Al Meezan Investments announces  third 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 April 15, 2009, has approved third interim payout of Rs. 1 per unit i.e., 2% on par value Rs. 50/- for  Meezan Islamic Income Fund (MIIF).  The payout is in the form of Bonus Units to the Growth Unit holders and Cash Dividend to the Income Unit holders.

 A Growth Unit holder having 100 units of MIIF as at April 14, 2009 will get 1.9716 additional  units at the ex-div. NAV of Rs. 50.72 while an Income Unit holder will get Cash Dividend of Rs. 1 per unit.

 MIIF has been ranked as the ‘Top Islamic Mutual Fund’ in the Islamic Income Category for the year 2008. This award has been given by the ‘Mutual Funds Magazine’, which is promoting mutual funds industry in Pakistan, in its annual issue published in the month of March 2009.

 MIIF is the first and largest Shariah compliant open end income fund in Pakistan which aims at providing a consistent and Halal income stream with main focus on long term capital preservation.

 The annualized return of MIIF for the quarter ended March 31, 2009 was 39.83%. This includes the impact of revaluation of Sukuk portfolio. Even after the elimination of this non recurring gain of revaluation, annualized return was 14.1%, showing consistent performance and offering the highest return in the category of Islamic Income Funds. The current fund size of MIIF is over Rs. 5.3 billion.

 Al Meezan Investments is the only full-fledged Shariah complaint asset management company in Pakistan, with AM2- Management Quality Rating. Due to its prudent fund management, Al Meezan Investments has not only been able to retain its existing investors despite massive redemption pressure prevailing in the industry but also managed to increase the investor base. This success is reflective of the confidence and trust of both individual and institutional investors.