May 6, 2003	Tuesday	Rabi-ul-Awwal 3, 1424

ISLAMABAD, May 5: Securities & Exchange Commission of Pakistan (SECP) has granted an asset management licence to Al Meezan Investment Management Limited (AMIM) for launching Shariah- compliant open-ended Unit Trust Schemes.

Already active in the field of mutual funds since 1996, AMIM would play a significant role in boosting the capital market by operating the relevant fund in conformity with the tenets of Islam.

The Commission’s decision, a SECP source stated here Monday, is part of its policy to encourage innovative investment products to cater to the needs of different classes of investors.

During past one year, it has authorised six new funds having diversified investment strategies for wide-ranging investors. The results had so far been quite encouraging because Net Asset Value of all the open-ended funds have largely been positive, the source said.

AMIM’s entry in the asset management field would provide further impetus to the industry which needs good participants for healthy competition, he added.

The source saw the growing interest in the mutual funds as a testimony to the viability of the financial sector reforms undertaken during past two years. Their success is further reflected in the restoration of investors’ confidence in the resilience and stability of capital market.