KARACHI: Meezan Bank in collaboration with Al Meezan Investment on Monday announced launching of first Shariah compliant Capital Protected Fund titled Meezan Capital Protected Fund.
The Initial Public Offering (IPO) of the newly issued fund is expected to commence on May 19, 2008, which would continue for three days. Chairman of the Al Meezan Investment, Arif ul Islam said Meezan Capital Protected Fund (MCPF-1) is country's first Shariah compliant Capital Protected Fund and has been jointly developed by Al Meezan Investments and Meezan Bank.
He said MCPF is an open-end mutual fund with a maturity period of three years and six weeks, as it would provide investment opportunities to investors desirous of protecting their capital.
He said protection of the total amount invested by the customer in this fund would be provided by Meezan Bank Ltd, which has a long term entity rating of A plus and a short term entity rating of A one.
Chief executive officer of Al Meezan Investments, Mohammad Shoaib said Meezan Capital Protected Fund would provide maximum protection to the investors. staff report
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