National Fullerton Asset Management Limited (NAFA) is launching two open-end Islamic Mutual Funds:
* NAFA Islamic Income Fund which will not invest in the stock market
* NAFA Islamic Multi Asset Fund which will be a balanced fund investing in stocks as well as income generating investments
The purpose of launching the Islamic Funds is to provide halal income to the investors in accordance with the principles of Islamic Shariah. All the necessary approvals in this regard have been obtained from Securities & Exchange Commission of Pakistan (SECP). The Offering Documents and Investment Forms of these funds are available on their web site.
The Initial Public Offer (IPO) period of these funds will commence on Monday, October 22, 2007 and end on Friday, October 26, 2007. Units of the funds will be issued at par value of Rs. 10 per unit during the period of initial offer without any sales load.