Meetings of the Boards of Directors of Al Meezan Mutual Fund Limited (AMMF) and Al Meezan Investment Management Ltd., Investment Advisor of Meezan Islamic Fund (MIF), Meezan Balanced Fund (MBF), Meezan Islamic Income Fund (MIIF), Meezan Capital Protected Fund (MCPF-I), Meezan Cash Fund (MCF) andMeezan Sovereign Income Fund (MSF) were held to approve financial results of 3rd quarter ended March 31, 2010.
Al Meezan Mutual Fund Limited(AMMF), a closed end equity fund,which has been in operation since 1995, reported a net income of Rs. 454 million for 3rd quarter ended March 31, 2010. This translates into earnings per share of Rs. 3.30 and an NAV based gain of 42.34%. At the close of 1st quarter ended September 30, 2009 AMMF provided an interim Cash dividend @ 10% (i.e., Re. 1 per share) to its shareholders. As at March 31, 2010, AMMF’s net assets were Rs. 1,521 million
Meezan Islamic Fund (MIF), Pakistan’s largest open end equity fund in private sector, reported a net income of Rs. 321 million for the 3rd quarter ended March 31, 2010. During the nine months period ended March 31, 2010, MIF earned net income of Rs. 1,502 million which translates into earnings per unit of Rs. 17.03. The appreciation in the NAV during nine months period is 42.55%. For the past few months, KSE has been performing well in terms of volume and returns and the KSE-100 Index has crossed 10,000 level in March, 2010. This growth is also reflected in the NAV of MIF, which has increased from Rs. 22.27 per unit (as at January 01, 2009) to Rs. 50.29 per unit (as at March 31, 2010), thus providing 126% return during the last 15 months. The net assets of MIF stood at Rs. 4,436 million as at March 31, 2010.
Meezan Balanced Fund (MBF), a closed balanced scheme, earned a net income of Rs. 280 million which translates into an earning per certificate of Rs. 2.33 at the close of quarter ended March 31, 2010. At the close of 1st quarter ended September 30, 2009 MBF provided an interim Cash dividend @ 10% (i.e., Re. 1 per share) to its Certificate holders. The net assets of the fund as at March 31, 2010 were Rs. 1,319 million.
Meezan Islamic Income Fund (MIIF), the largest Shariah compliant open end income fund in Pakistan, earned a net income of Rs. 223 million, which translates into an earning per unit of Rs. 3.02 during quarter ended March 31, 2010. The net assets of the fund as at March 31, 2010 were Rs. 3,738 million.
Meezan Cash Fund (MCF), the first Shariah compliant Money Market Fund, earned a net income of Rs. 291 million and make a payment of Rs. 1.5 per unit to its unit holders. This distribution was in addition to the first interim dividend of Rs. 1.75 per unit. MCF has provided an annualized return of 10.11% to its investors for the nine months period ended March 31, 2010. At the end of 3rd quarter ended March 31, 2010 the net assets of the fund were Rs. 4,802 million.
Meezan Sovereign Fund (MSF), the first Shariah compliant Government Securities Fund recently launched by Al Meezan, earned a net income of Rs. 645 million for the period ended March 31, 2010. At the end of the quarter the net assets of the fund were Rs. 536 million.
Meezan Capital Protected Fund-I (MCPF-I), first Shariah compliant Capital Protected Fund earned a net income of Rs. 74 million which translates into an earning per unit of Rs. 6.54. At the close of the 3rd quarter ended March 31, 2010, the net assets of the fund were Rs. 634 million.
Al Meezan with management quality rating of “AM2” currently manages over Rs. 19 billion assets under management. With a proven track record, the company clearly stays well ahead of all its competitors in the Islamic asset management market in Pakistan.