AWT Investments AWT Islamic Income Fund

One of Pakistan's largest Islamic income funds - PKR 63.1 billion at December 2025, up from PKR 57.2 billion in June 2025 - launched March 2014 by AWT Investments, the Army Welfare Trust's AMC that fully converted to Islamic during 2025 (PACRA now lists zero conventional funds). The December 2025 book: roughly 49% Bai Muajjal, 30% bank deposits and 10% GoP Ijarah sukuk on a ~160-day weighted average maturity, returning about 9.98% annualized against a ~9.30% benchmark. The disclosure problem is structural: the website is JS-only and uncrawlable, no Shariah advisor is publicly named anywhere we could verify, and fee schedules require offering documents - all public facts here come from PACRA rating reports and MUFAP.

AWT's Islamic Income Fund is the biggest fund most Pakistani retail investors have never heard of: PKR 63 billion, benchmark-beating, inside a house that fully de-converted from conventional finance in 2025. That last fact deserves genuine respect. But our review could not answer the most basic question a halal investor asks - who certifies this? - because neither the invisible website nor PACRA's reports name a Shariah advisor. A 160-day Bai Muajjal-heavy book also carries more structure risk than a vanilla deposit fund. Institutional buyers with access to offering documents can resolve both questions in a phone call; retail investors relying on public information should treat this as a strong fund with an unfinished disclosure story, and ask for the Shariah certificate before wiring anything.