KARACHI (PR): ABL Asset Management Company Ltd appointed MCB FSL as trustee for their upcoming ABL Islamic Stock Fund. Farid A. Khan, CEO ABL AMC, and Khawaja Anwar Hussain, CEO MCB FSL, signed the agreement. ABL Asset Management Company Ltd (ABL AMC) is a wholly owned subsidiary of Allied Bank Limited (ABL) and is currently rated AM2- by JCR-VIS which denotes “high management quality”.
The company is managing over Rs.20 billion of retail and institutional funds and is ranked amongst the largest fund management company in Pakistan. ABL Islamic Stock Fund is a shariah complaint, open-end fund which will provide investors an attractive opportunity to tap the enormous potential of Pakistan’s equity markets and earn halal profits.  The fund will be launched by end of May 2013 and will be available at all branches of Allied Bank and ABL AMC. ABL Islamic Stock Fund will be managed by ABL AMC under the guidance of Mufti Irshad Ahmed. After the successful launch of ABL Islamic Income Fund, this will be second Islamic fund in ABL AMC’s portfolio.
The firm already manages the highly successful ABL Stock fund, which delivered an annual return of 45.3% (as at 15th May 2013).