The Al Meezan Investments, Pakistan's only asset management company dedicated to providing Shariah Compliant Investment Solutions, is in the process of launching Pakistan's first Shariah Compliant Pension Fund Scheme -Meezan Tahaffuz Pension Fund (MTPF).
The Trust deed for MTPF was singed on May 30, 2007 between Al Meezan Investments, the Pension Fund Manager and Central Depository Company of Pakistan (CDC) as the Trustee.
Al Meezan Investments was represented by Ariful Islam, Chairman of Board of Directors of Al Meezan Investments and Mohammad Shoaib, CFA, CEO and CDC was represented by Kamran Qazi, CFO & Company Secretary, CDC.
Pension is among the five basic pillars of Social Security System defined by the World Bank in 2005. Developed countries are already following more or less the same model of social security. These social security components are - Old age retirement benefit schemes, employment injury, sickness and health care, unemployment benefits and family benefits. There is no regulatory requirement in Pakistan for providing pensions after retirement.
To enable the citizens to be independent and self reliant after retirement, the government of Pakistan through Securities and Exchange Commission (SECP) has taken an initiative to introduce Voluntary Pension Scheme whereby tax paying citizens of Pakistan can save a part of their income during work life and invest it in Pension Fund Scheme with a Pension Fund Manager registered under the VPS Rules.
The Fund will be invested in various Shariah Compliant instruments belonging to different asset classes and it would aim to extract maximum possible Halal return through periodic balancing amongst them on the basis of value orientation thus ensuring the risk minimisation-PR
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