Karachi —The Board of Directors of Al Meezan Investment Management Ltd. (Al Meezan) in its meeting held on July 7, 2011 declared dividend for its three open end funds i.e., Meezan Islamic Fund (MIF), Meezan Islamic Income Fund (MIIF) and Meezan Sovereign Fund (MSF) for the period ended June 30, 2011.The total amount of final dividends declared amounts to Rs. 1,080,387,661 (i.e. over Rs. 108 crores). Interim payouts were made during the year for open- end funds and the total dividends being distributed for all funds amount to over Rs. 281 crores.
Meezan Islamic Fund (MIF), Pakistan’s largest open-end equity fund in the private sector, has declared a stock dividend of Rs. 10.00 per unit for FY 2011 (i.e., 26.90% on the opening NAV of Rs. 37.17). The Net Asset Value (NAV) of units of MIF increased from Rs. 37.17 as on June 30, 2010 to Rs. 51.57 as on June 30, 2011, thus providing a full year return of 38.74 % to its unit holders. MIF has been awarded 5-Star rating by JCR-VIS being the largest private sector equity fund in Pakistan with net assets of about Rs. 450 crores.
Meezan Islamic Income Fund (MIIF) is Pakistan’s first and the largest Shariah compliant open-end income fund. The fund has declared a final stock dividend of Rs. 1.00 per unit. This is in addition to interim dividends of Rs. 5.25 per unit, making a total payout of Rs. 6.25 per unit for FY 2011. This translates into a total payout of 12.35% on the opening ex-div NAV of Rs. 50.62 for the year ended June 30, 2011. The total return earned by the investors was 11.77% for the year. At the close of the financial year 2011, the net assets of MIIF were Rs. 254 crores. Continue reading