Al Meezan Investments announced the launch of its new product, a monthly income plan--Meezan Mahana Kharch Account. This plan will facilitate investors of Meezan Islamic Income Fund (MIIF) in achieving their requirement of additional regular income on monthly basis to manage household expenses.
Mohammad Shoaib, Chief Executive of Al Meezan Investments formally announced the launch of Meezan Mahana Kharch Account in a press conference here on Monday. He said that Meezan Mahana Kharch Account has been developed to provide a stable and Halal regular income stream to meet investors' periodic liquidity requirements along with long-term capital preservation.
It will give flexibility to the investors to get their profit on monthly, quarterly or semi-annual basis. He said that the annualised return of Meezan Islamic Income Fund (MIIF) for the month of October 2008 was 12.7 percent. He highlighted that all investors of Meezan Mahana Kharch Account will be provided a Takaful coverage absolutely free of cost.
Takaful coverage will protect the investors and their family against any financial difficulty that may arise out of any unforeseen event resulting in disability or death of the investor. He also pointed out that Meezan Mahana Kharch account is the first income plan of its kind which is providing Natural Death coverage besides Accidental Death, Permanent Total Disability and Medical coverage in case of Accident.
Al Meezan Investment Management Limited (Al Meezan Investments), the largest Shariah-compliant asset management company in Pakistan, was incorporated in 1995. It has over 13 years' track record of managing mutual funds in the private sector in Pakistan. The company, sponsored by Meezan Bank and Pak Kuwait Investment Company, is dedicated to provide Shariah-compliant investment solutions. Currently, it is managing open end, closed end mutual funds and a pension fund.
Al Meezan Investments has got Management Quality Rating of 'AM2', assigned by JCR-VIS. It is the first asset management company in Pakistan to voluntarily adopt and implement 'Asset Manager Code of Professional Conduct' from CFA Institute, USA. Total assets under management of Al Meezan Investments were Rs 15 billion on September 30, 2008. It also has the distinction of managing Meezan Islamic Fund, the largest private sector equity fund in the country. Investment in Meezan Mahana Kharch Account can be made from any Meezan outlet including 125 branches of Meezan Bank across Pakistan.
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