UBL Fund Managers Limited, one of Pakistan’s leading asset management company, announced the launch of its new Shariah-compliant savings scheme; UBL Islamic Savings Fund (UISF). The scheme will open for public subscription from November 5, 2010.
UBL Islamic Savings Fund (UISF) is an open-end Shariah-compliant income scheme that is designed for investors who are looking to earn ‘Halal’ income on their savings. The scheme invests in Shariah-compliant instruments including Islamic Government securities (such as Ijarah Sukuks) and Islamic bank deposits, ensuring that investors’ money is safe and returns are not volatile. The Fund does not invest in the stock market. Investments in the scheme are made in accordance with the guidelines provided by a Shariah Advisory Board which comprises of renowned Islamic Scholars, Maulvi Muhammad Hassan Kaleem and Mufti Muhammad Najeeb Khan.
The Chief Executive Officer of UBL Fund Managers, Mir Muhammad Ali, CFA commented on the occasion that “For investors who do not want ‘Riba’ based returns, saving money in a current account or in cash can be a losing proposition in light of rising costs and inflation. With UBL Islamic Savings Fund (UISF) investors can unlock the potential of their money and earn a competitive source of ‘Halal’ income on their savings. The scheme gives investors the flexibility to access their money, in part or whole, at their convenience and without any charges.” The scheme has no fixed-term holding period requirement and also offers a regular profit option.
UBL Fund Managers is a wholly owned subsidiary of United Bank Limited and is currently managing assets of around Rs. 22 billion. The company enjoys a ‘High Management Quality’ rating of ‘AM2’ by JCR-VIS Credit Rating Agency.