Faysal Asset Management Limited ("FAML"), a group company of Faysal Bank Limited, AKD Securities (Pvt) Ltd and Islamic Investment Company of the Gulf (Bahamas), has announced the launch of its new open-end mutual fund, 'Faysal Income and Growth Fund' with effect from October 10, 2005.
FAML is currently managing an open-end fund, Faysal Balanced Growth Fund with over PkR 1.9 billion under management.
Ahsan Raza Durrani, the C.E.O of FAML, briefed the salient features of the new fund - FIGF and laid out the future plans of FAML for launching an Islamic fund. Durrani emphasised the unique investment strategy of FIGF, wherein the fund will invest at least 90 percent of its Net Asset Value ("NAV") in fixed income securities of which, at least 63 percent will be invested in Government Securities, like T-Bills and PIBs, whereas the Fund may invest not more than 10 percent in dividend yielding equity securities.
Ajaz Rahim, EVP and DGM, Faysal Bank highlighted Faysal Bank's pioneering role as a leading commercial bank in promotion of mutual funds in Pakistan. With reference to the conservative investment strategy of FIGF, Ajaz said he is confident that the new fund, FIGF will promote saving and investment climate in Pakistan as being a tax efficient dividend yield investment opportunity.
The new Fund is an ideal investment opportunity for conservative investors in General Public like individuals, provident/gratuity/pension funds, body corporate and public sector entities/funds and Financial Institutions.-PR
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