Karachi: Al Meezan Investments has removed the temporary suspension of Pricing, Issuance, Redemption and Conversion of the units of Meezan Islamic Fund (MIF). The normal transactions in the units of MIF including sale, redemption and conversion will re-commence from Monday December 29, 2008. This was stated in a press release issued today.
Due to inadequate volumes and lack of price discovery at stock exchanges, Al Meezan Investments had continued the suspension for a few days after removal of floor at stock exchanges. With the stock prices at attractive levels now and the expectations of better volumes going forward, Al Meezan has terminated the suspension with immediate effect to provide its investors an opportunity to invest in MIF and capture the potential upside in the market.
It may be noted that MIF is the largest private sector equity fund in Pakistan which has provided attractive returns to investors every year since its inception in 2003. It has also got 5-Star rating for its superior performance compared to other Islamic equity funds in Pakistan.