KARACHI, Oct 8: United Bank Ltd (UBL) Fund Managers has announced the nationwide launch of their new fund, the United Islamic Income Fund (UIIF), which presents an ideal investment opportunity for those who wish to earn Halal returns on their savings while also benefiting from features that may be present in any modern day investment product.

The investment objective of UIIF is to provide safe and stable ’Riba free’ returns to investors by investing in Shariah compliant income instruments while taking into account capital security and liquidity considerations.

The fund offers features like: tax-free returns, no minimum holding period requirement, monthly income option, tax rebate benefit, exemption from Zakat, etc.

During the IPO of the Fund i.e from Oct 17 to 19, no sales load would be charged. The units will be available at par value, which is Rs100 per unit.

The investors can purchase units of the fund from any of the designated UBL Branches or UBL Fund Managers investment centres.

At the launch event, Mir Mohammad Ali, CEO UBL FM said that the UIIF would help meet the investor’s objective for both a regular stream of income and growth in capital.—APP