Karachi: Faysal Halal Amdani Fund, a Shariah Compliant Money Market Scheme, has shown remarkable performance in the financial year ended June 30, 2024, outperforming its benchmarks significantly amidst fluctuating market conditions.

The fund, managed by Faysal Asset Management Limited, closed the year with net assets amounting to PKR 73.68 billion, an impressive increase from PKR 40.87 billion the previous year. The net asset value per unit rose to PKR 101.94 from PKR 101.42 over the same period.

According to information available from the Pakistan Stock Exchange (PSX), the fund’s growth is attributed to its robust investment strategy and the dynamic management of its asset allocations. Investments, primarily in Shariah-compliant securities, surged to PKR 47.54 billion from PKR 10.26 billion, reflecting a strategic shift towards more lucrative assets.

Revenue for the year followed suit, with total income reaching PKR 10.58 billion, nearly double the PKR 5.62 billion reported in 2023. The significant income boost was led by profits on balances with banks, which alone contributed PKR 5.33 billion, and a combined income of over PKR 4 billion from sukuk certificates and placements.

The Fund’s expense ratio was well managed, with total expenses amounting to PKR 673.70 million, giving it a cost-effective edge in the competitive market. This management efficiency is reflected in the fund's yield for the year, which stood at 21.79% against the benchmark's 10.28%.

The strategic foresight of Faysal Asset Management has positioned the Faysal Halal Amdani Fund as a leading player in the Islamic financial market, ensuring competitive returns for its investors while adhering to stringent Shariah compliance standards.