PAKISTAN: The domestic mutual funds industry rose 51% year-on-year to PKR379 billion (US$4.01 billion) in the 2012 fiscal year, contributed by strong growth in Islamic income and money market funds.
The country’s fiscal year begins on the 1st July of the previous year and ends on the 30th June.
According to a report by financial management and advisory firm Invest Capital and Securities (InvestCap), Islamic income and Islamic money market funds grew 43% and 22%, respectively.
However, growth in the Shariah compliant funds lagged behind that of conventional income and money market funds, which surged 124% and 95%, respectively.