Karachi: The Board of Directors of NBP Fund Management Limited released the unaudited condensed interim financial statements for the NBP Islamic Government Securities Plan-III (NIGSP-III) for the quarter ending September 30, 2026. The report, dated November 3, 2026, outlines significant developments in the fund's performance and market conditions.
Throughout the first quarter of the fiscal year 2027, the yields on government securities experienced an upward trend. This rise was especially noticeable toward the end of the quarter in the face of persistent inflationary pressures and heightened external uncertainty. Shariah-compliant government securities were actively issued through the Pakistan Stock Exchange (PSX). Short-term Sukuk yields increased from around 11.30% to 11.84% in July, reaching approximately 11.95% to 12.49% by the final auction in September. Longer-tenor fixed-rate and zero-coupon Sukuk were accepted at yields of up to 12.50%.
According to information available from the Pakistan Stock Exchange (PSX), the NIGSP-III, which is categorized as a Shariah Compliant Income Fund, has been awarded a stability rating of 'AA (f)' by the Pakistan Credit Rating Agency (PACRA). The fund is designed to provide investors with attractive returns by primarily investing in Shariah Compliant Government Securities.
During the quarter, the fund's size experienced a decrease categorized as a big move, declining by 2% from Rs. 887 million to Rs. 873 million. However, the unit price of the fund increased from Rs. 10.0945 on June 30, 2026, to Rs. 10.3084 on September 30, 2026, yielding a return of 8.41% per annum compared to its benchmark return of 10.06% per annum for the same period. This performance is net of management fees and other expenses.
The fund earned a total income of Rs. 22.86 million during the period, with total expenses amounting to Rs. 4.02 million. Consequently, the net income stood at Rs. 18.84 million. As of September 30, 2026, the asset allocation of NIGSP-III was 20.12% in cash equivalents and other net assets rated A-, while 79.88% was allocated to GOP Ijarah Sukuk.