The meetings of the Boards of Directors of Al Meezan Investment Management Ltd., Investment Advisor of Meezan Islamic Fund (MIF), Meezan Balanced Fund (MBF), Meezan Islamic Income Fund (MIIF), Meezan Cash Fund (MCF), Meezan Sovereign Income Fund (MSF), Al Meezan Mutual Fund (AMMF) andMeezan Capital Protected Fund (MCPF-II) were held on February 23, 2012 to approve financial results for the six months ended December 31, 2011.
Meezan Cash Fund (MCF), the first Shariah compliant Money Market Fund, earned a net income of Rs. 352 million for the six months ended December 31, 2011. During the period under review the fund has provided the annualized return of 11.50%. Al Meezan has announced seventh interim dividend payout for Meezan Cash Fund (MCF) @ Rs. 0.44 per unit. The payouts are in the form of Bonus Units to the Growth Unit holders and Cash Dividend to the Income Unit holders. A Growth Unit holder having 100 units of MCF as at February 22, 2012 will get 0.8793 additional units at the ex-div. NAV of Rs. 50.04 while an Income Unit holder will get Cash Dividend of Rs. 0.44 per unit. The current net assets of MCF are Rs. 6,983 million.
Meezan Sovereign Fund (MSF), the largest Shariah compliant Government Securities Fund, earned a net income of Rs. 909 million for the six months ended December 31, 2011. During the period under review the fund has provided the annualized return of 12.10 %. The current net assets of MSF are Rs. 19,512 million.
Meezan Islamic Fund (MIF), Pakistan’s largest open-end equity fund in private sector, reported a net income/loss of Rs. (182) million for the six months ended December 31, 2011. For the calendar year 2011, the fund has provided 5% return to its unit holders. The current net assets of MIF are Rs. 4,896 million.
Al Meezan Mutual Fund Limited(AMMF), an open-end equity fund,reported a net income/ loss of Rs. (45) million for the six months ended December 31, 2011. For the calendar year 2011, the fund has provided 4% return to its unit holders. The current net assets of AMMF are Rs. 1,597 million.
Meezan Balanced Fund (MBF), a closed balanced scheme, earned a net income of Rs. 13.6 million for the six months ended December 31, 2011. During the period under review the fund has provided the annualized return of 1 %. The current net assets of MBF are Rs. 1,429 million.
Meezan Islamic Income Fund (MIIF), an open-end income fund in Pakistan earned a net income of Rs. 23.5 million for the six months ended December 31, 2011. During the period under review the fund has provided the annualized return of 2.8 %. The current net assets of MIIF are Rs. 1,500 million.
Meezan Capital Protected Fund-I (MCPF-II), a Shariah compliant Capital Protected Fund reported net income of Rs. 13 million for the six months ended December 31, 2011. For the period under review, the fund has provided 3.3% return to its unit holders. The current net assets of MCPF-II are Rs. 425 million.
Al Meezan is one of the leading asset management companies in the private sector in Pakistan with total assets under management of over Rs.37 billion and AM2 rating by JCR-VIS denoting High Quality Management. Al Meezan offers a complete range of investment solutions to meet the varying investment needs of its investors which exceed 19,000 clients including over 350 institutional investors.