Meezan Islamic Fund (MIF) has substantially outperformed its benchmark Dow Jones Islamic Index and other indexes on Karachi Stock Exchange (KSE) during the quarter ended March 31, 2009, said Chief Executive of Al Meezan Investments, Mohammad Shoaib. He highlighted that sharp recovery was witnessed in the stock market during the said period and investors of MIF have reaped return of 45 percent in just three months.
This is substantially higher than the appreciation of 33 percent for benchmark Dow Jones Islamic Index, 17 percent for KSE-100 index and 40 percent for KSE Meezan Islamic Index (KMI-30). Due to excellent performance of the fund and substantial inflows from investors, the fund size of MIF has crossed Rs 4 billion mark.
Mohammad Shoaib had earlier advised investors through January 2009 Fund Manager Report that during the times of volatility or weakness in stock market, investors should not panic and move their money out of the market as markets tend to move in cycles and tend to recover over longer periods.
He further informed that investors who either remained invested or increased their investment in MIF during the said period have largely benefited from this advice. He invited investors to invest in the market through Meezan Islamic Fund and maximise their return potential over the long term period as the fund is well positioned to reap the benefits of the market recovery due to improving political, fiscal and political situation in the country.
Al Meezan Investments is the only full fledged Shariah compliant asset management company in Pakistan, rated "AM2-" by JCR-VIS. The company currently manages over Rs 13.5 billion in assets under management, which is a reflective of the confidence and trust of both individual and institutional investors. With a proven track record, the company clearly stays well ahead of all its competitors in the Islamic asset management market in Pakistan.-PR