KARACHI, July 7: Al-Meezan Investments, the asset management company of Meezan Islamic Fund, has announced a bonus dividend of Rs17.5 or 35 per cent per unit for the year ending on June 30, 2005.

The decision was taken by the board of directors of the company that met here the other day.

MIF currently has net assets of Rs2.006 billion which makes it the largest Islamic fund in Pakistan, says a press release.

MIF commenced operations with a seed capital of Rs520 million in August 2003. The size of the fund has increased by 386 per cent in less than two years, the release adds.

MIF showed a growth of 40 per cent (net of expenses) compared to 41 per cent appreciation of the KSE-100 index for the year ending on June 30, 2005.

Al-Meezan Investments, the asset managers of MIF is the only asset management and investment advisory company in Pakistan, specializing exclusively in the development and management of Shariah compliant asset management products, the press release claims.