KARACHI The JS Investments Limited, JSIL (formerly JS ABAMCO Limited), has announced the launch of JS Islamic Pension Savings Fund (JS IPSF), which is the second Pension Fund to be launched by the company. Through JS Islamic Pension Savings Fund investors will be able to receive a lump sum tax free amount at the time of retirement plus a regular income stream for the remaining life in retirement all in a sharia compliant way. A statement issued on Monday said that keeping in mind the needs of the common man, the JS IPSF has been launched with a minimum contribution requirement of only Rs. 1,000 per month. Investors have the convenience to select their own retirement age between 60-70 years and an investment plan that suits their risk profile. Additionally, investors in JS Islamic Pension Savings Fund can also avail tax credit on their contributions of up to Rs. 500,000/- per annum or 20% of taxable income. The Sharia Advisory Council of JS IPSF is headed by Justice (R) Muhammad Taqi Usmani, the leading Islamic scholar of the country and also includes Dr Aijaz Samdani and Molana Hassan Ashraf Usmani. Commenting on the launch of JS IPSF, Najam Ali CEO, JSIL said, "We are incredibly pleased at the launch of the JS Islamic Pension Savings Fund, as this gives our investors the option to make long term and Sharia Compliant investment to fulfill their retirement needs. We are proud that with a total of sixteen different mutual funds, we are better placed than any other Asset Management Company, to meet the diverse needs and requirements of our valued customers." With this launch, JSIL now has a total of sixteen funds, with eleven open-ended funds, three close-ended funds and two pension funds. JSIL is currently managing total assets of over Rs. 42 billion, as of March 31 2008. The company showed exceptional performance during the financial year with the launch of a total of five funds, including the two pension funds. Founded in 1995, JSIL is the oldest and the largest private sector asset management company in Pakistan with over PKR 42 billion assets under management, as of March 31 2008, spread across various mutual funds, pension funds and separately managed accounts. JSIL is to date the only asset manager in Pakistan with a rating of AM2+ and credit rating of AA- / A1+ (Long/ short Term) awarded by Pakistan Credit Rating Agency. The company is listed on the Karachi Stock Exchange and has a market capitalization of over PKR 10 billion as of March 31, 2008. JSIL is a part of JS Group, which is one of the leading financial service groups of Pakistan.