KARACHI: With the aim to provide maximum exposure to prices of gold in a Shariah compliant manner, Al Meezan Investment Management Limited (Al Meezan) has launched the country’s first Shariah compliant open-end commodity scheme ie Meezan Gold Fund (MGF).
The scheme will facilitate the investors with deliverable gold-based future contracts available at a commodity exchange (Pakistan Mercantile Exchange-PMEX). MGF has an initial offering from August 13-18, with no load and would be open for subscription subsequently.
Al Meezan CEO Mohammad Shoaib, while announcing the launch of the fund, said, “Al Meezan has continued to address the growing need of investors who are looking for wealth creation over the long term. In this regard, gold is viewed as a profitable avenue for investments. MGF offers a simple way of investing in gold by having physical gold as an asset at the back while letting you make the most out of its appreciating value potential. MGF also allows the investors to get involved with the yellow metal without the hassle of buying, storing and transporting physical gold and is affordable like any other open-end mutual fund.”
Al Meezan has been managing investments since 1995 and has one of the longest track records of managing mutual funds in the private sector of Pakistan. Al Meezan, with AM2+ management quality rating, has the distinction of being the largest private sector asset management company in the country with total assets under management (AUMs) of over Rs 67.91 billion (as on July 31, 2015) in 11 different funds and an investor base of around 35,000 clients.
