Karachi: The latest financial report for the year ending June 30, 2024, from Al Meezan Investment Management Limited reveals substantial growth and robust performance across its range of funds, delivering impressive returns to its investors, outperforming benchmarks significantly.
The Karachi-based firm, a leader in Shariah-compliant investment solutions, reported a stellar performance for its Meezan Daily Income Fund (MDIP-I), which provided a return of 21.78% as opposed to the benchmark return of 10.10%. This marked a significant outperformance of 11.68%, with the fund's net assets reaching Rs. 146.25 billion, up from Rs. 91.15 billion the previous year. According to information available from the Pakistan Stock Exchange (PSX), the Meezan Mahana Munafa Plan (MMMP) also showed a strong performance with a 20.00% return, again outperforming its benchmark by 9.90%.
In another striking achievement, the Meezan Sehl Account Plan (MDIP-SEHL) reported a return of 20.21%, while the Meezan Munafa Plan (MMP-I), launched just under a year ago, yielded a 21.71% return. The fund's success is attributed to strategic investments in high-quality Shariah-compliant instruments, particularly sukuks and Islamic bank deposits, which adhere to stringent credit ratings to minimize risk.
The firm's innovative online portal and mobile application have been pivotal in providing streamlined and effective investment solutions to clients, further enhanced by the trusted guidance of its Shariah advisory board led by Dr. Muhammad Imran Ashraf Usmani.
Al Meezan's rigorous approach to compliance with Shariah law and its focus on ethical investing continue to attract a broad base of investors, looking for both performance and adherence to Islamic principles in their investment choices.
In summary, Al Meezan Investment Management Limited has demonstrated a commendable capability in managing substantial assets and achieving considerable growth in a challenging economic environment. The firm's focus on innovation and strict adherence to Shariah compliance underpin its ongoing success and resilience in the financial sector.