AL MEEZAN INVESTMENTS HALF YEARLY RESULTS DEPICT PHENOMENAL GROWTH
Feb 25 - Mar 02, 2008
LAHORE: Al Meezan Investments, the only full fledged Shariah compliant asset management company in Pakistan, announced the half yearly results for all its mutual funds depicting phenomenal growth and performance of all funds.
According to results, the total assets under management of Al Meezan Investments have increased to Rs. 16.69 billion as on December 31, 2007 from Rs. 12.16 billion as of June 30, 2007, showing a good growth of 37%. Currently the assets under management stand at Rs. 18 billion, a spokesman of the company told PAGE.
With AM2 Management Quality Rating and 5-Star ranking for all eligible funds, the company clearly stays well ahead of all its competitors in the Islamic asset management market in the country, he said. The Shariah advisory board includes eminent scholars from Pakistan, Saudi Arabia and Bahrain and operates under the supervision of Honorable Justice (Retd.) Mufti Muhammad Taqi Usmani.
According to him, Meezan Islamic Fund (MIF) is Pakistan's largest open end equity fund in the private sector. During the half year period ended on December 31, 2007, MIF earned net income of Rs. 471.9 million as compared to Rs. 193.9 million in the corresponding period last year reflecting an impressive growth of 143.3%. The total net earning translates into Rs. 10.92 per unit. The net assets of MIF as on December 31, 2007 stood at Rs. 4,613 million (Rs. 63.02 per unit) as compared to Rs. 3,679 million as at June 30, 2007 reflecting an increase of 25.39%. At present, the net assets of Meezan Islamic Fund have crossed Rs.5,200 million.
He further said that the Meezan Islamic Income Fund (MIIF) is Pakistan's first and the largest Shariah compliant open end income fund. During the half year ended December 31, 2007, MIIF earned a net income of Rs. 285.1 million (2.20 per unit).
The net assets of MIIF as on December 31, 2007 stood at Rs. 6,777 million (Rs. 52.21 per unit) as compared to Rs. 3,162 million as at June 30, 2007 reflecting an increase of 114.33%. Total annualized tax free return of MIIF till December 31, 2007 was 9.4%. At present, the fund size is Rs. 7,414 million. Meezan Tahaffuz Pension Fund (MTPF) is Pakistan's first and the largest Shariah compliant pension fund scheme. It was launched in June 2007. MTPF consists of three sub-funds.
During the half year period ended December 31, 2007, equity sub-fund earned net profit of Rs. 4.69 million. While the net profits in Debt sub-fund and Money Market sub fund were Rs. 2.23 million and Rs. 2.06 million respectively. At the close of half year total net assets in all three sub-funds of MTPF stood at Rs. 168.32 million.