KARACHI (May 06 2003) : The Securities and Exchange Commission of Pakistan (SECP) has issued a licence of asset management services to Al-Meezan Investment Management Limited (AMIM) for launching Shariah-compliant open-ended Unit Trust Schemes.
AMIM has been granted licence devoted to the launch of open-ended fund with investment policy of conforming to the tenants of Islam.
AMIM is already in the field of mutual funds since 1996.
As a policy, the SECP is encouraging innovative investment products to cater to the needs of different classes of investors.
During the past one year, SECP has authorised six new funds having diversified investment strategies for wide-ranging investors.
Net Asset Value of all the open-ended funds have largely been in the positive.
Entry of AMIM in the asset management field will provide further impetus to the industry, which needs good participants for healthy competition.
Growing interest in the mutual funds industry is the result and testimony of the financial reforms introduced in the industry during the past two years.
These reforms not only cover regulatory aspects but are also backed by fiscal incentives.
Prudent economic policies of the Government and proactive stance of SECP have contributed to restore confidence of the investors.
Chairman SECP expects that development of a vibrant mutual fund industry will help in promoting the capital market in the country.