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Business

June 21, 2011

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Al-Meezan to launch second Shariah compliant fund

Al-Meezan to launch second Shariah compliant fund
KARACHI: Meezan Bank’s subsidiary Al-Meezan Investment Management Limited has signed a trust deed with the Central Depository Company Limited to launch second Shariah-compliant Capital Protected Fund, a statement said on Monday.
Irfan Siddiqui, President and CEO, Meezan Bank, and Chief Executive of Al-Meezan, Mohammad Shoaib, CFA, were present at the signing ceremony, it said.
Meezan Capital Protected Fund (MCPF)-II will be an open-end Shariah-compliant capital protected scheme, the statement said.
The objective of the fund is to provide investors 100 percent protection of their capital at maturity, while offering them competitive returns through participation in the equity market.
The duration of the fund is three years from the date of subscription. The subscription of MCPF-II units would remain open for four to six weeks only, during which the units would be available at Al-Meezan offices and all branches of the Meezan Bank Limited across Pakistan.
“With the recent volatility in the asset markets, the foremost concern of all the investors is safety of capital with an acceptable return on their investment,” said Shoaib.
“Under such conditions, the MCPF-II offers investors the best solution of ensuring safety of capital and access to the stock market returns,” he added.
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