August 02: Meezan Islamic Fund (MIF), Pakistan’s largest equity fund in the private sector, has received 5 STAR ranking from the JCR-VIS Credit Rating Company for the one, two and three year periods ended June 30, 2010. MIF is the only fund in Islamic equity fund category, which has got 5 star ranking, the highest possible ranking for any fund. This clearly reflects the consistent outstanding performance of MIF as compared to other Islamic funds in the country.
MIF is the flagship fund of Al Meezan Investment Management Limited (Al Meezan), which is the largest Shariah Complaint Asset Management Company in Pakistan. MIF was launched in August 2003. Since inception it has performed remarkably well. Over the last seven years, MIF has provided total payout of Rs. 77.1 to its unit holders, which implies a total return of 192% since inception. For the year ended June 30, 2010, the fund has provided a total payout of Rs. 773 million to its unit holders in the form of annual dividend of Rs. 9 per unit. For the year 2009, on the basis of returns i.e., 107.44%, Eurekahedge - world’s largest independent data provider and research house has ranked MIF 4th for the year 2009 among the Top 10 Islamic Funds globally. Currently fund size of MIF is Rs. 4,307 million which makes it not only the largest Shariah-compliant equity fund but also Pakistan’s largest equity fund in the private sector.
Al Meezan Investments has been in operation since 1995 and has one of the best and the longest track records of managing mutual funds in the private sector in Pakistan. Currently it has over 18 billion assets under management.