Alfalah Asset Management Limited

CREDIT RATING REPORT | Aug-25

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Rating History
Dissemination Date Rating Outlook Action Rating Watch
29-Aug-25 AM1 Stable Maintain -
30-Aug-24 AM1 Stable Upgrade -
31-Aug-23 AM2++ Stable Upgrade -
03-Mar-23 AM2+ Stable Maintain -
03-Mar-22 AM2+ Stable Maintain -
About the Entity

Alfalah Asset Management Limited was incorporated on Oct 18, 2004 as an unlisted public limited company and is licensed by SECP to manage open-ended mutual funds, offer investment advisory services, manage pension funds, conduct REIT and Private Funds managed businesses. The Company's current ownership structure stands with MAB Investments Inc. (~59.8%) and BAFL (~40.2%). The Company’s board of directors comprise seven members including the Chairman. Mr. Atif Bajwa has chaired the Board. He has an extensive international career spanning more than 40 years of executive leadership roles in banking, and of multiple boards and public interest positions. The CEO - Khuldoon Bin Latif has joined the AMC in Mar'23 and has diversified experience in capital markets for over 21 years.

Rating Rationale

Alfalah Asset Management Limited (“AAML” or the “AMC”), backed by the strong financial support of Bank Alfalah Limited and MAB Investments, remains one of the largest AMCs in Pakistan with a diversified fund slate across conventional and Shariah-compliant categories, including CIS, VPS, ETFs, and Fund of Funds. The AMC demonstrated resilience during the first quarter of 2025, supported by its robust control environment, structured investment processes, and digital transformation drive. Amid Pakistan’s gradually stabilising macroeconomic landscape—reflected in easing inflation, declining interest rates, and strengthening FX reserves—AAML repositioned its fund mix with a slight tilt toward equity funds, all of which outperformed benchmarks with lucrative returns. The Company has also expanded and diversified its product offering following the integration of newly acquired portfolios from Faysal Funds, enhancing its ability to cater to varying investor risk appetites and time horizons. While this has increased fund variety, AAML continues to emphasise differentiation strategies to ensure that its product suite remains aligned with investor needs across money market, fixed income, and equity segments. Alongside this, AAML has strengthened its digital offerings, enabling seamless investment and redemption options, while reinforcing IT and information security controls to address emerging cyber risks in line with the industry’s digital shift. Despite regulator-led changes such as capping of the total expense ratio, the Company’s diversified revenue streams, strong governance framework, and synergy with its sponsor bank position it well for sustained growth.
On the financial side, AAML reported closing AUMs of PKR 291.6bln as of Jun'25, reflecting a 13.1% decline from Dec'24 (PKR 337.3bln). The management fee of the AMC improved to PKR 1,276mln during 6MCY25 (6MCY24: PKR 590mln; CY24: PKR 1,800mln). The profit after tax stood at PKR 337mln during the 6MCY25 (6MCY24: PKR 160mln; CY24: PKR 638mln). The AMC maintains a strong equity base of PKR 2.8bln during 6MCY25 (CY24: PKR 2.4bln), well above regulatory requirements, further reinforced by the synergies with its sponsor Bank Alfalah (rated “AAA”) and the long-term backing of MAB Investments.

Key Rating Drivers

Sustainable profitability, market share, and fund performance would provide support to the ratings. While materialization of the initiatives as represented by the management would remain imperative to the ratings.

REPORT CONTENTS
  1. Rating Analysis
  2. Financial Summary
  3. Rating Scale
  4. Regulatory Disclosure

Alfalah Asset Management Limited

rating analysis

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Profile
Structure

Alfalah Asset Management Limited ("the AMC") was incorporated on October 18, 2004 as an unlisted public limited company.


Background

The AMC was established as a joint venture of Bank Alfalah Limited and GHP Arbitrium. Later on, GHP Arbitrium divested its stake in the AMC.


Market Share

As of end-Jun'25, the market share of the AMC increased to 7.6% (Dec'24: 6.9%).


Diversification of Fund Mix

The AMC is currently managing a diversified fund slate across conventional and Shariah-compliant funds, including CIS, VPS, ETFs, and Fund of Funds. Alfalah Investments has introduced its first REIT Fund, offering fractional ownership in Emaar’s premium projects with professional management, and also provides Private Funds that invest in promising companies, creating unique growth opportunities for investors.


Investor Concentration

The top 10 mutual fund investor concentration stood at ~19.6% and the average related party holding represents ~2% of total AUMs.


Ownership
Ownership Structure

The current shareholding of the AMC is held by MAB Investments Inc. (~59.8%) and Bank Alfalah Limited (~40.2%).


Business Acumen

MAB Investments Inc. is one of the investment companies of H.H. Sheikh Nahayan bin Mubarak Al Nahayan, a member of the Abu Dhabi Ruling Family. Bank Alfalah Limited has a strong nationwide presence, enabling it to reach out to its target audience. It has a presence in 225+ cities, with 1,100+ branches including 400+ Islamic branches. It has an international presence and is owned and operated by the Abu Dhabi Group.


Financial Strength

Bank Alfalah Limited has an unconsolidated net assets base of ~PKR 178bln at end Dec’24. The long-term credit rating of Bank Alfalah Limited is ‘AAA ‘and the short-term rating is ‘A1+.’


Governance
Board Structure

The AMC comprises a seven-member board that comprises the CEO, two representatives of MAB Investments, and two representatives of Bank Alfalah Limited. There are six non-executive and two independent directors.


Members’ Profile

Mr. Atif Aslam Bajwa is the chairperson of the Board. He has an extensive international career spanning more than 40 years of executive leadership roles in banking and of multiple boards and public interest positions. Mr. Bajwa received his education at Columbia University, New York. Mr. Khaled Khanfer, a Certified Public Accountant (US & Canada) with 17+ years of experience, holds a bachelor’s degree in accounting and has worked across multinational organisations in multiple jurisdictions. Mr. Sohail Sultan, with extensive international banking exposure, has over 20 years of experience, including senior roles at Citibank (London) and Barclays Capital (London), and holds an MSc in Economics (Accounting & Finance) from LSE and an LLB from City of London Business School. Ms. Ayesha Aziz, a CFA charterholder with an MBA from IBA, has 28+ years in project and structured finance, asset management, and private equity, and was the founding Managing Director of Pak Brunei Investment Company after working at ANZ Grindlays and Pak Oman Investment Company. Mr. Khalilullah Shaikh, a Fellow Chartered Accountant and five-time ICAP gold medalist, has held senior positions at PIA, K-Electric, and Shell Group; with 20+ years of experience, he also served as ICAP’s youngest President in 2019-20. Mr. Farooq Ahmed Khan, with 28+ years in corporate and investment banking, is currently Group Head at Bank Alfalah, having previously served at UBL, MCB Bank, Faysal Bank, and Eco Trade & Development Bank; he holds an MBA from Washington University in St. Louis and a PICG Director Certification. Mr. Khaldoon Bin Latif, CEO, brings 21+ years of capital markets experience, having served as CEO of Faysal, BMA, and KASB Asset Management, CIO at JS Investments, and earlier with AKD Securities and PICIC AMC; he is a LUMS alumnus and has completed multiple capital market courses with CFA Institute, Daiwa, JP Morgan, and BIBF, along with a Director Certification from IBA.


Board Effectiveness

There are three committees at the board level, (i) Audit Committee, (ii) HR and Remuneration Committee and (iii) Risk Management Committee for effective monitoring and board assistance.


Transparency

The internal audit department is outsourced to M/s KPMG Taseer Hadi & Co. Chartered Accountants for effective monitoring of control systems. The external auditor of the AMC is M/s A.F Ferguson & Co. Chartered Accountants, which falls in the ‘A’ category of SBP Panel of Auditors.


Management
Organizational Structure

The AMC has a well-defined and formal organisational structure, with appropriate departmentalisation. It operates through nine departments, each with its well-defined and specific functions.


Management Team

The management team comprises experienced and qualified professionals. Mr. Khaldoon Bin Latif, CEO, brings 21+ years of capital markets experience, having served as CEO of Faysal, BMA, and KASB Asset Management, CIO at JS Investments, and earlier with AKD Securities and PICIC AMC; he is a LUMS alumnus and has completed multiple capital market courses with CFA Institute, Daiwa, JP Morgan, and BIBF, along with a Director Certification from IBA. Mr. Saad Qureshi is the Chief Strategy Officer (CSO) with over 20 years of experience in the fields of strategy formulation, execution, sales and business development, product structuring, marketing, investment advisory and HR management. Mr. Muhammad Ayub Khuhro, Chief Investment Officer at Alfalah Investments, brings over 15 years of experience in banking and asset management, with prior leadership as CIO at Faysal Asset Management. A LUMS Economics graduate, he specialises in equity, fixed income, and multi-asset investments with strong expertise in research-driven portfolio management. Mr. Faisal Ali Khan, CFO of Alfalah Investments, is a Fellow Chartered Accountant with 19 years of experience, including 15 in asset management. He previously served as CFO & Company Secretary at Faysal Funds and held roles at BMA Funds, Saudi Pak, Attock Refinery, and KPMG.


Technology Infrastructure

The AMC has shifted to the new back office with a much-improved and technologically advanced ERP system of DirectFN, which has separate modules as per the requirements of relevant departments for smooth functioning of operations.


Control Environment

The compliance is being led by Mr. Shariq Mukhtar Hashmi. The AMC has devised detailed policies to ensure compliance with all applicable statutory regulations and internal investment guidelines. The AMC uses Excel-based models to monitor the exposure limits and margins.


Investment Risk Management
Credit Risk

The AMC uses excel based credit risk models for credit risk monitoring with focus on qualitative and quantitative analysis. The AMC has controls in place to ensure exposure limits. AAML’s investment process emphasises oversight, risk management, and alignment with strategic goals. Macroeconomic and sectoral analyses guide portfolio strategy and fund allocations, while the Investment Committee reviews performance, NAV trends, and risk inputs on a monthly basis. Portfolio exposures are continuously monitored within regulatory limits.


Liquidity Profile

The risk management department vigilantly monitors the liquidity profile of the AMC. Sufficient liquidity is maintained by investing a significant portion of the fund's assets in liquid investment avenues.


Market Risk

For managing market risk, various techniques such as VaR analysis, beta analysis and stress testing are being used. The exposure limits are clearly communicated to portfolio managers along with periodic review of appropriateness of limit structure.


Portfolio Management
IC Composition

The investment committee comprises the Chief Executive Officer, Chief Investment Officer, Chief Finance Officer, Chief Compliance Officer, Chief Risk Officer, Head of Equities, Head of Fixed Income, Head of Research, and Fund Managers.


Effectiveness

The investment committee comprises of qualified and experienced professionals. The investment committee meets on weekly basis and reviews the investment strategy of each fund under management and its performance on regular basis to incorporate the impact of market circumstances on funds’ performance.


Investment Research and Analysis

The research function operates under the supervision of Chief Investment Officer. The department uses various techniques including the fundamental analysis of key sectors and stocks to identify attractive investment avenues. For equity valuation, standard financial models are used and broker researchs also considered.


Customer Relationship
Investor Services

The AMC has provided its investors with an online platform which allows real time access to their accounts. The mobile app of the AMC provides various value-added services such as fund NAVs, investment account details and E-transactions. The AMC has also integrated the Alfa app to facilitate the account holders of Bank Alfalah.


Investor Reporting

The AMC disseminates unit holder statement on monthly basis which comprises investment value and asset allocations along with dissemination and publication of FMR on its website in a timely manner. The customers are also provided with SMS and e-mail services for transaction alerts and NAV prices alerts.


Distribution and Sales Network

The AMC has a network of eight investment centers spread across major cities of Pakistan. The AMC is focused on to increase its retail customers by capitalizing the well-established branch network of Bank Alfalah with distribution agreements which relevant relationship managers are creating awareness in respective areas to increase sales.


Performance
Asset Under Management

The total AUMs of the AMC stood at PKR 291.6bln as of Jun'25, reflecting a 13.1% decline from Dec'24 (PKR 337.3bln). The majority of the funds outperformed their benchmarks.


Asset Manager

The management fee of the AMC improved to PKR 1,276mln during 6MCY25 (6MCY24: PKR 590mln; CY24: PKR 1,800mln). The profit after tax stood at PKR 337mln during the 6MCY25 (6MCY24: PKR 160mln; CY24: PKR 638mln). The AMC maintains a strong equity base of PKR 2.8bln during 6MCY25 (CY24: PKR 2.4bln), well above regulatory requirements, further reinforced by the synergies with its sponsor Bank Alfalah (rated “AAA”) and the long-term backing of MAB Investments.
 
 

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Alfalah Asset Management Limited

funds performance

(Alfalah Asset Management Limited)

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Sr. No. Fund Name Category Launch Date Weight (%) AUMs (PKR' mln) Return | Rolling 12 Months (Jun'25-Jun'24) Stability Rating/Performance Ranking
Jun-25 Mar-25 Dec-24 Sep-24 Return Benchmark Fund vs. Benchmark
Conventional Funds
1 Alfalah GHP Alpha Fund Equity 9-Sep-08 0.7% 1,985 1,768 1,880 987 67.3% 60.2% 7.1%
2 Alfalah GHP Cash Fund Money Market 12-Mar-10 12.3% 35,755 4,528 5,306 5,208 14.3% 13.9% 0.4% AA+
3 Alfalah GHP Income Multiplier Fund Aggressive Fixed Income 15-Jun-07 0.4% 1,233 1,189 1,441 1,390 14.8% 13.6% 1.2% A+
4 Alfalah Government Securities Fund Plan I Income 10-Sep-24 2.5% 7,237 6,314 13,995 5,171 16.6% 12.5% 4.1%
6 Alfalah GHP Sovereign Fund Income 9-May-14 1.4% 3,980 12,504 14,181 17.6% 13.6% 4.0% AA-
7 Alfalah GHP Value Fund Asset Allocation 29-Oct-05 0.1% 368 337 364 222 50.3% 38.6% 11.8%
8 Alfalah Financial Value Fund - II (Formerly Faysal Financial Value Fund) Asset Allocation 19-Oct-23 1.1% 3,252 3,118 3,032 2,909 3.5% 4.2% -0.7%
9 Alfalah GHP Prosperity Planning Fund (Alfalah GHP Active Allocation Plan) Fund of Funds 16-May-24 0.4% 1,026 1,029 995 848 62.6% 56.0% 6.6%
10 Alfalah GHP Income Fund Income 14-Apr-07 4.2% 12,362 2,516 1,551 3,808 15.8% 13.8% 2.0% AA-
11 Alfalah Stable Return Plan IV 6.4% 18,548 25,708 28,299 5,273 0.0%
12 Alfalah Financial Sector Income Fund Income 2-Aug-23 4.2% 12,157 10,835 7,495 11,114 14.5% 13.7% 0.7% A+
13 Alfalah Strategic Allocation Fund Plan - I Fund of Funds 21-Nov-24 0.1% 205 103 101 5.5% 6.7% -1.2%
14 Alfalah GHP Money Market Fund Money Market 27-May-10 22.7% 66,151 92,973 103,457 61,537 14.8% 13.9% 0.9% AA+
15 Alfalah GHP Stock Fund Equity 15-Jul-08 3.0% 8,777 7,367 6,318 3,114 63.3% 60.2% 3.1%
16 Alfalah Asset Allocation Fund (Formerly: Faysal Asset Allocation Fund) Asset Allocation 24-Jul-06 0.0% 112 164 7,495 59.6% 51.4% 8.2%
17 Alfalah Cash Fund - II (Formerly: Faysal Cash Fund) Money Market 8-Jan-21 1.4% 3,946 108 14.5% 13.9% 0.6% AA+
18 Alfalah Financial Sector Opportunity Fund (Formerly: Faysal Financial Sector Opportunity Fund) Income 5-Jul-13 0.2% 697 537 12.4% 13.8% -1.4% A+
19 Alfalah Government Securities Fund - III (Formerly: Faysal Government Securities Fund) Income 0.9% 2,613 2,703 0.0%
20 Alfalah Income & Growth Fund (Formerly: Faysal Income & Growth Fund) Aggressive Fixed Income 10-Oct-05 0.0% 102 81 6.4% 13.8% -7.4% A
21 Alfalah Money Market Fund - II (Formerly: Faysal Money Market Fund) Money Market 13-Dec-10 0.8% 2,397 984 14.2% 13.9% 0.4% AA
22 Alfalah MTS Fund (Formerly: Faysal MTS Fund) Income 8-Apr-16 0.2% 603 112 12.5% 13.8% -1.2% AA-
23 Alfalah Savings Growth Fund (Formerly: Faysal Savings Growth Fund) Income 12-May-07 0.6% 1,686 189 21.0% 13.8% 7.3% AA-
24 Alfalah Special Savings Fund - I (Formerly: Faysal Special Savings Plan I) Capital Protected 1-Oct-21 0.0% 107 103 5.9% 13.6% -7.7% CP2+
25 Alfalah Stock Fund - II (Formerly: Faysal Stock Fund) Equity 19-Apr-04 0.0% 124 115 70.0% 60.2% 9.8%
27 Alfalah Consumer Index Exchange Traded Fund Exchange Traded Fund 17-Jan-22 0.0% 25 23 20 11 50.8% 62.3% -11.5%
28 Alfalah KPK Employee Pension Fund Money Market 14-Dec-23 0.0% 42 40 39 36 0.0%
29 Alfalah GHP Pension Fund VPS 0.3% 838 678 553 417 0.0%
Total Conventional AUMs 63.9% 186,328 176,123 182,341 116,225 -
Shariah Complaint Funds
30 Alfalah GHP Islamic Pension Fund Debt 3-Sep-20 0.2% 636 526 433 370 0.0%
31 Alfalah Islamic KPK Employee Pension Fund Money Market 27-Dec-02 0.0% 67 59 55 48 0.0%
32 Alfalah Islamic Money Market Fund Shariah Compliant Money Market 14-Apr-23 21.5% 62,757 96,035 95,932 56,740 14.1% 9.9% 4% AA
33 Alfalah Islamic Stable Return Plan - II 0.0% 0 1,232 2,766 2,601 0%
34 Alfalah KTrade Islamic Plan VII Shariah Compliant Fund of Funds 0.0% 15 12 111 108 11.1% 8.3% 3%
35 Alfalah Islamic Sovereign Fund (Alfalah Islamic Sovereign Plan I) Shariah Compliant Income 26-Sep-23 3.8% 11,157 3,575 16,443 16,427 13.1% 13.2% -0% AA+
36 Alfalah GHP Islamic Income Fund Shariah Compliant Income 3-Dec-09 1.8% 5,391 5,629 8,184 3,599 13.8% 10.4% 3%
37 Alfalah GHP Islamic Prosperity Planning Fund (Alfalah GHP Islamic Moderate Allocation Plan) Shariah Compliant Fund of Funds 9-Jun-16 0.1% 199 192 659 370 30.1% 19.3% 11%
38 Alfalah Islamic Rozana Amdani Fund Shariah Compliant Money Market 18-Sep-20 6.0% 17,441 14,271 15,065 17,291 13.9% 9.9% 4% AA
39 Alfalah GHP Islamic Stock Fund Shariah Compliant Equity 4-Sep-07 2.1% 6,177 44,443 4,826 2,142 50.1% 46.2% 4%
40 Alfalah GHP Islamic Value Fund Shariah Compliant Asset Allocation 12-Oct-17 0.3% 834 1,051 1,045 1,858 15.9% 10.1% 6%
41 Alfalah GHP Islamic Dedicated Equity Fund Shariah Compliant Equity 23-May-17 0.0% 0 0 0
Sum 35.9% 104,675 167,025 145,519 101,553
Grand Total 100% 291,631 337,320 327,860 217,778

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Alfalah Asset Management Limited

rating scale

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Alfalah Asset Management Limited

regulatory disclosure

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  1. Rating Team Statements
    1. Rating is just an opinion about the creditworthiness of the entity and does not constitute a recommendation to buy, hold, or sell any security of the entity rated or to buy, hold, or sell the security rated, as the case may be. (Chapter III; 14-3-(x))
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      2. PACRA, the analysts involved in the rating process, and members of its rating committee and their family members do not have any conflict of interest relating to the rating done by them (Chapter III; 12-2-(e) & (k))
      3. The analyst is not a substantial shareholder of the customer being rated by PACRA [Annexure F; d-(ii)]
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