MCB Alhamra Alhamra Islamic Stock Fund

Pakistan's third-largest Islamic equity mutual fund: Rs 11.66 billion at June 30, 2026, benchmarked to the KMI-30 under MCB's in-house Shariah board chaired by Justice (Retd.) Muhammad Taqi Usmani. Recent performance leads the bank-owned pack - FY26's +33.84% lagged the index's +39.18% by 5.3 points where peers lagged 10-12 - after calendar 2024's +90.42% and 2025's +62.16%. The asterisk is history: the fund launched in 2004 as a conventional scheme and only converted to Shariah-compliant on July 1, 2015, so 'since inception' figures straddle both regimes. Full 3% management fee; Rs 500 entry via iSave; AM1 manager (PACRA) with CDC trustee.

Among Pakistan's bank-owned active halal equity funds, Alhamra's is the strongest recent performer - its 5.3-point FY26 lag beats HBL, ABL and Alfalah by wide margins, and calendar 2024-25 results (+90%, +62%) were excellent. The Usmani board gives it Shariah credibility few can match. Two things stop us short of enthusiasm: the 2015 conversion history, which pollutes the long-term record marketing leans on, and the unchanged reality that a 3% fee bought less than the index again in FY26. If you want active halal equity from a bank-owned house, this is the one; if you simply want the market, the no-load index ETFs delivered more of it for a fifth of the cost.