Al Meezan Investments announces interim dividend for Meezan Islamic Income Fund
Al Meezan Investment Management Limited (Al Meezan Investments) is pleased to announce that the Board of Directors in its meeting held on September 30, 2008, announced an interim dividend of Rs. 1.27 per unit Meezan Islamic Income Fund (MIIF). The declaration is in the form of Bonus Units to the Growth Unit holders and Cash Dividend to the Income Unit holders. This interim dividend translates to a return of 2.54% on the face value Rs. 50 per unit. The annualized return for the month of September is about 10.98%.
A Growth Unit holder having 100 units of MIIF as on September 30, 2008 will get 2.5395 additional units at the ex-div. NAV of Rs. 50.01, while an Income Unit holder will get Cash Dividend of Rs. 1.27 per unit.
Meezan Islamic Income Fund (MIIF) is Pakistan’s first and the largest Shariah compliant open end income fund. It has been assigned Fund Stability Rating A(f) by JCR-VIS. At the close of the first quarter the net assets of MIIF stood at Rs. 5,295 million.
Al Meezan Investments is the only full-fledged Shariah complaint asset management company in Pakistan, With AM2 Management Quality Rating and 5-Star ranking for all eligible funds, the company clearly stays well ahead of all its competitors in the Islamic asset management market in the country. Currently the assets under management are Rs. 15 billion.