KARACHI, Oct 12: National Fullerton Asset Management Ltd (Nafa) will launch two open-end Islamic mutual funds by the end of the this month.

The National Bank of Pakistan, NIB Bank Ltd and Fullerton Fund Management Group, a subsidiary of Temasek Holdings, Singapore, are the main sponsors of Nafa which is managing total assets of Rs24.5 billion in three mutual funds in Pakistan.

The initial offering will commence on Oct 22 and continue till Oct 26. Nafa Islamic Income Fund and Nafa Islamic Multi Asset Fund will be issued at par value of Rs10 per unit during the initial offering.

Nafa Islamic Fund will not invest in stock market while Nafa Islamic Multi Fund will be a balance fund investing in stocks as well as income generating investments.—APP