The meeting of the Board of Directors of Al Meezan Investment Management Limited (Al Meezan), the Asset Management company of Meezan Balanced Fund (MBF) Meezan Islamic Fund (MIF), Meezan Islamic Income Fund (MIIF), Meezan Cash Fund (MCF), Meezan Sovereign Fund (MSF) and Meezan Capital Protected Fund-I was held on Tuesday, August 16, 2011 to approve financial results for the year ended June 30, 2011.
Meezan Balanced Fund (MBF) is the largest Shariah compliant closed end balanced scheme in Pakistan. MBF announced a final cash dividend at 17.5 per cent i.e. Rs1.75 per certificate of Rs10 each for the year ended June 30, 2011. During the period ended June 30, 2011, MBF earned a net income of Rs. 226 million. At the close of the FY 11, the net assets of the fund were Rs. 1,523 million.
For the year ended June 30, 2011, Al Meezan has announced total dividend of Rs3.27 billion in the form of cash and bonus for its family of funds. The detail of distribution is: Rs210 million as cash dividend in Meezan Balanced Fund (MBF), Rs872 million as bonus dividend in Meezan Islamic Fund (MIF), Rs346 million as bonus dividend in Meezan Islamic Income Fund (MIIF), Rs619 million as bonus dividend in Meezan Cash Fund (MCF), Rs883 million as bonus dividend in Meezan Sovereign Fund (MSF), Rs99 million as bonus dividend in Meezan Capital Protected Fund-I (MCPF-I) and Rs240.63 million as cash dividend in Al Meezan Mutual Fund (AMMF).
