Do you require 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 appreciation in the NAV of underlying fund i.e., MCF/MSF 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 Fund Manager for Shariah compliant funds in Pakistan
- 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 36 months (3 years)
- Minimum amount of investment Rs. 100,000/-
- Tax credit upto Rs. 186,667/- (for salaried person) or Rs. 203,750/- (for self employed)2
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.
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.
1 In case of systematic withdrawal option, the principal amount may diminish.
2 Under applicable tax laws, on investment upto Rs. 1,000,000/-, if the investment held for a period of three years.