Meezan Rozana Amdani Fund Achieves Notable Performance in Fiscal Year FY24

Karachi: The Meezan Rozana Amdani Fund (MRAF), primarily focused on Shariah-compliant money market and Islamic bonds investments, reported a robust return of 21.50% for the fiscal year ended June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), this performance notably outstrips the six-month deposit rates of benchmark Islamic Banks, which stood at 10.28%.

The fund, managed with a strategy to minimize risk while ensuring liquidity, has outperformed its benchmark substantially. The average deposit rate of AAA-rated Islamic Banks was reported at 11.23%, further underlining the fund’s superior management and strategic asset allocation. According to the latest financial report, the fund achieved a net income of Rs. 24.39 million, primarily driven by profit on bank deposits and Sukuk totaling Rs. 213.49 million. However, after accounting for expenses, the net income available for distribution amounted to Rs. 20.179 million.

Despite the economic challenges, the fund managed to increase its net assets from Rs. 1.306 billion to Rs. 1.711 billion over the fiscal year, reflecting a growth in trust and investment from its stakeholders. As of June 30, 2024, the fund reported that the total payout per unit was Rs. 9.76 per unit (15.92%).

The Meezan Rozana Amdani Fund currently holds investments from a diverse range of investors, categorized by the number of units held. The total number of investors in the fund as of June 2024 stands at 10,771, demonstrating substantial public and institutional trust.

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