# Meezan, UBL or HBL mutual funds: which fund house to choose

URL: https://which.pk/money/guides/meezan-vs-ubl-vs-hbl-funds/
Author: Ahtisham
Updated: 17 Oct 2026

## Summary

No fund house wins in every category. Over the 365 days to 31 August 2026, MUFAP's ranking put UBL's Al-Ameen Islamic Cash Plan I at 10.70% and HBL Islamic Money Market Fund at 10.63%, against 9.71% for Meezan Rozana Amdani Fund, while Meezan Energy Fund returned 30.23%. Al Meezan is the largest manager, with Rs 724 billion in August 2026, and offers only Shariah-compliant funds. UBL (Rs 437 billion) and HBL (Rs 345 billion) run conventional and Islamic funds. All three are rated AM1.

## Key facts

- Al Meezan size: Rs 724 billion (Aug 2026)
- UBL Funds size: Rs 437 billion (Aug 2026)
- HBL AMC size: Rs 345 billion (Aug 2026)
- Manager rating: AM1 for all three (VIS)

**No fund house wins in every category.** Meezan mutual funds are run by Al Meezan Investments, the largest fund manager in Pakistan with **Rs 724 billion** in August 2026, and every one of its funds is Shariah-compliant. UBL Funds (Rs 437 billion) and HBL Asset Management (Rs 345 billion) run both conventional and Islamic funds. Over the 365 days to 31 August 2026, UBL and HBL's Islamic money market funds earned more than Meezan's, while Meezan's energy fund led the Islamic equity funds of all three.

## How do Meezan, UBL and HBL fund houses compare?

The funds are run by asset management companies (AMCs) that are separate from the banks whose names they use. Figures below are from MUFAP, the fund industry association, and each AMC's own reports.

| | Al Meezan Investments | UBL Fund Managers | HBL Asset Management |
|---|---|---|---|
| Assets managed, Aug 2026 | Rs 724 billion | Rs 437 billion | Rs 345 billion |
| Size rank among MUFAP's 25 members | 1st | 3rd | 6th |
| Manager rating (VIS) | AM1 (22 Jan 2026) | AM1 (30 Dec 2025) | AM1 (31 Dec 2025) |
| Conventional funds | None | Yes | Yes |
| Islamic funds | All funds | Al-Ameen range | HBL Islamic range |
| Open an account online | Meezan Funds Online, app | UBL Funds e-Account, app | Digital portal, app |

VIS also gives Al Meezan a **15.6% market share** as of June 2025, and Al Meezan reported more than 602,000 investors in its 2026 annual report. In MUFAP's August table, NBP Fund Management (Rs 588 billion) sits second, and Alfalah and MCB fall between UBL and HBL.

**The bank does not stand behind the fund:** All three AMCs say the bank whose name they use is not responsible for the fund's liabilities. Al Meezan adds that Meezan Bank's role is limited to distributing its funds. A fund can lose money; a bank deposit is a different product. See [Meezan Bank vs other banks](/money/guides/meezan-bank-vs-other-banks/) for the banks themselves.

## Which has better returns: UBL vs Meezan mutual funds?

The fairest comparison is the same window from one source. MUFAP's ranking gives every fund's return for the 365 days to **31 August 2026**. Money market returns are annualised; equity returns are the total gain for the period.

| Category | Al Meezan | UBL Funds | HBL AMC |
|---|---|---|---|
| Conventional money market | No such fund | Money Market Fund 10.05%, Liquidity Plus 9.98% | Cash Fund 10.32%, Money Market Fund 9.75% |
| Islamic money market | Rozana Amdani 9.71%, Cash Fund 9.70% | Al-Ameen Islamic Cash Plan I 10.70%, Al-Ameen Islamic Cash Fund 9.97% | Islamic Money Market 10.63%, Islamic Savings Plan I 9.74% |
| Conventional equity | No such fund | Stock Advantage 14.36%, Financial Sector 25.54% | Stock Fund 22.38%, Equity Fund 15.93%, Energy Fund 45.42% |
| Islamic equity | Meezan Islamic Fund 13.06%, Al Meezan Mutual Fund 13.62%, Energy Fund 30.23% | Al-Ameen Shariah Stock 14.60%, Al-Ameen Islamic Energy 28.75% | Islamic Stock 17.87%, Islamic Equity 21.39% |

For scale: across the whole industry, Islamic money market funds ran from 9.41% to 10.89% over the same period, so the gap between these three houses was about one percentage point. Equity funds spread much wider, from 4.70% to 45.42% for conventional funds.

Fund size matters too. At 30 June 2026, Meezan Cash Fund held Rs 157.7 billion and Meezan Islamic Fund Rs 70.4 billion. In September 2026, UBL Stock Advantage Fund held Rs 35.1 billion, while HBL Stock Fund held Rs 2.8 billion.

## Why one year of returns can mislead

Move the window by a single month and the ranking can change. HBL Stock Fund returned **22.38%** over the 365 days to 31 August 2026, but only **2.82%** for the year to 30 September 2026 in HBL's own report. The KSE-100 index fell 4.0% in September 2026, and UBL Stock Advantage Fund's one-year return to 30 September was -0.78%.

**Why we don't name a best fund:** Past performance doesn't indicate future results: the one-month shift above turned 22.38% into 2.82%. Pick the category that matches when you need the money, then compare funds inside it over several periods.

## Are Meezan mutual funds high risk?

Some are, some aren't. All three AMCs label each fund by the risk to your principal (the money you put in):

- **Low:** money market funds, such as Meezan Rozana Amdani Fund, UBL Cash Fund, Al-Ameen Islamic Cash Fund and HBL Islamic Money Market Fund.
- **Medium:** income funds, such as HBL Islamic Income Fund.
- **High:** equity, balanced and asset allocation funds, such as Meezan Islamic Fund, UBL Stock Advantage Fund and HBL Islamic Stock Fund.

What each category holds is explained in our guide to [mutual funds in Pakistan](/money/guides/mutual-funds-pakistan/).

## What fees and loads do they charge?

The management fee comes out of the fund every year. A front-end load is a one-off charge when you buy. UBL and HBL figures are from their September 2026 reports; Al Meezan's are from its June 2026 fund brochures.

| Fund | Management fee charged | Front-end load |
|---|---|---|
| Meezan Rozana Amdani Fund | 1.10% a year | Nil |
| Meezan Islamic Fund | 3.00% a year | 2.00% |
| UBL Cash Fund | 0.19% a year (Sep 2026) | Nil |
| Al-Ameen Islamic Cash Fund | 1.18% a year (Sep 2026) | Nil |
| UBL Stock Advantage Fund | 2.85% a year (Sep 2026) | Up to 2.5% |
| HBL Cash Fund | 0.87% a year | Up to 1% |
| HBL Islamic Money Market Fund | 0.75% a year | Up to 1% |
| HBL Stock Fund | 3.00% a year | Up to 2.5% |

**Sales load cap stated by UBL and HBL:** 3% or 1.5% (As applicable, charged on investment or redemption at the AMC's discretion (September 2026 reports))

UBL's reports list a minimum investment of **Rs 500** for the funds above. We couldn't confirm Al Meezan's or HBL's minimums. For SECP's fee caps and the tax on fund gains, see [mutual funds in Pakistan](/money/guides/mutual-funds-pakistan/).

**Where these numbers come from:** Al Meezan's website blocked us on 17 October 2026, so we couldn't read its September 2026 fund manager report. We used MUFAP's ranking, Al Meezan's 2026 annual report filed on PSX, its VIS rating report and Internet Archive copies of its June 2026 brochures. UBL's and HBL's September 2026 reports opened normally.

## Can I open a Meezan, UBL or HBL fund account online?

Yes, at all three:

- **Al Meezan:** through Meezan Funds Online or its mobile app, with no branch visit needed.
- **UBL Funds:** the UBL Funds e-Account, with biometric verification, liveness checks and face matching for its Sarmayakari accounts.
- **HBL AMC:** its digital account portal and the HBL Asset Management app.

## Which fund house suits whom?

- **You want only Shariah-compliant funds in one place:** Al Meezan runs no conventional funds and is the largest manager. UBL (Al-Ameen) and HBL also offer Islamic funds.
- **You want a money market fund:** returns at the three houses were within about one percentage point of each other over the year to August 2026, so compare fees and loads too.
- **You want equity exposure:** results vary far more between funds than between fund houses. Consider a [pension fund](/money/guides/pension-fund-pakistan/) for long-term saving, or [buying shares on PSX](/money/guides/how-to-invest-in-psx/) yourself.

More guides: [mutual funds in Pakistan](/money/guides/mutual-funds-pakistan/), [investment options in Pakistan](/money/guides/investment-options-pakistan/), [Islamic vs conventional banking](/money/guides/islamic-vs-conventional-banking/), [Investing](/money/investing/).

## Questions people ask

### Which is better, UBL or Meezan mutual funds?

Neither wins in every category. In MUFAP's 365-day ranking to 31 August 2026, UBL's Al-Ameen Islamic Cash Plan I returned 10.70% against 9.71% for Meezan Rozana Amdani Fund, while Meezan Energy Fund (30.23%) beat Al-Ameen Islamic Energy Fund (28.75%).

### Are Meezan mutual funds high risk?

It depends on the fund. Al Meezan labels Meezan Rozana Amdani Fund, a money market fund, low risk and Meezan Islamic Fund, an equity fund, high risk. UBL and HBL use the same Low, Medium and High labels.

### Is HBL or Meezan better for Islamic funds?

Al Meezan offers only Shariah-compliant funds; HBL runs a separate Islamic range next to its conventional funds. Over the 365 days to 31 August 2026, HBL Islamic Money Market Fund returned 10.63% and Meezan Cash Fund 9.70%, per MUFAP.

### Is my mutual fund money guaranteed by Meezan Bank, UBL or HBL?

No. All three fund houses state that the related bank is not responsible for the liabilities of the fund manager or its funds. Meezan Bank's role is limited to distributing Al Meezan's funds.

## Sources

- [MUFAP Investment Insights E-Newsletter, August 2026](https://mufap.com.pk/Upload/WebDoc/Communication/MUFAP_Newsletter_-_Aug_202625480.pdf), MUFAP (accessed 17 Oct 2026)
- [Ranking of CIS on the basis of their last 365 days returns, August 2026](https://www.mufap.com.pk/Upload/WebDoc/IndustryStatictics/Ranking_of_CIS_-_Aug_202625473.pdf), MUFAP (accessed 17 Oct 2026)
- [Fund Manager Report, September 2026](https://hblasset.com/wp-content/uploads/2026/10/FMR-Sep-2026.pdf), HBL Asset Management (accessed 17 Oct 2026)
- [Fund Managers Report, September 2026 (conventional funds)](https://online.ublfunds.com/FMR/Funds/Conventional?Year=2026&Mon=Sep), UBL Fund Managers (accessed 17 Oct 2026)
- [Al-Ameen Funds, Fund Managers Report, September 2026](https://online.ublfunds.com/FMR/Funds/Islamic?Year=2026&Mon=Sep), UBL Fund Managers (accessed 17 Oct 2026)
- [Annual Report 2026, funds under management of Al Meezan Investment Management](https://dps.psx.com.pk/download/document/283980.pdf), Al Meezan Investment Management (PSX filing) (accessed 17 Oct 2026)
- [Al Meezan Investment Management, management quality rating, 22 January 2026](https://docs.vis.com.pk/RatingReports/OP_00497501022_0004975.pdf), VIS Credit Rating Company (accessed 17 Oct 2026)
- [Meezan Islamic Fund brochure, June 2026 (Internet Archive copy)](https://web.archive.org/web/20260720052524/https://www.almeezangroup.com/assets/uploads/2026/06/Meezan-Islamic-Fund-Brochure.pdf), Al Meezan Investments (accessed 17 Oct 2026)
- [Meezan Rozana Amdani Fund brochure, June 2026 (Internet Archive copy)](https://web.archive.org/web/20260720052524/https://www.almeezangroup.com/assets/uploads/2026/06/Meezan-Roazana-Amdani-Fund-Brochure.pdf), Al Meezan Investments (accessed 17 Oct 2026)
- [UBL Funds e-Account](https://www.ublfunds.com.pk/), UBL Fund Managers (accessed 17 Oct 2026)
- [HBL Asset Management app](https://hblasset.com/hbl-asset-app/), HBL Asset Management (accessed 17 Oct 2026)