Speaking at dinner reception hosted by ABL Asset Management Company (AAMC) at a local hotel, he gave the example of the denationalized banks and financial institutions and said that now these organisations were showing remarkable performance. Referring to the Pakistan Steel, PIA and other government-owned organisations, he said that these public sector organisations were incurring huge losses and they are a burden on the national tax exchequer.
Chairman Ibrahim Group, Shailh Mukhtar Ahmed said that the risk business should be liberalised and free of any restrictions or time bound. He said that ABL AMC has achieved this position through its best possible service to its customers. KATI Chairman, Mohammad Zubair Chhaya praised the ABL AMC performance.
In a presentation by CEO AAMC, Farid Ahmed Khan stated that ABL AMC is contemplating the introduction of two new instruments named Foreign Currency Fund and Gold fund. Management Company has become one of the largest fund managers in Pakistan with volume crossing well over Rs 100 billion of foreign and local investors. He said that this distinction has been achieved by the AAMC by virtue of its liberal fund management schemes offered to investors as they do not have any time restrictions or blocked money.
He said that customers are allowed to withdraw their money without losing benefits. Farid said that customers are being offered 25 per cent tax advantage on its fund schemes. He pointed out that the ABL AMC offers ABL Cash Fund, ABL T-Bills, PIB, TFCs and Stock Fund schemes besides Islamic Income and Daily Cash and Capital Protected Scheme for the investors.
He further informed that there is no minimum balance required in any of the ABL AMC scheme while financing could also be availed from the ABL against funds in the ABL AMC. He mentioned that ABL AMC is a subsidiary of Allied Bank regulated by the Security and Exchange Commission of Pakistan and provides services through the countrywide network of Allied Bank.