Case Title

Al Meezan Investment Management Limited: evolution of Shariah Compliant Mutual Funds

Case overview / Abstract

This case study focuses on Al Meezan Investment Management Limited (Al Meezan) journey since inception. Al Meezan is a full-fledged Sharīʿah-compliant AMC and one of the major players in the mutual funds industry of Pakistan. Al Meezan offers a comprehensive range of Sharīʿah-compliant investment solutions especially designed to meet the financial goals of their existing and potential clients. The case study covers all the key events before the inception of Al Meezan, from late 1990s till March 2020. The case is based on interview with chief executive officer (CEO) (the protagonist) of Al Meezan. The case also covers various challenges faced by Mohammad Shoaib, CEO and his senior team, to make Al Meezan a vibrant institution offering Islamic financial services.

Learning outcomes

This case serves as a useful backdrop for discussing a few important conceptual frameworks in the field of finance. The dilemmas are still evolving for Sharīʿah-compliant asset management company (AMC); i.e. Al Meezan, and may seem complex to the students – particularly in the Pakistan’s financial structure – but framing the discussion from a market perspective ought to help the students of finance.

Case Areas

Finance, Islamic Finance, Islamic Financial Services, Mutual Funds, Sharīʿah-compliant Investment

Case Level



Financial Service Sector


Finance | Finance and Financial Management

Teaching Notes


Faculty / School

Faculty of Business Administration (FBA)


Department of Finance

Was this content written or created while at IBA?



Emerald Emerging Markets Case Studies


25 pages

Citation/Publisher Attribution

Sharif, S., Ahson, S. and Noor, H. (2020), "Al Meezan Investment Management Limited: evolution of Sharīʿah-compliant mutual funds", Emerald Emerging Markets Case Studies, Vol. 10 No. 4.

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