Karachi: Al Meezan Investments proudly presents a monthly income plan – Meezan Mahana Kharch Account. This plan will facilitate the investors of Meezan Islamic Income Fund (MIIF)in achieving their requirement of additional regular income on a monthly basis to managehousehold expenses.
Mr. Mohammad Shoaib CFA, Chief Executive of Al Meezan Investments formally announcedthe launch of Meezan Mahana Kharch Account in a press conference at a local hotel. Heinformed that Meezan Mahana Kharch Account has been developed to provide a stable and Halalregular income stream to meet investors’ periodic liquidity requirements along-with long-termcapital preservation. It will give flexibility to the investors to get their profit on monthly,quarterly or semi-annual basis. He informed that the annualized return of Meezan IslamicIncome Fund (MIIF) for the month of October 2008 was 12.7%.
Mr. Shoaib highlighted that all the investors of Meezan Mahana Kharch Account will beprovided a Takaful coverage absolutely free of cost. Takaful coverage will protect the investorsand their family against any financial difficulty that may arise out of any unforeseen eventresulting in disability or death of the investor. He also pointed out that Meezan Mahana Kharchaccount is the first income plan of its kind which is providing Natural Death coverage besidesAccidental Death, Permanent Total Disability and Medical coverage in case of Accident.
Al Meezan Investment Management Limited (Al Meezan Investments), the largest Shariahcompliant asset management company in Pakistan was incorporated in 1995. It has over 13 yearstrack record of managing mutual funds in the private sector in Pakistan. The company sponsoredby Meezan Bank and Pak Kuwait Investment Company is dedicated to provide Shariahcompliant investment solutions. Currently it is managing open end, closed end mutual funds anda pension fund. Al Meezan Investments has got Management Quality Rating of "AM2", assignedby JCR-VIS. It is the first asset management company in Pakistan to voluntarily adopt andimplement "Asset Manager Code of Professional Conduct" from CFA Institute, USA. The totalassets under management of Al Meezan Investments were Rs. 15 billion as on September 30,2008. It also has the distinction of managing Meezan Islamic Fund, the largest private sectorequity fund in the country.
Investment in Meezan Mahana Kharch Account can be made from any Meezan outlet including125 branches of Meezan Bank across Pakistan.