Al Meezan Investments announced the half yearly results for all its mutual funds. The results depict phenomenal growth and performance of all funds. The total assets under management of Al Meezan Investments , the only full fledged Shariah compliant asset management company in Pakistan, have increased to Rs. 16.69 billion as on December 31, 2007 from Rs. 12.16 billion as on June 30, 2007, showing a good growth of 37%. Currently the assets under management stand at Rs. 18 billion. 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. The Shariah advisory board includes eminent scholars from Pakistan, Saudi Arabia and Bahrain and operates under the supervision of Honorable Justice (Retd.) Mufti Muhammad Taqi Usmani.
Meezan Islamic Fund (MIF) is Pakistan’s largest open end equity fund in the private sector. During the half year period ended December 31, 2007, MIF earned net income of Rs. 471.94 million as compared to Rs. 193.99 million in the corresponding period last year reflecting an impressive growth of 143.3%. The total net earning translates into Rs. 6.45 per unit. The net assets of MIF as on December 31, 2007 stood at Rs. 4,613 million (Rs. 63.04 per unit) as compared to Rs. 3,679 million as at June 30, 2007 reflecting an increase of 25.39%. At present, the net assets of Meezan Islamic Fund have crossed Rs.5,200 million.
Meezan Islamic Income Fund (MIIF) is Pakistan’s first and the largest Shariah compliant open end income fund. During the half year ended December 31, 2007, MIIF earned a net income of Rs. 285.17 million (2.20 per unit). The net assets of MIIF as on December 31, 2007 stood at Rs. 6,777 million (Rs. 52.21 per unit) as compared to Rs. 3,162 million as at June 30, 2007 reflecting an increase of 114.33%. Total annualized tax free return of MIIF till December 31, 2007 was 9.4%. At present, the fund s ize is Rs . 7,414 million.
Meezan Tahaffuz Pension Fund (MTPF) is Pakistan’s first and the largest Shariah compliant pension fund scheme. It was launched in June 2007. MTPF consists of three sub-funds. During the half year period ended December 31, 2007, equity sub-fund earned net profit of Rs. 4.69 million. While the net profits in Debt sub-fund and Money Market sub fund were Rs. 2.23 million and Rs. 2.06 million respectively. At the close of half year total net assets in all three sub-funds of MTPF stood at Rs. 168.32 million.
Al Meezan Mutual Fund Limited (AMMF), a closed end equity fund, has been in operation since 1996. During the half year period ended December 31, 2007, AMMF earned a net income of Rs. 129.4 million (Rs. 0.94 per share) as compared to Rs. 45 million (Rs. 0.33 per share) in the corresponding period last year reflecting an impressive growth of 187%. As on December 31, 2007, AMMF’s net assets stood at Rs. 2,042 million.
Meezan Balanced Fund (MBF), a closed end balanced fund scheme, during the half year period ended December 31, 2007, earned net income of Rs. 62.75 million (Rs. 0.52 per unit) as compared to Rs. 55.41 million in the same period last year. The income was mainly generated through realized capital gains of Rs. 45.65 million, dividend income of Rs. 20.63 million and profit on Shariah compliant income instruments of Rs. 33.19 million. The net assets of MBF as on December 31, 2007 stood at Rs.1 , 469 million (Rs. 12.24 per unit).
In line with the philosophy of developing Shariah compliant products to meet the investors’ needs, Al Meezan Investments is going to launch next month Pakistan’s first Shariah Compliant Capital Protected Fund – Meezan Capital Protected Fund that will provide investment opportunity to the investors who desire high level of capital protection and also want to get healthy return from positive stock market development.
37% Increase in Assets Managed by Al Meezan Investments