Al Meezan Investment Management Limited ("Al Meezan" or the "AMC") is a Public Unlisted Company, established under the Companies Act 2017 (previously Companies Ordinance, 1984). Al Meezan is a multiservice AMC which is holding licenses i) Asset Management Services License ii) Investment Advisory Services License iii) Pension Fund Manager License. The AMC has also been granted the license to carry out REIT management services.

The AMC was incorporated in 1995 as a private limited company and was subsequently converted into a public unlisted company in 2001. Al Meezan Investment Management Limited serves as the asset management arm of Meezan Bank Limited, one of Pakistan’s highest-rated banks, thereby benefiting from strong sponsor support and institutional backing. The association with Meezan Bank provides strategic strength to the AMC through the Bank’s extensive nationwide network comprising 1,105 branches as of Dec’25 (Dec’24: 1,051 branches).

The AMC maintains a strong market position with an market share of 15% at the end of CY25 (CY24: 16%). The AMC also continues to retain its leading position within the Shariah-compliant mutual fund segment, commanding a market share of ~32% for the period ended CY25.

The AMC currently manages a diversified portfolio comprising twenty-seven funds across thirteen distinct Shariah-compliant categories, including a voluntary pension scheme. Al Meezan also retains a unique competitive advantage as the only AMC in Pakistan offering a commodity-based fund through Meezan Gold Fund. Going forward, the AMC plans to further diversify its product portfolio through the prospective launch of a REIT Fund and a Private Equity Fund. This strategic direction underscores management’s focus on expanding into alternative asset classes while introducing innovative investment solutions aimed at catering to a broader and evolving investor base.

The top 10 investors represent ~14% of total AUMs at the end CY25. Whereas, the average related party holding represents ~7% of total AUM. The AMC’s investor mix remains largely skewed towards retail investors, which constitute approximately 67% of the total investor base, while institutional investors account for the remaining 33%. The sizeable retail presence provides greater granularity within the AMC’s funding base, thereby supporting the overall stability and resilience of its AUM profile.

Meezan Bank Limited (or the "Bank") is the largest shareholder of the Company with ~65% stake, followed by Pak Kuwait Investment Company Limited (~30% shareholding). The remaining 5% stake of the AMC is held by others.

Meezan Bank Limited is Pakistan's first and largest Islamic bank and is listed on PSX. The Bank offers a diversified suite of Shariah-compliant banking products and services across multiple business segments, supported by a strong nationwide presence and an established market franchise. Pak Kuwait Investment Company Limited is a development financial institution jointly owned by the Governments of Pakistan and Kuwait. The Company provides a broad range of financial and investment banking services and benefits from strong sovereign backing, experienced management, and an established presence within Pakistan’s financial sector.

Supported by a sizeable asset base of approximately PKR 4.8trln at end-CY25, the Bank’s association provides considerable financial strength, institutional backing, and credibility to Al Meezan Investment Management Limited. The Bank reported an equity base of PKR 279bln as of end-CY25 (CY24: PKR 247bln).

The AMC's Board of Directors ("BoD" or "Board") is composed of ten members including the CEO. Three directors are independent and six are non-executive. Four directors represent Meezan Bank while two are representative of Pak Kuwait Investment Company Limited.

Mr. Irfan Siddique - Chairman & Non-Executive Director, represents Meezan Bank Limited on the Board and possesses over four decades of diversified experience in banking, investment management, and Islamic finance. He served as the founding President & CEO of Meezan Bank and has held several senior leadership positions across prominent financial institutions. Mr. Saad Ur Rahman Khan - Non-Executive Director, represents Pak Kuwait Investment Company Limited on the Board and brings over three decades of experience in retail, corporate, commercial, investment, and international banking. He currently serves as Managing Director of Pak Kuwait Investment Company Limited and has previously held senior leadership roles at major local and multinational banks. Mr. Feroz Rizvi - Independent Director is seasoned finance professional with over four decades of local and international experience in corporate finance, governance, restructuring, and strategic management. He has held senior executive positions, including CFO & Finance Director at ICI Pakistan Limited. Mr. Furquan Kidwai - Independent Director possesses diversified experience spanning technology, investment banking, and financial markets. He is the Founder & CEO of Dawaai Technologies and previously worked with leading international financial institutions including Royal Bank of Scotland, Merrill Lynch, and Lehman Brothers. Dr. Syed Amir Ali - Independent Director is a distinguished professional with extensive experience in Islamic finance, Shariah advisory, and academia. He has served on various national and international Shariah boards and possesses deep expertise in Islamic banking regulations and governance frameworks. Ms. Ayesha Umer - Independent Director is an experienced professional with diversified exposure across corporate governance, finance, and strategic management. Her professional background and independent perspective strengthen the Board’s governance structure and contribute towards balanced decision-making and oversight. Ms. Danish Zuberi - Independent Director possesses over two decades of professional experience in corporate and commercial law, taxation, arbitration, and regulatory advisory services. She has advised numerous corporates and family-owned businesses while also serving in senior legal roles at prominent organizations. Ms. Shazia Khurram - Non-Executive Director possesses significant experience in financial management, governance, and corporate affairs. Her professional expertise and understanding of regulatory and operational matters support the Board in maintaining effective governance standards and institutional oversight. Mr. Syed Imran Ali Shah - Non-Executive Director is a highly accomplished finance executive with nearly two decades of experience in the Financial Services industry. He possesses a unique blend of strategic acumen, leadership skills and financial expertise. Throughout his career, he has demonstrated a proven track record of driving business growth, leading high-performing teams and providing strategic advisory to senior management at top-tier financial institutions. The BOD members have extensive experience (26 Years on average) in the field of banking and investment management. This helps in providing useful insight and guiding management in the development of effective risk management policies and procedures.

The Board actively provides guidance to the AMC. Currently, there are four committees at the board level, Audit Committee, Risk Management Committee and Human Resource & Remuneration Committee and IT Committee to ensure smooth and effective monitoring and control.

The AMC has an in-house internal audit department to monitor the internal controls. The department directly reports to the audit committee of the Board. The external auditors of the AMC, A.F. Ferguson & Co. Chartered Accountants, have provided an unqualified review on the Financial Statements for FY25.

The AMC maintains a well-structured organizational framework comprising fourteen principal departments, of which eight report directly to the Chief Executive Officer. Core functions including Investments, Finance, Operations, Risk Management, Compliance, Information Technology, and Human Resources are overseen by experienced senior management personnel, reflecting a specialized and functionally robust management structure.

The senior management team of the AMC comprises of seasoned professionals. Mr. Imtiaz Gadar - CEO has over two decades consistently delivering exceptional results across diverse facets of the financial industry, including Portfolio Management, Investment Banking, Equity Brokerage, Research and Investor Relations. Mr. Muhammad Asad - Chief Investment Officer, is an MBA with extensive experience of over two decades, out of which more than twenty two years are with the AMC. Muhammad Shahid Ojha - Chief Financial Officer possesses extensive experience in finance, fund accounting, and asset management. Prior to his appointment as CFO, he served as Head of Fund Accounting at the AMC since 2012. Mr. Ojha has over 14 years of post-qualification experience across various financial institutions and has previously served as Chief Financial Officer at Faysal Asset Management Limited and Dawood Capital Management Limited.

Al Meezan Investment Management Limited implemented DFN system as its core business software. Investment, redemption and conversion of mutual fund units by investors are processed via software and are dealt on a timely basis. The AMC is further enhancing its digital ecosystem through the revamping of Al Meezan Mobile App to a 360-degree financial wellness mobile application, AI-enabled chatbot solutions, centralized data warehousing infrastructure, and enhanced mobile security features. These initiatives reflect management’s strategic emphasis on operational scalability, digital innovation and long-term sustainability of Shariah-compliant digital investment solutions. 

Al Meezan Investment Management Limited maintains a strong and independent control environment supported by a dedicated Internal Audit Department. The function is headed by Syed Owais Wasti who brings over 31 years of professional experience across the audit and financial sectors. The department operates with functional independence from management, with administrative reporting to the CEO and direct reporting to the Audit Committee of the Board, ensuring robust oversight and objective assurance over internal controls. This structure reflects a firm governance culture, where internal audit plays a key role in strengthening control discipline and enhancing operational effectiveness across the organization.

The Investment Committee (“IC”) reviews credit and investment proposals presented by the Risk Management Department to ensure alignment with the AMC’s risk parameters and regulatory requirements. The AMC has implemented robust controls to monitor allocation limits, while regulatory exposure thresholds for Equity and Fixed Income funds have been embedded within the system, restricting fund managers from exceeding approved limits for any individual script or issuer.

The Risk Management Department continuously monitors the liquidity profile of the funds to ensure alignment between portfolio allocations and anticipated redemption patterns, thereby minimizing potential liquidity mismatches. The AMC maintains adequate liquidity buffers through prudent allocation of fund assets towards liquid and readily marketable investment avenues to facilitate timely redemption requirements.

Al Meezan Investment Management Limited has established an adequate framework for monitoring and measuring exposure to various market risk factors. The AMC utilizes internally developed analytical and Excel-based models to assess portfolio sensitivities arising from movements in key underlying variables. These tools assist management in evaluating the potential impact of changing market conditions on portfolio performance and support timely investment and risk management decisions. 

The Investment Committee (“IC”) comprises senior management and investment professionals, including the Chief Executive Officer, Chief Investment Officer, Head of Equities, Head of Fixed Income, respective Fund Managers for Equity, Fixed Income and Commodity Funds, along with the Head of Risk and Head of Research.

The Investment Committee meets on a weekly basis to review portfolio positioning and market developments. The Research Department supports the process by presenting a structured investment summary, including key market insights and portfolio recommendations, to facilitate informed decision-making and ensure disciplined investment oversight.

The research department is headed by Ms. Amreen Soorani, and falls under the purview of CEO. She has over 14 years of experience in the financial markets. The research team comprises 10 persons; 6 analysts, 3 database personnel and a Head of Research. The team comprises experienced and qualified research analysts, providing strong analytical support for investment decision-making. The investment universe of Al Meezan encompasses 90-100 scrips, out of which approximately 70 are actively pursued. Primary data is retrieved mostly through Bloomberg data portal. The department maintains close surveillance for companies expected to become Shariah complaint in some time.

The AMC utilizes specialized customer relationship management (“CRM”) and investment management software to facilitate efficient client servicing and operational management. Through its digital platform, investors are provided with access to key portfolio and transaction-related information, enabling enhanced transparency and convenience. The AMC offers multiple digital service channels, including an online investor portal, mobile application, and ATM card-based accessibility, through which investors can undertake transactions such as investments, conversions, redemptions, and account management activities.

The AMC regularly publishes detailed Fund Manager Reports on its website to keep investors informed regarding fund performance, portfolio composition, investment strategy, and prevailing market developments. These reports provide investors with periodic insights into market conditions, key economic trends, and the overall performance of individual funds, thereby enhancing transparency and investor awareness. The AMC’s website also serves as a comprehensive information dissemination platform, providing access to important information relating to the Company, management profile, historical NAV trends, fund performance data, product features, financial disclosures, regulatory notices, and other material announcements. This structured reporting and digital communication framework reflects the AMC’s emphasis on transparency, investor engagement, and timely information accessibility.

The AMC has a strong distribution network of twenty-three distributors and twenty three branches in thirteen cities across the Country. The management is focusing on enhancing its digital presence and geographical presence, going forward.

Al Meezan maintained its leading position within the asset management industry, with Assets Under Management increasing to PKR 695bln at the end of CY25 (CY24: PKR 692bln). The AMC’s largest fund remained the Meezan Cash Fund, which constituted approximately 37% of the total AUM base, with fund size standing at PKR 245bln.

During 6MFY26, the AMC’s management fee increased by ~56% to PKR 3,921mln (6MFY25: PKR 2,510mln). Consequently, net profitability increased by ~31% to PKR 2,643mln (6MFY25: PKR 2,023mln), supported by elevated management fee income and increased share of profit from associates. The AMC’s equity strengthened to PKR 7,208mln (FY25: PKR 6,014mln), remaining comfortably above the minimum regulatory capital requirement and providing adequate financial cushion to support future