Alfalah Asset Management Alfalah GHP Islamic Pension Fund

Alfalah GHP Islamic Pension Fund (launched November 2016) held Rs 1,046 million at June 30, 2026 - money market Rs 415.2 million, equity Rs 352.9 million, debt Rs 278.2 million - a small VPS beside the firm's Rs 53.9 billion flagship money market fund. Minimums are the most accessible in the incumbent cohort (Rs 500 initial / Rs 100 subsequent) and the fixed-income sleeves were genuinely cheap in June 2026 (debt 0.35%, money market 0.30% actual), but the equity sub-fund's scale problem is in print: an 8.20% June TER with levies on Rs 353 million of assets. A 3% front-end load applies; screening is Al-Hilal-verified with published criteria, and Alfalah also manages the Islamic KPK Employee and GOPB (Wakalatul Istithmar) pension mandates.

On paper Alfalah's Islamic VPS should be a contender: Rs 500 entry, cheap fixed-income sleeves, and the cohort's most verifiable Shariah documentation. In practice the equity sub-fund is too small to run: an 8.20% June TER isn't a fee, it's an impairment, and it exists because Rs 353 million can't absorb fixed costs. Our guidance follows the numbers - the money-market and debt sleeves are usable (0.30-0.35% actual fees), but avoid the equity sleeve until assets scale, which inverts the whole point of a growth-oriented pension. Savers wanting equity exposure in an Islamic VPS are better served by Atlas (zero load, 1.25% equity), Alhamra (performance pedigree) or Mahaana (structural cheapness). Watch this one; don't anchor a retirement to it yet.