The Board of Directors of Al Meezan Investments announced distribution of dividends for its open end Meezan Islamic Income Fund (MIIF), Meezan Capital Protected Fund- I (MCPF-I) and Meezan Cash Fund (MCF) for the year ended June 30, 2009. According to the press release, the Board declared a final distribution for MIIF of Rs 1.75 per unit, in addition to interim dividends of Rs 3.02 per unit, making a total payout of Rs 4.77 per unit. For MCF it is Rs 0.15 per unit (0.3 percent on the face value of Rs 50 per unit) and the dividend distribution for MCPF-I is Rs 0.35 per unit (0.7 percent on the opening NAV of Rs 49.80 per unit).

Al Meezan Investments, Pakistan’s largest Shariah compliant asset management company is in process of launching two new open-end funds namely Meezan Cash Fund and Meezan Asset Allocation Fund in order to cater to the needs of the investors. This was announced in a press release issued by the company on signing of the Trust Deed of Meezan Cash Fund and Meezan Asset Allocation Fund. The Trust Deeds of the funds were signed between Al Meezan Investments as the Management Company and The Central Depository Company of Pakistan (CDC) as the Trustee in a ceremony held at the Head Office of Al Meezan Investments. Al Meezan Investment was represented by its CEO, Mr. Mohammad Shoaib, CFA, and CDC was represented by Kamran Kazi, CFO & Company Secretary. Currently, no specialized Islamic income/money market fund is available for investors. Meezan Cash Fund (MCF) will be the first Shariah compliant money market fund in Pakistan which will provide competitive returns to the investors from a Shar...