The Fund has been formed to enable Unit Holders to participate in a diversified portfolio of Shariah Compliant securities such as equities, profit bearing securities and other Shariah Compliant securities available outside Pakistan. The Management Company manages the Fund with the objective of maximizing Unit Holders’ returns on their Investments while at all times observing prudent Investment practices, the highest professional standards, all applicable laws, and the Islamic Shariah as advised by the Shariah Board.

The Shariah Board advises the Management Company on Shariah compliance. AAML, in consultation with well-known Shariah experts, has laid down the criteria for Shariah compliance and complies with the Shariah Code in making Investments for the Trust. In selecting the equity securities, the Fund selects such companies that:

• Are actively traded
• Have growth prospects
• Are consistently dividend paying
• Meet the Shariah Compliance criteria
• The fund can invest abroad upto 30% of its net assets subject to a cap of US $ 15 million.

The remaining net assets are invested in bank or DFI and debt instruments with which funds are placed with a rating not lower than A- (A minus).

Unit Holders of Atlas Islamic Stock 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.