UBL Fund Managers Monday announced the nationwide launch of their new fund, the United Islamic Income Fund (UIIF), which presents an ideal investment opportunity for those seeking interest free returns on savings.

UIIF satisfies the need of conservative Islamic investors, as the Fund has no direct exposure in the stock market. Many of the other Shariah Compliant funds available in Pakistan are either fully or partially invested in equities, which increase the element of risk and volatility in the returns offered by these funds.

The investment objective of UIIF is to provide safe and stable ‘Riba-free’ returns to investors by investing in Shariah compliant income instruments while taking into account capital security and liquidity considerations and also offering features present in any modern day investment product.

The fund offers features like tax-free returns, no minimum holding period requirement, monthly income option, tax rebate benefit, exemption from Zakat, etc. During the IPO of the fund ie from October 17 to 19 no sales load would be charged. The units will be available at par value, which is Rs100 per unit. The investors can purchase units of the fund from any of the designated UBL branches or UBL Fund Managers Investment Centres.

Under the supervision of the Shariah Advisory Board, UIIF will strictly follow Islamic Shariah regulations in the selection of investments. The Shariah Advisory Board consists of Maulvi Muhammad Hassan Kaleem and Mufti Muhammad Najeeb Khan renowned scholars in the field of Islamic Finance.

At the launch event, Mir Muhammad Ali, CEO UBL FM said, “At UBL Fund Managers we remain devoted to providing investors with a range of Shariah Compliant yet highly competitive products to offer Halal alternatives to conventional investment products. UIIF will help meet the investor’s objective for both a regular stream of income and growth in capital”.