Meezan Funds pay dividends of Rs 108 crore to unitholders

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.

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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.

Meezan Sovereign Fund (MSF) is Pakistan’s first and the largest Shariah compliant open-end government securities fund. The fund has declared a final stock dividend of Rs. 0.64 per unit. This is in addition to interim dividends of Rs. 4.88 per unit, making a total payout of Rs. 5.515 per unit for FY 2011. This translates into a total payout of 11.03% on the opening ex-div NAV of Rs. 50.02 for the year ended June 30, 2011. The total return earned by the investors was 11.45% for the year. At the close of the financial year 2011, the net assets of MSF were Rs. 1,254 crores.

Meezan Cash Fund (MCF), Pakistan’s first and the largest Shariah compliant open-end money market fund declared a final stock dividend of Rs. 0.58 per unit on June 28, 2011. This is in addition to interim dividends of Rs. 4.68 per unit, making a total payout of Rs. 5.25 per unit for FY 2011. This translates into a payout of 10.52% on the opening ex-div NAV of Rs.50.00. The total return earned by the investors was 11.02% for the year. At the close of the financial year 2011, the net assets of MCF were Rs. 596 crores.

Meezan Capital Protected Fund-I (MCPF-I), Pakistan’s first Shariah compliant open-end capital protected fund declared a final stock dividend of Rs. 7.97 per unit on June 29, 2011. This translates into a payout of 15.69% on the opening ex-div NAV of Rs.50.79. The total return earned by the investors was 14.14% for the year.

Mr. Mohammad Shoaib, CFA, thanked the investors in reposing their trust and confidence in the fund management capability of Al Meezan team, which has made it the largest asset management company in the private sector with assets under management of over Rs. 2,900 crores as at June 30, 2011. Al Meezan has been awarded ‘Best Islamic Asset Management House in Pakistan’ (Islamic Finance Awards) by Asset Triple A Awards, Hong Kong for excellence in the industry. Al Meezan has also been rated AM2 by JCR-VIS denoting High Quality Management. The company boasts of one of the largest investor base among asset management companies in Pakistan with over 18,000 clients reflecting the trust and confidence of both individual and institutional investors.

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