MIF has provided a cumulative return of an impressive 45 percent to its unit holders since inception till December 31, 2004. The total return from inception to date is 66.91 percent.
Meezan Islamic Fund (MIF) earned a total income of Rs 296.91 million for the period ended December 31, 2004 as compared to the total income of Rs 114.73 million for the period from August 8, 2003 to December 31, 2003. Major sources of revenue for the period under consideration were from capital gains of Rs 7.69 million, dividend 95.52 million and surplus on revaluation of held for trading investments amounting to Rs 163.66. After accounting for expenses of Rs 26.85 million, the net income for the period stood at Rs 270.06 million, which translates into earnings of Rs 10.31 per unit.
The net assets of MIF on December 31, 2004 were Rs 1.671 billion as compared to Rs 1.311 billion on June 30, 2004, reflecting an increase of 27.43 percent. The Net Asset Value per unit of MIF on December 31, 2004 was Rs 63.80 per unit as compared to Rs 54.51 (dividend adjusted) on June 30, 2004. The NAV per unit of MIF has increased to Rs 73.44 as on February 17, 2005.
Al Meezan Mutual Fund Limited, AMMF (established in 1996), is one of the best performing private sector mutual funds in Pakistan. Over its eight year history, the average return (including dividend payouts) earned by shareholders of AMMF has been 25 percent per annum.
For the period ended December 31, 2004, Al Meezan Fund Limited earned a total income of Rs 92.45 million, which comprises capital gains of Rs 19.67 million, dividend income of Rs 70.86 million and other income of Rs l.92 million.
After accounting for operating expenses of Rs 13.25 million and unrealised gain held for trading investments of Rs 120.19 million, the profit for the period ended December 31, 2004 are Rs 199.39 million as compared to Rs 104.81 million for the same period of the last year, depicting an increase of 91.7 percent.
The earnings per share (EPS) for the period ended December 31, 2004 is Rs 2.24 as compared to Rs 1.64 per share for the corresponding period of the last year, reflecting a growth of 36.58 percent.
The Net Asset Value (NAV) of the fund as on December 31, 2004 was Rs 14.78 per share, which has increased to Rs 17.12 per share as on February 17, 2005 reflecting total net assets of over Rs 1.5 billion.
The Board approved an interim cash dividend of 10 percent, Re 1 per share, interim bonus shares of 10 percent, and 50 percent Right Shares at par value of Rs 10 for Al Meezan Mutual Fund Limited. The bonus shares issued will not be entitled for rights shares.
Pakistan's only Shariah compliant closed end scheme Meezan Balanced Fund (MBF) commenced its operations on November 30, 2004. In its very first month of operations, Meezan Balanced Fund earned a net income of Rs 21.67 million. The earnings per share (EPS) for the period ended December 31, 2004 is Rs 0.18, and the NAV of MBF as on February 17, 2005 was Rs 10.88. Total net assets as on February 17, 2005 were Rs 1.3 billion.
AMIM, the management company for Meezan Islamic Fund, Al Meezan Mutual Fund and Meezan Balanced Fund is the only investment advisory and asset management company in Pakistan specialising exclusively in the development and management of Shariah compliant asset management products.
This makes AMIM the only NBFC in Pakistan with a mandate to provide Shariah complaint investment opportunities to investors. Al Meezan Investment Management Limited has one of the longest proven track record in the private sector for managing mutual funds. Total assets under management of AMIM currently exceed Rs 5 billion, recording a growth of 150 percent in the last one year.
Operations of AMIM are conducted under the supervision of Meezan Bank Ltd Shariah Adviser of AMIM. The Shariah Supervisory Board of Meezan Bank Ltd comprises eminent religious scholars and is chaired by former justice Muhammad Taqi Usmani. Al Meezan Investment Management Limited is going to expand its produce base and launch other Shariah compliant investment products in near future.-PR