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 April 22, 2008, approved financial results for nine months period ended March 31, 2008 and declared an interim dividend of Rs. 3.25 (6.5%) per unit of par value Rs. 50/- for Pakistan’s first and the largest Shariah compliant open end income fund - 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.
A Growth Unit holder having 100 units of MIIF as of April 19, 2008 will get 6.44 additional units at the ex-div. NAV of Rs. 50.43, while an Income Unit holder will get Cash Dividend of Rs. 3.25 per unit.
The Board also approved the financial results of Meezan Islamic Fund (MIF), Meezan Tahaffuz Pension Fund (MTPF) and Meezan Balance Fund (MBF) in the same meeting. The results show phenomenal growth and performance of all funds. According to the results for the period of nine months ended March 31, 2008, Meezan Islamic Fund, Pakistan’s largest open end equity fund in the private sector, earned a net income of Rs. 1,141 million (Rs. 13.34 per unit) and its net assets stood at Rs. 5,901 million. At present, the net assets of MIF have crossed Rs. 6.2 billion. Meezan Islamic Income Fund earned a net income of Rs. 419 million and its net assets stood at Rs. 6,614 million.
Meezan Tahaffuz Pension Fund, Pakistan’s first and largest Shariah complaint pension fund scheme, consists of three sub-funds. During the nine months period ended March 31, 2008, equity sub-fund earned net profit of Rs. 12.37 million. While the net profits in Debt sub-fund and Money Market sub fund were Rs. 3.43 million and Rs. 3.01 million respectively. The total net assets in all three sub-funds of MTPF stood at Rs. 182.32 million. Meezan Balanced Fund, a closed end balanced fund scheme, earned net income of Rs. 141 million (Rs. 1.18 per certificate) and its net assets were Rs. 1,547 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 over Rs. 18 billion.