KARACHI, Feb 19: Al Meezan Investments announced the half yearly results for all its mutual funds depicting phenomenal growth and performance of all funds.

The total assets under management of Al Meezan Investments, the only full- fledged Shariah-compliant asset management company in Pakistan, have increased to Rs16.69 billion as on December 31, 2007 from Rs12.16 billion as on June 30, 2007, showing a good growth of 37 per cent. Currently, the assets under management stand at Rs18 billion.

With AM2 management quality rating and 5-star ranking for all eligible funds, the company clearly stays well ahead of all its competitors in the Islamic asset management market in the country.

The Shariah Advisory Board includes eminent scholars from Pakistan,

Saudi Arabia and Bahrain and operates under the supervision of Justice (retd) Mufti Muhammad Taqi Usmani.

Meezan Islamic Fund (MIF) is Pakistan’s largest open end equity fund in the private sector. During the half year period ended December 31, 2007, MIF earned net income of Rs471.9 million as compared to Rs193.9 million in the corresponding period last year reflecting an impressive growth of 143.3 per cent.

The total net earning translates into Rs10.92 per unit. The net assets of MIF as on December 31, 2007 stood at Rs4,613 million (Rs63.02 per unit) as compared to Rs3,679 million as on June 30, 2007 reflecting an increase of 25.39 per cent. At present, the net assets of Meezan Islamic Fund have crossed Rs5,200 million.

Meezan Islamic Income Fund (MIIF) is Pakistan’s first and the largest Shariah compliant open-end income fund. During the half year ended December 31, 2007, MIIF earned a net income of Rs285.1 million (2.20 per unit).

The net assets of MIIF as on December 31, 2007 stood at Rs6,777 million (Rs52.21 per unit) as compared to Rs3,162 million as at June 30, 2007 reflecting an increase of 114.33 per cent. Total annualised tax free return of MIIF till December 31, 2007 was 9.4 per cent. At present, the fund size is Rs7,414 million.

Meezan Tahaffuz Pension Fund (MTPF) is Pakistan’s first and the largest Shariah compliant pension fund scheme. It was launched in June 2007. MTPF consists of three sub-funds.

During the half year period ended December 31, 2007, equity sub-fund earned net profit of Rs4.69 million. While the net profits in Debt sub-fund and Money Market sub fund were Rs2.23 million and Rs2.06 million, respectively. At the close of half year total net assets in all three sub-funds of MTPF stood at Rs168.32 million.--APP