Al Meezan Investment Management Limited (Al Meezan) is pleased to announce an interim payout of Rs. 0.50 per unit i.e., 1% of the par value Rs. 50/- for Meezan Islamic Income Fund (MIIF) and Rs. 1.75 per unit i.e., 3.5% of the par value Rs. 50/- for Meezan Cash Fund (MCF) for the quarter ended December 31, 2009. 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 MIIF as at December 31, 2009 will get 0.9934 additional units at the ex-div. NAV of Rs. 50.33 while an Income Unit holder will get Cash Dividend of Rs. 0.50 per unit. A Growth Unit holder having 100 units of MCF as at December 31, 2009 will get 3.4496 additional units at the ex-div. NAV of Rs. 50.73 while an Income Unit holder will get Cash Dividend of Rs. 1.75 per unit.
MIIF is the first and the largest Shariah compliant open end income fund in Pakistan which aims at providing a consistent and Halal income stream with main focus on long term capital preservation. The fund size of MIIF as at December 31, 2009 is Rs. 4,120 million. For the calendar year 2009, MIIF has provided a total return of 15.58% to investors including dividend payments of Rs.4.75 per unit.
Meezan Cash Fund (MCF) is the first Shariah compliant open end money market fund in Pakistan. It was launched in June 2009 with the objective of providing a stable and Halal returns avoiding volatility of both long-term fixed income securities and stock market. At the close of the half year ended December 31, 2009, the net assets MCF were Rs. 3,276 million. The fund has recorded 425% increase in its size since June 30, 2009.
Al Meezan Investments is the only full-fledged Shariah compliant asset management company in Pakistan, with AM2- Management Quality Rating. It has Rs. 16.3 billion assets under management. Due to its prudent fund management, Al Meezan Investments has not only been able to retain its existing investors but also managed to increase the investor base. This success is reflective of the confidence and trust of both individual and institutional investors.