KARACHI – The meeting of the Boards of Directors of Al Meezan Investment Management Ltd, Investment Advisor of Meezan Islamic Fund (MIF), Al Meezan Mutual Fund (AMMF), Meezan Islamic Income Fund (MIIF), Meezan Cash Fund (MCF), Meezan Sovereign Income Fund (MSF), Meezan Balanced Fund (MBF), and Meezan Capital Protected Fund-II (MCPF-II) were held to approve financial results for the nine months ended March 31, 2012, says a press release.

Meezan Islamic Fund (MIF), Pakistan’s largest open-end equity fund in private sector, reported a net income of Rs 364 million for the nine months ended March 31, 2012 which translates into earnings per unit of Rs 3.36. During nine months period the fund has provided 17pc return. The net assets of the fund as at March 31, 2012 were Rs. 5,274 million.AMMF, an open-end equity fund, reported a net income of Rs 148m.

MIIF earned a net income of Rs. 66m.

MCF earned a net income of Rs 537 million for the nine months ended March 31, 2012.The net assets of the fund as at March 31, 2012 were Rs. 7,742 million.

MSF’s income was Rs. 1,415 million for the nine months.

MBF earned a net income of Rs. 143 million which translates into an earning per certificate of Rs 1.19 at the close of nine months.

MCPF-II reported net income of Rs 41.6 million which translates into an earning per unit of Rs.5.27.

Al Meezan is one of the leading asset management companies in the private sector in Pakistan with total assets under management of over Rs.39 billion and AM2 rating by JCR-VIS denoting High Quality Management.