YB Pakistan, a subsidiary of YB Group, has completed the acquisition of Interloop Asset Management Limited. The company is set to rebrand as Lucky Investment Management Limited (LIML), marking its debut as Pakistan’s first Islamic Asset Management Company (AMC) led by a major conglomerate.
The move signals YB Group’s strategic entry into the Islamic finance sector, aligning with the growing demand for Shariah-compliant investment solutions. LIML aims to redefine the Islamic investment landscape, offering innovative and ethical financial products tailored to the needs of investors.
Meanwhile, the sale represents Interloop’s exit from the asset management space. While a major player in the textile industry, the scope of Interloop AML, was limited to handling the investments of the company. Luckily, YB envisions a much broader scope for the company.
Muhammad Shoaib, CFA, a veteran of Pakistan’s Islamic finance industry, has been appointed CEO of Lucky Investment Management Limited. With over two decades of experience, Shoaib is renowned for his instrumental role in shaping Pakistan’s capital markets and Islamic finance sector.
The news was revealed by Muhammad Shoaib in a Linkedin post. Reflecting on this new venture, Shoaib described his appointment as a significant milestone in his professional journey. “Co-founding and leading another Islamic AMC represents an exciting and pivotal chapter in my career,” he remarked.
Shoaib is no stranger to breaking new ground, having previously served as the founding CEO of Al Meezan Investment Management Limited, which he guided to become Pakistan’s largest AMC. Discerning readers might also remember Muhammad Shoaib from as the CEO who was made to step down from the leadership of AMC, on the allegations of front running by the SECP.
He was the founding president of CFA Society 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 deliver innovative Shariah-compliant financial products, meeting the rising demand for ethical investment solutions.
For YB, this acquisition marks an interesting entry. Lucky Investment Management Limited aims to lead the Islamic investment landscape in Pakistan and beyond, leveraging YB Group’s robust financial foundation and Shoaib’s expertise. This initiative reflects YB Group’s bid in the Islamic financial instruments and its belief in their potential in Pakistan.
As Pakistan’s first Islamic AMC spearheaded by a conglomerate, LIML is expected to set a benchmark for Shariah-compliant investment solutions in the region. Its establishment marks a significant step toward mainstreaming Islamic finance, making it a viable and attractive option for both individual and institutional investors.
