Al Meezan Investments announces dividend of rupees 1.8 billion for its family of funds
The Board of Directors of Al Meezan Investments, in its meeting held on Thursday, August 07, 2008 approved financial results for the year ended June 30, 2008 and announced 10% cash dividend per certificate for Meezan Balanced Fund (MBF).
The Board also approved the financial results of Meezan Islamic Fund (MIF), Meezan Islamic Income Fund (MIIF) and Meezan Capital Protected Fund – I (MCPF-I) in the same meeting. It may be mentioned that dividend of Rs. 10 per unit for MIF , total dividend of Rs. 4.60 per unit for MIIF and 10% cash dividend for AMMF have already been announced by the respective Boards.
For the year ended June 30, 2008, Al Meezan Investments has announced total dividend of Rs. 1.8 billion in the form of cash and bonus dividends for its family of funds. The detail of dividend distribution is: Rs. 1,004 million in Meezan Islamic Fund (MIF), Rs. 558 million in Meezan Islamic Income Fund (MIIF), Rs. 137.5 million in Al Meezan Mutual Fund (AMMF) and Rs. 120 million in Meezan Balanced Fund (MBF).
MBF was launched in December 2004 as Pakistan’s first Shariah compliant closed end balanced fund with the investment objective to generate long-term capital appreciation as well as current income by creating a balanced portfolio that is invested both in high quality equity securities and Islamic Income Instruments. It is a 5-Star rated Shariah compliant closed end balanced fund and has been paying regular dividends to its investors. Maintaining the tradition, MBF announced 10% cash dividend i.e., Re. 1 per certificate for its certificate holders for the year ended June 30, 2008. Since its inception, it has given a cumulative return of 64.6%.
Al Meezan Investments is AM2 rated (by JCR-VIS) Asset Management Company. Alhamd’o’lilah, currently it has 17.4 billion total net assets under management as compared to Rs. 12.2 billion last year, which reflects a substantial increase of 42.62%. This success is reflective of the confidence and trust of both individual and institutional investors.