Meezan Islamic Income Fund (MIIF) is the Pakistan’s first Shariah Compliant open end mutual fund which falls in the category of Income Fund.
||Central Depository Company
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The objective of MIIF is to provide Halal and consistent stream of income with long-term capital preservation in a Shariah Compliant manner. It provides potential to the investors for capital gains as well as regular income by investing in a diversified portfolio of good quality Islamic Instruments such as Sukuks (Islamic Bonds), Certificate of Islamic Investments, Musharika and Morabaha instruments, Shariah-compliant spread transactions, and other Islamic income products.
MIIF meets the requirement of a large number of investors both institutional and individual, who desire Shariah-Compliant investment avenues but want to avoid the risk of direct exposure to the stock market.
Salient Features of MIIF
- It aims at capital preservation through prudent fund management
- It aims at Halal and consistent stream of income which is strictly monitored and approved by Shariah Advisors
- It provides you an opportunity to start investment with minimum Rs. 5,000/-and then invest at regular intervals with subsequent investment amount as low as Rs. 1,000/- .
- Its units are readily encashable throughout the year
- Investment in MIIF enables you to get tax benefit upto Rs. 100,000/- in case of salaried person or upto Rs 125,000/- in case of non salaried person on investments upto Rs. 500,000/- under applicable tax laws, if investment is held for a period of one year.
- It provides diversification of portfolio resulting in lower risk and competitive return on your investment
Besides providing all the other benefits associated with investment in mutual funds, MIIF gives added comfort of being backed by strong sponsors, professional fund managers, credible Shariah advisors and a carefully selected portfolio of investments which ensure financial prudence as well as Shariah Compatibility.
All investments in MIIF are screened for Shariah Compliance based on the criteria approved by the Meezan Bank’s Shariah Supervisory Board, which is headed by eminent Shariah scholar Justice (Retd.) Mufti Muhammad Taqi Usmani. With such a strong and reputed Islamic foundation, Al Meezan Investments uses its fund management expertise to satisfy your investment needs for Halal and Riba-Free returns.
Being an open end mutual fund, its units can be purchased or redeemed on a continuous basis. Thus, the investor will have the freedom to enter the fund by purchasing units at the offer price and to exit the fund by redeeming units at the redemption price on any of the dealing days. The par value of MIIF is Rs. 50/- per unit, while the prevailing rates are based on Net Asset Value (NAV) of the day of transaction.