KARACHI, March 26: Meezan Islamic Fund (MIF), the largest equity fund in the private sector in the country, has received 5 STAR ranking from the JCR-VIS Credit Rating Company. MIF is the only fund in Islamic equity fund category, which has got 5 star ranking which is the highest possible ranking for any fund and reflects superior performance of the fund vis-à-vis its peers. MIF is an open-ended fund of Al Meezan Investment Management (Al Meezan Investments), the Asset Management subsidiary of Meezan Bank. MIF is the only fund in Islamic equity fund category which has got 5 star ranking from JCR-VIS. This clearly reflects the consistent outstanding performance of MIF as compared to other Islamic funds in the country.

Meezan Islamic Fund is the flagship fund of Al Meezan Investments. It was launched in August 2003. Since inception it has performed remarkably well. Over the last four and a half years of its history, the average annual return provided by MIF to its unit holders is 29.5% which implies a total return of 226% since inception.  Currently its fund size is Rs. 5.9 billion which makes it not only the largest Shariah-compliant equity fund but also Pakistan’s largest equity fund in the private sector.

Al Meezan Investments has been in operation since 1995 and has one of the best and the longest track records of managing mutual funds in the private sector in Pakistan. It is also the only fully Shariah compliant asset management company in the country, with all its product offerings being completely Shariah compliant. The total assets under management of Al Meezan stand at over Rs.18 billion.

Investment in all open end funds of Al Meezan Investments can be made through any of the 100 online branches of Meezan Bank spread over 31 major cities of the country.