Pakistan’s 1st Shariah Compliant Commodity Scheme
August 13, 2015- Karachi: Al Meezan Investment Management Limited (Al Meezan) is pleased to announce the launch of Meezan Gold Fund (MGF)- Pakistan’s first Shariah compliant open end commodity scheme. Meezan Gold Fund aims to provide maximum exposure to prices of Gold in a Shariah Compliant manner, by investing in deliverable gold based futures contracts available at a commodity exchange (Pakistan Mercantile Exchange-PMEX). MGF has an Initial offering from August 13- 18, 2015 with No Load and will be open for subscription subsequently.
Mohammad Shoaib, CFA, the CEO of Al Meezan Investments, while announcing the launch of the Fund said “Al Meezan has continued to address the growing need of investors who are looking for wealth creation over the long term. In this regard, gold is viewed as a profitable avenue for investments. Meezan Gold Fund offers a simple way of investing in gold by having physical gold as an asset at the back while letting you make the most out of its appreciating value potential. MGF also allows investors to get involved with the yellow metal without hassle of buying, storing and transporting physical gold and is affordable like any other open end mutual fund”.
He furthr added, “MGF provides a hedge against inflation or currency devaluation and is also a mean of diversification for investment portfolios. At the same time, the savings come handy for any anticipated future need. An investor may also choose to invest a small amount regularly through Systematic Investment Plan”.
Al Meezan has been managing investments since 1995 and has one of the longest track records of managing mutual funds in the private sector in Pakistan. Al Meezan with AM2+ Management Quality Rating has the distinction of being the largest private sector Asset Management Company in Pakistan with total Assets Under Management (AUMs) of over Rs. 67.91 billion (as on July 31, 2015) in 11 different funds and an investor base of about 35,000 clients. Al Meezan has to its credit Pakistan’s largest private sector Equity Fund i.e. Meezan Islamic Fund (MIF) and largest Voluntray Pension Fund i.e. Meezan Tahaffuz Pension Fund (MTPF), with AUMs of Rs. 29.5 Billion and Rs. 4.6 Billion respectively(as on July 31, 2015). Speaking on this occasion, Mr. Shoaib thanked both individual and institutional investors for their confidence and trust which enabled Al Meezan to achieve these distinctions.