The Al Meezan Investments has declared 35 percent bonus dividend (ie Rs 17.50) per unit for the Meezan Islamic Fund (MIF), which is Pakistan's largest and the only Five-Star Rated Shariah compliant open end mutual fund.
The Board of Directors of Al Meezan Investments approved the financial results of MIF for the year ended June 30, 2006, in the meeting held on July 7, 2006 and announced the bonus dividend.
An investor holding 100 units as of June 30, 2006, will get 29.8532 additional units at the ex-dividend NAV of Rs 58.62. The proportionate bonus will apply to actual holding of the unit holders as on June 30, 2006.
The net profit earned by MIF during the financial year 2005-06., stood at Rs 868 million, which represented a growth of 46 percent from Rs 598 million in financial year 2004-2005. Out of total earnings, Rs 736 million will be distributed by way of bonus dividend.
Since its inception, MIF has been paying good dividend every year to its unit holders. In the first year (2003-04), it paid 15 percent stock dividend ie Rs 7.5 per unit. In the next financial year (2004-05) the stock dividend was 35 percent, ie Rs 17.5 per unit. For the year ended June 30, 2006, MIF showed steadiness in its performance despite recent bearish trend in the market and announced 35 percent stock dividend ie Rs 17.5 per unit.
The net assets of MIF as on June 30, 2006 were Rs 3,200 million as compared to Rs 2,006 million as on June 30, 2005, reflecting an increase of 60 percent. The net asset value of MIF as at June 30, 2006 was Rs 76.12 per unit as compared to ex-dividend NAV of Rs 58.71 as on June 30, 2005, reflecting appreciation of 30 percent for the year.
The Fund size of MIF has increased by 500 percent since its inception in 2003, while its cumulative return to the unit-holders since inception till 30 June 2006 is 124.56 percent.