786 Investments Limited (“786IL” or the “AMC”) is a public listed Company incorporated in Pakistan. It is registered as a Non-Banking Finance Company (NBFC) under the NBFC Rules, 2003. The AMC holds licenses to undertake Asset Management Services as well as Investment Advisory Services in accordance with the provisions of the NBFC Rules, 2003 and the NBFC Regulations, 2008.

786 Investments Limited was established in 1990 and began its venture capital financing operations in 1993, with the Asian Development Bank (ADB) as a co founding sponsor. In 1999, it was acquired by the First Dawood Group. In 2002, First Dawood Group, in collaboration with ADB, transitioned the AMC’s operations to asset management. Then, in January 2017, the AMC’s name was changed from Dawood Capital Management Limited to 786 Investments Limited to more accurately reflect its focus on Islamic asset management.

786 Investments Limited is a relatively small player in the asset management industry. As of Sep'25, the AMC’s market share stood at approximately 0.04%, reflecting its modest presence within the overall mutual fund industry.

The AMC currently manages two funds — the 786 Smart Fund and the 786 Islamic Money Market Fund. The 786 Smart Fund falls under the Shariah-compliant Income category, while the 786 Islamic Money Market Fund is classified within the Shariah-compliant Money Market category. Both funds are managed in accordance with Shariah principles, offering investors ethical and compliant investment avenues.

The top 10 investors accounted for ~92% of the total assets under management (AUMs) of the AMC as of Jun'25 whereas average related party holdings represent ~83% of the total AUM.

The majority shareholding of the AMC is held by the Dawood Group through Miss Tara Uzra Dawood (29.90%), B.R.R. Guardian Modaraba (16.53%), and the Bank of Khyber (15.00%). The remaining shareholding of 38.57% is held by other individuals and corporate entities.

First Dawood Group is a well-established and diversified conglomerate in Pakistan with a long-standing presence in the Country’s business and financial landscape. Over the years, the Group has built a strong reputation for its contributions across multiple sectors, including financial services, investment management, and industrial ventures. Its enduring presence reflects a legacy of prudent business practices, strategic foresight, and a commitment to sustainable growth, positioning it as a trusted name within Pakistan’s corporate ecosystem.

Building on the experience and expertise of several decades, First Dawood Group enjoys a strong financial foundation emanating from its well diversified businesses.

The Board of Directors (BoD) of the AMC consists of seven members, including three independent directors, three non-executive directors, and one executive director. A strong governance framework bodes well for oversight and control.

The Board members have strong educational backgrounds and carry extensive experience. Mr. Ahmed Salman Munir - Chairperson possesses more than 31 years of professional experience in the banking industry. He began his career at Exxon Chemical Pakistan Ltd., gaining expertise in Industrial Relations and Company Secretarial functions, followed by five years as Head of HR at The Chase Manhattan Bank. In 1991, he joined the Asian Development Bank (Manila), where he spent 16 years in HR, ultimately serving as Principal Compensation and Benefits Specialist, overseeing 25 offices worldwide. Mr Ahmer Zia Sarwar - Independent Director has over 15 years of professional teaching and training experience. He has taught more than 4,000 students and serves as Chairman of Orange Management Consultants. Mr. Nadeem Akhter - Independent Director served for more than two decades in senior positions in various multinational and national organisations including rich experience of more than seventeen years in the insurance industry. Mr. Naveed Ahmed - Non-Executive Director has over 15 years of professional experience with Financial Institutions major in legal, compliance and corporate affairs. He has been associated with well reputed organizations like Central Depository Company of Pakistan, First Dawood Investment Bank Ltd and Dawood Family Takaful Limited. Mr. Syed Musharaf Ali - Non-Executive Director is highly motivated individual, with complete dedication and commitment to work and fast learner, looking forward to have excellent and rewarding business skills. He has done Masters in Business Finance and working as Chief Financial Officer in listed Financial Institution. He has vast experience in financial sector. Mr. Iqbal Shafiq - Non-Executive Director is highly motivated individual, with complete dedication and commitment to work and fast learner. He had established a consultancy firm in 1980 with the name Iqbal Shafiq Associates registered with Ministry of Planning Islamabad And Asian Development Bank. He has vast experience in financial consultancy.

To ensure an effective control environment and compliance with reporting standards, the AMC has constituted an Audit Committee and HR Committee at the Board level.

The Audit Committee is responsible for ensuring the accuracy and integrity of the AMC’s financial statements and the effectiveness of its internal control framework. The internal audit function is maintained in-house and submits reports to the Audit Committee on a quarterly basis, enabling continuous monitoring and oversight. The external auditors, Riaz Ahmed & Company Chartered Accountants — classified in the “A” category on the SBP’s panel of auditors, have issued an unqualified opinion on the AMC’s financial statements for the period ended FY25.

The organizational structure is lean and aligns with the operations of the AMC. 786 Investments Limited operates through various departments. All departments report to the CEO except for the internal audit department, which reports to the audit committee.

The management team comprises experienced professionals carrying the requisite experience and skill set. Ms. Tara Uzra Dawood, the CEO, holds a Doctorate in Judicial Science from Harvard and specializes in shariah finance, mergers and acquisitions, and corporate law. She serves on the boards of PSO and PRL, and is an active global advocate for Shariah-compliant finance. Additionally, she holds key positions with MUFAP and Danube University Krems, contributing her expertise to both industry and academia. Mr. Noman Shakir, an ACMA and MA in Economics, is the CFO and Company Secretary, with nearly 10 years of experience in financial and accounting services. 

The AMC has transitioned to the software named MAC 360, replacing the outdated Sidat Hyder Financials, which was previously used as the core software. MAC 360 now serves as the dedicated software for portfolio management, unit holder accounting, and general ledger systems. This initiative was aimed at enhancing the AMC’s MIS efficiency and improving service to its clients. Further, the AMC is currently developing a mobile application aimed at enhancing its digital presence and broadening its market footprint. According to management, the app is expected to be launched within the next few months

Detailed policies are devised for Operations, IT, Investment and Risk Management among others. Regular MIS reports are generated for the senior management, which relates to investment risk management.

The AMC employs a combination of internal assessment modules and Excel-based credit risk scorecards to evaluate and monitor the creditworthiness of its investment exposures. These tools facilitate a structured and data-driven approach to credit risk assessment, ensuring that all investments align with the company’s defined risk parameters.

The risk management department closely monitors the liquidity profile of the funds to prevent any potential mismatches between assets and liabilities. To ensure smooth redemptions and operational stability, the AMC maintains adequate liquidity by allocating a significant portion of fund assets to highly liquid investment instruments.

The AMC has set appropriate metrics to measure exposure to market risk factors. The exposure limits applicable to interest-bearing securities and any breaches of the limits are regularly reviewed and reported to the management.

The investment decision making process is well-structured with the CEO providing critical support. The Investment Committee comprises 3 individuals, the Chief Executive Officer, Chief Financial Officer and Fund Manager. 

The Investment Committee convenes on a weekly basis to review portfolio performance and market developments. During these meetings, the research department presents a comprehensive investment summary, providing key insights and recommendations to support informed decision-making and strategic portfolio adjustments.

The research function is overseen by Mr. Azam Khan, Head of Research, who is responsible for guiding the overall research strategy and ensuring the quality and integrity of analytical outputs. Investment proposals are developed through a comprehensive approach that leverages both in-house research capabilities and third-party research insights. This blended methodology enables the investment team to make well-informed decisions based on diverse perspectives, robust data analysis, and independent validation of investment opportunities.

The AMC ensures the provision of adequate and efficient services to its clients. The Unit Holder Management Department plays a pivotal role in this process by promptly addressing client queries, concerns, and complaints. The department is committed to maintaining transparent communication, providing timely resolutions, and ensuring that all client interactions reflect the AMC’s dedication to service excellence and investor care.

786 Investments Limited ensures timely dissemination of unit holder statements and publication of Fund Manager Reports (FMRs) on its official website, reflecting its commitment to transparency and investor communication. The FMRs comprehensively cover all mandatory disclosure requirements as prescribed by regulatory authorities, providing detailed insights into fund performance, portfolio composition, market outlook, and key investment strategies. This practice enhances investor confidence and enables unit holders to make informed investment decisions based on accurate and up-to-date information.

The AMC aims to strategically expand its distribution and sales network to drive growth in its AUMs The expansion strategy emphasizes strengthening the AMC’s digital footprint, enabling wider investor outreach and improved service accessibility through technology-driven solutions. In addition, the AMC plans to leverage Islamic wallet services to cater to the growing demand for Shariah-compliant investment avenues.

The AUMs of 786 Investments Limited stood at PKR ~1,792mln at the end 3MFY26 (FY25: PKR ~1,951mln). The Fund’s performance has shown improvement, with returns exceeding both the industry average and its benchmark.

The management fee of the AMC increased by 20% to PKR ~5.9mln at the end of 3MFY26 (3MFY25: PKR ~4.9mln). The PAT increased to PKR ~12.7mln at the end of 3MFY26 (3MFY25: PKR ~8.1mln). The profitability has been increased on the back of net realized gain on investments. The AMC's equity stood at PKR ~285mln as of 3MFY26 (3MFY25: PKR ~272mln), well above the minimum regulatory requirement.