The Board of Directors of Al Meezan Investment Management Ltd. (Al Meezan) in its meeting held on July 7, 2010 declared stock dividends for its five open end funds i.e., Meezan Islamic Fund (MIF), Meezan Islamic Income Fund (MIIF), Meezan Cash Fund (MCF), Meezan Sovereign Fund (MSF) and Meezan Capital Protected Fund- I (MCPF-I) for the year ended June 30, 2010. The total amount of final dividends declared amounts to Rs. 1,127,106,988 (i.e. over Rs. 112 crores). Including the interim payouts made during the year for these funds, the total dividends being distributed amount to over Rs. 156 crores. 

Dividend Summary

Funds	Final Dividend per Unit	Total dividend for FY10	Total Dividend as a % of opening NAV	Total return for FY10
Meezan Islamic Fund	9.00	9.00	25.51%	30.86%
Meezan Islamic Income Fund	1.25	3.135	6.25%	7.31%
Meezan Cash Fund	1.69	4.94	9.88%	10.10%
Meezan Sovereign Fund*	1.80	1.80	3.60%	9.69%
Meezan Capital Protected Fund - I	6.05	6.05	12.15%	14.07%

*Launched on February 10, 2010

Meezan Islamic Fund (MIF), Pakistan’s largest open end equity fund in the private sector, has declared a stock dividend of Rs. 9.00 per unit for FY 2010 (i.e., 25.51% on the opening NAV of Rs. 35.28). A Growth Unit holder of MIF having 100 units as on June 30, 2010 will get 24.21 additional units at the ex-div NAV of Rs. 37.17, while an Income Unit holder will get Cash Dividend of Rs. 9.00 per unit after deduction of applicable taxes. The Net Asset Value (NAV) of units of MIF increased from Rs. 35.28 as on June 30, 2009 to Rs. 46.17 as on June 30, 2010, thus providing a full year return of 30.86% to its unitholders. Thus MIF, the largest private sector equity fund in Pakistan with net assets of about Rs. 400 crores, is also the best performing fund in Islamic Funds category.

Meezan Islamic Income Fund (MIIF), Pakistan’s first and the largest Shariah compliant open end income fund has declared a final stock dividend of Rs. 1.25 per unit. This is in addition to interim dividends of Rs. 1.885 per unit, making a total payout of Rs. 3.135 per unit for FY 2010. The total return earned by the investors was 7.31% for the year. This translates into a total payout of 6.25% on the opening ex-div NAV of Rs. 50.16 for the year ended June 30, 2010. A Growth Unit holder of MIIF having 100 units as on June 30, 2010 will get 2.4694 additional units at the ex-div NAV of Rs. 50.62, while an Income Unit holder will get Cash Dividend of Rs. 1.25 per unit after deduction of applicable taxes. At the close of the financial year 2010, the net assets of MIIF were Rs. 339 crores.

Meezan Cash Fund (MCF), Pakistan’s first Shariah compliant money market fund has declared a final stock dividend of Rs. 1.69 per unit. This is in addition to interim dividends of Rs. 3.25 per unit, making a total payout of Rs. 4.94 per unit for FY 2010. This translates into a payout of 9.88% on the opening ex-div NAV of Rs. 50.01. A Growth Unit holder of MCF having 100 units as on June 30, 2010 will get 3.38 additional units at the ex-div NAV of Rs. 50.00. At the close of the financial year 2010, the net assets of MCF were Rs. 522 crores as compared to 6.25 crores last year, reflecting a remarkable increase of 736%.

Meezan Sovereign Fund (MSF), Pakistan’s first Shariah compliant government securities fund was launched in February 2010. MSF has declared a stock dividend of Rs.1.80 per unit for FY 2010 (i.e. 3.60% on the face value of Rs. 50 per unit), implying an annualized return of 9.69%. A Growth Unit holder of MSF having 100 units as on June 30, 2010 will get 3.5986 additional units at the ex-div NAV of Rs. 50.02. At the close of the financial year 2010, the net assets of MSF were Rs. 9.71 crores.

Meezan Capital Protected Fund-I (MCPF-I), Pakistan’s first and the only Shariah compliant capital protected fund has declared a stock dividend of Rs. 6.05 per unit for FY 2010 (i.e., 12.14% on the opening ex-div NAV of Rs. 49.83). An Investor of MCPF-I having 100 units as on June 30, 2010 will get 11.91 additional units at the ex-div NAV of Rs. 50.79. At the close of the financial year 2010, the net assets of MCPF-I were Rs. 6.37 crores.  

Mr. Shoaib thanked the fast growing family of Meezan fund investors for their confidence in the fund management capability of Al Meezan team, which has made Al Meezan the second largest asset management company in the private sector in terms of AUMs.  He said that with the investor base of over 15,000, Assets under Management (AUMs) of Al Meezan have crossed Rs.1,800 crores. Al Meezan has got Management Quality Rating - AM2 by JCR-VIS, which denotes high management quality. All this is reflective of the confidence and trust of both individual and institutional investors.