Karachi: The Board of Directors of NBP Fund Management Limited released the unaudited condensed interim financial statements for NBP Islamic Mustahkam Fund for the quarter ending September 30, 2026, on November 3, 2026. The report highlights variations in the fund sizes and returns of several Shariah-compliant fixed-term munafa plans amid changing yields in the government securities market.

During the first quarter of fiscal year 2027, government securities yields experienced an upward trend, primarily toward the quarter's end. The yields for short-term Sukuk increased from approximately 11.30% to as high as 12.49% in the September auctions. Meanwhile, longer-term fixed-rate and zero-coupon Sukuk were accepted at yields up to 12.50%.

The NBP Islamic Mustahkam Fund - NBP Islamic Fixed Term Munafa Plan - IB (NIFTMP-IB) saw a significant decrease of 88% in its size, from 15,597 million rupees to 1,929 million rupees, by July 13, 2026. Despite this, the fund's annualized return was recorded at 11.58%, surpassing its benchmark return of 9.45%. According to information available from the Pakistan Stock Exchange (PSX), the fund aims to offer fixed returns to unit holders who maintain their investments until maturity.

Meanwhile, the NBP Islamic Mustahkam Fund - NBP Islamic Fixed Term Munafa Plan IIIB (NIFTMP-IIIB), categorized similarly, experienced a 76% reduction in size from 7,654 million rupees to 1,844 million rupees by July 23, 2026. This fund achieved an annualized return of 11.78%, slightly below its benchmark of 12.33%.

Conversely, the NBP Islamic Mustahkam Fund - NBP Islamic Fixed Term Munafa Plan IIB (NIFTMP-IIB) reported a 71% increase in size, from 9,646 million rupees to 16,527 million rupees by September 30, 2026. The fund delivered an annualized return of 11.25%, which exceeded its benchmark return of 10.78%.

The NBP Islamic Mustahkam Fund - NBP Islamic Fixed Term Munafa Plan - IVB (NIFTMP-IVB) saw its size decrease by 75%, from 2,841 million rupees to 711 million rupees by August 27, 2026. The fund earned an annualized return of 11.30%, closely aligning with its benchmark of 11.47%.

Similarly, the NBP Islamic Mustahkam Fund - NBP Islamic Fixed Term Munafa Plan VB (NIFTMP-VB) decreased by 40% from 983 million rupees to 588 million rupees by September 10, 2026. It delivered a return of 11.33%, marginally surpassing its benchmark of 11.30%.

The NBP Islamic Mustahkam Fund - NBP Islamic Fixed Term Munafa Plan - VIB (NIFTMP-VIB) showed a minor move of 2% in its size, increasing from 2,025 million rupees to 2,069 million rupees by September 30, 2026. The fund's return was recorded at 11.20%, which is slightly above its benchmark of 11.17%.

Lastly, the NBP Islamic Mustahkam Fund - NBP Islamic Fixed Term Munafa Plan - VIIIB (NIFTMP-VIIIB) observed a 7% increase in size, from 10,058 million rupees to 10,712 million rupees by September 30, 2026. This fund achieved a significant return of 12.93%, markedly higher than its benchmark of 10.90%.

The interim cash dividends for these funds varied, with the Board of Directors approving distributions ranging between 0.962% and 1.084% of the opening ex-NAV during the period ending September 30, 2026. The financial statements reflect the dynamic nature of the market conditions and the funds' strategic management to optimize returns for their unit holders.