The meetings of the Boards of Directors of Al Meezan Mutual Fund Limited (AMMF) and Al Meezan Investments,Investment Advisor of Meezan Islamic Fund (MIF), Meezan Islamic Income Fund (MIIF), Meezan Capital Protected Fund (MCPF-I), Meezan Cash Fund (MCF) and Meezan Balanced Fund (MBF) were held on Thursday, August 20, 2009 to approve financial results for the year ended June 30, 2009.
Meezan Islamic Income Fund (MIIF) is the first and the largest Shariah compliant open end income fund in Pakistan. During the period ended June 30, 2009, MIIF earned a net income of Rs. 493 million. During the said period MIIF paid a total dividend of Rs. 4.77 per unit to its unit holders. This translates into a payout of 9.538% on the opening ex-div NAV of Rs. 50.01 and 9.54% on the face value of Rs. 50 per unit for the year ended June 30, 2009. At the close of the FY 09, the net assets of the fund were Rs. 4,873 million. The current net assets of the fund are Rs. 5,780 million.
Meezan Cash Fund (MCF) is the first Shariah compliant open end money market fund in Pakistan. It was launched in June 2009 with an aim of providing a stable and Halal returns avoiding volatility of both long-term fixed income securities and stock market. During the period ended June 30, 2009, MCF earned a net income of Rs. 2 million and distributed a dividend of Rs. 0.15 per unit to its unit holders. MCF has provided a total return of 11.27% since inception to its investors. At the close of the FY 09, the net assets of the fund were Rs. 624 million. The current net assets of the fund are over Rs. 1,000 million.
Meezan Capital Protected Fund-I (MCPF-I) is the first Shariah compliant Capital Protected Fund in Pakistan. It was jointly launched by Al Meezan Investments and Meezan Bank in May 2008. During the period ended June 30, 2009, the fund earned a net income of Rs. 4.4 million and declared a dividend of Rs. 0.35 per unit to its unit holders. At the close of the FY 09, the net assets of the fund were Rs. 582 million. The current net assets of the fund are Rs. 594 million.
At the close of the financial year 09, the net assets of Al Meezan Mutual Fund Ltd. (AMMF) were Rs. 1,174 million while the current net assets are Rs 1,373. At the close of FY 09, the net assets of Meezan Islamic Fund (MIF), Pakistan’s largest Shariah compliant open end equity fund stood at Rs. 3,737 million whereas currently stand at Rs. 4,201 million. The annualized return of MIF over its six years history is 19.6%. The net assets of Meezan Balanced Fund (MBF) were Rs. 1,142 million at the close of FY 09 and current net assets are Rs. 1,268 million. Due to sharp decline in stock market, no payout was made by AMMF, MIF and MBF. During the calendar year 2009, the NAV of MIF, AMMF and MBF have appreciated by 84.09%, 83.16% and 50.18% respectively.
Al Meezan Investments, rated AM2- by JCR-VIS, currently has over 13.5 billion net assets under management which reflects confidence and trust of both individual and institutional investors.