The Board of Directors of Al Meezan Mutual Fund Limited here in a meeting on Friday approved the AMMF accounts. The Fund declared a final cash dividend of 7.5 percent for the year ended June 30, 2005. This is in addition to interim cash dividend of 10 percent and stock dividend of 10 percent already paid for the year.
AMMF provided a return of 45 percent (including payout) to its investors this year. This compares very favourably with a return of 41 percent on the KSE-100 index.
AMMF earned a record net income of Rs 430.493 million for the year ended June 30, 2005, which translates into earnings per share of Rs 4.33. Major sources of revenue during the period under review included realised capital gains of Rs 289.66 million, dividend income of Rs 85.33 million and other income of Rs 5.88 million. The net asset value of AMMF as on June 30, 2005 was Rs 13.97 per unit, total net assets having increased from Rs 1,204.8 million to Rs 1,670.88 million during the year.
AMMF has been one of the best performing mutual funds in the industry. It has provided an annual average NAV-based (including payouts) return of 36.2 percent over the last five and 55.68 percent over the last three years. Over its nine years' history, the average NAV-based return (including dividend payouts) earned by shareholders of AMMF has been 24.49 percent per annum.
AL Meezan Investments, the management company for Meezan Islamic Fund, Al Meezan Mutual Fund Limited and Meezan Balanced Fund is the only investment advisory and asset management company in Pakistan specialising in the development and management of Shariah-compliant asset management products.
This makes Al Meezan Investments the only NBFC in Pakistan with a mandate to provide Shariah-complaint investment opportunities to investors. Meezan Islamic Fund (MIF), launched by Al Meezan Investments in August 2003 is the largest Shariah-compliant open-end fund in the industry.
Keeping with its tradition to respond to the market requirements, Al Meezan Investments has taken the initiative to launch the first Shariah-complaint balanced fund in Pakistan. Named as Meezan Balanced Fund, the fund provides Shariah conscious investors an attractive opportunity to participate in a low-risk portfolio, providing regular returns along with an opportunity to benefit from any upsurge in the stock market.
Al Meezan Investments' management has one of the longest proven track records in the private sector for managing mutual funds. Total assets under management of AMIM exceed Rs 5 billion by the end of fiscal year 2004-05. This makes Al Meezan Investments the largest Shariah-compliant asset management company in Pakistan, and a true success story of prosperity achieved through Shariah-compliant investments.-PR