LAHORE: Lahore Stock Exchange (LSE) has approved the application for formal listing and quotation of the Units of MCB Islamic Income Fund, an Open-end Fund managed by MCB Asset Management Company Limited. The Fund will be quoted under Open-end Fund sector of the Ready Board Quotation of the Exchange w.e.f. June 23 (today), 2011.
The Investment objective of the MCB-Islamic Income Fund is to generate superior risk adjusted returns by investing in short, medium and long-term Shariah Compliant Fixed income instruments. The performance benchmark for the Fund is an average of the most recently published three month profit rates of three Islamic Banks rated A and above. The initial price per unit of the Fund is Rs. 100 as the IPO of the Fund was held from June 16-18, 2011.
MCB Asset Management Company Limited was incorporated on September 2005 as a public limited unlisted Company and a wholly owned subsidiary of MCB Bank Limited MCB AMC is licensed by SECP to undertake Asset Management and advisory services under the Rule No. 5 of the Non-Banking Finance Companies (Establishment and Regulation Rules, 2003). The Company is currently managing Five Open-End Funds which are listed at Lahore Stock Exchange.