PAKISTAN:
Following a consolidation exercise combining all its investment solutions
under one banner, the Al Ameen Funds; UBL Fund Managers has successfully
rolled out the Al-Ameen Islamic Principal Preservation Fund – III
(AIPPF-III). The new fund is an open-ended ‘funds-of-funds’ scheme that
carries a maximum term of two years and preserves the principal
investment at maturity.
Commenting on the launch of the fund, Mir Muhammad Ali, CEO of UBL Fund
Managers said, “AIPPF-III is an ideal fund for investors, who want to
benefit from exposure to equities without the risk of losing their
principal investment.”
The fund seeks to provide a competitive return and will be dynamically
invested in Shariah compliant equity and income or money market mutual
funds, using the Constant Proportion Portfolio Insurance (CPPI)
methodology which provides an opportunity for appreciation of investment
through exposure to equity markets whilst aiming to preserve the
principal value.
Investments will be made primarily in the Al-Ameen Shariah Stock Fund for
equity exposure and in the Al-Ameen Islamic Sovereign Fund or the
Al-Ameen Islamic Cash Fund (AICF) for exposure to income and money
markets. Additionally, the fund may also invest in other high quality
Investment schemes offered by other asset management companies.
According to the fund fact sheet, the benchmark for the AIPPF-III will be
weighted average daily return of the KMI-30 Index and the three-month
deposit rate of ‘A’ and above-rated Islamic banks or Islamic windows of
scheduled commercial banks, based on the fund’s actual proportion in the
equity and income or money market component. The scheme affords a secure
investment with a low to medium-risk profile, for medium-term investor
needs.
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