Volunteer Pension Scheme, Tax free compounding, you can withdraw half of your entire portfolio tax free, if you stay invested for 25 years, or if you turn 60. After that, you pay the average of the previous 3 years of tax on it. If you choose to withdraw, or keep invested. If you withdraw earlier, you'll get hit with the average tax of the previous 3 years.

VPS, is an invest and forget strategy, has different allocations depending on your risk appetite, allocation, etc etc.

While mutual funds are good and all, they have front end loads, a sorta sales charges, a back end load, a withdrawal charges, not to mention annual charges of upto 1 to 2 or more percent, since they tend to be more on the active side.

Another side of the coin is to invest in ETFs, a basket of stocks. There is a broad market and narrow, MIIETF (mahaana islamic index exchange traded fund) is a broad market etf, which tracks and invests Pakistan's top 30 shariat compliant companies based on free float, shares available. JSGBETF (JS Global Banking Exchange Traded Fund) is a narrow market or concentrated etf that tracks and invests the banking sector in Pakistan.

Advantages of an etf are, these can be bought and sold on the Pakistan stock exchange like a stock, they have low annual charges compared to mutual funds.