of net assets, which is the standard disclosure for a holding that has fallen out of the screen and is being managed out. The NAV was Rs 488.61 on 31 August 2026.
Performance is a story of long-run outperformance and a soft recent year. Over three years ASSF returned 276.66% against 235.68% for the benchmark; over five years 229.93% against 224.13%; since inception 2,128.05% against 1,850.94%, a compound annual rate of 17.07% against 16.28%. Over one year, however, the fund made 14.60% against the index's 18.50%, and in the first two months of the financial year it was down 2.66% against the index's 2.20% fall. The report shows a beta of 0.97 and an alpha of minus 3.90% on a twelve-month trailing basis. Why Islamic equity funds as a group have lagged the KMI-30 recently is examined in our KMI-30 lag analysis, and what the index itself contains is in the halal stocks hub.
The cost is the part to weigh. The management fee is set at up to 3% a year and the report states 2.85% was actually charged in August 2026, which produces a total expense ratio of 3.73% for the financial year to date, including 0.56% of government levy, SECP fee and sales tax. A front-end load of up to 2.5% may be charged on entry. For a fund whose job is to track and slightly beat a free index, 3.73% a year is a high hurdle, and it explains much of the one-year shortfall.
Al-Ameen Islamic Sovereign Fund: Government Ijarah Sukuk at a price
AISF is the house's sovereign income fund. At the end of August 2026 it held 75.35% of assets in Government of Pakistan Ijarah Sukuk, 21.81% in cash and 2.84% in other assets, with a weighted average maturity of 1.37 years and a yield to maturity of 11.50%. The benchmark is 90% of the six-month PKISRV rate plus 10% of the average of the highest savings rates at three AA-rated Islamic banks, and the fund has lagged it recently: 8.16% against 9.90% over one year, 9.03% against 9.98% for the financial year to date, 12.99% against 14.11% over five years. Over three years it is level at 13.83% against 13.89%, and since inception it is ahead at 9.12% against 9.01%. The fund's size fell 20.78% in August alone, from Rs 7.8 billion to Rs 6.2 billion, which suggests investors have noticed.
Fees are moderate for the category but not low: the full 1.50% management fee was charged in August, the total expense ratio for the financial year to date is 1.87%, and a front-end load of up to 1% may apply. The fund carries an AA(f) stability rating from VIS. The awkward comparison is within the same family. The Al-Ameen Islamic Income Fund, launched in May 2023, invests in corporate Sukuk, government securities and Islamic bank deposits rather than sovereign paper alone, reported a financial year to date return of 11.39% against a 9.39% benchmark, and shows a total expense ratio of just 0.19%. A reader who wants Ijarah Sukuk exposure specifically should weigh whether a sovereign-only fund at 1.87% is the right vehicle, or whether the broader income fund at a fraction of the cost does the job.
Al-Ameen Islamic Cash Fund: the parking account
AICF is the fund to hold an emergency reserve or money waiting for a purpose. At the end of August 2026 it had 44.56% in placements with banks and DFIs, 19.74% in Government Ijarah Sukuk, 18.93% in cash and 14.55% in short corporate Sukuk, the largest being an Engro Fertilizer Sukuk at 9.72%. The weighted average maturity was 56 days and the yield to maturity 11.18%. Returns have beaten the benchmark over every period longer than six months: 9.99% against 9.43% over one year, 14.30% against 9.98% over three years and 14.10% against 8.13% over five, although the financial year to date figure of 9.87% sits just under the benchmark's 10.19%.
Costs are the lowest of the three. The management fee is capped at 1.25% and 0.88% was charged in August, giving a total expense ratio of 1.16% for the financial year to date. There is no front-end or back-end load, pricing is backward, and the report lists a 9:30 AM cut-off for same-day redemption, which is the feature that makes it usable as a cash account. The fund holds an AA+(f) stability rating from VIS. How it compares with a bank's Mudaraba savings account depends on the month: the fund is not covered by deposit protection, but its trailing returns have sat above most declared bank rates and redemption is same-day.
Fees across the three funds
| Fund | Management fee charged, Aug 2026 | Total expense ratio, FYTD | Front-end load | Pricing |
|---|---|---|---|---|
| ASSF | 2.85% (cap 3%) | 3.73% | Up to 2.5% | Forward |
| AISF | 1.50% (cap 1.50%) | 1.87% | Up to 1.0% | Forward |
| AICF | 0.88% (cap 1.25%) | 1.16% | Nil | Backward |
Every Al-Ameen report carries the same load disclosure: a sales load of up to 3% or 1.5%, as applicable, may be charged at the discretion of the management company. Ask what the load is on the channel you use, because a 2.5% entry charge on ASSF is almost a year's expected margin over the index. Fund costs are explained in plain terms in our mutual fund fees guide.
Shariah oversight, screening and purification
UBL Fund Managers' Shariah-compliant investing page names Mufti Muhammad Hassan Kaleem and Mufti Muhammad Najeeb as the appointed Shariah advisors. The same page sets out the screening principles: no conventional banks, insurers or other interest-based financial companies; no businesses in prohibited goods or services; and exclusion of any company deriving more than 5% of income from such sources or any activity the Shariah board deems prejudicial. The non-compliant holding disclosure in the ASSF report is the practical evidence that the screen is applied continuously rather than at purchase. The trustee for all three funds is the Central Depository Company, the auditor is Yousuf Adil, and the management company's AM1 rating from VIS is dated 30 December 2025.
What the reports do not show is the purification amount per unit, which an investor who wants to cleanse any impermissible income from the equity fund must obtain from the company. Ask for the latest purification ratio in writing. The regulatory backdrop is the SECP's Shariah governance regime for collective investment schemes, which requires an appointed Shariah advisor and periodic compliance review for every fund marketed as Islamic.
How to invest: Rs 500, the Smart Savings app and WhatsApp
The minimum investment is Rs 500, initial and subsequent for ASSF and initial for the other two, which is the lowest practical entry on the market. UBL Fund Managers' retail channel is the UBL Funds Smart Savings app, available on Google Play, backed by a WhatsApp self-service line at 021-111-825-262 and the downloadable account opening forms on the website. Dealing days are Monday to Friday with a 3:00 PM cut-off (4:00 PM on Fridays). ASSF and AISF are forward priced, so you get the NAV struck after your order; AICF is backward priced with same-day redemption before 9:30 AM.
- Open the Smart Savings app or the website form and complete the account opening with CNIC and bank details
- Pick the fund by goal: AICF for cash you may need, AISF for sovereign Sukuk exposure, ASSF for equity held five years or more
- Check the sales load on your channel before confirming; it can be zero or up to 2.5% on ASSF
- Set a monthly contribution if you are investing from salary, which smooths the equity entry price
- For retirement money, look at the Al-Ameen Islamic Retirement Savings Fund instead, which is the family's voluntary pension scheme and carries the Section 63 tax credit
Al-Ameen against Al Meezan and NBP Funds
Three houses dominate Pakistani Islamic fund management. Al Meezan is the reference institution, with the largest scale and the most-watched equity fund. NBP Funds is the performance-and-plumbing pick, with an Islamic fixed-income suite that has beaten benchmarks for over a decade. Al-Ameen's distinctive claim is access: Rs 500 minimums across the shelf, a retail app and WhatsApp servicing, and a bank-branch distribution network through UBL. On the numbers in this review, its money market fund is competitive, its sovereign fund is not, and its equity fund has a long record but a high expense ratio. The head-to-head of the two larger rivals is in Al Meezan vs NBP Funds, and the cross-manager league table is in best halal mutual funds in Pakistan.
Verdict: which Al-Ameen fund fits which goal
For an emergency fund or money you will need within a year, AICF is a sound choice: low cost, AA+(f) rated, same-day redemption and a record of beating its benchmark over one, three and five years. For money with a one to three year horizon, AISF only makes sense if you specifically want a sovereign-only Ijarah Sukuk fund and accept 1.87% in costs and a recent benchmark lag; otherwise ask the company about its Islamic Income Fund and compare the two reports side by side. For money you will not touch for five years or more, ASSF has beaten the KMI-30 over three years and since 2006, and its Rs 500 minimum makes it a realistic first equity fund, but you are paying 3.73% a year for the privilege and should negotiate the entry load to zero.
Whichever fund you choose, read the monthly Fund Managers Report before each top-up, because the numbers here are from August 2026 and will have moved. Facts checked against ublfunds.com.pk on 21 September 2026.
Frequently asked questions
What is the Al Ameen Shariah Stock Fund NAV?
The August 2026 Fund Managers Report shows a NAV of Rs 488.61 on 31 August 2026, up from Rs 482.07 a month earlier. The NAV changes daily with the market, so the current figure is on the UBL Fund Managers website and in the Smart Savings app. ASSF is forward priced, meaning your purchase is executed at the NAV struck after your order is received.
Has the Al Ameen Shariah Stock Fund beaten the KMI-30?
Over long periods, yes: 276.66% against 235.68% over three years and 2,128.05% against 1,850.94% since launch in December 2006. Over the year to August 2026 it lagged, returning 14.60% against 18.50% for the index, and it also trailed slightly in the first two months of the current financial year. A 3.73% expense ratio makes the one-year gap hard to close.
What is the minimum investment in Al-Ameen funds?
Rs 500. The August 2026 reports list Rs 500 as the initial investment for the Shariah Stock Fund, the Islamic Sovereign Fund and the Islamic Cash Fund, and Rs 500 for subsequent investments in the stock fund. That is the lowest entry point among the major Islamic fund houses in Pakistan and the main reason the family suits first-time investors.
Is the Al-Ameen Islamic Cash Fund better than a bank savings account?
It depends on the month and on your tax position. AICF returned 9.99% over the year to August 2026 after a 1.16% expense ratio, with same-day redemption before 9:30 AM and an AA+(f) stability rating. Islamic bank savings rates vary monthly and are protected up to Rs 1,000,000 by the Deposit Protection Corporation, which a mutual fund is not. Compare the current declared bank rate against the fund's trailing month before deciding.
Who are the Shariah advisors of Al-Ameen funds?
UBL Fund Managers names Mufti Muhammad Hassan Kaleem and Mufti Muhammad Najeeb as its appointed Shariah advisors on its Shariah-compliant investing page. The advisors approve and monitor the instruments the funds hold under the screening rules the page describes, including exclusion of interest-based financial companies and any business earning more than 5% of income from prohibited sources.
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Why did the Al-Ameen Islamic Sovereign Fund shrink in August 2026?
The report shows fund size falling 20.78% in the month, from Rs 7,848 million to Rs 6,217 million, which reflects net redemptions rather than losses, since the NAV rose 0.73% in the same month. The fund has lagged its benchmark over one and five years and charges a 1.87% expense ratio, while the family's newer Islamic Income Fund has outperformed at a 0.19% ratio, so money appears to be moving between the two.
