Islamic Fund Management
106
Figure 4.10: Structure of VPS
Source: JamaPunji (b)
The performance of VPS, which invest in specially set-up mutual funds, i.e. sub-funds of equity,
debt and money market securities, had lagged somewhat after its establishment in 2005. Since
2013, however, this type of fund has made some strides, as shown i The Islamic
VPS outperformed its conventional counterpart in 2016-2017, partly due to the regulators’
more concerted efforts―particularly the SECP, via its JamaPunji awareness programme, and
some tax relief for contributors/participants, as observed during our field visit and interviews.
Chart 4.14: Pension Funds’ Total Net Assets (2013-2017)
Source: MUFAP (2017)