KARACHI: Atlas Asset Management Limited (AAML), a subsidiary of Atlas Group of Companies, launches its second pension fund, Atlas Pension Islamic Fund (APIF) from November 6, 2007.
Atlas Pension Islamic Fund is being introduced with the aim to encourage and facilitate the Shariah conscious investors to save for their retirement by providing them with a suitable Shariah Compliant investment option.
APIF has three Sub-Funds; Equity, Debt and Money Market, in which the amounts contributed, shall be allocated Units based on the investor’s preference. All investments of the three Sub-Funds of APIF shall be invested only in Shariah Compliant securities and instruments as guided by the Shariah Advisor. Dr. Fazlur Rahman has been appointed as the Shariah Advisor for APIF. All other operations of APIF relating to contributions, eligibility, allocation schemes and payments at retirement are same as Atlas Pension Fund.
AAML is also managing Atlas Pension Fund, a voluntary pension fund launched from June 28, 2007 and four mutual funds of which three are open-end (Atlas Income Fund, Atlas Stock Market Fund and Atlas Islamic Fund) and one is closed-end (Atlas Fund of Funds) with total funds under management of more than Rs. 7.66 billion as on November 2, 2007. PR