The Board of Directors of Al Meezan Mutual Fund Limited and Al Meezan Investment Management Ltd. (Al Meezan) declared final cash dividend @ 8.5% i.e., Rs. 0.85 per share for Al Meezan Mutual Fund Limited (AMMF) and 5.5% i.e., Rs. 0.55 per certificate for Meezan Balanced Fund(MBF). This is in addition to interim cash dividend of Rs.1.00 each per share / certificate announced for both these funds earlier during the year. The book closure for entitlement to final cash dividend will be from Monday, October 11, 2010 to Tuesday, October 19, 2010 (both days inclusive).
Al Meezan Mutual Fund Limited (AMMF), the best performing closed end mutual fund for the year in terms of returns, reported a net income of Rs. 356.11 million for the year ended June 30, 2010. This translates into earnings per share of Rs. 2.59 and total full year return of 31.23% to the shareholders. Eureka Hedge – the world’s largest independent data provider and research house has ranked AMMF as the 6th best performing Islamic fund for the calendar year 2009 on a global basis as it provided a return of 104.66%. The net assets of the fund were Rs. 1,404 million as on June 30, 2010.
Meezan Balanced Fund (MBF), the only Shariah compliant closed end balanced fund in the country, reported a net income of Rs. 248.33 million for the year ended June 30, 2010. This translates into earnings per certificate of Rs. 2.07 and total full year return of 22.73%. The net assets of MBF were Rs. 1,278 million as on June 30, 2010.
Al Meezan Investments, with a management quality rating of AM2 denoting high management quality, currently has over Rs. 18 billion assets under management making it one of the largest asset management company and the largest Shariah compliant asset management company in Pakistan. This success is reflective of the confidence and trust of both individual and institutional investors.