Faysal Funds Faysal Islamic Pension Fund

Faysal Asset Management is the fund-management expression of Pakistani banking's biggest religious conversion story: parent Faysal Bank completed its transformation into a full-fledged Islamic bank in 2022-23, and the AMC's shelf followed - the June 2026 FMR lists more than 35 Shariah-compliant schemes and plans (money market, cash, savings, sovereign, stock, dedicated equity, fixed-term Mehdood Muddat series, women-focused Nu'umah and Barak'ah savers plans, and three pension vehicles) against a handful of legacy conventional funds. Rated AM1 by VIS, with twin cash flagships anchoring the book: Faysal Halal Amdani Fund at Rs 43.07 billion and Faysal Islamic Cash Fund at Rs 39.78 billion at June 30, 2026.

Shariah governance runs through one man: every FMR page carries the attestation that all operations are approved by Shariah Advisor Mufti Abdul Basit, SECP registration SECP/IFD/SA/192 - a single-scholar model leaner than the three-to-six-member boards at peers, backed by a 92-page Shariah opinions compendium published only as an image scan whose fatwas, screening ratios and purification policy our review could not extract. The website is a JavaScript single-page app that yields almost nothing to static verification, so the FMR PDFs are the evidence base. Screening presumably follows KMI/SECP standards, but that is unverified for Faysal specifically - a documentation gap, not necessarily a substance one.

The numbers sort the shelf. The cash flagships charge the full 1.25% cap (TERs 1.57-1.58%) and returned 9.29-9.34% in FY26, just under the 9.37% benchmark - adequate results at prices that MCB (0.27%), ABL (0.55%) and Atlas (0.06%) have made look expensive. Fixed-income satellites underwhelmed (the Islamic Sovereign Plan-I's 249bp FY26 benchmark shortfall was the cohort's worst print). But the Faysal Islamic Pension Fund (October 2021, Rs 1.07 billion) holds the cohort's most interesting datapoint: its equity sub-fund is ahead of its benchmark over three years (+306.72% vs +272.05% cumulative) - the only incumbent Islamic VPS equity sleeve we found beating its index on that horizon - at competitive fees (1.50%/1.19%/1.00%) with loads charged at 0.59% in practice and a Rs 1,000 minimum. The caveats: a small Rs 227 million equity sleeve, a short window, and benchmark labels that wobble between KMI variants. Verify in the latest FMR; if it holds, it's the sleeper pick.