Karachi: The Board of Directors of NBP Fund Management Limited has released the unaudited condensed interim financial statements for the NBP Riba Free Savings Fund (NRFSF) for the quarter ending September 30, 2026. The report, dated November 3, 2026, highlights notable changes in the fund’s performance and size over the period.
During the first quarter of the fiscal year 2027, the yields on government securities observed an upward trend. This increase was particularly evident towards the end of the quarter, driven by ongoing inflationary pressures and increased external uncertainties. Shariah-compliant government securities also saw active issuance through the Pakistan Stock Exchange (PSX), with short-term Sukuk yields climbing from around 11.30% to 11.84% in July, and further to approximately 11.68% to 12.49% by the final auction in September.
The NRFSF, classified as an Islamic Income Scheme, is rated 'A+ (f)' by PACRA, indicating a strong capacity to maintain relative stability in returns with a very low risk exposure. The fund is structured to deliver returns superior to those offered by Islamic banks or Islamic windows of commercial banks. It also aims to provide easy liquidity and maintain a strong credit profile.
The fund's size experienced a significant decrease of 25%, falling from Rs. 26,972 million to Rs. 20,290 million during the quarter. Concurrently, the unit price of the fund increased from Rs. 10.3837 on June 30, 2026, to Rs. 10.6555 on September 30, 2026. This represents a return of 10.38% per annum, which surpasses the benchmark return of 9.46% per annum for the same period.
According to information available from the Pakistan Stock Exchange (PSX), the fund has earned a total income of Rs. 605.99 million during the quarter. After accounting for total expenses amounting to Rs. 54.67 million, the net income stands at Rs. 551.32 million.
The asset allocation of the NRFSF as of September 30, 2026, is detailed as follows: Bal-Muajjal makes up 27.68%, Cash Equivalents & Other Net Assets account for 53.35%, Comporte Sukuk Certificates constitute 11.09%, and the Certificate of Musharakah comprises 12.88%.