Meezan Bank to launch Shariah Compliant Capital Protected Fund

KARACHI: Meezan Bank and its subsidiary Al Meezan Investment Management Limited (Al Meezan) are jointly launching the second Shariah Compliant Capital Protected Fund – Meezan Capital Protected Fund-II (MCPF-II).A statement here on Monday said that the Trust Deed of the Fund was signed between Al Meezan Investment Management Limited (Asset Manager) and Central Depository Company Limited (Trustee).Irfan Siddiqui, President and CEO Meezan Bank and Chief Executive of Al Meezan, Mohammad Shoaib, were present at the signing ceremony.It was further pointed out that MCPF-II will be an open-end Shariah-compliant capital protected scheme.The objective of MCPF-II fund is to provide investors 100% protection of their capital at maturity while offering them competitive returns through participation in the equity market.The duration of the fund is three years from the date of subscription.Subscription of MCPF-II units would remain open for 4 to 6 weeks only, during which units would be available at Al Meezan Offices and all branches of Meezan Bank Limited across Pakistan.The Chief Executive of Al Meezan, Mohammad Shoaib, commented, `With the recent volatility in the asset markets, the foremost concern of all investors is safety of capital with an acceptable return on their investment.Under such conditions, MCPF-II offers investors the best solution of ensuring safety of capital and access to the stock market returns, he added. – Brecorder