Al Meezan announces dividend for Meezan Balanced Fund, Financial results for Meezan Family of Funds

Karachi: Board of Directors of Al Meezan Investment Management Limited (Al Meezan), Asset Management company of Meezan Balanced Fund (MBF) Meezan Islamic Fund (MIF), Meezan Islamic Income Fund (MIIF), Meezan Cash Fund (MCF), Meezan Sovereign Fund (MSF) & Meezan Capital Protected Fund-I (MCPF-I matured on June 29, 2011) was held to approve financial results for year ended June 30, 2011, a press release said Thursday.

MBF is largest Shariah compliant closed end balanced scheme in Pakistan. MBF announced a final cash dividend @17.5% i.e. Rs 1.75 per certificate of Rs 10/ each for year ended June 30, 2011. During period ended June 30, 2011, MBF earned net income of Rs 226 million. At close of FY 11, net assets of fund were Rs 1,523 million.

For year ended June 30, 2011, Al Meezan announced total dividend of Rs 3.27 billion in form of cash and bonus for its family of funds. Rs 210 million as cash dividend in MBF, Rs 872 million as bonus dividend in MIF, Rs 346 million as bonus dividend in MIIF, Rs 619 million as bonus dividend in MCF, Rs 883 million as bonus dividend in MSF, Rs 99 million as bonus dividend in MCPF-I & Rs 240.63 million as cash dividend in Al Meezan Mutual Fund (AMMF).

MIF, largest open-end equity fund in private sector in Pakistan rated 5-Star by JCR-VIS for superior performance relative to its peers. During period ended June 30, 2011, MIF earned net income of Rs 1,077 million and paid total dividend of Rs 10.00 per unit to its unit holders. At close of FY 11, net assets of fund were Rs 4,497 million. At present net assets of fund are Rs 4,405 million.

MIIF largest Shariah compliant open-end income fund in Pakistan during period ended June 30, 2011, it earned net income of Rs 309 million. During said period, MIIF paid total dividend of Rs 6.25 per unit to its unit holders. At close of FY 11, net assets of fund were Rs 2,542 million. At present net assets of fund are Rs 2,587 million.

MCF largest Shariah complaint open-end money market fund in Pakistan during period ended June 30, 2011, earned net income of Rs 623 million. During said period, MCF paid total dividend of Rs 5.26 per unit to its unit holders. At close of FY 11, net assets of fund were Rs 5,956 million. At present net assets of fund are Rs 6,445 million.

MSF largest open-end Shariah compliant government securities fund in Pakistan during period ended June 30, 2011, earned a net income of Rs 884 million. During period MSF paid total dividend of Rs 5.52 per unit to its unit holders. At close of FY 11, net assets of fund were Rs 12,546 million. At present net assets of fund are Rs 13,617 million.

MCPF-I first Shariah compliant Capital Protected Fund in Pakistan successfully completed its tenure of 3 years and six weeks. It paid total dividend of Rs 7.97 per unit to its unit holders for year ended June 29, 2011. Total return earned by investors was 14.14% for the year. MCPF-I yielded return of 30.64% during its three years period (May 16, 2008 to Jun 29, 2011).

Al Meezan is largest asset management company in Pakistan’s private sector with assets under management currently standing at over Rs 30 Bn. It has been awarded Best Islamic Asset Management House in Pakistan (Islamic Finance Awards) by Asset Triple A Awards, Hong Kong for excellence in industry. It was also rated AM2 by JCR-VIS denoting High Quality Management. The company boasts of one of largest investor base among asset management companies in Pakistan with over 18,000 investors, reflecting trust and confidence of both individual and institutional investors.

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