The Board of Directors of Al Meezan Investment Management Ltd (Al Meezan) in its meeting held on July 7, 2011 declared dividend for its three open end funds ie Meezan Islamic Fund (MIF), Meezan Islamic Income Fund (MIIF) and Meezan Sovereign Fund (MSF) for the period ended June 30, 2011.
The total amount of final dividends declared amounts to Rs 1,080,387,661 (ie over Rs 108 crores). Interim payouts were made during the year for open-end funds and the total dividends being distributed for all funds amount to over Rs 281 crores. Meezan Islamic Fund (MIF), Pakistan's largest open-end equity fund in the private sector, has declared a stock dividend of Rs 10.00 per unit for FY 2011 (ie 26.90 percent on the opening NAV of Rs 37.17).
The Net Asset Value (NAV) of units of MIF increased from Rs 37.17 as on June 30, 2010 to Rs 51.57 as on June 30, 2011, thus providing a full year return of 38.74 percent to its unitholders. MIF has been awarded 5-Star rating by JCR-VIS being the largest private sector equity fund in Pakistan with net assets of about Rs 450 crores. Meezan Islamic Income Fund (MIIF) is Pakistan's first and the largest Shariah compliant open-end income fund.
==================================================================================
Dividend Summary
==================================================================================
Total
Total Dividend Total
Funds Dividend dividend as a % return %
Rs per Unit for FY11 of opening for FY11
(Rs) NAV
==================================================================================
Meezan Islamic Fund 10.00 10.00 26.90 38.72%
Meezan Islamic Income Fund 1.00 6.25 12.35 11.77%
Meezan Sovereign Fund 0.64 5.52 11.03 11.45%
Meezan Cash Fund 0.58 5.25 10.51 11.02%
Meezan Capital Protected Fund - I 7.97 7.97 15.69 14.14%
==================================================================================
-PR
Comments
Comments are closed for this article.