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Karachi, The Board of Directors of MCB-Arif Habib Savings & Investments Limited, the management company of Alhamra Islamic Money Market Fund, held a meeting at their Head Office in Karachi to approve the financial results for the year ended June 30, 2023.
The Alhamra Islamic Money Market Fund has shown impressive financial performance during the mentioned period. The approved financial results are as follows:
INCOME:
Return on Investments: Rs. 4,157,851,000
Loss on Sale of Investments Classified as ‘at Fair Value Through Profit or Loss’ Net: Rs. 1,307,013,000
Profit on Bank Balances: Rs. 21,881,000
Other Income: Rs. 3,965,000
Total Income: Rs. 4,493,710,000
EXPENSES:
Remuneration of the Management Company: Rs. 2,839,000
Sindh Sales Tax on Remuneration of the Management Company: Rs. 8,122,000
Remuneration of the Trustee: Rs. 1,056,000
Sindh Sales Tax on Remuneration of the Trustee: Rs. 176,000
Allocated Expenses: Rs. 4,444,000
Selling and Marketing Expenses: Rs. 2,700,000
Annual Fee of Securities and Exchange Commission of Pakistan: Rs. 571,760,000
Auditors’ Remuneration: Rs. 546,000
Charity Expense: Rs. 1,642,000
Legal and Professional Charges: Rs. 698,000
Settlement and Bank Charges: Rs. 296,000
Shariah Fee: Rs. 53,000
Fees and Subscriptions: Rs. 192,659,000
Printing and Related Costs: Rs. 45,754,000
Total Expenses: Rs. 3,965,192,000
NET INCOME:
Net Income for the Year from Operations: Rs. 1,272,518,000
REVERSAL OF PROVISION:
Reversal of Provision for Sindh Workers’ Welfare Fund (SWWF): Rs. 10,909,000
NET INCOME BEFORE TAXATION:
Net Income for the Year Before Taxation: Rs. 1,261,259,000
TAXATION:
Taxation: Not disclosed
NET INCOME AFTER TAXATION:
Net Income for the Year: Rs. 1,272,168,000
OTHER COMPREHENSIVE INCOME:
Other Comprehensive Income for the Year: Not disclosed
TOTAL COMPREHENSIVE INCOME:
Total Comprehensive Income for the Year: Rs. 1,272,168,000
The fund’s strong financial performance is a testament to its conservative investment strategy and competent management by MCB-Arif Habib Savings & Investments Limited. The Alhamra Islamic Money Market Fund continues to provide competitive returns to its investors, making it an attractive option for risk-averse individuals seeking stable income opportunities.
The post Alhamra Islamic Money Market Fund Reports Impressive Financial Results for the Year Ended June 30, 2023 appeared first on Pakistan Company News.