As per SECP, the categorization of the open-end Collective Investment Schemes (CIS) is made on the basis of investment parameters including eligible asset classes with pre-specified risk profile is imperative to enable the investors to make informed decision and to bring uniformity in the mutual funds industry for comparing performance of various open-end CIS. In this regard CIS can be classified as following: check all these with circular.
Open funds continually create new units or redeem issued units on demand. The unit holders can buy the units of the fund or may redeem them on a continuous basis at the prevailing Net Asset Value (NAV) by simply contacting the AMCs
Some of the major benefits of investing in a mutual fund are:
Mutual funds are closely regulated by the Securities and Exchange Commission of Pakistan (SECP). SECP’s primary purpose is to protect the interests of the capital market investors. Each and every mutual fund comes under the regulatory review of SECP.
SECP has provided elaborate investment guidelines and require thorough reporting by AMCs to ensure prudent functioning of mutual funds. It stipulates how investors’ money should be invested and also how these investments are to be valued on an ongoing basis.
Mutual Funds Association of Pakistan (MUFAP), a trade body of mutual funds also involves itself in devising compliance and best practices guidelines in the industry to ensure professional ethics.
Investing with us is a simple process for both individual and institutional investors. You can fill out the Account Opening Form & Investment Application Form.
You can also open your account digitally by visiting https://members.almeezangroup.com/NewAccount.aspx.
For first time investment, please ensure to include a legible photocopy of your CNIC, NICOP/Passport, Job/Business Proof, Zakat Exemption Declaration (Individuals) and other required documents in case of corporate investors.
You can make additional investments by following ways:
Make this transaction online with our Online Investment Facility through MBL Internet banking, KUICK Pay and RAAST payment option at Meezan funds online or Al Meezan Mobile app or you can fill out the Investment Application Form.
The cheque will be made in favor of Central Depository Company (Trustee). For instance; investment in MIF will be made in favor of CDC Trustee Meezan Islamic Fund. The form along with the investment/contribution instrument will be sent to: Al Meezan Investment Management Limited, Ground Floor, Block B, Finance and Trade Centre, Shahrah-e-Faisal, Karachi.
click here (https://almeezan.trout.digital/investing-with-us/)
Note: We do not accept Cash payments
You can withdraw money from your account at any time. You have the option to withdraw the complete amount or a specific amount based on your requirements through the below channels.
You can move money from a scheme that you are currently invested in to any of the other schemes that we offer. This is called a conversion transaction.
A Systematic Investment Plan (SIP) is a convenient method of investing in mutual funds. Under this plan, an investor contributes a fixed amount towards the mutual fund scheme at regular intervals, and gets units at the prevailing NAV. This facility is only for Meezan Bank customers.
Investing in SIP offers two major benefits:
Following are the basic principles of Islamic Finance:
These principles are derived from the following sources of Shariah:
Islamic modes of financing are as follows:
In Wakala based structure the Asset Management Company (AMC) acts as the agent of funds’ investors and charges a fee against its services. The fee is independent of the funds’ performance. In Mudaraba based structure, AMC acts as Mudarib (who manages the business) and investor is the Rab-ul-Maal (who provides the capital for business). The profit is shared between AMC and the investors according to pre-agreed ratios. In case of capital loss, the Rab-ul-Maal bears the loss and the Mudarib is not liable for any loss, unless the loss has occurred due to negligence. Mudarib bears the loss of his services and will not be entitled for any remuneration on management service.
The role of Shariah Advisors is as follows:
Following screening criteria is followed:
Purification: Non-Compliant Income must be paid out in charity in order to protect the investors’ returns from Riba
Following are the investment avenues for Islamic Income and Money Market funds
Sukuk commonly refers to the Islamic equivalent of bonds. However, unlike conventional bonds, which merely grant ownership of a debt, Sukuk grants the investor a share of an asset, along with the commensurate cash flows and risk. Sukuk securities adhere to Shariah principles, which prohibit the charging or payment of interest.
Sukuk can be tradeable or non-tradeable, depending on the underlying Shariah structure. The tenor of Sukuk can be more than one year and less than year, making it an instrument for both, capital and money markets. There are different types of Sukuks for example Ijarah Sukuk.
Ijarah Sukuk are related to leased properties and assets, they carry equal values, and are issued by the owner of the leased property or his agent. The aim of the transaction at the end is to sell the leased property through issuing Sukuk, accordingly, the holders of the certificates or Ijarah Sukuk own the asset and its charges during the rental period, each in proportionate to the certificates of Sukuk held in the leased asset. Under an Ijarah contract, the usufruct of a particular property is transferred from the owner to another person in exchange for a rental payment. In other words, it is a leasing agreement with the lessor referred to as the Mujir, the lessee called the Mustajir and the rent paid to the lessor called Ujrah.
For example, there might be a leased building, the monthly or annual income of which goes to the certificate of Sukuk holders who are considered as partners in the ownership of the building. In addition to the return from rent, the holder of Sukuk may sell the same in the secondary market.
You can simply open your account through our website; all the related details will be submitted online. Here are the steps to open a Digital account.
After submission of form, Al Meezan perform different checks to validate the information and documents.
It means that the Mobile number shall be under the name of Account Holder who is intending to open an Investment account with Al Meezan. In case the mobile number is not under the name of customer then following points will be followed:
It is Al Meezan’s online portal through which customer can avail following benefits:
You can start with as low as PKR 5,000 with subsequent investment of PKR 1,000 or more. For initial investment, follow the digital account opening process, place a request and then transfer funds via your internet banking or mobile banking or ATM by using Reference Number provided by Al Meezan through email or SMS.
You can get suggestion of fund by providing us information related to your risk profile at the time of Account Opening or you can:
There are no service charges from Al Meezan’s part at the time of Digital account opening and investment. However, charges of KUICKPAY facility will be borne by the customer and it will be deducted from customer’s bank account.
The applicability of charges (Front-end load, Bank charges, Government taxes and other charges where applicable) varies from product to product and amount to amount. Please refer Offering Document of the respective fund for related charges or consult your investment advisor. (mention the SECP circular detail for FEL charges on online investments)
In case of any query or complaint you may reach us via any of the following channels;
Ensuring the privacy and security of your data and transactions is our utmost priority. We take every precaution to provide an online service with high grade security and maintain strict standards and procedures to prevent unauthorized access to your information, including 512-Bit SSL Encryption, Internal Systems Encryption, and Firewalls.
You can access your portfolio details by utilizing our Free of cost Value Added Services;
Any individual with a valid CNIC, Email, Mobile Number and a Pakistani Bank Account can open Al Meezan’s
online account.
This facility is not available for Corporate and Minor (under 18 years of age) accounts.
You can simply open your account through our website and download our mobile app; all the related
details will be submitted online. No separate documents are required for Al Meezan’s Sahulat Sarmayakari
Account opening form. Here are the steps to open an online investment account.
Yes, any overseas investor with a Pakistani Nationality can open his/her online account with Al Meezan
subject to the availability of valid email ID, Pakistani bank account and contact details (Mobile
number).
You can access your portfolio details by utilizing our Free of cost Value Added Services;
You can start with as low as PKR 5,000 with subsequent investment of PKR 1,000 or more. For initial
investment, follow the online account opening process, place a request and then transfer funds via your
internet banking portal or ATM.
Please note that minimum investment of various plans of MDIF and MMP1 is Rs. 200,000/-
You have to be registered with our Meezan Funds Online or Mobile App from where you can create a
reference ID for new investment. Please refer to the guidelines for Online Investments.
Click here to sign in or to register on Meezan
Funds Online.
You can get suggestion of fund by providing us information related to your risk profile at the time of
Account Opening or you can:
In case of any query or complaint you may reach us via any of the following channels;
To begin, register yourself to Al Meezan’s Meezan Funds Online and mobile app click here for registration. If already registered User: Logon to Al Meezan’s Meezan Funds Online and mobile app, click here to login. You have to generate a reference number from Al Meezan’s Meezan Funds Online or Mobile App by selecting investment amount and Fund name and then login to Internet Banking of your respective bank for investments under Bill Payment feature. The payments are made through your respective Bank account (maintained in Pakistan) either through Internet banking or ATM option.
Another way for making online investment is to use RAAST facility. You can invest through your RAAST ID using the following process:
Currently there is no investment limit, however the limit criteria vary from product to product and Internet Banking or ATM services of your bank’s account. However, in case of Sahulat Sarmayakari Account, the maximum investment limit at any point in time and total investment amount during the year should not exceed Rs. 800,000/- with per transaction limit restricted to Rs. 400,000/-.
Once the payment is made from your bank account, confirmation of investment request will be sent through SMS. Acknowledgment of Investment and Statement of Account will be emailed to you within 2-3 working days after the materialization of the amount. The settlement of the transaction is based on the cutoff timings of the Fund. (Please refer to the offering documents for the payment execution timelines)
In case of any query or complaint you may reach us via any of the following channels;
You can get suggestion of fund by providing us information related to your risk profile at the time of Account Opening or you can:
Yes, you can invest in all available schemes using same payment/ investment options of voucher generation through Al Meezan’s online portal ‘Meezan Funds Online’ and pay through your bank’s account. At a time, 3 Investment requests (Reference IDs) shall be generated which are usable for 15 days.
You can also invest through your RAAST ID using the following process:
No, multiple portfolios cannot be opened.
It is Al Meezan’s online portal through which customer can avail following benefits:
In case of any query or complaint you may reach us via any of the following channels;
Initial investment can be made with PKR 5,000 and for subsequent investment the minimum investment criteria is PKR 1000.
You can access your portfolio details by utilizing our Free of cost Value Added Services:
Yes, request for Al Meezan’s Digital account opening can be initiated anytime. However, the transaction execution at Al Meezan’s end is based on the Cut-off timings of the respective product during business hours. For latest cut-off timings please refer to our website www.almeezangroup.com
You can simply open your account through your Easy Paisa Wallet application; Below are the steps to open
a SEHL account
| Maximum Annual Investment Limit | Cumulative Investment Limit at any point in time | Maximum Transaction Limit |
|---|---|---|
| Nil | (Rs.)1,000,000/- | (Rs.)25,000/- |
In case of any query or complaint you may reach us via any of the following channels;
Dividend shall be paid only if declared.
It’s a 24/7 real time fund transfer and bill payment facility.
Payment services is offered to AMIM customers who avail Meezan Funds Online / Mobile Application facility.
A unit holder must be the principal account holder at Al Meezan with the instructions to operate this account singly for this service. This service shall not be available in those cases, where dual signatories are required, Corporate Accounts, and Minor Account.
First you need to get registered yourself for the services.
You can register by following these steps:
No, this service can be availed free of charges
Yes, below are the slab-based charges when performing an IBFT.
| IBFT transaction slab (PKR) | Per transaction charges (PKR) |
|---|---|
| 1-10,000 | 50 |
| 10,001-50,000 | 70 |
| 50,001-100,000 | 75 |
| 50,001-100,000 | 80 |
| 150,001-250,000 | 100 |
No, there are no additional charges for Bill Payment.
Yes, following limits will apply;
In case of any query or complaint you may reach us via any of the following channels;
For permanent blocking:
For temporary blocking:
A pension is a steady income given to a person (usually after retirement). Pension is a saving, or a contribution, which is collected during the working life of an individual and invested for profit. After retirement, the individual is entitled to a steady monthly income from a fund built up from the earlier savings.
Payment services is offered to AMIM customers who avail Meezan Funds Online / Mobile Application facility.
An occupational pension is a private pension scheme run by an employer and is also known as a works pension, company pension or superannuation.
A voluntary pension is a pension scheme run by a Pension Fund Manager who manages the voluntary contributions made by a participant, whether employed or not, or by an employer on his behalf. Occupational pension schemes are currently available for a very small group of people in our country. To fill this gap Voluntary pension funds are offered.
It is a saving mechanism where an individual saves from his/her current income in order to retain financial security and comfort in terms of regular income after retirement.
Pension Fund Manager means an asset management company or a life insurance company duly authorized by the Commission to efficaciously manage the contributions made by or on behalf of participants in pension fund and meet such other conditions as may be prescribed from time to time by the Commission;
All Pakistani nationals having a valid CNIC are eligible to contribute in the scheme.
Yes
Rs.1000
To build a pension fund in proper manner, one should have to first determine the amount required on a monthly basis after the time of retirement. In addition, one will have to work out how much will he/she need to set aside on a monthly basis to come with a lump sum amount large enough to create an annuity, which provides a desirable monthly income after retirement.
An investment allocation scheme, which provides an opportunity to create a personalized retirement fund through regular contributions, with allocations adjusted according to the age & risk taking capacity of the investor.
It provides following options to the participants to select a Pension Allocation scheme according to their requirements:
Without Gold | Equity Sub Fund | Debt Sub Fund | Money Market Sub Fund |
High Volatility | 80% | 20% | Nil |
Medium Volatility | 50% | 40% | 10% |
Low Volatility | 25% | 60% | 15% |
Lower Volatility | Nil | 50% | 50% |
With Gold | Equity Sub Fund | Debt Sub Fund | Money Market Sub Fund | Gold Sub Fund |
High Volatility | Min. 40% | Min. 20% | Nil | Max. 25% |
Medium Volatility | Min 20% | Min 40% | Min 10% | Max 15% |
Low Volatility | Min 05% | Min 60% | Min 15% | Max 05% |
Customized Allocation | Equity Sub Fund | Debt Sub Fund | Money Market Sub Fund | Gold Sub Fund |
0-100% | 0 – 100% | 0-100% | 0-100% |
It is an allocation scheme allowing participants to allocate their contributions according to planned asset allocation table as per their age.
Life Cycle Plan | Equity Sub Fund | Debt Sub Fund | Money Market Sub Fund |
18-30 Years | 80.00% | 20.00% | Nil |
31-40 Years | 65.00% | 25.00% | 10.00% |
41-50 Years | 50.00% | 30.00% | 20.00% |
51-60 Years | 40.00% | 30.00% | 30.00% |
61 Years and above | 10.00% | 40.00% | 50.00% |
Dual Tax benefit can be availed as contributions are available for tax credit (as per section 63 of ITO) and returns on the investments are also tax free. Look beyond tax benefits: Regular stream of income after retirement.Tax benefits are not the only benefits of investing in pension funds. The most important thing is being secure and independent even when the regular sources of income have exhausted. The changing trends and lifestyles require that each individual be independent even after retirement. For this a regular income stream is necessary after retirement and for that pension funds are the best available option where one can save during his work life and earn the returns on his savings.
Sales Load is 3 %. Management fee is charged @ 1.5 % per annum of the net assets value in equity sub fund, 0.5% in Debt sub fund, 1% in money market sub fund and 1.3% in Gold sub fund. There is no charge like back end load in case of withdrawals, however, all the withdrawals before retirement are subject to withholding tax at individual’s last three years income tax rate.For transactions done online or through website, applicable sales load would be a maximum of 1.5% or as SECP may direct from time to time.
All the returns are market driven, however, historical returns in various avenues of investment are considered for the purpose of illustrations. They can be referred from monthly FMR.
Investor can invest any time at his convenience.
Profit will not be distributed to the investor, it will accumulate with the investment and after retirement investor can get the benefits.
No. Withdrawal of profit cannot be available before retirement age/claim.
The term of the allocation scheme would depend on the age of the investor, as the allocation scheme can mature any time between 60 and 70 years or the age which he/she will be after 25 years from the date of first contribution into a VPS; whichever comes first. However, the investor is free to disinvest as and when desired, with returns up to the day of redemption and payment of tax thereon.
All accumulated funds at the date of retirement of the participant will be available to him/her with the following options, namely:
In case of death before retirement:
• All his investment will be available to the legal survivors as per succession certificate with the following options:
In case of disability before retirement:
• The person will be treated as retired and will get all the benefits as on retirement, in case of disability.
The Participant will have the option to place the amount selected for monthly income purposes in one of the following allocation schemes of MTPF for systematic redemption of units in order to get a periodic payment.
The amount selected for growth purposes will be invested according to the investor’s desired risk exposure, within the following prescribed allocation limits.
| Equity Sub Fund | Debt Sub Fund | Money Market Sub Fund | Gold Sub Fund |
| 0 -100% | 0 -100% | 0 -100% | 0 -100% |
Initially there was limit of minimum withdrawal of Rs. 500/ month. Vide amended SOD –III, no limit is in place. Withdrawals can be made through any of these three options;
Takaful protection up to Rs. 5mn from Takaful company being offered to all participants with participation contribution of PKR 10,000 free of cost. The eligibility of availing protection is up to the age of 60 years.Coverage for Natural Death, Accidental Death, Permanent Total Disability (PTD) and Accidental Medical Expenses are as follows;
| Natural Death | Equal to the investment amount of individual subject to Max of Rs. 5,000,000 per investor |
| Accidental Death | Equal to the investment amount of individual subject to Max of Rs. 5,000,000 per investor in addition to Basic Death Benefit |
| Permanent Total Disability | Equal to the investment amount of individual subject to Max of Rs. 5,000,000 per investor |
| Medical coverage (Accident) | 20% of the investment amount of individual subject to Max of Rs. 1,000,000 per investor |
The rate of tax imposed under section 5 on dividend received from a company shall be:
(a) 7.5% in the case of dividends paid by Independent Power 2 [Producers] where such dividend is a pass-through item under an Implementation Agreement or Power Purchase Agreement or Energy Purchase Agreement and is required to be reimbursed by Central Power Purchasing (CPPA-G) or its predecessor or successor entity.
(b) 15% in the case of Real Estate Investment Trust and cases other than those mentioned in clauses (a), (ba), (c) and (d);
(ba) 25% and 15%, in case of mutual funds, contingent upon proportional income derived from average annual investments in debt securities and equities respectively:
Provided that where the corporate entity is recipient of the dividend, the component derived from the debt securities shall be taxed at the rate of twenty-nine percent.
(c) 0% in case of dividend received by a REIT scheme from Special Purpose Vehicle and 35% in case of dividend received by others from Special Purpose Vehicle as defined under the Real Estate Investment Trust Regulations, 2015.
(d) 25% in case of a person receiving dividend from a company where no tax payable by such company, due to exemption of income or carry forward of business losses under Part VIII of Chapter III or claim of tax credits under Part X of Chapter III.
Capital Gains on Disposal of Securities
The rate of tax to be paid under section 37A shall be as follows:
| S. No. | Holding Period | Rate of Tax on disposal of securities acquired between 1st day of July, 2022 and 30th June, 2024 (both dates inclusive) | Rate of Tax on disposal of securities acquired on or after 1st day of July, 2024 |
| (1) | (2) | (3) | (4) |
| 1. | Where the holding period does not exceed one year | 15% | 15% for persons appearing on the Active Taxpayers’ List on the date of acquisition and the date of disposal of securities and at the rate specified in Division I for individuals and association of persons and Division II for companies in respect of persons not appearing on the Active Taxpayers’ List on the date of |
| 2. | Where the holding period exceeds one year but does not exceed two years | 12.5% | |
| 3. | Where the holding period exceeds two years but does not exceed three years | 10% | |
| 4. | Where the holding period exceeds three years but does not exceed four years | 7.5% | |
| 5. | Where the holding period exceeds four years but does not exceed five years | 5% | acquisition and date of disposal of securities: Provided that the rate of tax for individuals and association of persons not appearing on the Active Taxpayers’ List, the rate of tax shall not be less than 15% in any case. |
| 6. | Where the holding period exceeds five years but does not exceed six years | 2.5% | |
| 7. | Where the holding period exceeds six years | 0% | |
| 8. | Future commodity contracts entered into by members of Pakistan Mercantile Exchange | 5% | 5%: |
Provided that for securities except at S. No. 8 of the Table:
Provided further that the rate for companies in respect of debt securities shall be as specified in Division II of Part I of the First Schedule:
Provided also that a mutual fund or a collective investment scheme or a REIT scheme shall deduct Capital Gains Tax at the rates as specified below, on redemption of securities as prescribed, namely:
Category | Rate |
Individual and association of persons | 15% for stock funds 15% for other funds |
Company | 15% for stock funds 25% for other funds |
Provided also that in case of a stock fund if dividend receipts of the fund are less than capital gains, the rate of tax deduction shall be 15%.
Provided also that no capital gain shall be deducted, if the holding period of the security acquired on or before 30th day of June 2024 is more than six years.
Explanation: For the removal of doubt, it is clarified that provisions of this proviso shall be applicable only in case of mutual fund or collective investment scheme or a REIT scheme.
