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 to meet your periodic liquidity requirements through a systematic redemption of units of Meezan Islamic Income Fund (MIIF) 1 along-with long-term capital preservation.2
Features
- Product offering by the largest Shariah compliant asset management company in Pakistan
- Shariah compliant investment3
- No direct exposure to stock market
- Competitive Tax Free Profit4
- Flexibility to get payment on monthly, quarterly or semi-annual basis
- No penalty on withdrawal
- 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) 5.
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 investor6
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 Investments office or Meezan Bank Branch across Pakistan. For your convenience, Al Meezan Investments 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.
About Al Meezan Investments
Al Meezan Investment Management Limited (Al Meezan Investments), incorporated in 1995 has 13 years track record of managing mutual funds in the private sector in Pakistan. The company sponsored by Meezan Bank and Pak Kuwait Investment Company is dedicated to providing Shariah compliant investment solutions. Currently it is managing open end, closed end mutual funds and a pension fund. Al Meezan Investments has got Management Quality Rating of "AM2", assigned by JCR-VIS. It is the first asset management company in Pakistan to voluntarily adopt and implement "Asset Manager Code of Professional Conduct" from CFA Institute, USA.
1 Annualized Return on MIIF
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Month of October 2008
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12.70%
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Month of September 2008
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10.98%
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Year to date (July 1 – October 31, 2008)
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11.01%
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2 In case of systematic withdrawal option, the principal amount may diminish.
3 Monitored by Shariah Supervisory Board of Meezan Bank, headed by eminent Shariah scholar Justice (Retd.) Mufti Muhammad Taqi Usmani.
4 Under applicable tax laws
5 Under applicable tax laws, on investment upto Rs. 300,000/-, if the investment held for a period of one year.
6 For systematic withdrawal, minimum payment is Rs. 500 per period. Incase periodic payment is greater than the actual profit earned, investment amount may deplete