Money, Finance and Banking Blog in Pakistan
Financial Services
Management Quality Rating of Al Meezan Investment Upgraded
Feb 18th
The management quality rating of Al Meezan Investment Management Limited (Al Meezan) has been upgraded to AM2 by JCR-VIS Credit Rating Company.
This rating denotes High Management Quality with a “Stable” outlook. AM2 is the Highest Management Quality Rating ever assigned by JCR-VIS to any Asset Management Company in Pakistan, said Chief Executive of Al Meezan Mr. Mohammad Shoaib, CFA.
The AM2 Rating signifies the strength of Al Meezan in maintaining a smooth flow of operations and its prudent liquidity management during the current economic environment, ensuring that customers’ requests are serviced well within time.
Al Meezan’s funds carrying equity exposures including Meezan More >
NIT Income Fund: Initial Offer Till Feb 19
Feb 18th
National Investment Trust (NITL) is in the process of launching an open end Income Fund. The new fund is in Fixed Income Category with the name of “NIT Income Fund.”
The fund will have following benefits:
- Tax benefits
- Minimum investment of Rs5,000
- Competitive returns
- Easily encashable
According to NITL’s website objective of NIT Income Fund is:
The objective of “NIT IF” is to generate competitive stream of return with moderate level of risk for its unit holders, by investing primarily in portfolio of fixed income securities with weighted average time to maturity not exceeding four (4) years.
In order to achieve its primary objective of generating competitive return More >
Pak-Qatar Takaful Offers On-Phone Guidance
Feb 3rd
Pak-Qatar Family and General Takaful has initiated its UAN based customer help and guidance phone line facility. Though Pak-Qatar took some time in starting this service, they have chosen a clever phone number for their call center. The phone number is 111-TAKAFUL (i.e. 111-825-238).
Pak-Qatar General Takaful Limited and Pak-Qatar Family Takaful Limited are regarded as the pioneers in introducing takaful products in Pakistan. Pak-Qatar General Takaful Limited was incorporated in Pakistan in year 2006 and started its operations in year 2007.
Like other Islamic banks and financial institutions working in the country, Pak-Qatar General Takaful’s operations are overseen by a Sharia Advisory Board. The More >
Arif Habib Investments Cautions General Public
Jan 20th
Dawn newspaper on January 19, 2010 carried an advertisement from Arif Habib Investment cautioning general public against fraudulent activities of some imposters. The notice informs that some unauthorized persons have approached investors to obtain blank or bearer cheques for investment in mutual funds.
The notices informs general public that cheque / pay order / demand draft should only be issued with “payees account only” in favor of the trustee of the respective fund as mentioned in the offering documents of funds.
It added that financial instrument (i.e. cheque / pay order / demand draft) should only be handed over to the authorized More >
Arif Habib Investment Registers Loss of Rs 302 Million
Jul 30th
Arif Habib Investment Limited (AHIL) has registered after tax loss of Rs302.479 million in the year ended June 30, 2009 (FY09) as compared to after tax profit of Rs249.042 million recorded in FY08.
The board of directors of AHIL in its meeting held here on Wednesday declared per share loss of Rs10.08 in the period under review against per share earning of Rs8.30 in the same period a year back.
According to financial results, the company’s earnings from management fee/investment fee declined to Rs249.296 million in this period against Rs446.124 million in the previous year.
Processing and other related income declined to Rs7.970 More >
