| Atlas Islamic Income Fund |
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| Fund Description |
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Atlas Islamic Income Fund (AIIF) was established by a Trust Deed dated May 7, 2008, between Atlas Asset Management Limited (AAML), as management company and Central Depository Company of Pakistan Limited (CDC), as trustee.
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| Investment Objective and Strategy |
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The Fund’s primary objective is to provide investors with a good and stable rate of current income consistent with long-term preservation of capital in a Shariah Compliant manner. A secondary objective is to take advantage of opportunities to realize capital appreciation. The Fund shall seek to provide the investors with a rate of return consistent with a broadly diversified portfolio of long, medium and short term, high quality Islamic income instruments.
AIIF investment strategy is to provide a superior risk-adjusted return to the investors.
- The fund actively manages a diversified portfolio of Shariah Compliant income securities.
- Shariah compliant placements/ transactions are executed with bank or DFI and debt instruments with which funds are placed with a rating not lower than A- (A minus).
- As per the special SECP regulations, the fund does not invest more than 15% of its Net Asset Value in any given security (or take up more than 15% of the issued float of any given one security).
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| Fund Facts |
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| Fund Inception Date |
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August 16, 2008 |
| Type |
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Open-end Shariah Compliant Fund |
| Sales Load |
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1% Upfront load with no back end load |
| Management Fee |
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1% of Average Annual Net Asset |
| Rating |
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AA- (f) by PACRA (FY 2009-10) |
| Listing |
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Lahore Stock Exchange |
| Trustee |
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Central Depository Co. |
| Auditors |
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Ernst & Young Ford Rhodes SHC |
| Minimum Investment |
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Rs. 5,000/- |
| Shariah Advisors |
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Dr. Prof. Fazlur Rahman |
| Benchmark |
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Average three Months profit rate of three islamic banks |
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| Benefits at a Glance |
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AIIF provides investors with
- Liquidity*
- Diversification
- Riba-free Halal returns
- Professional expertise
- Tax credit upto Rs. 100,000/- for salaried individuals**
- No minimum holding period
- Required minimum investment as low as Rs. 5,000/-
- Exemption from Zakat (on submission of Affidavit)
* Redemption process within 6 working days as per Constitutive Documents.
** Under Section 62 of the income tax ordinance 2001, (whose provisions are reproduced below), Rs. 100,000/- is maximum tax credit application on an annual taxable income of Rs 4.55 million, subject to investment being held for at least 3 years.
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| Tax Credit on Investment |
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Unit Holders of Atlas Islamic Income Fund, other than a company, shall be entitled to a tax credit under Section 62 of the Income Tax Ordinance 2001 on purchase of new Units. The amount on which tax credit will be allowed shall be lower of:
(a) amount invested in purchase of new Units; or
(b) fifteen percent of the taxable income of the Unit Holder; or
(c) Rupees Five Hundred Thousand (Rs 500,000);
and will be calculated by applying the average rate of tax of the Unit Holder for the tax year. If the Units so acquired are disposed within thirty six months, the amount of tax payable for the tax year in which the Units are disposed shall be increased by the amount of credit allowed.
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For payout history and monthly, yearly & Trailing performances please see relevant page in our latest Fund Manager Report.
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| Investment Risks and Tax Implication |
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| All investments in mutual funds, pensions funds and securities are subject to market risks. The value of such investments may depreciate as well as appreciate, subject to market fluctuations and risks inherent in all such investments. Investors should read the Offering Document carefully to understand the investment policies, risks and tax implication and should consult their legal, financial or tax adviser before making any investment decisions. Withdrawals from the pension Fund before the retirement age are subject to tax under the provisions of the Income Tax Ordinance, 2001. |
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