The Board of Directors of Al Meezan Investment Management Limited (Al Meezan Investments), in its meeting held on Thursday, February 15, 2007, approved the results of Meezan Islamic Fund (MIF) and Meezan Balanced Fund (MBF) for the half year ended on December 31, 2006.
MIF is Pakistan's largest Shariah-compliant open-end equity fund and has been rated '5-Star' by Pacra and JCR-VIS for its superior performance relative to peers.
During the half year, Meezan Islamic Fund earned net income of Rs 194 million, which translates into earnings per unit of Rs 3.28. Major sources of revenue included realised capital gains of Rs 84 million and dividend income of Rs 144 million. The net assets of MIF as on December 31, 2006 stood at Rs 3,512 million (Rs 59.41 per unit). This makes MIF not only the largest Shariah-compliant fund in Pakistan but also the largest open-end equity fund in the private sector.
MBF, another '5-Star' rated Shariah-compliant fund of Al Meezan Investments, earned a net income of Rs 54 million (Rs 0.46 per unit) for the half year period. This income was mainly generated through realised capital gains of Rs 43 million, dividend income of Rs 36 million and profit on Shariah-compliant income instruments of Rs 14 million. As on December 31, 2006, the net assets of Meezan Balanced Fund stood at Rs 1,324 million (Rs 11.07 per unit).
Al Meezan Investments, the management company of MIF and MBF, is the sole asset management company in Pakistan that exclusively offers Shariah-compliant investment solutions. In line with its philosophy of developing Shariah-compliant products to meet the needs of its investors, Al Meezan Investments recently launched Pakistan's first Shariah-compliant income fund--Meezan Islamic Income Fund (MIIF). MIIF aims to generate a stable stream of income without compromising the safety of the principal invested. The Fund received tremendous response and its net assets crossed the Rs 1 billion mark within one month of its IPO.
After the success of MIIF, Al Meezan Investments now has plans to launch 'Voluntary Pension' schemes that would provide dual attraction of post-retirement income stream and tax benefit on invested amounts. In total, Al Meezan Investments has over Rs 9 billion funds under management.-PR
