The meetings of the Boards of Directors of Al Meezan Mutual Fund Limited (AMMF) and Al Meezan Investment Management Ltd, Investment Advisor of Meezan Islamic Fund (MIF), Meezan Balanced Fund (MBF), Meezan Islamic Income Fund (MIIF), Meezan Cash Fund (MCF), Meezan Sovereign Income Fund (MSF) and Meezan Capital Protected Fund (MCPF-I) were held to approve financial results for the nine months ended March 31, 2011.
According to a press release issued here, Al Meezan Mutual Fund Limited (AMMF), a closed end equity fund, reported a net income of Rs 240 million for the nine months ended March 31, 2011. This translates into earnings per share of Rs 1.75. The net assets of the fund as at March 31, 2011 were Rs 1,658 million. AMMF was the best performing closed end fund in Pakistan during this period.
Meezan Islamic Fund (MIF), Pakistan's largest open end equity fund in private sector, reported a net income of Rs 898 million for the nine months ended March 31, 2011 which translates into earnings per unit of Rs 10.25. During nine months period the fund has provided 34 percent returns. The net assets of the fund as at March 31, 2011 were Rs 4,376 million.
Meezan Balanced Fund (MBF), a closed end balanced scheme, earned a net income of Rs 155 million which translates into an earning per certificate of Rs 1.29 at the close of nine months ended March 31, 2011. The net assets of the fund as at March 31, 2011 were Rs 1,475 million.
Meezan Islamic Income Fund (MIIF), the largest Shariah compliant open end income fund in Pakistan earned a net income of Rs 222 million, which translates into an earning per unit of Rs 4.06. The net assets of the fund as at March 31, 2011 were Rs 2,743 million. Meezan Cash Fund (MCF), the first Shariah compliant open end Money Market Fund, earned a net income of Rs 469 million for the nine months ended March 31, 2011. During the period under review the fund has provided the annualised return of 10.76 percent. The net assets of the fund as at March 31, 2011 were Rs 6,376 million.
Meezan Sovereign Fund (MSF), the first Shariah compliant open end Government Securities Fund, earned a net income of Rs 548 million for the nine months ended March 31, 2011. During the period under review the fund has provided the annualised return of 11.15 percent. The net assets of the fund as at March 31, 2011 were Rs 9,491 million.
Meezan Capital Protected Fund-I (MCPF-I), first Shariah compliant Capital Protected Fund reported net income of Rs 75 million which translates into an earning per unit of Rs 5.97. The net assets of the fund as at March 31, 2011 were Rs 709 million.
Al Meezan with management quality rating of "AM2" and stable outlook on rating is the largest private sector Asset Management Company in Pakistan. Currently it is managing over Rs 28 billion assets under management. With a proven track record, the company clearly stays well ahead of all its competitors in both the Islamic and conventional asset management market in Pakistan.-PR
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