The Al Meezan Investments, country's largest Shariah compliant asset management company, and the Meezan Bank Limited, largest Islamic bank in the country, are jointly launching Pakistan's first Shariah-compliant capital protected fund - Meezan Capital Protected Fund-1 (MCPF-1).
The trust deed of the fund was signed between Al Meezan Investment Management Limited (asset manager) and the Central Depository Company Limited (trustee), says a press release.
The Meezan Capital Protected Fund-1 is an open-end mutual fund with three-year maturity period. The fund will provide high-level of protection for the principal amount of investment. Al Meezan Investments will place a large portion of the initial investment with the Meezan Bank Limited through Murabaha structure for three years. the remaining amount will be invested in Shariah compliant equities to earn high rate of return.
"This fund has been designed in a manner that investors will get maximum return while their initial investment is protected. The Meezan Bank is responsible for protecting the capital portion of the Fund. At the time of maturity, the investors will get initial investments along with healthy profit earned in the stock market", said Al Meezan Investments CEO Mohammad Shoaib.
Al Meezan Investments is the only asset management company in Pakistan which specialises in Shariah compliant investment products for the investors. The total assets under management stand at Rs 10 billion. The MCPF-1 is aimed at meeting the requirements of a large number of investors, both institutional and retail, who desire a Shariah-compliant investment avenue, but do not want to take the risk of losing their initial investment.
The subscription of MCPF-1 units would remain open for three to four weeks only, during which units would be available at Al Meezan Investments offices and all branches of the Meezan Bank Limited across Pakistan.-PR
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