KARACHI, May 5: Meezan Bank has launched country’s first Shariah-compliant Capital Protected Fund jointly with Al Meezan Investment Management (Al Meezan Investments), the asset management subsidiary of Meezan Bank.

The Initial Public Offering (IPO) of Meezan Capital Protected Fund is expected to start on May 19 and would continue till May 21.

Ariful Islam, Chairman of Al Meezan Investments and COO of Meezan Bank and CEO of Al Meezan Investments Mohammad Shoaib, formally announced the launch of Meezan Capital Protected Fund at a press conference on Monday.

The protection of the total amount invested by the customer in this fund will be provided by Meezan Bank.

Mr Shoaib said that Meezan Capital Protected Fund will provide maximum protection to the investors as 70 to 80 per cent of the net assets of the fund will be placed with Meezan Bank.

He said that the balance amount will be invested in Shariah-compliant equities in order to generate healthy returns.