Al Meezan Investments Meezan Islamic Fund (MIF)

Pakistan's largest Islamic equity mutual fund - Rs 70.43 billion at June 30, 2026 - run since August 2003 by Al Meezan, the country's only sole-mandate Shariah AMC. The fund keeps at least 70% of net assets in KMI-screened listed equities against the KMI-30 benchmark, screening to the published six-test methodology (37% debt, 33% non-compliant investments, 5% income thresholds with pro-rata purification) under a board chaired by Justice (Retd.) Mufti Taqi Usmani. Since inception it is up roughly +3,960%; FY26 returned +33.22% against the KMI-30's +39.18%. Entry is Rs 5,000 initial / Rs 1,000 subsequent with digital and Roshan Digital Account onboarding - but pricing is full-freight: 3% management fee plus a 2% front-end load. Best for investors who want maximum governance depth and scale and will pay active fees for it.

MIF is the default recommendation Pakistani Muslims hear first, and the governance genuinely earns it: no other AMC publishes its screens this completely or fields a board this senior. The catch is cost versus outcome. At 3% plus a 2% load you are paying active-management prices, and in FY26 the fund delivered +33.22% against the KMI-30's +39.18% - while Al Meezan's own index fund and ETF hugged the benchmark for 0.75% and 0.50% respectively. The honest read: MIF is a fine core holding if you value the flagship's scale and the deepest Shariah oversight in the market, but cost-conscious investors should look hard at the same firm's passive shelf before defaulting to the flagship.