KARACHI - The Meezan Bank and the KASB have signed a technical assistance agreement. A statement issued here on Tuesday said that accordingly the Meezan Bank Limited (MBL) will provide technical services and support for the Shariah Compliant Mutual Funds to be launched by KASB Funds Limited (KFL) in the near future. In this regard, MBL and KASB Funds Limited (KFL) entered into an agreement.
MBL President and CEO Irfan Siddiqui and KFL CEO Naz Khan inked the agreement on behalf of their organizations. MBL, under this agreement, will act as a technical consultant and will provide services related to Shariah Compliant Product Development and structuring, research & training, conceptualisation, documentation and financial structuring advisory to KFL.
Irfan Siddiqui said that the agreement shows the immense growth and potential in the Islamic mutual fund industry and a very good trend of knowledge sharing by the experience players with the new entrants.
With this amalgamation of KASBs fund management experience with MBLs Islamic Finance knowledge and expertise, the upcoming Shariah Compliant funds of KASB will surely provide a very good investment opportunity to investors for earning good halal returns on their investments. MBL has a full-fledged Advisory Division headed by Dr Imran Ashraf Usmani. The divisions areas of expertise include Product Development and Research, Training and Development, Publications, and Advisory services in the field of Islamic finance. Meezan Bank is the largest Islamic Bank in Pakistan with the fastest growing branch network of 74 online branches nationwide. MBLs main shareholders are leading local and international financial institutions, including Pak-Kuwait Investment Company.
the only AAA rated financial entity in the country, the Islamic Development Bank, Jeddah the renowned Shamil Bank of Bahrain and Noor Financials of Kuwait.
KASB Funds Limited is one of the leading Asset management company in the mutual fund industry of Pakistan with total assets under management of over PKR 8 billion. It has already launched two open-ended mutual funds and now plans to launch a series of Islamic Mutual Funds.