NIT unveils Islamic fund

KARACHI: National Investment Trust Limited has launched NIT - Islamic Money Market Fund (NIT-IMMF) with IPO date of the fund from September 20 to 22, 2021, a statement said on Friday.

It is an open-ended fund to meet the growing demand of Shariah compliant investment products, which primarily aims to invest in the diversified portfolios of Shariah Compliant money market and debt instruments, duly supervised by Shariah advisor Mufti Zeeshan Abdul Aziz.

The objective of the fund is to cater the requirements of those investors who wish to earn riba (interest) free returns while seeking maximum possible preservation of their capital.

Adnan Afridi, MD NITL said the new fund will serve the investors who prefer exposure in short term, low risk and highly liquid Shariah Compliant investment avenues.

"The NITL will soon launch Pakistan’s First Social Impact Fund which will be dedicated to finance strategic and financially sustainable social initiatives."

NIT manages assets under management of Rs158 billion (as on August 31, 2021), with total number of investors around 54,000. NIT operates in 27 nationwide branches/offices with presence in 16 cities across Pakistan.