The management quality rating of Al Meezan Investment Management Limited (Al Meezan) has been upgraded to AM2 by JCR-VIS Credit Rating Company. This rating denotes High Management Quality with a “Stable” outlook. AM2 is the Highest Management Quality Rating ever assigned by JCR-VIS to any Asset Management Company in Pakistan, said Chief Executive of Al Meezan Mr. Mohammad Shoaib, CFA.
The AM2 Rating signifies the strength of Al Meezan in maintaining a smooth flow of operations and its prudent liquidity management during the current economic environment, ensuring that customers’ requests are serviced well within time. Al Meezan’s funds carrying equity exposures including Meezan Islamic Fund and Al Meezan Mutual Fund have been amongst the top performing funds in their respective categories for the calendar year 2009. It was highlighted by JCR-VIS in its press release that In relation to other AMCs, decline in aggregate net assets of Al Meezan was less pronounced in FY09 and simultaneously subsequent improvement in net assets has also been on the higher side than other AMCs.
Mr. Shoaib highlighted that the size of retail base of Al Meezan is considerably higher in relation to its peers. Due to the professional and prudent management at Al Meezan and the company’s continuous commitment to further enhance and strengthen its support infrastructure and risk management systems to offer greater value and convenience to investors, we have not only been able to retain our existing investors but also managed to increase the investor base significantly. Mr. Shoaib thanked both individual andinstitutional investors for their confidence and trust which enabled Al Meezan to achieve this milestone.
On this occasion, Al Meezan also announced launch of Pakistan’s first Shariah compliant Government Securities Fund - Meezan Sovereign Fund (MSF). MSF aims to provide maximum capital preservation along-with Halal and competitive returns by primarily investing in a portfolio of Shariah Compliant Government Securities thus minimizing the risks of investments. The fund is available for initial public subscription till February 15, 2010. During the initial launch period investors will get an opportunity to invest in the fund at the par value of Rs. 50/- per unit without any sales load.
The company currently manages over Rs.17.8 billion in assets under management. With a proven track record, the company clearly stays well ahead of all itscompetitors in the Islamic asset management market in Pakistan.