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Monday, January 4, 2010

Al Meezan Investments announces interim dividend

KARACHI, Jan 04 : Al Meezan Investment Management Limited (Al Meezan) is pleased to announce an interim payout of Rs. 0.50 per unit i.e., 1% of the par value Rs. 50/- for Meezan Islamic Income Fund (MIIF) and Rs. 1.75 per unit i.e., 3.5% of the par value Rs. 50/- for Meezan Cash Fund (MCF) for the quarter ended December 31, 2009. The payouts are in the form of Bonus Units to the Growth Unit holders and Cash Dividend to the Income Unit holders.

A Growth Unit holder having 100 units of MIIF as at December 31, 2009 will get 0.9934 additional units at the ex-div. NAV of Rs. 50.33 while an Income Unit holder will get Cash Dividend of Rs. 0.50 per unit. A Growth Unit holder having 100 units of MCF as at December 31, 2009 will get 3.4496 additional units at the ex-div. NAV of Rs. 50.73 while an Income Unit holder will get Cash Dividend of Rs. 1.75 per unit.

MIIF is the first and largest Shariah compliant open end income fund in Pakistan which aims at providing a consistent and Halal income stream with main focus on long term capital preservation. The fund size of MIIF as at December 31, 2009 is Rs. 4,120 million.
Meezan Cash Fund (MCF) is the first Shariah compliant open end money market fund in Pakistan. It was launched in June 2009 with an aim of providing a stable and Halal returns avoiding volatility of both long-term fixed income securities and stock market. At the close of the half year ended December 31, 2009, the net assets MCF were Rs. 3,276 million.

Al Meezan Investments is the only full-fledged Shariah complaint asset management company in Pakistan, with AM2- Management Quality Rating. Due to its prudent fund management, Al Meezan Investments has not only been able to retain its existing investors but also managed to increase the investor base. This success is reflective of the confidence and trust of both individual and institutional investors. INP

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