Islamic Savings Fund Manager Report of Shari’ah …...Page 01 Performance Summary of Key...

in July 2019

Fund Manager Reportof Shari’ah Compliant SchemesAugust 2019

Islamic Savings

NBP FUNDSManaging Your Savings

NAFA Islamic Saving Plans

***Underlying investment of the above strategy is as follows NISTP: 100% NRFSF, NIMSP:50% NRFSF and 50% NISIF, NISIP: 100% NISIF. NRFSF: NBP RIBA FREE SAVINGS FUND (Formerly; NAFA RIBA FREE SAVINGS FUND); NISIF: NBP ISLAMIC SARMAYA IZAFA FUND (Formerly; NAFA ISLAMIC ASSET ALLOCATION FUND); Note: Performance shown is of the underlying funds as on August 31, 2019, based on dividend reinvestment gross of withholding Taxes, excluding cost of front end load. The performance reported is net of Management Fee, Takaful premium, and all other expenses. Taxes apply as per current income tax law; **Subject to conditions as per section 62 of the Income Tax Ordinance, 2001; *Terms & Conditions apply; Disclaimer: All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand investment policies and the risks involved. The underlying scheme holds certain non-compliant investments. Before making any investment decision, investors should review the latest monthly Fund Manager Report and Financial Statements. The reported returns may include provisioning and reversal of provisioning against some debt securities.

Aap kay har khwab kay liye hamaray saving plans

NBP Fund Management Limited

Contact our Investment Consultant for free Investment advice

/[email protected] SMS Invest to 9995 0800-20002 www.nbpfunds.com

Wealth

Retirement

Education

Wedding

Benefits at a Glance:

Withdrawl ofInvestment any time

without penalty

Optional life & accidentaltakaful Coverage ofup to Rs. 50 Lacs*

Avail up to20% Tax Savings**

Grow Your Savings Smartly

NAFA Islamic Surmaya Tahaffuz Plan (NISTP)

NAFA Islamic Mutawazan Surmaya Plan (NIMSP)

NAFA Islamic Surmaya Izafa Plan (NISIP)

Saving Plans

Balanced Growth

Preservation of Capital

Capital Growth

ObjectiveLast 8 Year Performance of Underlying Funds***

7.1%

9.9%

11.9%

17.4 Lacs

21.2 Lacs

24.5 Lacs

Annualized Profit Value of Rs. 10 Lacs

Rated by PACRAAM1

Table of Contents

NBP Riba Free Savings Fund (NRFSF)

NBP Islamic Mahana Amdani Fund (NIMAF)Formerly; NBP Aitemaad Mahana Amdani Fund (NAMAF)

NBP Islamic Money Market Fund (NIMMF)

NBP Islamic Sarmaya Izafa Fund (NISIF)Formerly; NAFA Islamic Asset Allocation Fund (NIAAF)

NBP Islamic Regular Income Fund (NARPF)

Capital Market Review

CEO’s Write-up

Performance Summary of Shari'ah Compliant Funds

NBP Islamic Savings Fund (NBP-ISF)Formerly; NAFA Islamic Income Fund (NIIF)

NAFA Islamic Pension Fund (NIPF)

NBP Islamic Stock Fund (NISF)

NAFA Islamic Principal Protected Fund-II (NIPPF-II)

NAFA Islamic Active Allocation Plan-I (NIAAP-I)

NAFA Islamic Active Allocation Plan-II (NIAAP-II)

NAFA Islamic Active Allocation Plan-III (NIAAP-III)

NAFA Islamic Active Allocation Plan-IV (NIAAP-IV)

NAFA Islamic Active Allocation Plan-V (NIAAP-V)

NAFA Islamic Active Allocation Plan-VI (NIAAP-VI)

NAFA Islamic Active Allocation Plan-VII (NIAAP-VII)

NAFA Islamic Active Allocation Plan-VIII (NIAAP-VIII)

NBP Active Allocation Riba Free Savings Fund (NAARFSF)

NBP Islamic Active Allocation Equity Fund (NIAAEF)

NAFA Islamic Capital Preservation Plan-I (NICPP-I)

NAFA Islamic Capital Preservation Plan-II (NICPP-II)

NAFA Islamic Capital Preservation Plan-III (NICPP-III)

NAFA Islamic Capital Preservation Plan-IV (NICPP-IV)

NBP Islamic Capital Preservation Plan-V (NICPP-V)

NBP Islamic Energy Fund (NIEF)

Pg. 05

Pg. 06

Pg. 08

Pg. 09

Pg. 10

Pg. 02-03

Pg. 04

Pg. 01

Pg. 07

Pg. 13

Pg. 11

Pg. 14

Pg. 15

Pg. 16

Pg. 17

Pg. 18

Pg. 19

Pg. 20

Pg. 21

Pg. 22

Pg. 28

Pg. 29

Pg. 23

Pg. 24

Pg. 25

Pg. 26

Pg. 27

Pg. 12

Islamic Savings

NBP FUNDSManaging Your SavingsTable of Contents

Formerly; NAFA Islamic Money Market Fund (NIMMF)

Formerly; NAFA Riba Free Savings Fund (NRFSF)

Formerly; NBP Aitemaad Regular Payment Fund (NARPF)

Formerly; NAFA Islamic Stock Fund (NISF)

Formerly; NAFA Islamic Energy Fund (NIEF)

Formerly; NAFA Active Allocation Riba Free Savings Fund (NAARFSF)

Formerly; NAFA Islamic Active Allocation Equity Fund (NIAAEF)

Performance Summary of Key Shari’ah Compliant FundsIslamic Savings


Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell the fund. All investments in mutual funds and pension funds are subject to market risks. Past Performance is not necessarily indicative of future results. Please read the Offering Document to understand investment policies and the risks involved.

August 2019Islamic Mutual Funds - Collective Investment Schemes (CISs)

Fund Size(Rs. In Crore)

StabilityRating

InceptionDate

NBP Riba Free Savings Fund

Benchmark

NBP Islamic Savings Fund(Formerly:NAFA Islamic Income Fund)

Benchmark

NBP Islamic Sarmaya Izafa Fund(Formerly:NAFA Islamic Asset Allocation Fund)

Benchmark

NBP Islamic Stock Fund

Benchmark

476

316

26-Oct-07

09-Jan-15

737

254

A (f)

A- (f)

20-Aug-10

26-Oct-07

10.5%

7.1%

(0.2%)

(2.7%)

7.9%

5.7%

6.8%

5.7%

FY2015

Fund Name

Islamic Income Funds Annualized Returns

Equity Related Islamic Funds Cumulative Returns AnnualizedReturn

NIPF - Money Market Sub-fund

NIPF - Debt Sub-fund

68

52

02-Jul-13

02-Jul-13

5.6%

5.1%

NIPF - Equity Sub-fund 71 02-Jul-13 12.3%

Annualized ReturnsFund Name

Cumulative Returns

3.9%

3.8%

16.9%

13.1%

9.2%

12.9%

15.5%

33.8%

12.1%

n/a

n/a

7.4%

6.7%

9.2%

6.6%

FY2016

51.5%

FY2018

FY2019

(8.7%)

(3.6%)

(12.8%)

(9.6%)

(11.4%)

(10.5%)

(20.1%)

(23.8%)

5.9%

3.1%

5.4%

3.9%

5.2%

2.4%

5.1%

2.4%

3.8%

3.9%

8.8%

3.7%

8.5%

3.7%

7.5%

6.1%

(18.2%)

20.3%

11.9%

32.5%

18.8%

5.5%

4.9%

7.4%

4.8%

FY2017

6.2%

5.6%

35.8%

August2019 FYTD

Rolling12

Months

(4.8%)

(4.8%)

(8.5%)

(8.6%)

(8.7%)

(8.2%)

(14.7%)

(14.6%)

11.4%

5.7%

11.2%

5.7%

11.4%

5.6%

10.8%

5.6%

(19.0%)

(17.8%)

(32.2%)

(34.7%)

9.8%

4.2%

9.5%

4.2%

10.6%

10.5%

(8.5%)

10.6%

8.2%

(14.8%)

8.6%

7.2%

(31.5%)

3.6%

2.8%

(10.5%)

AnnualizedReturn

ISLAMIC PENSION FUND (NIPF) - Voluntary Pension Scheme (VPS)

Low

est R

isk

Mod

erat

e Ri

skH

igh

Risk

NRF

SFN

ISIF

NIS

FN

BP-IS

F

Low

Ris

kH

igh

Risk

Ris

k Pr

ofile

Ris

k Pr

ofile

Notes: 1) Performance is net of management fee and all expenses. The calculation of performance does not include cost of front-end load. For mutual funds the performance reported is based on dividend reinvestment (gross of with-holding tax where applicable). 2) Tax credit also available as per section 62 & 63 of the Income Tax Ordinance, 2001. 3) Taxes apply.

n/a = Not applicable. Asset Manager Rating: AM1 by PACRA (Very High Quality)

SinceInception

(Formerly:NAFA Riba Free Savings Fund

(Formerly:NAFA Islamic Stock Fund

Improving Stock Market Prospects

Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell the fund. All investments in mutual funds and pension funds are subject to market risks. The price of units may go up as well as down. Past Performance is not necessarily indicative of future results.

Islamic Savings


Economy:In the face of the challenging economic backdrop, the incumbent government since taking oath has embarked on aggressive stabilization policies, including market determined exchange rate regime, resulting in 26.4% devaluation of PKR versus US Dollar; monetary policy tightening with 575 bps hike in the Policy Rate; levying/expanding of import duties; and a drive to document the economy. These policy measures have started manifesting the desired results.

Stock Market:Due to the dismal economic performance and high interest rates, the stock market declined by a hefty 44% over the last couple of years. Going forward, we believe that the stock market will show a good performance due to the following reasons:

Current Account Deficit (CAD), the Achille’s heel of Pakistan economy, shrank by 32% YoY during FY2019 to USD 13.5 billion. More encouragingly, CAD has dropped massively by 73% to USD 0.6 billion during July 2019 versus USD 2.1 billion last July, and it is expected to be at around USD 8.1 billion in FY2020 and USD 7 billion in FY2021 (see Chart 1). With entry into the IMF program, the focus on external financing for FY2020 has shifted to relatively cheaper resources i.e. multilateral agencies such as the World Bank, Asian Development Bank, Islamic Development Bank. The IMF loan program will also facilitate access to international capital markets via Euro bonds and Foreign Portfolio Investment.

The market determined exchange rate regime has led to the latest Real Effective Exchange Rate (REER) reading of 91 as of July-19, which indicates no need for large PKR devaluation (see Chart 2). However, given the still uncomfortable Balance of Payment (BoP) position we may see some more adjustment in PKR/US$ parity going forward.

As a consequence of the ongoing tightening policies, economic activity has slowed down significantly as reflected by the 3.6% contraction in the Large Scale Manufacturing (LSM) data during FY2019. GDP growth is anticipated to decelerate to around 2% in FY2020 before picking up to 3.8% in FY2021.

After posting a multi-decade high fiscal deficit of 8.9% of GDP in FY19, the government has set an ambitious tax collection target, however the overall fiscal deficit is still expected to clock-in at around 8% due to higher debt servicing cost.

While interest rates are near their peak, a nominal rise of 50bps cannot be ruled out to further curtail the consumption demand. That said, we expect the reversal of the monetary tightening in the next six to nine months, following drop in inflation.

On the economic front, improving Current Account Deficit and expected drop in inflation & interest rates in the next twelve months would lead to re-rating of the market as current valuations are incorporating all the negatives while ignoring the positive outlook (see Chart 3 & Chart 4).

From the valuation stand point, the stock market is trading at a compelling forward Price-to-Earnings multiple of 5.4 times (Earnings Yield of 18%), and offers attractive dividend yield of 7%.

2.8 4.9

12.6

19.9

13.5 8.1 7.0 6.2 1.0%

1.7%

4.2%

6.3%

4.8%

3.1%2.5%

2.1%

0%

1%

2%

3%

4%

5%

6%

7%

0

4

8

12

16

20

24

FY15 FY16 FY17 FY18 FY19 FY20f FY21f FY22f

Annual CAD (USD bn) (LHS) CAD as % of GDP (RHS)

Chart 1 - Current account deficit showing drop after policy measures taken

Source: SBP, NBP Funds Research

100

110

120

130

140

150

160

17090

95

100

105

110

115

120

125

130Ja

n-17

Feb-

17M

ar-1

7Ap

r-17

May

-17

Jun-

17Ju

l-17

Aug-

17Se

p-17

Oct

-17

Nov-

17De

c-17

Jan-

18Fe

b-18

Mar

-18

Apr-

18M

ay-1

8Ju

n-18

Jul-1

8Au

g-18

Sep-

18O

ct-1

8No

v-18

Dec-

18Ja

n-19

Feb-

19M

ar-1

9Ap

r-19

May

-19

Jun-

19

REER (LHS) USD/PKR Exchange Rate (RHS)

Chart 2 - PKR is now near its REER

Source: SBP & Bloomberg

Economy:In the face of the challenging economic backdrop, the incumbent government since taking oath has embarked on aggressive stabilization policies, including market determined exchange rate regime, resulting in 26.4% devaluation of PKR versus US Dollar; monetary policy tightening with 575 bps hike in the Policy Rate; levying/expanding of import duties; and a drive to document the economy. These policy measures have started manifesting the desired results.

Stock Market:Due to the dismal economic performance and high interest rates, the stock market declined by a hefty 44% over the last couple of years. Going forward, we believe that the stock market will show a good performance due to the following reasons:

Current Account Deficit (CAD), the Achille’s heel of Pakistan economy, shrank by 32% YoY during FY2019 to USD 13.5 billion. More encouragingly, CAD has dropped massively by 73% to USD 0.6 billion during July 2019 versus USD 2.1 billion last July, and it is expected to be at around USD 8.1 billion in FY2020 and USD 7 billion in FY2021 (see Chart 1). With entry into the IMF program, the focus on external financing for FY2020 has shifted to relatively cheaper resources i.e. multilateral agencies such as the World Bank, Asian Development Bank, Islamic Development Bank. The IMF loan program will also facilitate access to international capital markets via Euro bonds and Foreign Portfolio Investment.

The market determined exchange rate regime has led to the latest Real Effective Exchange Rate (REER) reading of 91 as of July-19, which indicates no need for large PKR devaluation (see Chart 2). However, given the still uncomfortable Balance of Payment (BoP) position we may see some more adjustment in PKR/US$ parity going forward.

As a consequence of the ongoing tightening policies, economic activity has slowed down significantly as reflected by the 3.6% contraction in the Large Scale Manufacturing (LSM) data during FY2019. GDP growth is anticipated to decelerate to around 2% in FY2020 before picking up to 3.8% in FY2021.

After posting a multi-decade high fiscal deficit of 8.9% of GDP in FY19, the government has set an ambitious tax collection target, however the overall fiscal deficit is still expected to clock-in at around 8% due to higher debt servicing cost.

While interest rates are near their peak, a nominal rise of 50bps cannot be ruled out to further curtail the consumption demand. That said, we expect the reversal of the monetary tightening in the next six to nine months, following drop in inflation.

On the economic front, improving Current Account Deficit and expected drop in inflation & interest rates in the next twelve months would lead to re-rating of the market as current valuations are incorporating all the negatives while ignoring the positive outlook (see Chart 3 & Chart 4).

From the valuation stand point, the stock market is trading at a compelling forward Price-to-Earnings multiple of 5.4 times (Earnings Yield of 18%), and offers attractive dividend yield of 7%.

2.8 4.9

12.6

19.9

13.5 8.1 7.0 6.2 1.0%

1.7%

4.2%

6.3%

4.8%

3.1%2.5%

2.1%

0%

1%

2%

3%

4%

5%

6%

7%

0

4

8

12

16

20

24

FY15 FY16 FY17 FY18 FY19 FY20f FY21f FY22f

Annual CAD (USD bn) (LHS) CAD as % of GDP (RHS)

Chart 1 - Current account deficit showing drop after policy measures taken

Source: SBP, NBP Funds Research

100

110

120

130

140

150

160

17090

95

100

105

110

115

120

125

130Ja

n-17

Feb-

17M

ar-1

7Ap

r-17

May

-17

Jun-

17Ju

l-17

Aug-

17Se

p-17

Oct

-17

Nov-

17De

c-17

Jan-

18Fe

b-18

Mar

-18

Apr-

18M

ay-1

8Ju

n-18

Jul-1

8Au

g-18

Sep-

18O

ct-1

8No

v-18

Dec-

18Ja

n-19

Feb-

19M

ar-1

9Ap

r-19

May

-19

Jun-

19

REER (LHS) USD/PKR Exchange Rate (RHS)

Chart 2 - PKR is now near its REER

Source: SBP & Bloomberg

Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell the fund. All investments in mutual funds and pension funds are subject to market risks. The price of units may go up as well as down. Past Performance is not necessarily indicative of future results.

Islamic Savings


Despite slowdown in GDP growth, overall corporate earnings remain resilient and are still poised to grow at double-digit rate for 2020 and 2021, helped by robust profitability of the Index heavy Banking, Fertilizer and Oil & Gas Exploration sectors.

To summarize, we hold on to the view that the stock market holds potential to post a healthy double-digit return in FY2020, and beyond given: (i) attractive valuations as captured in the forward Price to Earnings multiple of 5.4 times; (ii) a robust double-digit corporate earnings growth expected for 2020 and 2021; (iii) ample local liquidity; (iv) alleviating concerns on the Balance of Payment (BoP) position; and (v) contrary to the foreign portfolio outflows during the last three years, increasing odds of continuation of foreign portfolio inflows. We advise investors to look past the dismal performance of the stock market and consider adding positions in equities gradually keeping their long-term investment objectives in mind.

Chart 3 - Correlation between Stock Marketand Interest Rate movement

-

10,000

20,000

30,000

40,000

50,000

60,000

0%

2%

4%

6%

8%

10%

12%

14%

16%

31-J

an-0

6

31-J

an-0

7

31-J

an-0

8

31-J

an-0

9

31-J

an-1

0

31-J

an-1

1

31-J

an-1

2

31-J

an-1

3

31-J

an-1

4

31-J

an-1

5

31-J

an-1

6

31-J

an-1

7

31-J

an-1

8

31-J

an-1

9

KIBOR KSE-100Coeff. of Determination (R2) : 0.61Relationship : -veSignificance : YES

31-A

ug-1

9

(LHS) (RHS)

Chart 4 - Manageable CAD time period has resulted inpositive market performance

41%

34% 38

%

-11%

-42%

36%

29%

10%

52%

41%

16%

10%

23%

-10%

-19%

-1.4%

-3.6%

-4.5%

-8.2%

-5.5%

-2.2%

0.1%

-2.0%

-1.1%-1.3%-1.0%

-1.7%

-4.2%

-6.3%

-4.8%

-9.0%

-8.0%

-7.0%

-6.0%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

-60%

-40%

-20%

0%

20%

40%

60%

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

Current Account Deficit (% of GDP)

KSE

100

Inde

x Re

turn

KSE-100 CAD as % of GDP

Source: SBP, PSX & NBP Funds Research

(LHS) (RHS)

Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The price of units may go up as well as down. Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risks involved.

Capital Market ReviewIslamic Savings


August 2019Stock Market Review

Money Market Review

Amid amplified volatility, the stock market remained in the grip of bears, albeit a hefty rebound in the third week of the month, with the benchmark KMI-30 Index declining sharply by 8.6% on a month-on-month basis. August 2019 was the seventh consecutive month of losses at the local bourse. The market shrugged off the significantly improved Current Account Deficit (CAD) number for July 2019 that clocked in at USD 579 million versus USD 2,130 million for the same period last year. Conversely, the focus of the market participants shifted squarely to the deteriorating relationship between the nuclear-armed India-Pakistan after the repeal of article 370 and imposition of curfew/lockdown by the former in Indian occupied Kashmir. The news flow regarding the shortfall in budgetary revenue collection for the ongoing fiscal year also sent jitters in the market. Towards the end of the month, the announcement of government’s intention to partially sell its stakes in the Index heavy OGDCL & PPL also weighed on the performance of the stock market. Consequently, despite dirt cheap valuations in the broader part of the market, investors resorted to indiscriminate selling or opted to stay on the side line. During the month, Automobile Assemblers, Chemicals, Oil & Gas Exploration, Oil & Gas Marketing Companies, Power Generation & Distribution lagged the market. On the other hand, Cement, Commercial Banks, Engineering, Fertilizer, and Textile Composite sectors performed better than the market. Looking at the participant-wise activity during the month, Mutual Funds and Insurance Companies remained the major sellers in the market, offloading equities worth USD 34 million and USD 10 million, respectively. Alongside, Foreign Investors turned sellers, liquidating positions worth USD 4 million. On the contrary, Individual Investors and Banks/DFIs, continued to be the main buyers in the market, accumulating fresh positions to the tune of USD 28 million and USD 8 million, respectively. Similarly, Companies added net equity positions amounting to USD 6 million.

What lies ahead? On the economic front, stabilization policies including monetary policy tightening, PKR devaluation, and expanding the tax base/increasing the tax rates have started yielding positive results as the CAD for July 2019 has shrunk significantly. We also expect inflation to start moderating in the 2nd half of FY2020 after peaking at around 13% in February 2020. From the valuation perspective, after a hefty 49% decline in the benchmark KMI-30 Index from all-time high level of 91,145 points hit in May 2017 to 46,226 points, the market is trading at a compelling forward Price-to-Earnings (P/E) multiple of 5.4 and offers around 7% dividend yield. On a relative basis, this indiscriminate sell-off has made PSX the cheapest market in the region. Corporate earnings growth, the overarching determinant of the stock market performance, remains resilient despite slowing economic growth and is expected to grow at double-digit rate for 2020 and 2021, helped by the Index heavy Oil & Gas Exploration, Banking, Power, and Fertilizer sectors. Contrary to the foreign portfolio outflows during the last three years, there are increasing odds of continuation of foreign portfolio inflows this year and beyond.

Taken it all together, we advise investors to look past the dismal performance of the stock market over the last two years or so and consider adding their positions in equities gradually, keeping long-term investment objectives in mind as the market holds potential to deliver robust returns.

After recording 10.3% YoY in July 2019, inflation as measured by CPI is expected to go up in the next few months. The inflation outlook is driven by upside inflationary pressures from the second-round impact of the recent PKR depreciation, higher government borrowing from the banking system, recent adjustments in utility prices and rising food prices. However, the inflation going forward in FY21 is expected to fall. We expect inflation to peak at around 13% in February and start falling by the end of FY2020. We expect that interest is nearing its peak however, a further 50 bps increase can not be ruled out.

During the outgoing month, SBP held two T-Bill auctions with a combined target of Rs. 2,600 billion against the maturity of Rs. 3,341 billion. In the first T-Bill auction, an amount of Rs. 1,229 billion was accepted at a cut-off yield of 13.75%, 13.95% and 14.25% for 3-month, 6-month and 12-month tenors, respectively. In the second T-Bill auction, an amount of Rs. 701 billion was accepted where the cut-off yield was maintained at 13.75% for the 3-month tenor while yields for 6-month and 12-month tenures were noted at 13.94% and 14.24%, respectively. In the PIB auction, bids worth Rs. 514 billion were realized for 3-year, 5-year and 10-year at a cut-off yield of 14.25%, 13.55% and 13.15%, respectively; while bids for 20-years were rejected. Furthermore, SBP in the recent floating rate PIB auction dated 21-August-19, attracted bids worth Rs. 47.5 billion. Out of the total bids, only Rs. 41.5 billion was accepted at a cut-off margin of 75 basis points over the benchmark (i.e. weighted average yield of the 6-month Market Treasury Bills).

We have calibrated the portfolio of our money market and income funds based on our interest rate outlook and will remain alert to any developments that may influence our investment strategy.

NBP Riba Free Savings Fund (NRFSF)Formerly; NAFA Riba Free Savings Fund (NRFSF) Islamic Savings


Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results.Please read the Offering Document to understand investment policies and the risks involved.

Dr. Amjad Waheed, CFASajjad Anwar, CFA

Muhammad Ali Bhabha, CFA, FRMHassan Raza, CFA

August 2019

Placement with BanksCommercial Paper (Islamic) Bank Deposits Others including receivables Total Leverage

14.5%14.2%70.3%1.0%

100.0%Nil

31-August-1913.6%10.1%75.4%0.9%

100.0%Nil

31-July-19Asset Allocation (% of Total Assets)

Sindh Workers' Welfare Fund (SWWF)

Unit Price (31/08/2019): Rs. 10.4028

Launch Date: August 20, 2010Fund Size: Rs. 7,373 millionType: Open-end – Shariah Compliant Income FundDealing Days: Daily – Monday to SaturdayDealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.M (Saturday) 9:00 A.M to 1:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingLoad:*** Front End Load (Individual): without life Takaful 0.5%, with life Takaful 3% (Nil on investment above Rs. 26 million) Front End Load (Other): 0.5% (Nil on investment above Rs. 16 million) Back End Load: NILManagement Fee: 6% of Net Income (min: 0.5% p.a., max: 1.25% p.a.) w.e.f 12-jul-19. 0.74% p.a. of average net assets during the month.Total Expense Ratio: 1.97% p.a. (including 0.36% government levies)Selling & Marketing expenses: 0.7% p.a. Risk Profile: Very LowFund Stability Rating: "A(f)" by PACRAListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: Deloitte Yousuf Adil Chartered AccountantsBenchmark:** 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAPFund Manager: Muhammad Ali Bhabha CFA,FRMMinimum Growth Unit: Rs. 10,000/-Subscription: Income Unit: Rs. 100,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

To provide preservation of capital and earn a reasonable rate of return along with a high degree of liquidity by investing in short-term Shariah Compliant banks and money market / debt securities.

The Fund generated an annualized return of 11.4% for the month of August 2019 versus the Benchmark return of 5.7%, thus registering an outperformance of 5.7% p.a. This reported return is net of management fee and all other expenses.

The Fund aims to consistently provide better return than the profit rates offered by Islamic Banks / Islamic windows of commercial banks, while also providing easy liquidity along with a high-quality credit profile. The Fund is allowed to invest in short-term Shariah Compliant money market securities of up to six months maturity rated AA- or better. The Fund is not authorized to invest in corporate debt securities and equities.

Around 71 % of net assets of the portfolio are invested in bank deposits which enhance the liquidity profile of the Fund. The weighted average time to maturity of the Fund is 10 days.

We will rebalance the allocation of the Fund proactively based on the capital market outlook.

The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 17,977,703/-. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0254/0.27% For details investors are advised to read note 5 of the latest financial statements of the Scheme.

* Annualized Return Based on Morning Star Methodology All other returns are Annualized Simple Return

The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable.

Performance Period

Performance %August2019

11.4%

5.7%

Rolling12

Months

9.8%

4.2%

FYTD2020

11.4%

5.6%

8.8%

3.7%

7.4%

6.7%

FY2015

5.9%

3.1%

FY2017

5.2%

2.4%

FY2018

5.5%

4.9%

FY2016

7.0%

3.2%

Last 3years*

6.7%

4.1%

Last 5years*

7.9%

5.7%

Since LaunchAugust 20, 2010*

NBP Riba Free Savings FundFormerly; NAFA Riba Free Savings Fund (NRFSF)

Benchmark**

Notes: 1) The calculation of performance does not include cost of front end load. 2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001.

Fund Manager’s Commentary

Credit Quality of the Portfolio as of August 31, 2019 (% of Total Assets)

AAAAAAA-A+A-Others including receivablesTotal

0.3%8.5%5.8%58.1%26.3%1.0%

100.0%** effective from September 01, 2016; Previously Average 6-month deposit rate of A- and above rated Islamic Banks*** effective from January 02, 2017

FY2019

Islamic Savings


NBP Islamic Mahana Amdani Fund (NIMAF)Formerly; NBP Aitemaad Mahana Amdani Fund (NAMAF)

Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand investment policies and the risks involved.

*Simple Annualized Return The performance reported is net of management fee & all other expenses and basedon dividend reinvestment gross of with-holding tax where applicable.

Launch Date: October 06, 2018Fund Size: Rs. 10,896 millionType: Open-end – Shariah Compliant Income FundDealing Days: Daily – Monday to SaturdayDealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.M (Saturday) 9:00 A.M to 1:00 P.MSettlement: 2-3 business daysPricing Mechanism Forward PricingLoad: Front End Load : without life takaful 1%, with life takaful(amount upto Rs.5 million) 3%, with life takaful(amount over & above Rs.5 million) 1% Back End Load: NILManagement Fee: 1.5% of Net Income (Min 0.2%, Max 1.5% p.a.) w.e.f 12-July-2019 0.20% p.a. of average net assets during the month.

Total Expense Ratio: 1.42% (including 0.32% government levies)Selling & Marketing expenses: 0.7% p.aRisk Profile: LowFund Stability Rating: ‘A(f)’ by PACRAListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: A. F. Ferguson & Co. Chartered AccountantsBenchmark: 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAPFund Manager: Muhammad Ali Bhabha, CFA, FRMMinimum Subscription Growth Unit: Rs. 10,000/- Income Unit: Rs. 100,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

To provide monthly income to investors by investing in Shariah Compliant money market and debt avenues.

The Fund generated an annualized return of 12.0% p.a. in August 2019 versus the Benchmark return of 5.7% p.a., thus registering an outperformance of 6.3% p.a. This reported return is net of management fee and all other expenses.

The Fund aims to provide monthly income to investors by investing in Shariah Compliant money market and debt avenues. Minimum eligible rating is A-, while the Fund is allowed to invest with Islamic Banks, Islamic branches / windows of conventional banks providing easy liquidity. The Fund is allowed to invest in Shariah Compliant Money Market instruments & debt securities rated A- or better. The Fund is not authorized to invest in Equities. The weighted average time to maturity of the Fund cannot exceed 4 years excluding government securities.

Around 70% of net assets of the Fund are invested in bank deposits which enhances the liquidity profile of the Fund. The weighted average time to maturity of the Fund is 21 days.

We will rebalance the allocation of the Fund proactively based on the capital market outlook

August 2019

Since LaunchOctober 06, 2018

10.3%

4.3%

August 2019

12.0%

5.7%

FYTD2020

12.1%

5.6%

NBP Islamic Mahana Amdani FundFormerly; NBP Aitemaad Mahana Amdani Fund

Performance Period

Sukuk Placement with BanksCommercial Paper (Islamic) Bank Deposits Others including receivables Total Leverage

3.1%15.0%10.8%69.4%1.7%

100.0%Nil

31-August-194.4%

17.7%3.0%

72.3%2.6%

100.0%Nil


Unit Price (31/08/2019): Rs. 10.1306

Notes: 1) The calculation of performance does not include cost of front end load.2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001.




AAAAAAA-A+A-Others including receivablesTotal

0.2%11.9%2.7%57.6%25.9%1.7%

100.0%The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 7,313,776/-. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0068/0.08%. For details investors are advised to read note 5 of the latest financial statements of the Scheme.


%*


Top Sukuk Holdings (as at August 31, 2019)Name of Sukuk

HUBCO Sukuk 02-APR-19 02-OCT-19Total

% of Total Assets

3.1%3.1%

Islamic Savings


NBP Islamic Savings Fund (NBP-ISF)Formerly; NAFA Islamic Income Fund (NIIF)

Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand investment policies and the risks involved. The scheme holds certain non-compliant investments. Before making any investment decision, investors should review the latest monthly Fund Manager Report and Financial Statements. The reported returns may include provisioning and reversal of provisioning against some debt securities.

Details of Non-Compliant Investments

Particulars

New Allied Electronics Limited I

New Allied Electronics Limited II

SUKUK

SUKUK

110,000,000

4,905,437

110,000,000

4,905,437

-

-

-

-

-

-

Type ofInvestment

Value of Investments

before Provision

Value of Investments

after Provision

% of Net

Assets

% ofGrossAssets

Provisionheld

General Information

Top Sukuk Holdings (as at August 31, 2019)

Name of the Members of Investment Committee


Investment Objective



Asset Allocation (% of Total Assets)Sukuks GOP Ijara Sukuks - Govt. BackedPlacement with Banks (Islamic) Bank Deposits Commercial Papers (Islamic) Others including receivables Total Leverage

4.4%-

14.7%65.2%14.7%1.0%

100.0%Nil

31-August-194.3%2.6%

14.1%63.3%14.0%1.7%

100.0%Nil

31-July-19

Launch Date: October 26, 2007Fund Size: Rs. 2,536 millionType: Open-end – Shariah Compliant Income FundDealing Days: Daily – Monday to FridayDealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingLoad:*** Front End Load (Individual): without life Takaful 1%, with life Takaful 3% (Nil on investment above Rs. 26 million) Front End Load (Other): 1% (Nil on investment above Rs. 16 million) Back End Load: NILManagement Fee: 6% of Net Income (min: 0.5% p.a., max: 1.0% p.a.) w.e.f 12-July-19. 0.73% p.a. of average net assets during the month.Total Expense Ratio: 1.98% p.a. (including 0.35% government levies)Selling & Marketing expenses: 0.7% p.a.Risk Profile: Low to MediumFund Stability Rating: "A-(f)" by PACRAListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: Deloitte Yousuf Adil Chartered AccountantsBenchmark:** 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAPFund Manager: Muhammad Ali Bhabha, CFA, FRMMinimum Growth Unit: Rs. 10,000/-Subscription: Income Unit: Rs. 100,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

To earn a reasonable rate of return in a Shariah compliant manner by investing in Shariah Compliant debt securities, money market instruments and bank deposits.

During the month under review, the Fund posted an annualized return of 11.2% p.a. as compared to the Benchmark return of 5.7% p.a., thus register-ing an outperformance of 5.5% p.a. This outperformance is net of manage-ment fee and all other expenses.

The allocation in corporate Sukuks stood at 4.5% of the net assets. Around 66% of net assets of the portfolio are allocated in bank deposits. The higher allocation in bank deposits is due to better yields as compared to other authorized alternative investment avenues.

The weighted average Yield-to-Maturity (YTM) of the Sukuk portfolio is around 15.5% p.a. and weighted average time to maturity is 5.0 years. The weighted average time to maturity of the Fund is 87 days.

We will rebalance the allocation of the fund proactively based on the capital market outlook.

Name of Sukuk

Engro Polymer Chemical Ltd 11-JAN-19 11-JUL-26SHAKARGANJ FOODS 10-JUL-18 10-JUL-24Total

% of Total Assets

3.3%1.1%4.4%

MONTHLY REPORT (MUFAP's Recommended Format)Unit Price (31/08/2019): Rs. 9.6981 August 2019

The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 12,932,228/-. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0495/0.56%. For details investors are advised to read note 5 of the latest financial statements of the Scheme.

* Annualized Return Based on Morning Star Methodology All other returns are Annualized Simple Return

The performance reported is net of management fee & all other expenses and based ondividend reinvestment gross of with-holding tax where applicable.

Performance Period

Performance %August2019

FY2015

11.2%

5.7%

Rolling12

Months

9.5%

4.2%

FYTD2020

10.8%

5.6%

8.5%

3.7%

9.2%

6.6%

FY2016

7.4%

4.8%

FY2017

5.4%

3.9%

FY2018

5.1%

2.4%

6.7%

3.4%

Last 3years*

7.2%

4.2%

Last 5years*

7.9%

5.6%

Last 10years*

6.8%

5.7%

Since Launch October 26, 2007*

NBP Islamic Savings FundFormerly; NAFA Islamic Income Fund

Benchmark**




AAAAA+AAAA-A+AA-Others including receivablesTotal

0.2%0.1%18.1%0.2%52.3%1.1%27.0%1.0%

100.0%

** effective from March 14, 2017; Previously 1-year average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP*** effective from January 02, 2017

FY2019

NBP Islamic Money Market Fund (NIMMF)Formerly; NAFA Islamic Money Market Fund (NIMMF) Islamic Savings



August 2019

To provide competitive return with maximum possible capital preservation by

investing in low risk and liquid Shariah Compliant authorized instruments.

The Fund generated an annualized return of 11.7% p.a. for the month of August 2019 versus the Benchmark return of 5.4% p.a., thus registering an outperformance of 6.3% p.a. This reported return is net of management fee and all other expenses.

The Fund aims to consistently provide better return than the profit rates offered by Islamic Banks / Islamic windows of commercial banks. Minimum eligible rating is AA, while the Fund is not allowed to invest in any security exceeding six months maturity. The weighted average time to maturity of the Fund cannot exceed 90 days which provides easy liquidity along with a high-quality credit profile.

Around 83% of net assets of the Fund are invested in bank deposits which enhances the liquidity profile of the Fund. The weighted average time to maturity of the Fund is 1 day.


Unit Price (31/08/2019): Rs. 10.2292MONTHLY REPORT (MUFAP's Recommended Format)

Launch Date: February 28, 2018Fund Size: Rs. 3,593 millionFund Size (excluding Rs. 3,116 millioninvestment by Fund of Funds) Type: Open-end – Shariah Compliant Money Market FundDealing Days: Daily – Monday to SaturdayDealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.M (Saturday) 9:00 A.M to 1:00 P.MSettlement: 2-3 business daysPricing Mechanism Forward PricingLoad: Front End Load: 0.5%Back End Load: NILManagement Fee: 1% of Net Income (Min 0.1% p.a., Max 1.0% p.a.). 0.12% p.a. of average net assets during the month. Total Expense Ratio: 1.28% (including 0.28% government levies)Selling & Marketing expenses: 0.7% p.a.Risk Profile: Very LowFund Stability Rating: "AA (f)" by PACRAListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: Deloitte Yousuf Adil Chartered AccountantsBenchmark: Three months average deposit rates of three (3) AA rated Islamic Banks or Islamic windows of Conventional Banks as selected by MUFAP.Fund Manager: Muhammad Ali Bhabha, CFA, FRMMinimum Growth Unit: Rs. 10,000/-Subscription: Income Unit: Rs. 100,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

Placement with BanksBank Deposits Others including receivables Total Leverage

Asset Allocation (% of Total Assets)


15.9%82.7%1.4%

100.0%Nil

31-August-19-

99.0%1.0%

100.0%Nil

31-July-19

7.9%

3.4%

Since LaunchFebruary 28, 2018*

11.7%

5.4%

August2019

12.1%

5.2%

FYTD2020

9.3%

3.8%

Rolling12

Months

8.1%

3.4%

FY2019

*Annualized Return Based on Morning Star MethodologyAll other returns are Annualized Simple Return

NBP Islamic Money Market FundFormerly; NAFA Islamic Money Market Fund (NIMMF)

Performance Period

The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 3,417,106/-. If the same were not made the NAV per unit/since inception return of scheme would be higher by Rs. 0.0097/0.10%. For details investors are advised to read note 7 of the latest financial statements of the Scheme.




Performance %


AAAOthers including receivablesTotal

98.6%1.4%

100.0%

Note: Amount invested by fund of funds is Rs. 447 million

The performance reported is net of management fee & all other expenses andbased on dividend reinvestment gross of with-holding tax where applicable.


Islamic Savings


NBP Islamic Sarmaya Izafa Fund (NISIF)Formerly; NAFA Islamic Asset Allocation Fund (NIAAF)

Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks.Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risk involved. The scheme holds certain non-compliant investments. Before making any investment decision, investors should review the latest monthly Fund Manager Report and Financial statements. The reported return may include provisions and reversal of provisions against some debt securities.

‘s

August 2019

31-August-19Asset Allocation (% of Total Assets)


Top Ten Holdings (as on August 31, 2019)

Details of Non-Compliant Investments

Equities / Stocks Cash SukukOthers Total Leverage

58.8%25.7%14.8%0.7%

100.0%Nil

31-July-1955.8%41.2%2.2%0.8%

100.0%Nil

PER5.35.6

NISIFPBV1.30.9

DY8.3%7.9%

Unit Price (31/08/2019): Rs. 12.5440

Launch Date: October 26, 2007Fund Size: Rs. 4,758 million Type: Open-end-Shariah Compliant -Asset Allocation FundDealing Days: Daily – Monday to FridayDealing Time: (Mon-Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingLoad:*** Front End Load (Individual): 3%, (Nil on investment above Rs. 101 million) Front End Load (Other): 3% (Nil on investment above Rs. 50 million) Back End Load: NILManagement Fee: 1.5% per annum w.e.f 12-Jul-19 Total Expense Ratio (%) 3.21% p.a (including 0.24% government levies)Selling & Marketing Expenses 1.15% per annum Risk Profile: Moderate Listing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: Deloitte Yousuf Adil Chartered AccountantsBenchmark:** Daily weighted return of KMI-30 Index & 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP, based on Fund's actual allocation.Fund Manager: Taha Khan Javed, CFAMinimum Growth Unit: Rs. 10,000/-Subscription: Income Unit: Rs. 100,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

To generate capital appreciation by investing in Shariah Compliant equity and equity related securities and income by investing in Shariah Compliant bank deposits, debt & money market securities.

During the month under review, unit price (NAV) of NBP Islamic Sarmaya Izafa Fund (NISIF) decreased by 4.8% inline with the Benchmark. Since inception your Fund has posted 10.5% p.a return, versus 7.1% p.a by the Benchmark. Thus, to-date the outperformance of your Fund stands at 3.4% p.a. This outperformance is net of management fee and all other expenses.

NISIF started off the month with an allocation of around 56% in equities, which increased to around 59% towards the end of the month. During the month, the allocation was increased primarily in Fertilizer and Power Generation & Distribution, and Commercial Banks sectors, whereas it was reduced primarily in Oil & Gas Exploration Companies sectors.

Engro Corporation Ltd

Oil & Gas Dev Co Ltd

Engro Powergen Ltd

Hub Power Company Ltd

Engro Fertilizer Ltd

Eden Housing (Sukuk II)

Total

4,921,875

4,921,875

4,921,875

4,921,875

-

-

-

-


Pak Petroleum Ltd

Meezan Bank Ltd

Mari Petroleum Company Ltd

Pakistan Oilfields Ltd

-

-

SUKUK

Equity

Equity

Equity

Equity

Equity

5.9%

4.6%

4.6%

3.6%

2.9%

Equity

Equity

Sukuk

Sukuk

Equity

8.0%

6.9%

6.1%

6.1%

6.0%

% of TotalAssets

% of TotalAssets

The Scheme has maintained provisions against worker’s welfare Fund’s liability to the tune of Rs. 60,862,274/- if the same were not made the NAV Per unit/return of the Scheme would be higher by Rs. 0.1605/1.04%. For details investors are advised to read the note 5 of the latestFinancial Statements of the Scheme.


Muhammad Ali Bhabha, CFA, FRMTaha Khan Javed, CFA

Hassan Raza, CFA

* Annualized ReturnAll Other returns are Cumulative

The performance reported is net of management fee & all other expenses and based on dividendreinvestment gross of with-holding tax where applicable.

Performance Period

Performance %Aug2019

FYTD2020

(4.8%)

(4.8%)

(8.7%)

(8.2%)

Rolling12

Months

(19.0%)

(17.8%)

(11.4%)

(10.5%)

33.8%

12.1%

FY2015

13.1%

9.2%

FY2016

20.3%

11.9%

FY2017

(8.7%)

(3.6%)

FY2018

(5.4%)

(4.6%)

Last 3Years*

6.5%

1.6%

Last 5Years*

12.7%

9.5%

Last 10Years*

10.5%

7.1%

Since LaunchOctober 26, 2007*

Benchmark**

NBP Islamic Sarmaya Izafa FundFormerly; NAFA Islamic Asset Allocation Fund

Note:** Effective from September 01, 2016; Previously average of (i) average 3-month Islamic banks deposit rate (ii) 6-month KIBOR or its Shariah Compliant equivalent (iii) KMI 30 Index** KSE-30 is used as equity component for the Benchmark before June 30, 2008, the launch date of KMI-30 Index. The fund category was changed to Islamic Asset Allocationfrom Islamic Balanced with effect from April 22, 2014. Consequently, allowed equity range is now 0% to 90% which previously was 30% to 70%. Previous benchmark was

50% KMI-30 Index & 50% Islamic Bank Deposit.


Top Five Sectors (% of Total Assets) (as on August 31, 2019)

Oil & Gas Exploration Companies Fertilizer Power Generation & DistributionCommercial Banks Oil & Gas Marketing Companies Others

18.0%14.0%6.2%4.6%3.3%

12.7%

*** effective from January 02, 2017

FY2019

**** Based on NBP Funds estimates

NBP Islamic Regular Income Fund (NIRIF)Formerly; NBP Aitemaad Regular Payment Fund (NARPF) Islamic Savings


Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks.Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risk involved.

*Cumulative Return [Returns are net of management fee & all other expenses]

Launch Date: October 31, 2018Fund Size: Rs. 97 millionType: Open-end – Shariah Compliant Asset Allocation FundDealing Days: Daily – Monday to FridayDealing Time: (Mon - Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism Forward PricingLoad:*** Front end: 3.0% Back end: NilManagement Fee: 1.5% per annum w.e.f 12-Jul-19 (Currently no fee is being changed)Selling & Marketing Expenses: 1.15% per annumTotal Expense Ratio: 2.38% p.a (including 0.04% government levies)Risk Profile: ModerateListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: KPMG Taseer Hadi & Co, Chartered AccountantsBenchmark: Daily weighted return of KMI-30 Index & 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP, based on Fund's actual allocation.Fund Manager: Taha Khan Javed, CFAMinimum Subscription: Growth Unit: Rs. 10,000/- Income Unit: Rs. 100,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

The objective of the Fund is to provide regular payments to investors by investing in Shariah Compliant Debt, Money Market & Equity investment avenues.

NBP Islamic Regular Income Fund is aimed at meeting investors' regular income needs along with growth in investment value through payment of regular dividend by investing in Shariah Compliant Debt, Money Market & Equity investment avenues.

NIRIF started off the month with an allocation of around 74% in equities, which decreased to around 67% towards the end of the month. NIRIF outperformed the Benchmark in August as the Fund was underweight in select Oil & Gas Marketing Companies, Oil & Gas Exploration Companies, and Auto Assembler sectors stocks which underperformed the market and overweight in select Fertilizer and Textile Composite sectors stocks which outperformed the market. During the month, the allocation was increased primarily in Fertilizer and Textile Composite, whereas it was reduced primarily in Oil & Gas Exploration Companies, and Technology & Communication sectors.

August 2019

Since Launch*October 31, 2018

(25.0%)

(27.8%)

August 2019 Rolling 6 Months

(5.7%)

(6.0%)

FYTD 2020

(9.4%)

(10.6%)

(18.7%)

(22.1%)

NBP Islamic Regular Income FundFormerly; NBP Aitemaad Regular Payment Fund (NARPF)

Performance Period

Equities / Stocks Cash Others Total Leverage

67.2%27.9%4.9%

100.0%Nil

31-August-1973.9%23.6%2.5%

100.0%Nil


Unit Price (31/08/2019): Rs. 7.5029




Hassan Raza, CFA

%*

Characteristics of Equity Portfolio**

PER5.35.6

NIRIFKMI-30

PBV1.21.9

DY10.2%7.9%

**Based on NBP Funds estimates


FertilizerOil & Gas Exploration CompaniesPower Generation & DistributionTechnology & CommunicationOil & Gas Marketing CompaniesOthers

23.4%22.7%9.9%3.3%3.3%4.6%






Hub Power Co. Ltd


Pak Petroleum Ltd

Pakistan Telecomm. Ltd

Attock Petroleum Ltd

Nishat Mills Ltd

Lucky Cement Ltd

5.0%

3.3%

2.8%

2.0%

1.7%

12.1%

11.3%

10.7%

9.9%

7.0%

Equity

Equity

Equity

Equity

Equity

Equity

Equity

Equity

Equity

Equity

% of TotalAssets

AssetsClass

% of TotalAssets

AssetsClass*** effective from January 02, 2017

NBP Islamic Stock Fund (NISF)Formerly; NAFA Islamic Stock Fund (NISF) Islamic Savings


Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and the risks involved.






Pak Petroleum Ltd

Meezan Bank Ltd



Lucky Cement Ltd

Nishat Mills Ltd

8.1%

5.7%

3.9%

3.6%

2.9%

11.2%

11.0%

9.7%

8.8%

8.5%

% of TotalAssets

% of TotalAssets



‘

Launch Date: January 9, 2015Fund Size: Rs. 3,155 million Type: Open-end-Shariah Compliant-Equity FundDealing Days: Daily – Monday to FridayDealing Time: (Mon-Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward Pricing Load:** Front End Load (Individual):3% (Nil on investment above Rs. 101 million) Front End Load (Other): 3% (Nil on investment above Rs. 50 million) Back End Load: NILManagement Fee: 1.5% per annum w.e.f 12-Jul-19Total Expense Ratio (%): 3.26% p.a (including 0.24% government levies)Selling & Marketing Expenses: 1.15% per annumRisk Profile: HighListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: KPMG Taseer Hadi & Co, Chartered AccountantsBenchmark: KMI-30 IndexFund Manager: Sajjad Anwar, CFAMinimum: Growth Unit: Rs. 10,000/-Subscription: Income Unit: Rs. 100,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

The objective of the Fund is to provide investors with long term capital growth

from an actively managed portfolio of Shariah Compliant listed equities.

During the month under review, NBP Islamic Stock Fund’s (NISF) unit price (NAV) decreased by 8.5%, whereas the Benchmark decreased by 8.6%, thus an outperformance of 0.1% was recorded. Since inception on January 9, 2015 your Fund NAV has decline by 0.2% p.a versus 2.7% p.a decline in the Benchmark. Thus, to-date the outperformance of your Fund stands at 2.5% p.a. This outperformance is net of management fee and all other expenses.

NISF started off the month with an allocation of around 92% in equities, which decreased to around 91% towards the end of the month. NISF outperformed the Benchmark in August as the Fund was overweight in select Paper & Board, Power Generation & Distribution and Fertilizer sectors stocks which outperformed the market and underweight in select Oil & Gas Exploration Companies, Oil & Gas Marketing Companies, and Automobile Parts & Accessories sectors stocks which underperformed the market. During the month, the allocation was increased primarily in Power Generation & Distribution, Engineering, and Fertilizer sectors, whereas it was reduced primarily in Oil & Gas Exploration Companies and Oil & Gas Marketing Companies sectors.

August 2019

Since Launch*January 09, 2015

(0.2%)

(2.7%)

August2019

(8.5%)

(8.6%)

FYTD2020

(14.7%)

(14.6%)

Rolling12

Months

(32.2%)

(34.7%)

(20.1%)

(23.8%)

FY2016

12.9%

15.5%

Last 3Years*

(10.0%)

(12.7%)

FY2017

32.5%

18.8%

FY2018

(12.8%)

(9.6%)

NBP Islamic Stock FundFormerly; NAFA Islamic Stock Fund (NISF)

Performance Period

Equities / Stocks Cash Equivalents Others including receivables Total Leverage

PER5.65.6

NISFKMI-30

PBV1.30.9

DY8.2%7.9%


Taha Khan Javed, CFAHassan Raza, CFA

91.3%8.2%0.5%

100.0%Nil

31-August-19

91.7%6.0%2.3%

100.0%Nil


Characteristics of Equity Portfolio***

Unit Price (31/08/2019): Rs. 7.7653

The Scheme has maintained provisions against Sindh worker’s welfare Fund’s liability to the tune of Rs. 44,440,042/- if the same were not made the NAV Per unit/last one year return of the Scheme would be higher by Rs. 0.1094/0.96% age.For details investors are advised to read the Note 8 of the latest Financial Statements of the Scheme.



Performance %


Oil & Gas Exploration CompaniesFertilizerPower Generation & DistributionCommercial BanksTextile CompositeOthers

29.3%20.7%9.0%8.1%4.7%

19.5%

** effective from January 02, 2017

FY2019

*** Based on NBP Funds estimates

NBP Islamic Energy Fund (NIEF)Formerly; NAFA Islamic Energy Fund (NIEF) Islamic Savings








Pak Petroleum Ltd

Pakistan State Oil Co Ltd

Sui Northern Gas Ltd

Attock Petroleum Ltd

Lalpir Power Limit

K-Electric Ltd

5.6%

5.1%

4.2%

1.7%

1.7%

16.4%

14.9%

14.3%

12.1%

10.3%

% of TotalAssets

% of TotalAssets

PER4.55.6

NIEFKMI-30

PBV1.30.9

DY7.6%7.9%

Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risks involved.


The performance reported is net of management fee & all other expenses and based on dividend reinvestmentgross of with-holding tax where applicable.

‘

Launch Date: April 21, 2016Fund Size: Rs. 439 millionType: Open Ended Shariah Compliant Equity SchemeDealing Days: Daily – Monday to FridayDealing Time: (Mon - Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism Forward PricingLoad:** Front End Load (Individual): 3% (Nil on investment above Rs. 101 million) Front End Load (Other): 3% (Nil on investment above Rs. 50 million) Back End Load: NILManagement Fee: 1.5% p.a w.e.f 12-Jul-19Total Expense Ratio (%) 3.73% p.a (including 0.26% government levies)Selling & Marketing Expenses 1.15% per annum Risk Profile HighListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: A. F. Ferguson & Co. Chartered AccountantsBenchmark: KMI-30 IndexFund Manager: Taha Khan Javed, CFAMinimum Growth Unit: Rs. 10,000/-Subscription: Income Unit: Rs. 100,000/-Asset Manager Rating: AM1 by PACRA ( Very High Quality)

The objective of NBP Islamic Energy Fund is to provide investors with long term capital growth from an actively managed portfolio of Shari’ah Compliant listed equities belonging to the Energy Sector.

NBP Funds launched its third open-end Islamic Equity Fund namely NBP Islamic Energy Fund (NIEF) in April, 2016. The aim of the Fund is to provide growth to the investment of unit holders over the long-term in approved Shariah Compliant energy stocks.

NIEF started off the month with an allocation of around 91% in equities, which decreased to around 89% towards the end of the month. NIEF underperformed the Benchmark in August as the Fund was overweight in select Energy sectors stocks which underperformed the market. During the month, the allocation was increased primarily in Power Generation & Distribution Companies and Oil & Gas Marketing Companies sectors, whereas it was reduced primarily in Oil & Gas Exploration Companies sector.

August 2019

Since Launch*April 21, 2016

(6.0%)

(7.0%)

August2019

(13.2%)

(8.6%)

FYTD2020

(19.8%)

(14.6%)

(40.7%)

(34.7%)

Rolling12

Months

FY2017

32.2%

18.8%

Last 3Years*

(12.1%)

(12.7%)

FY2018

(3.2%)

(9.6%)

FY2019

(27.8%)

(23.8%)

NBP Islamic Energy FundFormerly; NAFA Islamic Energy Fund (NIEF)

Performance Period


89.0%9.4%1.6%

100.0%Nil

31-August-1991.2%6.8%2.0%

100.0%Nil


Unit Price (31/08/2019): Rs. 7.3363

%



Sectors (% of Total Assets) (as on August 31, 2019)

Oil & Gas Exploration Companies

Power Generation & Distribution

Oil & Gas Marketing Companies

Refinery

53.7%

18.0%

16.6%

0.7%

**effective from January 02, 2017

The Scheme has maintained provisions against sindh worker’s welfare Fund’s liability to the tune of Rs. 14,050,569/- if the same were not made the NAV Per unit/return of the Scheme would be higher by Rs 0.2346/1.90%. For details investors are advised to read the note 5 of the latest Financial Statements.



NAFA Islamic Pension Fund (NIPF)Islamic Savings


Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any Pension fund. All investments in Pension funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risks involved.

General Information Investment Objective


To provide a secure source of savings and regular income after retirement tothe Participants.

MONTHLY REPORT (MUFAP's Recommended Format) August 2019

Name of the Members of Investment Committee

Asset Allocation (% of Total Assets)

31-August-19Equity Sub-fund

Credit Quality of the Portfolio (as on August 31, 2019)

EquityCash EquivalentsOthers including receivablesTotal

91.5%7.9%0.6%

100.0%31-August-19Debt Sub-fund

Cash EquivalentsBank PlacementGOP Ijara SukukSukukCommercial Papers (Islamic)OthersTotal

35.0%29.3%20.9%6.7%6.4%1.7%

100.0%31-August-19Money Market Sub-fund

Cash EquivalentsBank PlacementCommercial Papers (Islamic)OthersTotal

55.4%39.1%4.1%1.4%

100.0%

31-July-19

94.6%4.9%0.5%

100.0%31-July-19

55.8%19.4%21.1%

-1.9%1.8%

100.0%31-July-19

79.3%19.4%

-1.3%

100.0%

20.9%23.1%6.9%4.5%

22.8%20.1%1.7%

100.0%

Government Securities (AAA rated)AAAAA+AAAA-A+OthersTotal

-50.3%0.1%9.0%

19.5%19.7%1.4%

100.0%

Debt Money Market

During the month of August:

NIPF Equity Sub-fund unit price decreased by 8.5%, compared with 8.6% decrease in KMI-30 Index. The Sub-fund was around 92% invested in equities with major weights in Oil & Gas Exploration Companies, Fertilizer and Power Generation & Distribution sectors. Equity Sub-fund maintains exposure of atleast 90% in listed equities on average. Last 90 days average allocation in equity was 93% of net asset.

NIPF Debt Sub-fund generated annualized return of 10.5%. The Sub-fund was invested primarily in GoP Ijara Sukuks and Islamic bank deposits. Debt Sub-fund maintains a minimum combined exposure of 50% in Islamic Government Securities (25% minimum) and AA+ rated Islamic banks. Weighted Average Maturity of Sub-fund is 0.4 year.

NIPF Money Market Sub-fund generated annualized return of 10.6%. The Sub-fund was invested primarily in Islamic bank deposits. Money Market Sub-fund average maturity cannot exceed 1 year. Weighted Average Maturity of Sub-fund is 13 days.

Engro Corporation LtdHub Power Company LtdOil & Gas Dev Co LtdMeezan Bank LtdEngro Fertilizer Ltd

9.2%9.0%8.7%8.0%8.0%

(% of Total Assets)

7.4%6.1%5.8%4.9%2.8%

Pak Petroleum LtdPakistan Oilfields Ltd Mari Petroleum Company LtdLucky Cement Ltd Pakistan State Oil Co Ltd

(% of Total Assets)

Top Ten Holdings of Equity Sub-fund (as on August 31, 2019)

Total amountProvided

Rs

Sindh Workers' Welfare Fund (SWWF)NIPF has maintained provisions against Sindh Workers’ Welfare Fund’s liability inindividual sub-Funds as stated below:

Equity Sub-fund

Debt Sub-fund

Money Market Sub-fund

6,827,479

1,367,424

1,490,122

1.9729

0.3621

0.3095

0.66%

0.28%

0.24%

Last One Yearreturn would

otherwise have

been higher by:

Amount Per

Unit

Rs

Notes: 1) The calculation of performance does not include cost of front-end load.2) Taxes apply. Further, tax credit also available as per section 63 of the Income Tax Ordinance, 2001.

Top Sukuk Holdings (as at August 31, 2019)Name of Sukuk


% of Total Assets

6.7%


Oil & Gas Exploration CompaniesFertilizerPower Generation & DistributionCommercial BanksCementOthers

28.0%17.3%9.9%8.0%5.9%22.4%

Launch Date: July 2, 2013Fund size: Rs. 1,910 millionType: Open-end – Shariah Compliant Voluntary Pension SchemeDealing Days: Daily – Monday to FridayDealing Time: (Mon-Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.MPricing Mechanism Forward PricingFront end Load: Upto 3% on ContributionsBack end Load: 0%Management Fee: On average Annual Net Assets of each Sub-Fund. Equity, Debt, Money Market 1.50% p.a. Equity 2.10% p.a. (including 0.25% government levies)Total Expense Ratio (%) Debt 2.13% p.a. (including 0.41% government levies) Money Market 2.16% p.a. (including 0.46% government levies)Risk Profile Investor dependentCustodian & Trustee: Central Depository Company (CDC)Auditors: Deloitte Yousuf Adil Chartered AccountantsFund Manager: Sajjad Anwar, CFAMinimum Initial: Rs. 10,000/-Subscription: Subsequent: Rs. 1000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)Leverage Nil


Taha Khan Javed, CFA,Muhammad Ali Bhabha, CFA,

Hassan Raza, CFA

NIPF-Equity Sub-fund

NIPF-Debt Sub-fund

NIPF-Money Market Sub-fund

205.8597

137.5396

140.8956

712.4

519.4

678.4

The performance reported is net of management fee & all other expenses.* Cumulative Returns All Other returns are annualized

(8.5%)*

10.5%

10.6%

12.3%

5.1%

5.6%

NAV Per Unit(Rs.) August

31, 2019

August2019

(14.8%)*

8.2%

10.6%

FYTD2020

(31.5%)*

7.2%

8.6%

Rolling12

Months

(10.5%)*

2.8%

3.6%

FY2018

(18.2%)*

6.1%

7.5%

FY2019

51.5%*

5.6%

6.2%

FY2015

9.2%

4.6%

5.2%

Last 5Years

(7.6%)

4.5%

5.3%

Last 3Years

16.9%*

3.8%

3.9%

FY2016

35.8%*

3.9%

3.8%

FY2017

Since LaunchJuly 02, 2013

Fund Size

(Rs. in mln)

Performance %

For details investors are advised to read the Note 5 of the latest Financial Statement of the Scheme.

NAFA Islamic Principal Protected Fund-II (NIPPF-II)Islamic Savings







Pak Petroleum Ltd


Meezan Bank Ltd

Nishat Mills Ltd


Systems Ltd

Equity

Equity

Equity

Equity

Equity

1.1%

1.0%

0.7%

0.6%

0.4%

Equity

Equity

Equity

Equity

Equity

2.0%

2.0%

2.0%

1.4%

1.3%

% of TotalAssets

% of TotalAssets

Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results.Please read the Offering Documents to understand the investment policies and the risk involved. Capital protection only applies to unit holders who hold their investments until initial maturity of two years.

‘

Launch Date: June 27, 2014Fund Size: Rs. 103 millionType: Open-end Shariah Compliant -Capital Protected FundDealing Days: Daily – Monday to FridayDealing Time: (Mon-Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingLoad: Back end: 0%Management Fee: Equity component 2% per annum Others: 12% of Net Income (Min 0.5% p.a., Max 1.0% p.a.)Risk Profile: LowTotal Expense Ratio (%) 2.74% p.a (including 0.19% government levies)Listing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: KPMG Taseer Hadi & Co. Chartered AccountantsBenchmark: Daily weighted return of KMI-30 index & Islamic Bank Deposits based on Fund’s actual allocation.Fund Manager: Sajjad Anwar, CFAAsset Manager Rating: AM1 by PACRA (Very High Quality)a

The objective of NAFA Islamic Principal Protected Fund-II is to earn a potentially high return through dynamic asset allocation between Shariah Compliant Equities and Money Market investment avenues, while providing principal protection.

Since inception, NIPPF-II has generated a return of 8.8% p.a versus Benchmark return of 6.2% p.a. The current equity exposure stands at around 14%. Key holdings of the Fund belong to Oil & Gas Exploration Companies, Fertilizer, and Power Generation & Distribution sectors. During the month, maximum multiplier stood at 0.4 whereas minimum multiplier was 0.3.

August 2019

Since LaunchJune 27, 2014*

8.8%

6.2%

NAFA Islamic Principal Protected Fund-II

Performance Period


PER5.25.6

NIPPF-IIKMI-30

PBV1.30.9

DY8.7%7.9%



Hassan Raza, CFA

14.2%80.8%5.0%

100.0%Nil

31-August-1915.8%80.2%4.0%

100.0%Nil


Unit Price (31/08/2019): Rs. 98.8208

The scheme has maintained provision against Sindh Workers’ Welfare Fund’s liability to the tune of Rs 3,612,177/-If the same were not made the NAV per unit/ last one year return of scheme would be higher by Rs 3.4725/3.40%. For details investors are advised to read the Note 6 of the latest Financial Statements.


August2019

(0.8%)

(1.0%)

FYTD2020

(1.4%)

(1.9%)

Rolling12

Months

(3.2%)

(5.6%)

FY2017

25.8%

16.1%

FY2018

0.8%

1.6%

(1.4%)

(3.7%)

FY2015

21.0%

12.2%

Last 3Years*

5.6%

2.7%

FY2016

3.3%

8.9%


The performance reported is net of management fee & all other expenses and based ondividend reinvestment gross of with-holding tax where applicable.



Oil & Gas Exploration CompaniesFertilizerPower Generation & DistributionCommercial BanksTextile CompositeOthers

4.3%4.0%2.0%1.0%0.8%2.1%

FY2019

** Based on NBP Funds estimates

%

NAFA Islamic Active Allocation Plan-I (NIAAP-I)Islamic Savings



PER5.45.6

NIAAEFKMI-30

PBV1.30.9

DY8.4%7.9%

NBP Islamic Active Allocation Equity Fund(Formerly: NAFA Islamic Active Allocation Equity Fund)

NBP Active Allocation Riba Free Savings Fund(Formerly: NAFA Active Allocation Riba Free Savings Fund)

Total

53.3%

39.5%

92.8%

Top Holdings (% age of total assets)(as on August 31, 2019)


‘

Launch Date: January 15, 2016Fund Size: Rs. 123 millionType: Open Ended Shariah Compliant Fund of Funds Dealing Days: Daily – Monday to FridayDealing Time: (Mon - Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingBack end Load: Nil 1) On invested amount in NBP funds, noManagement Fee: additional fee. 2) Cash in Bank account: 1.25% p.a.Total Expense Ratio (%): 0.83% p.a (including 0.03% government levies)Risk Profile: Low to moderateListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: A. F. Ferguson & Co. Chartered AccountantsBenchmark:** Daily weighted return of KMI-30 Index & 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP, based on Fund's actual allocation (which is combination of benchmarks of underlying schemes)Fund Manager: Sajjad Anwar, CFAAsset Manager Rating: AM1 by PACRA (Very High Quality)

The objective of the Fund is to provide investors an opportunity to earn attractive return from an actively managed portfolio of Shari’ah Compliant Equity Fund and Income Fund.

NBP Funds launched its NAFA Islamic Active Allocation Plan-I (NIAAP-I) in January, 2016 which is the first plan under NAFA Islamic Active Allocation Fund-I. The Active Allocation Plan is dynamically managed between dedicated equity related and income schemes managed by NBP Funds based on the Fund Manager’s outlook of the authorized asset-classes. The Plan is presently closed for new subscription. NIAAP-I has an initial maturity of two years. Since inception, NIAAP-I has generated a return of 0.2% p.a versus Benchmark return of 0.3% p.a. The current exposure in Income Fund and Equity Fund stands at 39.5% & 53.3%, respectively. The Plan can invest up to 100% in equity funds. We are confident that the Plan will generate good returns considering the improved macroeconomic and political outlook and dynamic equity allocation mechanism of the Fund.

August 2019


0.2%

0.3%

August2019

(4.4%)

(4.6%)

FYTD2020

(8.1%)

(8.1%)

Rolling12

Months

(16.5%)

(17.7%)

FY2017

24.3%

16.3%

Last 3year*

(4.8%)

(5.8%)

FY2018

(12.0%)

(8.5%)

FY2019

(9.5%)

(11.0%)

NAFA Islamic Active Allocation Plan-I

Performance Period

Shariah Compliant Funds Cash Equivalents Others including receivables Total Leverage

92.8%6.8%0.4%

100.0%Nil

31-August-1991.1%8.0%0.9%

100.0%Nil


Unit Price (31/08/2019): Rs. 97.0412

Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks.Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risks involved.

%



Hassan Raza, CFA


** effective from September 01, 2016; Previously daily weighted return of KMI-30 index & 6 month deposit rateof A- and above rated Islamic banks and windows based on actual investment.

The scheme has maintained provision against Sindh Workers’ Welfare Fund’s liability to the tune of Rs 4,843,024/-If the same were not made the NAV per unit/ last one year return of scheme would be higher by Rs 3.8227/3.29%. For details investors are advised to read the Note 5 of the latest Financial Statements of the Scheme.



NAFA Islamic Active Allocation Plan-II (NIAAP-II)Islamic Savings


Page 16


PER5.45.6

NIAAEFKMI-30

PBV1.30.9

DY8.4%7.9%


Total

91.9%

91.9%

Top Holdings (%age of total assets)(as on August 31, 2019)

* Annualized ReturnAll other returns are cumulative

‘

Launch Date: March 04, 2016Fund Size: Rs. 37 millionType: Open Ended Shariah Compliant Fund of Funds Dealing Days: Daily – Monday to FridayDealing Time: (Mon - Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingBack end Load: Nil 1) On invested amount in NBP funds, noManagement Fee: additional fee. 2) Cash in Bank account: 1.25% p.a.Total Expense Ratio (%): 1.40% p.a (including 0.25% government levies)Risk Profile: Low to moderateListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: A. F. Ferguson & Co. Chartered AccountantsBenchmark:** Daily weighted return of KMI-30 Index & 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP, based on Fund's actual allocation (which is combination of benchmarks of underlying schemes)Fund Manager: Sajjad Anwar, CFAAsset Manager Rating: AM1 by PACRA (Very High Quality)


NBP Funds launched its NAFA Islamic Active Allocation Plan-II (NIAAP-II) in March 2016 which is the second plan under NAFA Islamic Active Allocation Fund-I. The Active Allocation Plan is dynamically managed between dedicated equity related and income schemes managed by NBP Funds based on the Fund Manager’s outlook of the authorized asset-classes. The Plan is presently closed for new subscription. NIAAP-II has an initial maturity of two years. Since inception, NIAAP-II has generated a return of 4.1% p.a versus Benchmark return of 3.2% p.a. The current exposure in Income Fund stands at 91.9%. We are confident that the Plan will generate good returns considering the improved macroeconomic and political outlook and dynamic equity allocation mechanism of the Fund.

August 2019

August2019

0.9%

0.5%

FYTD2020

1.7%

0.9%

Rolling12

Months

(2.1%)

(4.6%)

FY2017

23.6%

15.9%

Last 3Years*

0.6%

(0.9%)

FY2018

(11.1%)

(8.1%)

FY2019

Since Launch*March 04, 2016

4.1%

3.2%

(4.1%)

(6.0%)

NAFA Islamic Active Allocation Plan-II

Performance Period


91.9%7.7%0.4%

100.0%Nil

31-August-1992.2%

7.5%0.3%

100.0%Nil


Unit Price (31/08/2019): Rs. 106.6602



Hassan Raza, CFA




The scheme has maintained provision against Sindh Workers’ Welfare Fund’s liability to the tune of Rs 3,970,993/-If the same were not made the NAV per unit/ last one year return of scheme would be higher by Rs 11.5206/10.57%. For details investors are advised to read the Note 5 of the latest Financial Statements of the Scheme.


%


NAFA Islamic Active Allocation Plan-III (NIAAP-III)Islamic Savings


Page 17


PER5.45.6

NIAAEFKMI-30

PBV1.30.9

DY8.4%7.9%

55.5%

36.9%

92.4%

Top Holdings (% age of total assets)(as on August 31, 2019)

* Annualized ReturnsAll other returns are cumulative

‘

Launch Date: June 28, 2016Fund Size: Rs. 336 millionType: Open Ended Shariah Compliant Fund of Funds Dealing Days: Daily – Monday to FridayDealing Time: (Mon - Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingBack end Load: Nil 1) On invested amount in NBP funds, noManagement Fee: additional fee. 2) Cash in Bank account: 1.25% p.a.Total Expense Ratio (%): 0.44% p.a (including 0.04% government levies)Risk Profile: Low to moderate Listing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: A. F. Ferguson & Co. Chartered AccountantsBenchmark:** Daily weighted return of KMI-30 Index & 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP, based on Fund's actual allocation (which is combination of benchmarks of underlying schemes)Fund Manager: Sajjad Anwar, CFAAsset Manager Rating: AM1 by PACRA (Very High Quality)


NBP Funds launched its NAFA Islamic Active Allocation Plan-III (NIAAP-III) in June 2016 which is the third plan under NAFA Islamic Active Allocation Fund-I. The Active Allocation Plan is dynamically managed between dedicated equity related and income schemes managed by NBP Funds based on the Fund Manager’s outlook of the authorized asset-classes. The Plan is presently closed for new subscription. NIAAP-III has an initial maturity of two years.

Since inception, NIAAP-III has decreased by 2.5% p.a versus Benchmark decline of 3.2% p.a. The current exposure in Income Fund and Equity Fund stands at 36.9% & 55.5%, respectively. The Plan can invest up to 100% in equity funds. We are confident that the Plan will generate good returns considering the improved macroeconomic and political outlook and dynamic equity allocation mechanism of the Fund.

August 2019

Since Launch*June 28, 2016

(2.5%)

(3.2%)

August2019

(4.5%)

(4.7%)

FYTD2020

(8.1%)

(8.2%)

Rolling12

Months

(16.2%)

(17.3%)

FY2017

20.0%

13.4%

Last 3Years*

(3.5%)

(4.1%)

FY2018

(8.9%)

(5.0%)

(8.2%)

(9.5%)

NAFA Islamic Active Allocation Plan-III

Performance Period

Shariah Compliant Funds Cash Equivalents Other including receivablesTotal Leverage

92.4%7.5%0.1%

100.0%Nil

31-August-1992.4%7.5%0.1%

100.0%Nil


Unit Price (31/08/2019): Rs. 89.8793


%



Hassan Raza, CFA



The scheme has maintained provision against Sindh Workers’ Welfare Fund’s liability to the tune of Rs 3,817,847/-If the same were not made the NAV per unit/ last one year return of scheme would be higher by Rs 1.0208/0.95%. For details investors are advised to read the Note 5 of the latest Financial Statements.


FY2019




Total

NAFA Islamic Active Allocation Plan-IV (NIAAP-IV)Islamic Savings


Page 18

PER5.45.6

NIAAEF**KMI-30

PBV1.30.9

DY8.4%7.9%




Total


‘

Launch Date: September 30, 2016Fund Size: Rs. 186 millionType: Open Ended Shariah Compliant Fund of Funds Dealing Days: Daily – Monday to FridayDealing Time: (Mon - Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingBack end Load: NilManagement Fee: 1) On invested amount in NBP funds, no additional fee. 2) Cash in Bank account: 1.25% p.a.Total Expense Ratio (%): 0.56% p.a (including 0.03% government levies)Risk Profile: Low to moderateListing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: A. F. Ferguson & Co. Chartered AccountantsBenchmark: Daily weighted return of KMI-30 Index & 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP, based on Fund's actual allocation (which is combination of benchmarks of underlying schemes)Fund Manager: Sajjad Anwar, CFAAsset Manager Rating: AM1 by PACRA (Very High Quality)


NBP Funds launched its NAFA Islamic Active Allocation Plan-IV (NIAAP-IV) in September, 2016 which is the fourth plan under NAFA Islamic Active Allocation Fund-I. The Active Allocation Plan is dynamically managed between dedicated equity related and income schemes managed by NBP Funds based on the Fund Manager’s outlook of the authorized asset-classes. The Plan is presently closed for new subscription. NIAAP-IV has an initial maturity of two years.

Since inception, unit price of NIAAP-IV has decreased by 5.6% p.a versus the Benchmark decline by 5.1% p.a. The current exposure in Income Fund and Equity Fund stands at 36.5% & 56.4%, respectively. The Plan can invest up to 100% in equity funds. We are confident that the Plan will generate good returns considering the improved macroeconomic and political outlook and dynamic equity allocation mechanism of the Fund.

August 2019

Since Launch*September 30, 2016

(5.6%)

(5.1%)

August2019

(4.5%)

(4.7%)

FYTD2020

(8.2%)

(8.3%)

Rolling12

Months

(16.4%)

(17.0%)

(9.3%)

(10.3%)

NAFA Islamic Active Allocation Plan-IV

Performance Period


92.9%6.7%0.4%

100.0%Nil

31-August-19

92.0%7.7%0.3%

100.0%Nil


Unit Price (31/08/2019): Rs. 81.2475


%



Hassan Raza, CFA


The scheme has maintained provision against Sindh Workers’ Welfare Fund’s liability to the tune of Rs 1,739,910/-If the same were not made the NAV per unit/ last one year return of scheme would be higher by Rs 0.7604/0.78%. For details investors are advised to read the Note 5 of the Financial Statements.


FY2019

(9.6%)

(5.9%)

FY 2018



56.4%

36.5%

92.9%

NAFA Islamic Active Allocation Plan-V (NIAAP-V)Islamic Savings


Page 19

[Returns are net of management fee & all other expenses]

PER5.45.6

NIAAEF**KMI-30

PBV1.30.9

DY8.4%7.9%


* Annualized Return All Other returns are Cumulative

‘

Launch Date: January 12, 2017 Fund Size: Rs. 261 million Type: Open Ended Shariah Compliant Fund of Funds Dealing Days: Daily – Monday to FridayDealing Time: (Mon - Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business days Pricing Mechanism: Forward Pricing Back end Load: Nil Management Fee: 1) On invested amount in NBP funds, no additional fee. 2) Cash in Bank account: 1.25% p.a.Total Expense Ratio (%): 0.46% p.a (including 0.04% government levies) Risk Profile: Low to moderate Listing: Pakistan Stock Exchange Custodian & Trustee: Central Depository Company (CDC)Auditors: A. F. Ferguson & Co. Chartered AccountantsBenchmark: Daily weighted return of KMI-30 Index & 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP, based on Fund's actual allocation (which is combination of benchmarks of underlying schemes)Fund Manager: Sajjad Anwar, CFA Asset Manager Rating: AM1 by PACRA (Very High Quality)


NBP Funds launched its NAFA Islamic Active Allocation Plan-V (NIAAP-V) in January, 2017 which is the fifth plan under NAFA Islamic Active Allocation Fund-I. The Active Allocation Plan is dynamically managed between dedicated equity related and income schemes managed by NBP Funds based on the Fund Manager’s outlook of the authorized asset-classes. The Plan is presently closed for new subscription. NIAAP-V has an initial maturity of two years.

Since inception, unit price of NIAAP-V has decreased by 10.7% p.a versus the Benchmark decline of 10.9% p.a. The current exposure in Income Fund and Equity Fund stands at 34.5% & 60.3%, respectively. The Plan can invest up to 100% in equity funds. We are confident that the Plan will generate good returns considering the improved macroeconomic and political outlook and dynamic equity allocation mechanism of the Fund.

August 2019

August2019

(4.6%)

(4.8%)

FYTD2020

(8.4%)

(8.5%)

Rolling12

Months

(16.8%)

(18.0%)

FY2019

(9.5%)

(10.9%)

FY2018

(9.1%)

(4.9%)

Since Launch*January 12 , 2017

(10.7%)

(10.9%)

NAFA Islamic Active Allocation Plan-V

Performance Period


94.8%4.8%0.4%

100.0%Nil

31-August-19

90.9%8.8%0.3%

100.0%Nil


Unit Price (31/08/2019): Rs. 74.3198


%



Hassan Raza, CFA





Total

60.3%

34.5%

94.8%

NAFA Islamic Active Allocation Plan-VI (NIAAP-VI)Islamic Savings


Page 20


PER5.45.6

NIAAEF**KMI-30

PBV1.30.9

DY8.4%7.9%



‘

Launch Date: May 26, 2017 Fund Size: Rs. 175 million Type: Open Ended Shariah Compliant Fund of Funds Dealing Days: Daily – Monday to FridayDealing Time: (Mon - Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business days Pricing Mechanism: Forward Pricing Back end Load: Nil Management Fee: 1) On invested amount in NBP funds, no additional fee. 2) Cash in Bank account: 1.25% p.a.Total Expense Ratio (%): 0.48% p.a (including 0.04% government levies) Risk Profile: Low to moderate Listing: Pakistan Stock Exchange Custodian & Trustee: Central Depository Company (CDC)Auditors: KPMG Taseer Hadi & Co. Chartered AccountantsBenchmark: Daily weighted return of KMI-30 Index & 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP, based on Fund's actual allocation (which is combination of benchmarks of underlying schemes)Fund Manager: Sajjad Anwar, CFA Asset Manager Rating: AM1 by PACRA (Very High Quality)


NBP Funds launched its NAFA Islamic Active Allocation Plan-VI (NIAAP-VI) in May, 2017 which is the first plan under NAFA Islamic Active Allocation Fund-II. The Active Allocation Plan is dynamically managed between dedicated equity related and income schemes managed by NBP Funds based on the Fund Manager’s outlook of the authorized asset-classes. The Plan is presently closed for new subscription. NIAAP-VI has an initial maturity of two years.

Since inception, unit price of NIAAP-VI has decreased by 13.2% p.a versus the Benchmark decline of 13.0% p.a. The current exposure in Income Fund and Equity Fund stands at 35.0% & 58.4%, respectively. The Plan can invest up to 100% in equity funds. We are confident that the Plan will generate good returns considering the improved macroeconomic and political outlook and dynamic equity allocation mechanism of the Fund.

August 2019

August2019

(4.6%)

(4.8%)

FYTD2020

(8.3%)

(8.4%)

FY2019

(9.1%)

(10.7%)

FY2018

(7.8%)

(3.8%)

Rolling12

Months

(16.4%)

(17.7%)

Since Launch*May 26 , 2017

(13.2%)

(13.0%)

NAFA Islamic Active Allocation Plan-VI

Performance Period


93.4%6.5%0.1%

100.0%Nil

31-August-19

91.8%7.5%0.7%

100.0%Nil


Unit Price (31/08/2019): Rs. 72.5303


%



Hassan Raza, CFA





Total

58.4%

35.0%

93.4%

NAFA Islamic Active Allocation Plan-VII (NIAAP-VII)Islamic Savings


Page 21


PER5.45.6

NIAAEF**KMI-30

PBV1.30.9

DY8.4%7.9%



‘

Launch Date: June 29, 2017 Fund Size: Rs. 44 million Type: Open Ended Shariah Compliant Fund of FundsDealing Days: Daily – Monday to Friday Dealing Time: (Mon - Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business days Pricing Mechanism: Forward Pricing Back end Load: Nil Management Fee: 1) On invested amount in NBP funds, no additional fee. 2) Cash in Bank account: 1.25% p.a. Total Expense Ratio (%): 0.82% p.a (including 0.04% government levies) Risk Profile: Low to moderate Listing: Pakistan Stock Exchange Custodian & Trustee: Central Depository Company (CDC) Auditors: KPMG Taseer Hadi & Co. Chartered Accountants Benchmark: Daily weighted return of KMI-30 Index & 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP, based on Fund's actual allocation (which is combination of benchmarks of underlying schemes) Fund Manager: Sajjad Anwar, CFA Asset Manager Rating: AM1 by PACRA (Very High Quality)


NBP Funds launched its NAFA Islamic Active Allocation Plan-VII (NIAAP-VII) in June, 2017 which is the second plan under NAFA Islamic Active Allocation Fund-II. The Active Allocation Plan is dynamically managed between dedicated equity related and income schemes managed by NBP Funds based on the Fund Manager’s outlook of the authorized asset-classes. The Plan is presently closed for new subscription. NIAAP-VII has an initial maturity of two years.

Since inception, unit price of NIAAP-VII has decreased by 10.5% p.a versus the Benchmark decline of 9.5% p.a. The current exposure in Income Fund and Equity Fund stands at 62.1% & 29.2%, respectively. The Plan can invest up to 100% in equity funds. We are confident that the Plan will generate good returns considering the improved macroeconomic and political outlook and dynamic equity allocation mechanism of the Fund.

August 2019

August2019

(3.7%)

(2.9%)

FYTD2020

(7.3%)

(6.5%)

FY2019

(9.3%)

(10.8%)

FY2018

(6.5%)

(3.0%)

Rolling12

Months

(15.6%)

(16.1%)

Since Launch*June 29 , 2017

(10.5%)

(9.5%)

NAFA Islamic Active Allocation Plan-VII

Performance Period


91.3%8.6%0.1%

100.0%Nil

31-August-19

90.5%3.8%5.7%

100.0%Nil


Unit Price (31/08/2019): Rs. 78.6245


%



Hassan Raza, CFA





Total

62.1%

29.2%

91.3%

NAFA Islamic Active Allocation Plan-VIII (NIAAP-VIII)Islamic Savings


Page 22


PER5.45.6

NIAAEF**KMI-30

PBV1.30.9

DY8.4%7.9%

NAFA Active Allocation Riba Free Savings Fund(Formerly: NAFA Active Allocation Riba Free Savings Fund)

Total

92.0%

92.0%



‘

Launch Date: November 3, 2017 Fund Size: Rs. 213 million Type: Open Ended Shariah Compliant Fund of FundsDealing Days: Daily – Monday to Friday Dealing Time: (Mon - Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business days Pricing Mechanism: Forward Pricing Back end Load: Nil Management Fee: 1) On invested amount in NBP funds, no additional fee. 2) Cash in Bank account: 1.25% p.a. Total Expense Ratio (%): 0.60% (including 0.23% government levies) Risk Profile: Low to moderate Listing: Pakistan Stock Exchange Custodian & Trustee: Central Depository Company (CDC) Auditors: KPMG Taseer Hadi & Co. Chartered Accountants Benchmark: Daily weighted return of KMI-30 Index & 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAP, based on Fund's actual allocation (which is combination of benchmarks of underlying schemes) Fund Manager: Sajjad Anwar, CFA Asset Manager Rating: AM1 by PACRA (Very High Quality)


NBP Funds launched its NAFA Islamic Active Allocation Plan-VIII (NIAAP-VIII) in November, 2017 which is the third plan under NAFA Islamic Active Allocation Fund-II. The Active Allocation Plan is dynamically managed between dedicated equity related and income schemes managed by NBP Funds based on the Fund Manager’s outlook of the authorized asset-classes. The Plan is presently closed for new subscription. NIAAP-VIII has an initial maturity of two years.

Since inception, unit price of NIAAP-VIII has decreased by 1.2% p.a versus the Benchmark decline of 1.5% p.a. The current exposure in Income Fund stands at 92.0%. The Plan can invest up to 100% in equity funds. We are confident that the Plan will generate good returns considering the improved macroeconomic and political outlook and dynamic equity allocation mechanism of the Fund.

August 2019

August2019

0.9%

0.5%

FYTD2020

1.6%

0.9%

Rolling12

Months

(2.2%)

(3.8%)

FY2019

(4.1%)

(5.2%)

Since Launch*November 03 , 2017

(1.2%)

(1.5%)

NAFA Islamic Active Allocation Plan-VIII

Performance Period


92.0%7.9%0.1%

100.0%Nil

31-August-1992.3%7.6%0.1%

100.0%Nil


Unit Price (31/08/2019): Rs. 97.7626


%



Hassan Raza, CFA


The scheme has maintained provision against Sindh Workers’ Welfare Fund’s liability to the tune of Rs 197,722/-If the same were not made the NAV per unit/ since inception return of scheme would be higher by Rs 0.0907/0.09%. For details investors are advised to read the Note 7 of the latest Financial Statements.



NAFA Islamic Capital Preservation Plan-I (NICPP-I)Islamic Savings


Page 23

PER5.45.6

NIAAEF**KMI-30

PBV1.30.9

DY8.4%7.9%

NBP Islamic Money Market Fund(Formerly: NAFA Islamic Money Market Fund)

NBP Islamic Active Allocation Equity Fund(Formerly: NAFA Islamic Money Market Fund)

Total

84.8%

9.5%

94.3%



‘

Launch Date: February 28, 2018Fund Size: Rs. 559 millionType: Open Ended Shariah Compliant Fund of Funds - CPPIDealing Days: Daily – Monday to FridayDealing Time: (Mon-Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingBack end Load: NilManagement Fee: 1) On invested amount in NBP funds, no additional fee. 2) Cash in Bank account: 1.0% p.a.Total Expense Ratio (%): 0.44% (including 0.08% government levies)Risk Profile: Low Listing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: KPMG Taseer Hadi & Co. Chartered Accountants Benchmark: Daily Weighted Return of KMI-30 Index and 3-months average deposit rate of three AA rated Islamic Banks or Islamic windows of Conventional Banks as selected by MUFAP, on the basis of actual investment by the Plan in equity and money market schemes.Fund Manager: Sajjad Anwar, CFA Asset Manager Rating: AM1 by PACRA (Very High Quality)

The objective of NAFA Islamic Capital Preservation Plan-I is to earn a potentially high return through dynamic asset allocation between Shariah Compliant Dedicated Equity and Money Market based Collective Investment Schemes, while providing Capital Preservation of the Initial Investment Value including sales load at completion of twenty four months and beyond.

NBP Funds launched its NAFA Islamic Capital Preservation Plan-I (NICPP-I) in February, 2018 which is the fourth plan under NAFA Islamic Active Allocation Fund-II. The Plan is dynamically allocated between the Equity Component and Money Market Component by using the Constant Proportion Portfolio Insurance (CPPI) Methodology. Allocation to Equity Component is generally increased when equity market is rising, while allocation to the Money Market Component is generally increased when the equity market declines. The Plan is presently closed for new subscription. NICPP-I has an initial maturity of two years.

Since inception, unit price of NICPP-I has increased by 1.7% p.a versus the Benchmark decline of 0.9% p.a. The current exposure in Money Market Fund and Equity Fund stands at 84.8% & 9.5%, respectively. During the month, maximum multiplier stood at 2.2 whereas minimum multiplier was 1.8.

August 2019

August2019

0.1%

(0.4%)

FYTD2020

0.3%

(0.6%)

Rolling12

Months

1.3%

(1.9%)

FY2019

1.8%

(0.9%)

Since Launch*February 28 , 2018

1.7%

(0.9%)

NAFA Islamic Capital Preservation Plan-I

Performance Period


94.3%5.5%0.2%

100.0%Nil

31-August-19

93.6%2.9%3.5%

100.0%Nil


Unit Price (31/08/2019): Rs. 100.5448

Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks.Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risks involved. Capital preservation only applies to unit holders who hold their investments until initial maturity of two years.

%



Hassan Raza, CFA






NAFA Islamic Capital Preservation Plan-II (NICPP-II)Islamic Savings


Page 24




‘

Launch Date: April 27, 2018Fund Size: Rs. 306 millionType: Open Ended Shariah Compliant Fund of Funds - CPPIDealing Days: Daily – Monday to FridayDealing Time: (Mon-Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingBack end Load: NilManagement Fee: 1) On invested amount in NBP funds, no additional fee. 2) Cash in Bank account: 1.00% p.a.Total Expense Ratio (%): 1.37% (including 0.14% government levies)Risk Profile: Low Listing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: KPMG Taseer Hadi & Co. Chartered Accountants Benchmark: Daily Weighted Return of KMI-30 Index and 3-months average deposit rate of three AA rated Islamic Banks or Islamic windows of Conventional Banks as selected by MUFAP, on the basis of actual investment by the Plan in equity and money market schemes.Fund Manager: Sajjad Anwar, CFA Asset Manager Rating: AM1 by PACRA (Very High Quality)

NBP Funds launched its NAFA Islamic Capital Preservation Plan-II (NICPP-II) in April, 2018 which is the fifth plan under NAFA Islamic Active Allocation Fund-II. The Plan is dynamically allocated between the Equity Component and Money Market Component by using the Constant Proportion Portfolio Insurance (CPPI) Methodology. Allocation to Equity Component is generally increased when equity market is rising, while allocation to the Money Market Component is generally increased when the equity market declines. The Plan is presently closed for new subscription. NICPP-II has an initial maturity of two years.

Since inception, unit price of NICPP-II has increased by 0.4% p.a versus the Benchmark decline of 2.5% p.a. The current exposure in Equity Fund stands at 9.5%. During the month, maximum multiplier stood at 2.2 whereas minimum multiplier was 1.9.

August 2019


9.5%89.0%1.5%

100.0%Nil

31-August-19

9.6%88.0%2.4%

100.0%Nil


Unit Price (31/08/2019): Rs. 99.9408


August2019

0.1%

(0.4%)

FYTD2020

(0.2%)

(1.1%)

Rolling12

Months

(0.8%)

(3.9%)

FY2019

0.1%

(2.5%)

Since Launch*April 27, 2018

0.4%

(2.5%)

NAFA Islamic Capital Preservation Plan-II

Performance Period

%




Hassan Raza, CFA

The objective of NAFA Islamic Capital Preservation Plan-II is to earn a potentially high return through dynamic asset allocation between Shariah Compliant Dedicated Equity and Money Market based Collective Investment Schemes, while providing Capital Preservation of the Initial Investment Value including sales load at completion of twenty four months and beyond.

PER5.45.6

NIAAEF**KMI-30** Based on NBP Funds estimates

PBV1.30.9

DY8.4%7.9%


Total

9.5%

9.5%



NAFA Islamic Capital Preservation Plan-III (NICPP-III)Islamic Savings


Page 25

The scheme has maintained provision against Sindh Workers’ Welfare Fund’s liability to the tune of Rs 115,214/-If the same were not made the NAV per unit/ since inception return of scheme would be higher by Rs 0.0374/0.04%.-For details investors are advised to read the Note 7 of the latest Financial Statements.




‘

Launch Date: June 22, 2018Fund Size: Rs. 303 millionType: Open Ended Shariah Compliant Fund of Funds - CPPIDealing Days: Daily – Monday to FridayDealing Time: (Mon-Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism Forward PricingBack end Load: NilManagement Fee: 1) On invested amount in NBP funds, no additional fee. 2) Cash in Bank account: 1.00% p.a.Total Expense Ratio (%) 1.61%(including 0.14% government levies)Risk Profile Low Listing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: KPMG Taseer Hadi & Co. Chartered Accountants Benchmark: Daily Weighted Return of KMI-30 Index and 3-months average deposit rate of three AA rated Islamic Banks or Islamic windows of Conventional Banks as selected by MUFAP, on the basis of actual investment by the Plan in equity and money market schemes.Fund Manager: Sajjad Anwar, CFA Asset Manager Rating: AM1 by PACRA (Very High Quality)

NBP Funds launched its NAFA Islamic Capital Preservation Plan-III (NICPP-III) in June, 2018 which is the first plan under NAFA Islamic Active Allocation Fund-III. The Plan is dynamically allocated between the Equity Component and Money Market Component by using the Constant Proportion Portfolio Insurance (CPPI) Methodology. Allocation to Equity Component is generally increased when equity market is rising, while allocation to the Money Market Component is generally increased when the equity market declines. The Plan is presently closed for new subscription. NICPP-III has an initial maturity of two years.

Since inception, unit price of NICPP-III has decreased by 0.5% p.a. versus the Benchmark decline of 3.4% p.a. The current exposure in Equity Fund stands at 10.8%. During the month, maximum multiplier stood at 2.3 whereas minimum multiplier was 1.8.

August 2019

Since Launch*June 22 , 2018

(0.5%)

(3.4%)

August2019

Rolling12

Months

(0.1%)

(0.5%)

FYTD2020

(0.7%)

(1.7%)

FY2019

(0.03%)

(2.5%)

(1.4%)

(4.3%)

NAFA Islamic Capital Preservation Plan-III

Performance Period


10.8%85.6%3.6%

100.0%Nil

31-August-19

10.5%81.0%8.5%

100.0%Nil


Unit Price (31/08/2019): Rs. 98.2008


%



Hassan Raza, CFA

The objective of NAFA Islamic Capital Preservation Plan-III is to earn a potentially high return through dynamic asset allocation between Shariah Compliant Dedicated Equity and Money Market based Collective Investment Schemes, while providing Capital Preservation of the Initial Investment Value including sales load at completion of twenty four months and beyond.




Total

10.8%

10.8%

PER5.45.6


PBV1.30.9

DY8.4%7.9%

NAFA Islamic Capital Preservation Plan-IV (NICPP-IV)Islamic Savings


Page 26

The performance reported is net of management fee & all other expenses and based on dividendreinvestment gross of with-holding tax where applicable.* Cumulative Returns

‘

Launch Date: September 14, 2018Fund Size: Rs. 183 millionType: Open Ended Shariah Compliant Fund of Funds - CPPIDealing Days: Daily – Monday to FridayDealing Time: (Mon-Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism Forward PricingBack end Load: NilManagement Fee: 1) On invested amount in NBP funds, no additional fee. 2) Cash in Bank account: 1.00% p.a.Total Expense Ratio (%) 1.59%(including 0.13% government levies) Risk Profile Low Listing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: KPMG Taseer Hadi & Co. Chartered Accountants Benchmark: Daily Weighted Return of KMI-30 Index and 3-months average deposit rate of three AA rated Islamic Banks or Islamic windows of Conventional Banks as selected by MUFAP, on the basis of actual investment by the Plan in equity and money market schemes.Fund Manager: Sajjad Anwar, CFA Asset Manager Rating: AM1 by PACRA (Very High Quality)

NBP Funds launched its NAFA Islamic Capital Preservation Plan-IV (NICPP-IV) in September, 2018 which is the second plan under NAFA Islamic Active Allocation Fund-III. The Plan is dynamically allocated between the Equity Component and Money Market Component by using the Constant Proportion Portfolio Insurance (CPPI) Methodology. Allocation to Equity Component is generally increased when equity market is rising, while allocation to the Money Market Component is generally increased when the equity market declines. The Plan is presently closed for new subscription. NICPP-IV has an initial maturity of two years.

Since inception, unit price of NICPP-IV has decreased by 3.2% versus the Benchmark decline by 5.2%. The current exposure in Equity Fund stands at 21.5%. During the month, maximum multiplier stood at 4.6 whereas minimum multiplier was 3.0.

August 2019

Since LaunchSeptember 14 , 2018

(3.2%)

(5.2%)

August2019

(1.2%)

(1.4%)

FYTD2020

(1.9%)

(2.4%)

Rolling6 Months

(4.1%)

(6.0%)

NAFA Islamic Capital Preservation Plan-IV

Performance Period

Unit Price (31/08/2019): Rs. 96.8335


%*


21.5%77.1%1.4%

100.0%Nil

31-August-19

20.5%77.5%2.0%

100.0%Nil




Hassan Raza, CFA

The objective of NAFA Islamic Capital Preservation Plan-IV is to earn a potentially high return through dynamic asset allocation between Shariah Compliant Dedicated Equity and Money Market based Collective Investment Schemes, while providing Capital Preservation of the Initial Investment Value including sales load at completion of twenty four months and beyond.




Total

21.5%

21.5%

PER5.45.6


PBV1.30.9

DY8.4%7.9%

NBP Islamic Capital Preservation Plan-V (NICPP-V)Islamic Savings


Page 27



Total

21.3%

21.3%



Hassan Raza, CFA

{Returns are net of management fee & all other expenses}* Cumulative Returns

‘

Launch Date: December 17, 2018Fund Size: Rs. 121 millionType: Open Ended Shariah Compliant Fund of Funds - CPPIDealing Days: Daily – Monday to FridayDealing Time: (Mon-Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism Forward PricingBack end Load: NilManagement Fee: 1) On invested amount in NBP funds, no additional fee. 2) Cash in Bank account: 1.00% p.a. Total Expense Ratio (%) 1.53%(including 0.13% government levies) Risk Profile Low Listing: Pakistan Stock ExchangeCustodian & Trustee: Central Depository Company (CDC)Auditors: KPMG Taseer Hadi & Co. Chartered Accountants Benchmark: Daily Weighted Return of KMI-30 Index and 3-months average deposit rate of three AA rated Islamic Banks or Islamic windows of Conventional Banks as selected by MUFAP, on the basis of actual investment by the Plan in equity and money market schemes.Fund Manager: Sajjad Anwar, CFA Asset Manager Rating: AM1 by PACRA (Very High Quality)

NBP Funds launched its NBP Islamic Capital Preservation Plan-V (NICPP-V) in December, 2018 which is the third plan under NAFA Islamic Active Allocation Fund-III. The Plan is dynamically allocated between the Equity Component and Money Market Component by using the Constant Proportion Portfolio Insurance (CPPI) Methodology. Allocation to Equity Component is generally increased when equity market is rising, while allocation to the Money Market Component is generally increased when the equity market declines. The Plan is presently closed for new subscription. NICPP-V has an initial maturity of two years.

Since inception, unit price of NICPP-V has decreased by 3.7% versus the Benchmark decline of 5.4%. The current exposure in Equity Fund stands at 21.3%. During the month, maximum multiplier stood at 3.1 whereas minimum multiplier was 2.3.

August 2019

Since Launch*December 17, 2018

(3.7%)

(5.4%)

August2019

(1.0%)

(1.4%)

FYTD2020

(1.9%)

(2.5%)

Rolling6 Months

(5.0%)

(6.7%)

NBP Islamic Capital Preservation Plan-V

Performance Period

Unit Price (31/08/2019): Rs. 96.3408


%

Shariah Compliant FundCash Equivalents Others including receivables Total Leverage

21.3%75.2%3.5%

100.0%Nil

31-August-1920.1%77.7%2.2%

100.0%Nil


The objective of NBP Islamic Capital Preservation Plan-V is to earn a potentially high return through dynamic asset allocation between Shariah Compliant Dedicated Equity and Money Market based Collective Investment Schemes, while providing Capital Preservation of the Initial Investment Value including sales load at completion of twenty four months and beyond.


PER5.45.6


PBV1.30.9

DY8.4%7.9%

NBP Active Allocation Riba Free Savings Fund (NAARFSF)Formerly; NAFA Active Allocation Riba Free Savings Fund (NAARFSF) Islamic Savings


Page 28


*Annualized Return Based on Morning Star MethodologyAll other returns are Annualized Simple Return

The performance reported is net of management fee & all other expenses andbased on dividend reinvestment gross of with-holding tax where applicable.

Launch Date: January 18, 2016Fund Size: Rs. 667 millionFund Size (excludinginvestment by Fund of Funds) Nil Type: Open-end – Shariah Compliant Income FundDealing Days: Daily – Monday to FridayDealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M to 5:30 P.MSettlement: 2-3 business daysPricing Mechanism Forward PricingLoad: Front end: 0%; Back end: 0%Management Fee: 9% of Net Income (min: 0.5% p.a., max: 1.25% p.a.) w.e.f 12-July-19. 1.0% p.a. of average net assets during the month.Total Expense Ratio: 2.33% p.a. (including 0.35% government levies)Selling & Marketing expenses: 0.7% p.a.Risk Profile: LowFund stability rating "A-(f)" by PACRACustodian & Trustee: Central Depository Company (CDC)Auditors: A. F. Ferguson & Co. Chartered AccountantsBenchmark:** 6-month average deposit rates of three A rated Islamic Banks/Islamic windows of conventional banks as selected by MUFAPFund Manager: Muhammad Ali Bhabha, CFA, FRMMinimum Subscription Rs. 10,000/-Asset Manager Rating: AM1 by PACRA (Very High Quality)

To earn a reasonable rate of return along with a high degree of liquidity by investing in short-term Shari’ah Compliant bank deposits and money market/debt securities.

During the month, the Fund generated an annualized return of 10.4% p.a. against the Benchmark return of 5.7% p.a., thus registering an outperformance of 4.7% p.a. The performance is net of management fee and all other expenses.

The Fund aims to consistently generate better return than the profit rates offered by Islamic Banks / Islamic windows of commercial banks, while also providing easy liquidity along with a high-quality credit profile. The Fund is allowed to invest in Shariah Compliant Government Securities of maturity up to 3 years as well as Shariah Compliant money market and debt securities of up to 2 years maturity rated AA- or better.

Around 68% of net assets of the portfolio are allocated in bank deposits. The higher allocation in bank deposits is due to better yields as compared to other authorized alternative investment avenues. The weighted average time-to-maturity of the Fund is 4 days.


August 2019


August2019

10.4%

5.7%

Rolling12

Months

8.4%

4.2%

FYTD2020

9.5%

5.6%

FY2019

7.6%

3.7%

3.8%

3.1%

5.3%

3.4%

NBP Active Allocation Riba Free Savings FundFormerly; NAFA Active Allocation Riba Free Savings Fund (NAARFSF)

Performance Period

Bank Deposits GOP Ijara Sukuks - Govt. Backed Placements with Banks (Islamic) Commercial Papers (Islamic) Others including receivables Total Leverage

67.1%-

14.0%17.7%1.2%

100.0%Nil

31-August-1957.0%11.1%14.3%15.5%2.1%

100.0%Nil


Unit Price (31/08/2019): Rs. 10.1876





AAAA-A+A-Others including receivablesTotal

9.2%8.7%54.8%26.1%1.2%

100.0%

** effective from September 01, 2016; Previously Average of 6-Month deposit rates (A- & above rated Islamic banks)

Note: Amount invested by fund of funds is Rs. 667 million

The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 4,744,083/-. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0725/0.77%. For details investors are advised to read note 5 of the latest financial statements of the Scheme.


FY2017

5.5%

3.2%

Last 3years*

4.1%

2.4%

FY2018

%


NBP Islamic Active Allocation Equity Fund (NIAAEF)Formerly; NAFA Islamic Active Allocation Equity Fund (NIAAEF) Islamic Savings


Page 29

Notes: 1) The calculation of performance does not include cost of front-end load.2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001.






Meezan Bank Ltd

Pak Petroleum Ltd

Mari Petroleum Co Ltd


Lucky Cement Ltd

Nishat Mills Ltd

7.4%

5.9%

4.3%

3.6%

2.1%

11.3%

11.1%

9.9%

8.3%

7.4%

% of TotalAssets

% of TotalAssets

PER5.45.6

NIAAEFKMI-30

PBV1.30.9

DY8.4%7.9%

Note: Amount invested by fund of funds is Rs 826 million.



‘

Launch Date: January 18, 2016Fund Size: Rs. 826 millionFund Size: (Excludinginvestment by fund of funds) NilType: Open Ended Shariah Compliant Equity SchemeDealing Days: Daily – Monday to FridayDealing Time: (Mon - Thr) 9:00 A.M to 4:30 P.M (Friday) 9:00 A.M to 5:00 P.MSettlement: 2-3 business daysPricing Mechanism: Forward PricingLoad: Front end-0% Back end-0%Management Fee: 1.5% per annum w.e.f 12-Jul-19Risk Profile: HighTotal Expense Ratio (%) 3.55% p.a. (including 0.25% government levies)Selling & Marketing Expenses: 1.15% per annum

Custodian & Trustee: Central Depository Company (CDC)Auditors: A. F. Ferguson & Co. Chartered AccountantsBenchmark: KMI-30 IndexFund Manager: Taha Khan Javed, CFAAsset Manager Rating: AM1 by PACRA (Very High Quality)

The objective of the Fund is to provide investors with long term capital growth from an actively managed portfolio of Shari’ah Compliant listed equities.

NBP Funds launched its second open-end Islamic Equity Fund namely NBP Islamic Active Allocation Equity Fund (NIAAEF) in January, 2016. The aim of the Fund is to provide growth to the investment of unit holders over the long-term in approved Shariah Compliant equities.

NIAAEF started off the month with an allocation of around 87% in equities, which increased to around 89% towards the end of the month. NIAAEF outperformed the Benchmark in August as the Fund was overweight in select Power Generation & Distribution, Paper & Board, and Textile Composite sectors stocks which outperformed the market and underweight in select Oil & Gas Exploration Companies, Auto Assembler, and Oil & Gas Marketing Companies sectors stocks which underperformed the market. During the month, the allocation was increased primarily in Fertilizer, Engineering, and Commercial Banks sectors, whereas it was reduced primarily in Oil & Gas Exploration Companies, and Oil & Gas Marketing Companies sectors.

August 2019


(2.6%)

(3.3%)

August2019

Rolling12

Months

(31.4%)

(34.7%)

(8.2%)

(8.6%)

FYTD2020

(14.4%)

(14.6%)

FY2017

30.1%

18.8%

Last 3years*

(10.5%)

(12.7%)

FY2018

(14.1%)

(9.6%)

FY2019

(19.9%)

(23.8%)

NBP Islamic Active Allocation Equity FundFormerly; NAFA Islamic Active Allocation Equity Fund (NIAAEF)

Performance Period


89.0%9.5%1.5%

100.0%Nil

31-August-1987.3%8.6%4.1%

100.0%Nil


Unit Price (31/08/2019) Rs. 7.7716



%


Oil & Gas Exploration Companies Fertilizer Power Generation & DistributionCommercial Banks Cement Others

28.7%21.3%9.0%7.4%4.4%

18.2%

The performance reported is net of management fee & all other expenses and based on dividend reinvestmentgross of with-holding tax where applicable.

The scheme has maintained provision against Sindh Workers’ Welfare Fund’s liability to the tune of Rs 29,057,183/-If the same were not made the NAV per unit/ last one year return of scheme would be higher by Rs 0.2733/2.41%. For details investors are advised to read the Note 5 of the Financial Statements of the scheme.



Sialkot Gujranwala

7 -Noon Avenue, Canal Bank,Muslim Town, Lahore.Fax # 042- 35861095

Lahore

MultanNBP City Branch, Hussain-a-Gahi,Multan.Ph # 061- 4502204Fax # 061- 4502203

Shop # 1, Ground Floor, Islamic Plaza,Plot # SB-2, Block 13-B, KDA Scheme 24,Gulshan-e-Iqbal, Karachi.Ph # 021- 34825043-52 (10 Lines)

Mehar Plaza, Plot # 2, Sherpao Colony,Committe Chowk, Muree Road,Rawalpindi.Ph # 051- 5781931-38 (08-Lines)

Shop # 55/T-5, Haider Road, Saddar,Rawalpindi.Ph # 051- 5580140-45, 5120148(07 Lines)

Saddar

SadiqabadShop # DT 183-184, Chirah Road,Sadiqabad, Muslim Town, Rawalpindi.Ph # 051- 4573804 -08 (05 Lines)

Paris RoadOffice # B1-16-S, Paris Road, Sialkot.Ph # 052 - 4581501-8 (08-Lines)

Bhatia Nagar GT RoadBuilding 94,96 Street # 2 Mohallah BhatiaNagar GT Road Gujranwala.Ph # 055 - 3842601-06, 38426083252911 (08-Lines)

Main Boulevard DHA Phase VIPlot # 114, Sector Main BoulevardDHA Phase 6-C Lahore.Ph # 042 - 37135560-2,37135564-8 (07 Lines)

Saddar BazarBuilding No 992-Tufail Road,Main Saddar Bazar, Cantt Lahore.Ph # 042 - 36613749-50,36613754-59 (08 Lines)

Main Market Gulberg IIRegional Office 21-E Main MarketGulberg II Lahore.Ph# 042 - 35752782-83, 35752734-40,35752790-92 (12 Lines)

Commercial Area Cavalry GroundShop # 1 Plaza 65 Commercial Area Cavalry Ground Lahore.Ph # 042 - 36670171-75 (05 lines),36619878

North NazimabadShop # 2 & 3, Famous Tower Plot # B-153, Block – H,North Nazimabad, Karachi.Ph # 021-36620280-85 (06 Lines)

Islamabad1st Floor, Ranjha Arcade,Main Double Road, Gulberg Greens,Islamabad.

Karachi

Hyderabad

Lahore

Faisalabad

Rawalpindi

Azad Jammu & Kashmir

Islamic Savings Center

7th Floor Clifton Diamond Building,Block No. 4, Scheme No. 5, Clifton,Karachi.Ph # 0800-20002Fax # 021-35825329

BahadurabadShop # 10, Silver Line Apartments,Mian Jamal Uddin Afghani Road,Plot # 15/5, Block-3, Bihar MuslimCooperative Housing Society, Karachi.Ph # 021- 34929933-35 (03 Lines)

Chaklala Scheme 313/4, Awan Plaza, Bilal Shaheed ChowkChaklala Scheme - III, Rawalpindi.Ph # 051-5766129, 5766240-1,5766244-5 (05-Lines)

Mirpur - Azad Jammu & KashmirAl Manzar building, Allama Iqbal road,Plot # 2, Nangi Mirpur Azad Jammu &Kashmir.Ph # 058 - 27448627-31 (05-Lines)

Ghari KhataPlot # 1054 station road near HaiderChowk Ghari Khata Hyderabad.Ph # 022-2720912-19 (08 Lines)

Faisal Town926-C Maulana Shaukat Ali Road,Faisal Town, Lahore.Ph # 042 - 35175501-7 (07 Lines)

Liaqat RoadP-74 First Floor Liaqat Road Faisalabad.Ph # 041- 2610157-63 (07-Lines)

Office # 5, Ground Floor, Plot # 99-F,Sama Arcade 3, Spring North, Phase 7,Bahria Town, Rawalpindi.Ph # 051- 5412014-18 (05-Lines)

Peshawar2nd Floor, National Bank Building,University Road, Opposite Gul Haji Plaza.Ph # 091-5703200Fax # 0915703202

Head Office Branch Office

Regional Offices

Shop # 1, Plot # 34-C, Street # 10,Badar Commercial, Phase-V Ext, DHA,Karachi.Ph # 021- 35851541-43 (03 Lines)

D.H.A - Badar CommercialGround floor, Rufi Lake Drive,Gulistan-e-Jauhar, Block - 18,Karachi.Ph # 021- 34160350-57 (08 Lines)

Gulistan-e-JauharShop # 12-A, Rahat Residency,Plot # 34-C, Rahat Commercial Area,Lane 3, Phase VI, DHA, Karachi.Ph # 021- 35853487-89 (03 Lines)

Khayaban-e-Rahat

Gulshan-e-Iqbal

Committee ChowkBharia Town

ADDRESSESIslamabadPlot # 395-396, Industrial Area,Sector I-9/3. Islamabad.Fax # 051- 4859029

Contact our Investment Consultant for free Investment advice

Call 0800-20002 SMS INVEST to 9995 www.nbpfunds.com [email protected]

Islamic Savings Fund Manager Report of Shari’ah …...Page 01 Performance Summary of Key...

Documents

Transcript of Islamic Savings Fund Manager Report of Shari’ah …...Page 01 Performance Summary of Key...