Al Meezan Investment Management Limited (Al Meezan) is pleased to announce the third interim dividends for its three fixed income funds: Meezan Sovereign Fund (MSF) - Rs. 2.10 per unit, Meezan Islamic Income Fund (MIIF) - Rs. 1.75 per unit and Meezan Cash Fund (MCF) - Rs. 1.35 per unit.
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Fund
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Dividend (Rs.) per unit
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% of par value of Rs. 50/-
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Meezan Sovereign Fund (MSF)
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2.10
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4.20%
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Meezan Islamic Income Fund (MIIF)
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1.75
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3.50%
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Meezan Cash Fund (MCF)
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1.35
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2.70%
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The payouts are 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 MSF as at March 28, 2011 will get 4.1992 additional units at the ex-div. NAV of Rs. 50.01 while an Income Unit holder will get Cash Dividend of Rs. 2.10 per unit. A Growth Unit holder having 100 units of MIIF as at March 28, 2011 will get 3.486 additional units at the ex-div. NAV of Rs. 50.20 while an Income Unit holder will get Cash Dividend of Rs. 1.75 per unit. A Growth Unit holder having 100 units of MCF as at March 28, 2011 will get 2.699 additional units at the ex-div. NAV of Rs. 50.02 while an Income Unit holder will get Cash Dividend of Rs. 1.35 per unit.
Meezan Sovereign Fund (MSF) is the first Shariah compliant open end government securities fund in Pakistan. The annualized return for the period from January 01 to March 28, 2011 was 11.77%. The current net assets of MSF are Rs. 10,159 million.
Meezan Islamic Income Fund (MIIF) is the first and the largest Shariah compliant open end income fund in Pakistan. The annualized return for the period from January 01 to March 28, 2011 was 13.69%. The current net assets of MIIF are Rs. 2,792 million.Meezan Cash Fund (MCF) is the first Shariah compliant open end money market fund in Pakistan. The annualized return for the period from January 01 to March 28, 2011 was 11.43%. The current net assets of MCF are Rs. 6,357 million.
Al Meezan is the largest private sector asset management company in Pakistan, with AM2 Management Quality Rating. It has Rs. 29 billion assets under management. Due to its prudent fund management, Al Meezan has not only been able to retain its existing investors but also managed to increase the investor base. This success is reflective of the confidence and trust of both individual and institutional investors.