KARACHI, June 18: JS Investments Limited (JSIL) has announced the launch of JS Islamic Pension Savings Fund (JS IPSF), which would be the company’s second pension fund to enter the capital market this financial year.

The company (formerly JS ABAMCO Limited) is the oldest and the largest private sector asset management company in the country. It is listed on the KSE with market capitalisation of Rs10 billion and on March 31, the company held assets amounting to Rs42 billion under management. JSIL has a total of sixteen funds under its belt, which include eleven open-ended funds; three close-funds and two pension funds.

In a statement released by the company, Najam Ali, Chief Executive Officer at JSIL, said: “The launch of JS Islamic Pension Savings Fund would give investors the option to make long-term and Sharia-compliant investment to fulfill their retirement needs”. He stated that with a portfolio of 16 different mutual funds, the company was well placed to meet the diverse needs and requirements of the customers.

Information interesting to the public provided in the company’s statement stated: “Investors in the JS Islamic Pension Savings Fund will be able to receive a lump sum tax free amount at the time of retirement plus a regular income stream for the remaining life in retirement -- all in a Sharia-compliant way”.

The company further noted that in order to cater to the different income groups, the JS IPSF had been launched with a minimum contribution requirement of only Rs1,000 per month. Investors have the convenience to select their own retirement age between 60-70 years and an investment plan that suited their risk profile. Additionally, investors in JS Islamic Pension Savings Fund can also avail tax credit on their contributions of up to Rs500,000 per annum or 20 per cent of taxable income.The Sharia Advisory Council of JS IPSF is headed by Justice (Retd) Muhammad Taqi Usmani, the leading Islamic scholar of the country and includes Dr Aijaz Samdani and Maulana Hassan Ashraf Usmani, the company statement noted.