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KARACHI - The UBL Fund Managers has announced the launch of its upcoming new fund ‘the United Islamic Income Fund (UIIF)’. This was announced at a signing ceremony where the Trust Deed for the new fund was signed with the trustee Central Depository Company (CDC).
The signing ceremony, which was held at the UBL Fund Managers Corporate Office, is a step towards the launch of the upcoming United Islamic Income Fund (UIIF). The Initial Public Offering (IPO) of the Fund is targeted towards the end of August. Speaking at the occasion, Mir Muhammad Ali, CEO UBL Fund Managers said ‘I am pleased to announce our plans to launch a new fund, UIIF, which will offer safe and stable Shariah compliant income to its investors. In Pakistan most of the Shariah compliant funds are either fully or partially invested in equities which increase the volatility in returns for Islamic investors. UI/F will take that volatility and riskiness out of the returns thus a Shariah conscious conservative investor’s investment needs will be fulfilled. He also added that ‘with UI/F investors will have the flexibility to choose between periodic income or long term capital appreciation.
United Islamic Income Fund (UIIF) will be the fifth open end fund to be launched by UBL Fund Managers. Targeted primarily towards Institutional clients, it will seek to provide returns consistent with a 9roadly diversified portfolio of long, medium and short term, high quality Shariah Compliant Income Instruments in order to maximize annual income for the investors while preserving the capital. The Shariah Advisory Board (SAB) is composed of persons who are expert on Shariah and have good understanding of Finance and Economics. The SAB will ensure that all investments in the fund are made in accordance with Islamic Shariah Regulations.
UBL Fund Managers is currently managing four open end funds, with assets over Rs. 25b, making it the largest Asset Management Company in private sector open end funds. The company intends on adding more funds to its portfolio in coming years to give investors more choice when it comes to selecting investment solutions.
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