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| Home > About
the Funds > Atlas
Pension Islamic Fund > Introduction |
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The Atlas Pension Islamic Fund (APIF) is launched to serve as a
Shariah Compliant primary savings vehicle for retirement savings
(i.e. pension savings) for individuals and is created as a Pension
Fund under the Voluntary Pension System Rules, 2005 (Rules) having
an umbrella structure composed of different underlying Sub-Funds
in the form of unit trust schemes under its wing. The Contributions
received from the Participants
shall be issued Units in the underlying Sub-Funds
in proportion to their respective preferences (based on their selected
Allocation
Scheme), on a continuing basis.
Atlas Pension Islamic Fund is constituted by a registered Trust Deed
entered into at Karachi on August 31, 2007 between Atlas Asset Management
Limited (AAML) as the establisher and Pension Fund Manager and the
Central Depositary Company of Pakistan Limited (CDC) as the Trustee.
Initially, the Atlas Pension Islamic Fund is offering six Allocation
Schemes, which are available for dealing in the following three
Sub-Funds
of the Atlas Pension Fund, that are being offered on the terms of
the Trust Deed and the Offering Document:
(a) APIF – Equity Sub-Fund (AIEF)
(b) APIF – Debt Sub-Fund (AIDF)
(c) APIF – Money Market Sub-Fund (AIMMF)
Atlas Pension Islamic Fund is open for Contributions by the eligible
persons/Participants
on a continuous basis from November 06, 2007.
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Investment Risks and Tax Implication
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Participants must recognize that all investments involve varying levels of risk. The portfolios of the Sub-Funds of Atlas Pension Islamic Fund consist of market-based investments and are subject to market fluctuations and risks inherent in all such investments. It should be noted that the value of Units of the Sub-Funds can fall as well as rise. It should also be noted that under certain circumstances the dealing in the Pension Fund may be restricted. Participants in their own interest should read the Offering Document carefully to understand the investment policies, risks and tax implication and should consult legal, financial or tax adviser before making any investment/ contribution decision. 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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| Basic Information of Atlas Pension
Fund |
| Pension Fund Manager |
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Atlas Asset Management Limited |
Trustee |
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Central Depository Company of Pakistan
Limited |
| Registrar |
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Atlas Asset Management Limited (in-house
arrangement) |
| External Auditors |
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M/s. Ford Rhodes Sidat Hyder & Co. |
| Legal Advisors |
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Bawaney & Partners |
| Distribution Companies |
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Atlas Asset Management Limited and
its branches |
| Shariah Advisor |
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Dr. Fazlur Rahman |
| Registered Address |
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Ground Floor, Federation House, Sharae
Firdousi, Clifton, Karachi-75600 |
| Date of Registration of Trust Deed |
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31st
day of August 2007 |
| Date of Authorization |
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29th day of September 2007 |
| Launch Date |
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6th day of November 2007 |
| Governing Rules |
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Voluntary Pension System Rules, 2005 |
| Regulator |
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Securities and Exchange Commission
of Pakistan |
| Taxation matters governed by |
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Income Tax Ordinance, 2001 |
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| SALIENT FEATURES |
| Eligibility |
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Any Pakistani who holds a valid National
Tax Number or Computerized National Identity Card. |
| Par Value of Units of Sub-Funds |
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Rs. 100 |
| Dealing Days |
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Monday to Friday (between 9.00 am
to 4.00 pm) |
| Method of pricing |
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Daily on each Dealing Day (based
on NAV of same working day) |
| Front-end Fee |
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3% of Contribution amount |
| Minimum Subscription |
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Rs. 5,000/- or 10% of monthly income
which ever is lower |
| Contribution Frequency |
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Annual, Half-Yearly, Quarterly, Bi-Monthly
or Monthly (as selected by the Participant |
| Income Distribution |
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No dividend distribution
Note: Any income earned by the Sub-Funds
over the period will be retained within the Sub-Fund
and shall be reflected in the Net Asset Value of
the respective Sub-Fund. |
| Retirement Age |
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Between sixty & seventy years of
age (as selected by the Participant
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Note: Tax Incentives on Contributions and Tax Implications in case
of early withdrawals shall be subject to the terms mentioned in
the Income Tax Ordinance, 2001 from time to time and reproduced
on the Taxation Page.
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