The meeting of the Board of Directors of Al Meezan Investment Management Limited (Al Meezan), the Asset Management company of Meezan Balanced Fund (MBF) Meezan Islamic Fund (MIF), Meezan Islamic Income Fund (MIIF),Meezan Cash Fund (MCF), Meezan Sovereign Fund (MSF) and Meezan Capital Protected Fund-I (MCPF-I matured on June 29, 2011) was held on Tuesday, August 16, 2011 to approve financial results for the year ended June 30, 2011.
Meezan Balanced Fund (MBF) is the largest Shariah compliant closed end balanced scheme in Pakistan. MBF announced a final cash dividend @ 17.5% i.e. Rs.1.75 per certificate of Rs. 10/ each for the year ended June 30, 2011. During the period ended June 30, 2011, MBF earned a net income of Rs. 226 million. At the close of the FY 11, the net assets of the fund were Rs. 1,523 million.
For the year ended June 30, 2011, Al Meezan has announced total dividend of Rs. 3.27 billion in the form of cash and bonus for its family of funds. The detail of distribution is: Rs. 210 million as cash dividend in Meezan Balanced Fund (MBF), Rs. 872 million as bonus dividend in Meezan Islamic Fund (MIF), Rs. 346 million as bonus dividend in Meezan Islamic Income Fund (MIIF), Rs. 619 million as bonus dividend in Meezan Cash Fund (MCF), Rs. 883 million as bonus dividend in Meezan Sovereign Fund (MSF), Rs. 99 million as bonus dividend in Meezan Capital Protected Fund-I (MCPF-I) and Rs. 240.63 million as cash dividend in Al Meezan Mutual Fund (AMMF).
Meezan Islamic Fund (MIF), the largest open-end equity fund in private sector in Pakistan rated 5- Star by JCR-VIS for superior performance relative to its peers. During the period ended June 30, 2011, MIF earned a net income of Rs. 1,077 million and paid a total dividend of Rs.10.00 per unit to its unit holders. At the close of the FY 11, the net assets of the fund were Rs. 4,497 million. At present the net assets of the fund are Rs. 4,405 million.
Meezan Islamic Income Fund (MIIF) is the largest Shariah compliant open-end income fund in Pakistan. During the period ended June 30, 2011, MIIF earned a net income of Rs. 309 million. During the said period, MIIF paid a total dividend of Rs. 6.25 per unit to its unit holders. At the close of the FY 11, the net assets of the fund were Rs. 2,542 million. At present the net assets of the fund stand are Rs. 2,587 million.
Meezan Cash Fund (MCF) is the largest shariah complaint open-end money market fund in Pakistan. During the period ended June 30, 2011, MCF earned a net income of Rs. 623 million. During the said period, MCF paid a total dividend of Rs. 5.26 per unit to its unit holders. At the close of the FY 11, the net assets of the fund were Rs. 5,956 million. At present the net assets of the fund stand are Rs. 6,445 million.
Meezan Sovereign Fund (MSF) is the largest open-end Shariah compliant government securities fund in Pakistan. During the period ended June 30, 2011, MSF earned a net income of Rs. 884 million. During the period MSF paid a total dividend of Rs. 5.52 per unit to its unit holders. At the close of the FY 11, the net assets of the fund were Rs. 12,546 million. At present the net assets of the fund stand are Rs.13,617 million.
Meezan Capital Protected Fund-I (MCPF-I) the first Shariah compliant Capital Protected Fund in Pakistan has successfully completed its tenure of 3 years and six weeks. MCPF-I paid a total dividend of Rs.7.97 per unit to its unit holders for the year ended June 29, 2011. The total return earned by the investors was 14.14% for the year. MCPF-I has yielded a return of 30.64% during its three years period (May 16, 2008 to Jun 29, 2011).
Al Meezan is the largest asset management company in the private sector in Pakistan with assets under management currently standing at over Rs.30 Bn. Al Meezan has been awarded 'Best Islamic Asset Management House in Pakistan' (Islamic Finance Awards) by Asset Triple A Awards, Hong Kong for excellence in the industry. Al Meezan has also been rated AM2 by JCR- VIS denoting High Quality Management. The company boasts of one of the largest investor base among asset management companies in Pakistan with over 18,000 investors, reflecting the trust and confidence of both individual and institutional investors.