KARACHI: Pakistani Shariah-compliant firm Lucky Investments Limited announced on Monday it has bagged the “Emerging Islamic Finance Entity of the Year” award at the 10th Islamic Finance Forum of South Asia (IFFSA) Conference & Awards 2025 in Colombo.

Lucky Investment Ltd. focuses on investment and portfolio management across various sectors. Earlier this month, the firm announced it had crossed the Rs100 billion [$350 million] mark in Assets Under Management [AUM] or investor funds, within only six months of launching its fund. Lucky Investments said the achievement made it the first assets management firm in Pakistan to achieve the feat.

The firm’s chief executive officer, Mohammad Shoaib, received the award at the IFFSA ceremony in Colombo. The ceremony was attended by leading policymakers, regulators, and industry leaders from various countries in South Asia including Bangladesh, Sri Lanka, India, Pakistan, Maldives and other neighboring countries.

“The award is testament to the stellar performance of Lucky Investments since the launch of its first fund in April 2025,” the firm said in a statement. “The AUMs currently stand at over Rs.100 billion (USD 350 million) making Lucky the fastest growing AMC in Pakistan this year.”

The IFFSA conference recognizes excellence in Islamic finance by celebrating organizations and leaders advancing the cause of Riba-free financial solutions across the subcontinent.

Lucky Investments’ achievement reflects the growing traction that Shariah-compliant firms are gaining in Pakistan, as investors seek ethical and faith-based financial solutions.

Supported by a growing Islamic finance sector and regulatory backing from Pakistan’s Securities and Exchange Commission and the State Bank, the market continues to expand through mutual funds, sukuk and Islamic banking products.

The growth of Shariah-compliant firms takes place in the country as Pakistan moves to rid interest from the economy. Pakistan’s parliament in October last year approved a constitutional amendment, setting a clear deadline of January 1, 2028 for the complete elimination of “riba” or interest from Pakistan’s financial system.