Meezan Islamic Income Fund is Pakistan’s first Shariah compliant income fund scheme. The purpose of Meezan Islamic Income Fund is to provide investors with a safe and stable stream of Halal income on their investments and to generate superior long term risk adjusted returns.
Investment Objective & Philosophy
The Fund’s primary objective is to provide investors with a competitive and stable rate of current income in a Shariah compliant way. It also aims to take advantage of opportunities to realize capital appreciation.
The Fund aims to provide the investors with a total return consistent with a broadly diversified portfolio of long, medium and short term, high quality Islamic income Instruments such as Sukuks (Islamic bonds), Certificates of Investment, commercial papers, government securities and bank placements.
Key Benefits
- Meezan Islamic Income Fund is Pakistan’s first Shariah Compliant open-end Income Fund.
- It may provide diversification opportunity when added to a hybrid investment portfolio thus resulting in lower risk and healthy return on your investment
- Average Annualized return since inception (January 15, 2007 till June 30,2022) is 17.05%
- Strong long-term performance track record both in absolute terms and relative to its benchmark
- Managed by the only Shariah compliant Asset Management Company in Pakistan with a solid track record of over 27 years, and under the supervision of a reputable shariah advisor, Dr. Imran Ashraf Usmani.
This product is suitable for investors who are seeking* :
- Protection of investments from stock market volatility, while providing diversification to the overall investment portfolio
- Long term regular income solution
*Investors are encouraged to consult their Investment advisors prior to investing in the product.
Note: Medium Risk means Risk of Principal Erosion is Medium
Key Features
| Scheme Name | Meezan Islamic Income Fund |
|---|---|
| Scheme Type | Open-end Islamic Income Fund |
| Date of Inception | January 15, 2007 |
| Fund Size – June 30,2022 | Rs.18.61 Billion |
| Objective of the scheme | The Fund’s primary objective is to provide investors with a high and stable rate of current income consistent with long term preservation of capital in a Shariah compliant way. A secondary objective is to take advantage of opportunities to realize capital appreciation. |
| Benchmark | 6 months average deposit rates of 3 A- rated islamic Banks |
| Minimum Investment Amount | Rs.5,000 (and Rs. 1,000 thereafter) |
| Management Fee | Up to 10% of Gross Earnings (min.0.25% of avg. annual net assets max. 1.5% of avg annual net assets) |
| Actual Rate of Management Fee | 0.50% of net assets |
| Lock-in Period | None |
| Entry Load | 1.0% |
| Exit Load | Contingent Load for Type C unit investors |
| Selling and Marketing Expense | 0.4% |
| Systematic Investment Plan Facility | Yes |
| Fund performance Highlights | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 | FY10 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MIIF Returns | 8.6 % | 6.6% | 11.6% | 7.92% | 4.26% | 5.09% | 5.76% | 8.15% | 11.90% | 14.45% | 7.79% | 11.77% | 7.31% |
| Benchmark Returns | 3.34% | 3.6% | 6.3% | 3.69% | 2.44% | 2.78% | 3.49% | 5.04% | 5.38% | 5.54% | 6.02% | 5.88% | 5.80% |
| MIIF Dividend ( Rupees per unit) | 4.37 | 3.41 | 5.8863 | 4.0472 | 2.1954 | 2.50* | 2.50* | 3.40 | 5.78 | 6.75 | 3.97 | 6.25 | 3.135 |
*Interim Dividend for the period (July 1, 2016 – June 20, 2017)
| Fund Name | Applicable Date | Management Fee |
|---|---|---|
| Meezan Islamic Income Fund Type B Units | 2022-09-30 | 0.50 |
| Meezan Islamic Income Fund Type B Units | 2022-09-29 | 0.50 |
| Meezan Islamic Income Fund Type B Units | 2022-09-28 | 0.50 |
| Meezan Islamic Income Fund Type B Units | 2022-09-27 | 0.50 |
| Meezan Islamic Income Fund Type B Units | 2022-09-26 | 0.50 |
| Meezan Islamic Income Fund Type B Units | 2022-09-23 | 0.50 |
| Meezan Islamic Income Fund Type B Units | 2022-09-22 | 0.50 |
| Meezan Islamic Income Fund Type B Units | 2022-09-21 | 0.50 |
| Meezan Islamic Income Fund Type B Units | 2022-09-20 | 0.50 |
| Meezan Islamic Income Fund Type B Units | 2022-09-19 | 0.50 |
Meezan Sovereign Fund is Pakistan’s first Shariah compliant government securities fund. The purpose of Meezan Sovereign Fund is to safeguard the principal investment amount of an investor along with providing stable and healthy returns.
Investment Objective & Philosophy
The Fund’s primary objective is to provide maximum possible preservation of capital and a reasonable rate of return by investing primarily in Shariah compliant Government Securities.
MSF primarily invests in government securities, which enjoy the highest possible rating of “AAA”. The fund has been awarded stability rating of ‘AA(f)’ by VIS & PACRA, which denotes high degree of stability in net asset value of the fund.
Key Benefits
- The first Shariah compliant open-end government securities fund in Pakistan
- Provides maximum preservation of principal amount along with stable and consistent returns on the investment
- Average Annualized return since inception (February 10, 2010 till June 30,2022) is 12.81%
- Managed by the only Shariah compliant Asset Management Company in Pakistan with a solid track record of over 27 years, and under the supervision of a reputable shariah advisor, Dr. Imran Ashraf Usmani.
This product is suitable for investors who are seeking* :
- Stable returns and want to avoid volatility of other fixed income instruments and stock market
- To minimize the risks while maximizing liquidity.
*Investors are encouraged to consult their Investment advisors prior to investing in the product.
Note: Low Risk means Risk of Principal Erosion is low
Key Features
| Scheme Name | Meezan Sovereign Fund |
|---|---|
| Scheme Type | Open-end Islamic Government Securities Fund |
| Date of Inception | February 10, 2010 |
| Fund Size – June 30,2022 | Rs.6.20 Billion |
| Objective of the scheme | The Fund’s primary objective is to seek maximum possible preservation of capital and a reasonable rate of return by investing primarily in Shariah compliant government securities. |
| Benchmark | 6 Months PKISRV Rate |
| Minimum Investment Amount | Rs.5,000 (and Rs. 1,000 thereafter) |
| Lock-in Period | None |
| Management Fee | Up to 0.6% p.a.(min 0.25) |
| Actual Rate of Management Fee | 0.50% of net assets |
| Entry Load | 1.0% |
| Exit Load | Nil |
| Selling and Marketing Expense | 0.3% |
| Systematic Investment Plan Facility | Yes |
| Fund performance Highlights | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 | FY10 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSF Returns | 8.3% | 7.7% | 11.2% | 7.02% | 2.57% | 6.57% | 6.81% | 6.81% | 8.50% | 9.11% | 11.19% | 11.45% | 9.76%* |
| Benchmark Returns | 3.3% | 3.7% | 7.9% | 7.15% | 4.96% | 4.65% | 6.24% | 6.24% | 6.55% | 6.91% | 8.13% | 8.24% | 7.50% |
| MSF Dividend (Rupees per unit) | 4.18 | 3.90 | 5.6990 | 3.5911% | – | 2.75* | 2.25* | 3.45 | 3.69 | 4.40 | 5.36 | 5.52 | 1.80* |
*Interim Dividend for the period (July 1, 2016 – June 22, 2017)
Meezan Cash Fund is Pakistan’s first Shariah compliant money market fund. MCF aims to bring you stable and Halal returns through avoiding volatility of both long-term fixed income securities and stock markets.
Investment Objective & Philosophy
The Fund’s primary objective is to seek maximum possible preservation of capital and a reasonable rate of return via investing primarily in liquid and short term Shariah compliant money market and debt securities.
The Fund invests in high quality instruments with issue or entity rating of minimum ‘AA’, thus seeking to provide maximum capital preservation for your investment. It is an ideal parking avenue for short-term cash parking with great liquidity.
Key Benefits
- The first Islamic money market Fund in Pakistan.
- Maximum preservation of principal investment resulting in lower risk
- Average Annualized return since inception (January 15, 2007 till June 30,2022) is 13.12%
- High liquidity (redemption within one-two working days)
- Managed by the only Shariah compliant Asset Management Company in Pakistan with a solid track record of over 27 years, and under the supervision of a reputable shariah advisor, Dr. Imran Ashraf Usmani.
This product is suitable for investors who are seeking* :
- Parking avenue for short-term funds
- Stable and Halal returns avoiding volatility of both long-term fixed income securities and stock markets
*Investors are encouraged to consult their Investment advisors prior to investing in the product.
Note: Low Risk means Risk of Principal Erosion is low
Key Features
| Scheme Name | Meezan Cash Fund |
|---|---|
| Scheme Type | Open-end Islamic Money Market Fund |
| Date of Inception | June 15, 2009 |
| Fund Size – June 30,2022 | Rs.13.48 Billion |
| Objective of the scheme | To seek maximum possible preservation of capital and a reasonable rate of return via investing primarily in liquid Shariah compliant money market and debt securities. |
| Benchmark | 3 Months average deposit rates of 3 AA rated Islamic Banks |
| Minimum Investment Amount | Rs.5,000 (and Rs. 1,000 thereafter) |
| Lock-in Period | None |
| Management Fee | Up to 0.6% p.a.(min 0.10) |
| Actual Rate of Management Fee | 0.50% of net assets |
| Entry Load | Nil |
| Exit Load | 0.1% (if redeemed within 3 days) |
| Selling and Marketing Expense | 0.3% |
| Systematic Investment Plan Facility | Yes |
| Fund performance Highlights | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 | FY10 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MCF Returns | 9.00% | 5.81% | 10.95% | 7.84% | 4.27% | 6.07% | 4.59% | 7.46% | 7.08% | 8.78% | 10.71% | 11.02% | 10.09% |
| Benchmark Returns | 3.68% | 3.41% | 5.37% | 3.37% | 2.58% | 2.90% | 4.49% | 6.24% | 6.55% | 6.91% | 8.13% | 8.24% | 7.50% |
| MCF Dividend ( Rupees per unit) | 4.46 | 2.89 | 5.4787 | 3.9218% | – | 2.75* | 2.25** | 3.70* | 3.42 | 4.24 | 5.07 | 5.26 | 4.94 |
*Interim Dividend for the period (July 1, 2016 – June 22, 2017)
Meezan Rozana Amdani Fund is an Open Ended Shariah Compliant Money Market Scheme.
Investment Objective & Philosophy
The objective of the Fund is to meet liquidity needs of investors by providing investors a daily payout through investment in Shariah Compliant money market instruments.
The Fund shall be subject to such exposure limits as are specified in the Rules, the Regulations and directives issued by SECP from time to time. The Fund will make daily payout to the unit holders, which will be reinvested.
Key Benefits
- Competitive Halal Returns
- Good Avenue for short term investments
- Daily Dividend Units Distributed into investor’s account
- Easy Online Investment & redemption Facility Available
- Easy access through Mobile Application & Meezan Funds Online
Note: Low Risk means Risk of Principal Erosion is low
Key Features
| Scheme Name | Meezan Rozana Amdani Fund |
|---|---|
| Categorization of the Fund | Shariah compliant Money Market Scheme |
| Date of Inception | December 26, 2018 |
| Fund Size – June 30,2022 | Rs. 72.76 Billion |
| Benchmark | Three (3) months average deposit rates of three (3) AA rated Islamic banks. |
| Minimum Investment | Initial PKR 5 Lakhs/- or above Subsequent PKR 500,000/- or above |
| Payout Policy | The fund on a daily basis shall distribute all net profit (after deducting unrealized gains and all expenses of the fund) as dividend and that dividend shall be reinvested after deducting applicable taxes. |
| Front & Bank End Load | Nil |
| Management Fee | Up to 3.5% of gross earnings subject to minimum floor of 0.10% of net assets p.a and maximum cap of 0.75% of net assets p.a |
| Actual Rate of Management Fee | 0.15% of net assets |
| Selling and Marketing Expenses | 0.03% |
| Target Towards |
|
| Fund Name | Applicable Date | Payout | Management Fee |
|---|---|---|---|
| Meezan Rozana Amdani Fund*** | 2022-09-30 | 0.0210 | 0.00 |
| Meezan Rozana Amdani Fund*** | 2022-09-29 | 0.0207 | 0.00 |
| Meezan Rozana Amdani Fund*** | 2022-09-28 | 0.0214 | 0.00 |
| Meezan Rozana Amdani Fund*** | 2022-09-27 | 0.0209 | 0.00 |
| Meezan Rozana Amdani Fund*** | 2022-09-26 | 0.0624 | 0.00 |
| Meezan Rozana Amdani Fund*** | 2022-09-23 | 0.0211 | 0.00 |
| Meezan Rozana Amdani Fund*** | 2022-09-22 | 0.0210 | 0.00 |
| Meezan Rozana Amdani Fund*** | 2022-09-21 | 0.0209 | 0.00 |
| Meezan Rozana Amdani Fund*** | 2022-09-20 | 0.0221 | 0.00 |
| Meezan Rozana Amdani Fund*** | 2022-09-19 | 0.0616 | 0.00 |
Risk Disclaimer: All Investments in mutual Fund are subject to market risks. The NAV of Units may go down or up based on the market conditions. The investors are advised in their own interest to carefully read the contents of the Offering Document, in particular the Investment Policies mentioned in clause 2, Risk Factors mentioned in clause 2.4, Taxation Policies mentioned in Clause 7 and Warnings and Disclaimer mentioned in Clause 9 before making any investment decision.
Investment Objective & Policy of the Plan – Meezan Daily Income Plan – I (MDIP – I)
The “Meezan Daily Income Plan-I (MDIP – I)” is an Allocation Plan under “Meezan Daily Income Fund (MDIF)” with an objective to provide investors with a competitive rate of return, together with daily payout, through investment in Shariah Compliant fixed income instruments.
The allocation plan will be actively allocated between Shariah Compliant authorized investable avenue as mentioned in the authorized investments table*. The plan shall be subject to such exposure limits as are specified in the Rules, the Regulations and directives issued by SECP from time to time. The plan shall make daily payout to the unit holders, which will be reinvested.
Key Benefits
- Competitive Halal Returns
- Good Avenue for short to medium term investments
- Daily Dividend Distribution, if any
- No lock in period: Investors are entitled to profits even if they invest for a day
- Monthly payout option available
- Easy Online Investment and Redemption Facility Available
- Easy access through Mobile Application and Meezan Funds Online
Note: Moderate Risk means Risk of Principal Erosion is Moderate
Plan Details
| Plan Name | Meezan Daily Income Plan – I (MDIP-I) |
|---|---|
| Categorization of the Fund | Shariah Compliant Open End Income Scheme |
| Date of Inception | 13 September, 2021 |
| Plan Size – June 30,2022 | Rs. 30.65 Billion |
| Benchmark | Six (6) months average deposit rates of three (3) A rated scheduled Islamic Banks or Islamic windows of conventional bank as Selected by MUFAP. |
| Minimum Investment* | PKR 200,000 Subsequent PKR 200,000 |
| Dividend Payout | Daily Basis |
| Front End Load | Up to 1.5% |
| Back End Load | Nil |
| Selling and Marketing Expenses | 0.1% |
| Management Fee | The Management Company shall charge a fee at the rate of up to 5% of the gross earnings of the Scheme, calculated on a daily basis, subject to a minimum of 0.1% of the average daily net assets of the Scheme. |
| Actual Rate of Management Fee | 0.20% of net assets |
| Target Towards | MDIP-I HNWI’s, Corporates, Islamic Banks, DFI’s, Takaful Companies, Employee Retirement and Endowment funds, Charitable Institutions and Trusts & NGO’s |
*The Management Company reserves the right to alter the minimum amounts stated hereinabove after giving thirty days prior notice to the Unit Holders. However, enhancement in current minimum monetary investments shall not take effect retrospectively.
Authorized Investments*
|
Authorized Investments |
Entity / Instruments Rating |
Maximum |
Minimum |
| Shariah Compliant GOP issued/guaranteed Securities |
N/A |
75% |
0% |
| Cash at Bank (excluding TDRs) with licensed Islamic Banks or Islamic Branches/Windows of Conventional Banks, Shariah Compliant Government Securities including GoP Ijarah Sukuk not exceeding 90 days maturity. |
A+ & above |
100% |
25% |
| Shariah compliant traded/non-traded securities with maturity not exceeding six (6) months, including but not limited to Bank deposits with licensed Islamic banks and/or Islamic branches/windows of Conventional banks, Sukuk and Islamic commercial papers. |
AA |
75% |
0% |
| Shariah compliant non-traded securities with maturity not exceeding six (6) months, including but not limited to placement of funds with Islamic Microfinance Bank, NBFC and Modarabas. |
AA |
25% |
0% |
| Shariah compliant non-traded securities with maturity exceeding six (6) months, including but not limited to Bank deposits with licensed Islamic banks and/or Islamic branches/windows of Conventional Banks and placement of funds with Islamic Financial Institutions |
AA |
15% |
0% |
| Authorized Shariah Compliant Investments outside Pakistan shall be subject to prior approvals and guidelines (if any) of the SECP, SBP and Shariah Advisor |
– |
As allowed by SECP |
0% |
| Any other Shariah Compliant instruments/securities that may be permitted or approved by the SECP and Shariah Advisor of the Scheme from time to time |
– |
As allowed by SECP |
0% |
Note: Investments shall be made as per the authorized investment limits given above and shall be made according to the following mode of Shariah Transaction such as; principles of Bai’-Mu’ajjal, Bai’-Mussawwama, Bai’-Salam, Istisna’a, Mudaraba, Murabaha and Musharakah or any other structure as approved by the Shariah Advisor from time to time. Weighted average time to maturity of the net assets shall not exceed 4 years and this condition shall not apply to securities issued by the Federal Government
Fund Documents
Term sheet Click Here
Offering Document Click Here
Risk Disclaimer: All Investments in mutual Fund are subject to market risks. The NAV of Units may go down or up based on the market conditions. The investors are advised in their own interest to carefully read the contents of the Offering Document, in particular the Investment Policies mentioned in clause 2, Risk Factors mentioned in clause 2.6, Taxation Policies mentioned in Clause 7 and Warnings in Clause 9 before making any investment decision.
*The return on investment is not fixed and is subject to market risks. If you want to evaluate fund performance, you may refer to the Latest Fund Manager Report. Click here