ABL Asset Management ABL Islamic Pension Fund

The cheapest incumbent Islamic VPS fee stack in Pakistan - 1.5% equity / 0.60% debt / 0.40% money market - from ABL Asset Management (Allied Bank subsidiary, AM1 by PACRA), launched August 2014. FY26 returns: equity +33.25% versus the KMI-30's +39.18%, money market 9.63%, debt 9.07%, with the equity sub-fund up +524.53% cumulative since inception. Shariah oversight is the fully named six-scholar Al-Hilal council under Mufti Irshad Ahmad Aijaz with published screening criteria. The oddity: the June 2026 FMR does not print the sub-funds' net assets at all - the only cohort VPS with undisclosed AUMs - and minimums plus tax-credit worked examples also require the offering document. ABL also won KPK and Punjab Islamic pension money-market mandates in November 2025.

On fees, ABL's Islamic VPS is the best incumbent deal in Pakistan: 1.5%/0.60%/0.40% undercuts every traditional rival, and eleven years of history with a fully named Shariah council make it credible. On disclosure, it commits the category's oddest sin - a pension fund whose own monthly report won't tell you how big it is. That matters practically (sub-scale sub-funds can carry ugly expense ratios, as Alfalah's 8.20% TER equity sleeve shows) and reputationally (what else isn't printed?). Our recommendation logic: if ABL will confirm sub-fund sizes and minimums when you ask, the fee stack makes this a top-three incumbent choice alongside Atlas; if the opacity persists, Atlas offers similar economics with its numbers in print.