Having a regular monthly income to manage household expenses like utility bills, groceries and children’s school fees is a basic need. To facilitate you in achieving additional monthly income, Al Meezan Investments presents a monthly income plan - Meezan Mahana Kharch Account. Meezan Mahana Kharch Account aims at providing you a stable and Halal Income stream (if apprecaition in the NAV of MIIF during the month) to meet your periodic liquidity requirements through a systematic redemption1 of units with long-term capital preservation.
Features
- Product offering by the largest Shariah compliant asset management company in Pakistan
- Shariah compliant investment2
- No direct exposure to stock market
- Flexibility to get payment on monthly, quarterly or semi-annual basis
- No penalty on withdrawal
- Investment in MMKA is tax free (from deduction of Capital Gains Tax (CGT)) if held for more than 12 months (1 year)
- Minimum amount of investment Rs. 100,000/-
- Free Takaful Coverage
- Tax credit upto Rs. 60,000/- (for salaried person) or Rs. 75,000/- (for self employed)3
Payment Options and Frequency
The following payment options are available to suit your needs.
- Payment of 100% periodic profit
- Payment of 90% periodic profit and 10% at the end of financial year
- Payment of 90% periodic profit with capital growth
- Systematic withdrawal as instructed by investor (principal amount may diminish)
You may choose to get the payment either on monthly, quarterly or semi-annually basis.
Free Takaful Coverage
Takaful coverage protects you and your family against any financial difficulty that may arise out of any unforeseen event resulting in disability or death. Meezan Mahana Kharch Account provides you Takaful coverage absolutely free on investment as low as Rs. 100,000/-.
Types of Coverage
· Natural Death upto Rs. 1,000,000/-*
· Accidental Death upto Rs. 1,000,000/-*
· Permanent Total Disability upto Rs. 1,000,000/-*
· Medical coverage (Accident) upto Rs. 200,000/-*
* Subject to investment amount. Conditions apply
How to invest in Meezan Mahana Kharch Account
You may invest in Meezan Mahana Kharch Account by visiting any of Al Meezan office or Meezan Bank Branch across Pakistan. For your convenience, Al Meezan has placed dedicated Investment Officers at the selected branches of Meezan Bank. These officers provide guidance and assist the investors in meeting their investment objectives.
1 In case of systematic withdrawal option, the principal amount may diminish.
2 Monitored by Shariah Supervisory Board of Meezan Bank, headed by eminent Shariah scholar Justice (Retd.) Mufti Muhammad Taqi Usmani.
3 Under applicable tax laws, on investment upto Rs. 300,000/-, if the investment held for a period of one year.