A three-member delegation from Ministry of Labour & Social Protection of Kazakhstan, comprising Mrs Leila Serikbayeva, chief of Department of Accumulation Pension System, Ms Kuplash Ternirbekova, head of Unit of Social & Pension Payment, and Ms Assel Turpakpayeva, chief specialist of Insurance Supervision Division, visited the Mutual Funds Association of Pakistan (MUFAP).
The delegation is visiting Pakistan to explore opportunities for investment in the capital markets. Ms Leila Serikbayeva briefed the members about the prevailing investment scenario in Kazakhstan. She mentioned that the country is looking to invest pension accumulations of US $27 billion.
She also briefed the members of MUFAP that the Government of Kazakhstan is working on drafting a law on mutual funds in Kazakhstan. Zaigham Mahmood Rizvi, chairman of MUFAP, along with the members of MUFAP, welcomed the delegates and apprised them of the progress made by the mutual funds industry in Pakistan. Zaigham also briefed them that today Pakistan has 31 funds in the market, of them 18 are close-end funds and 13 open-end funds, and many more are in the pipeline. While at the quarter ending in March 2004 there were 27 funds in the market offering 12 in open-end and 15 in close-end sector; and the total net assets have surpassed the US $1.5 billion mark.
He further highlighted the growth of some of the Pakistan's best performing funds, among them NIT achieved a growth of 60.6 percent and the yield was 20.38 percent, while Meezan Islamic Fund grew by 23.88 percent and the yield was 15 percent, and Arif Habib Investment's Pakistan Stock Market Fund grew by 62 percent and the yield was 60 percent in the year ending June 2004 over the last year.
He also discussed with them to initiate a dialogue between the two brotherly countries in the field of asset management. Zaigham apprised the members of the delegation that the Pakistan market is ready to launch new products, likes of Real Estate Fund, Infrastructure Fund, Pension Funds, etc.
The delegation shared views on mutual co-operation and sharing technical support in the area of pension fund. At the end of the discussion, Mrs Serikbayeva extended an invitation to the members of MUFAP to visit Kazakhstan.-PR
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