HBL Asset Management HBL Islamic Pension Fund

HBL Islamic Pension Fund (launched December 2011) held Rs 2,884 million at June 30, 2026, skewed defensive: money market Rs 1,450.6 million (about half the scheme), debt Rs 785.2 million, equity Rs 648.2 million. The fee cap is 2.5% but only up to 1.0% is actually charged - cheaper in practice than most incumbent caps - though a 3% front-end load applies. FY26: equity +32.01% versus the KMI-30's +39.18%, money market 8.96%, debt 9.13%; the equity sleeve is up +1,131.97% cumulative since inception. HBL's pension pages give the clearest tax guidance in the category (Section 63 credit to 20% of taxable income, 50% tax-free lump sum), and the FMR honestly discloses a fully provisioned Agha Steel sukuk in the debt sub-fund. Minimum contribution is not stated in the FMR.

HBL's Islamic VPS is a middle-of-the-pack incumbent with two genuine virtues: real-world fees below its printed caps, and the most usable tax explanation in the category. Its weaknesses mirror the house - an equity capability that trails the index (7.2 points behind in FY26) and a scheme mix so defensive that half the assets sit in cash instruments, which mutes the long-horizon growth a pension exists to capture. The 3% load is standard incumbent practice and standardly regrettable. Choose it if you value HBL's brand and want conservative positioning by default; growth-oriented savers will find Atlas cheaper and Mahaana structurally leaner, and Meezan Tahaffuz remains the depth pick.