'Al Meezan' to launch 2 new funds

KARACHI - Al Meezan Investments is in process of launching two new open-end funds namely Meezan Cash Fund and Meezan
Asset Allocation Fund in order to cater to the needs of the investors. This was announced in a press release issued by the company on signing of the Trust Deed of Meezan Cash Fund and Meezan Asset Allocation Fund.
The Trust Deeds of the funds were signed between Al Meezan Investments as the Management Company and The CDC as the Trustee in a ceremony held at the Head Office of Al Meezan Investments. Al Meezan Investment was represented by its CEO, Mohammad Shoaib, CFA, and CDC was represented by Kamran Kazi, CFO & Co Secretary. Currently, no specialized Islamic income/money market fund is available for investors. Meezan Cash Fund (MCF) will be the first Shariah compliant money market fund in Pakistan which will provide competitive returns to the investors from a Shariah compliant portfolio of assets having low risk and short term maturity while offering high liquidity. The fund will invest primarily in Shariah compliant money market securities.
Meezan Asset Allocation Fund (MAAF) is an open end Shariah Compliant Asset Allocation Scheme with the objective to provide investors with attractive returns by way of Capital Gains and Dividend Income by investing in the portfolio of Shariah Compliant Investment avenues.
MAAF will aim to reduce investment risks by diversifying its portfolio in Shariah compliant equities as well as Shariah compliant debt Instruments. The allocation in the fund could be entirely in debt instruments or equities depending on the market potential in order to provide maximum returns to its investors.