YB Pakistan, a subsidiary of YB Group, has completed the acquisition of Interloop Asset Management Limited. The company is set to be rebranded as Lucky Investment Management Limited (LIML), marking its debut as Pakistan’s first Islamic Asset Management Company (AMC) led by a major group.
This move signals YB Group’s strategic entry into the Islamic finance sector, in line with the growing demand for Sharia-compliant investment solutions. LIML aims to redefine the Islamic investment landscape, by offering innovative and ethical financial products tailored to the needs of investors.
Meanwhile, the sale marks Interloop’s exit from the asset management business. Despite being a major player in the textile industry, Interloop AML’s scope was limited to handling corporate investments. Fortunately, YB envisions a much broader scope for the company.
Muhammad Shoaib, CFA, a veteran of the Islamic finance industry in Pakistan, has been appointed CEO of Lucky Investment Management Limited. With over two decades of experience, Shoaib is known for his instrumental role in shaping Pakistan’s capital markets and Islamic finance sector.
This news was revealed by Muhammad Shuaib in a post on Linkedin. Looking at this new venture, Shoaib described his appointment as a milestone in his professional journey. He pointed out that “co-founding and leading another Islamic company represents an exciting and pivotal chapter in my career.”
Shoaib is no stranger to breaking new ground, having previously served as the founding CEO of Al Meezan Investment Management Limited, which he led to become the largest AMC in Pakistan. Discerning readers may also remember Mohamed Shuaib as the CEO who was forced to step down from the leadership of AMC, due to race allegations by the Securities and Exchange Commission.
He was the founding president of CFA Pakistan. After Al Meezan AMC, his legacy is set to continue at LIML, where Shoaib envisions making Islamic investments the first choice for investors. Under his leadership, LIML is poised to offer innovative Sharia-compliant financial products, meeting the growing demand for ethical investment solutions.
For YB, this acquisition represents an interesting entry. Leveraging YB Group’s strong financial foundation and Shoaib’s expertise, Lucky Investment Management Limited aims to lead the Islamic investment landscape in Pakistan and beyond. This initiative reflects YB Group’s pursuit of Islamic financial instruments and its belief in their potential in Pakistan.
As Pakistan’s first Islamic group-led asset management company, LIML is expected to set a benchmark for Shariah-compliant investment solutions in the region. The establishment of the bank represents an important step towards the mainstreaming of Islamic finance, making it a viable and attractive option for both individual and institutional investors.