Fresh from its record fundraising in Pakistan for a mutual fund IPO, Lucky Investment Management could roll out more Islamic products in the coming days while shaping itself as an adviser and asset manager to other financial service providers in the Muslim South Asian nation, IFN Investor has learned.
The fully Shariah compliant firm gave a seven-day notice to the Securities and Exchange Commission of Pakistan on the 18th April 2025, detailing launch plans for a Lucky Islamic Stock Fund, Lucky Islamic Income Fund and Lucky Islamic Money Market Fund. It also announced a pension scheme would be “coming soon”.
While a varied product rollout like this would normally take at least a couple of months, Lucky’s CEO Mohammad Shoaib told IFN Investor the company expected the equities and income funds in the week of 28th April 2025 and the fixed-term fund “very soon thereafter”, followed by the pension scheme.
“We are in the process of finalizing the products and getting the necessary approvals. You will continue to hear news from us, I think almost every few weeks.”
A unit to provide discretionary portfolio and advisory services for other asset managers is also in the works to expand on product distribution work Lucky is doing for some clients in Pakistan, Mohammad Shoaib said.
“The focus of this new asset management company is to provide a 360-degree complete wealth management solution for its clients. We are going to focus on having all kinds of products in our product suite… as many as possible within our license. That’s the mindset.”
“At the same time, when we don’t have a product, then we will be advising the clients on other products available in the market, which are Shariah compliant.”
The initiatives by Lucky are driven by its determination to be more than just a mutual fund company, the CEO said.
It is also part of a deeper strategy to tap the underserved Pakistani population, where the national savings rate is less than a quarter of desired levels, Mohammad Shoaib added.
“It is 7%, the individual rate of saving, when it should be somewhere around 30%. So, our objective is to ensure that we play a role in increasing the rate of saving and investment in the country.”
While the company was sparing no effort and creativity in expanding its product line, Lucky’s initiatives would also be customer-centric and need-driven, said Mohammad Shoaib.
“Our focus is to identify the investment needs. Develop a product for it and bring it to the market as soon as possible.”
“Pakistan is a big country with 240 million people and the savings rate in Pakistan is very, very low. I think the sky’s the limit for us.”
Lucky came about through a takeover of Interloop Asset Management by Pakistani manufacturing conglomerate Yunus Brothers Holdings, which doubled the company’s capital to PKR500 million (US$1.78 million). The renamed firm made headlines by raising PKR50 billion (US$177.8 million) for its inaugural open-ended money market fund launched on 9th April 2025 — a record in Pakistan for a mutual fund IPO.
