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the Funds > Atlas
Pension Islamic Fund > Sub-Funds |
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The Atlas Pension Fund through its three Sub-Funds,
APF-Equity Sub-Fund, APF-Debt Sub-Fund and APF-Money Market Sub-Fund,
under its umbrella, will invest in Shariah Compliant
equities, bonds and money market instruments.All Investments shall
be made only in those securities that comply with the screening
criteria and guidelines of the Shariah Advisor appointed
with the approval of the Commission. |
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| a. APIF-Equity Sub-Fund (AIEF) |
The objective of AIEF is to achieve long term capital growth.
AIEF shall invest primarily in equity securities that comply with
the screening criteria and guidelines of the Shariah
Advisor, with a minimum investment of 90% of its net asset
value in listed shares
In selecting equity securities, after applying the Shariah screening
criteria, AIEF will consider the reputation of the management,
volume trading in the shares, profitability, dividend record and
prospects of earning growth. Any amount remaining un-invested
shall be kept in short term government securities or in its absence
of Shariah Compliant short term government securities,
in Shariah Compliant spread transactions apart
from bank deposits with Scheduled Islamic banks or with Islamic
windows of Commercial banks.
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| b. APIF-Debt Sub-Fund (AIDF) |
The objective of AIDF is to provide income along with capital
preservation. AIDF shall invest primarily in tradable debt securities
with the weighted average duration of the investment portfolio
of the AIDF not exceeding ten years. The debt instruments that
will be structured on the basis of the Shariah guidelines subject
to the approval of the structure from Shariah Advisor.
AIDF shall invest at least fifty percent (50%) of the assets in
bank deposits of Scheduled Islamic banks or Islamic windows of
Commercial banks and Shariah Compliant bonds/
Sukuks/ certificates issued by the Federal Government or the entities
controlled/ owned/ backed by the Federal Government.
In selecting debt instruments and government securities, after
applying the Shariah screening criteria, AIDF will consider individual
credit risks, with the understanding that market value of even
high quality fixed rate securities can fluctuate with change in
interest rate levels.
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| c. APIF-Money Market Sub-Fund (AIMMF) |
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The objective of AIMMF is to provide regular income along with
capital preservation. AIMMF shall invest primarily in short term
debt securities with the average duration of the fund not exceeding
one year that will be structured on the basis of Shariah guidelines
subject to the approval of the structure from Shariah
Advisor.
There would be no restriction on the amount of investment in Shariah
Compliant securities issued by the Provincial or the Federal Government
or by entities controlled/ owned/ backed by the Federal Government.
In selecting short term debt instruments and government securities,
after applying the Shariah screening criteria, AIMMF will consider
individual credit risks. |
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| The proportions of these securities, or asset allocation, for each
Sub-Fund
will be based on the expected returns and risks as evaluated by the
Pension Fund Manager. The asset allocation of the Sub-Fund(s)
may change from time to time depending on the prevailing market conditions. |
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| d. Payment of Haram Income to Charity |
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| (i) At the end of each Accounting Period of Atlas Pension Islamic
Fund, the Shariah Advisor shall also determine Shariah
non compliant (Haram) income that may have been earned
by the Atlas Pension Islamic Fund during the period of review. This
income would be given out in Charity to purify the remaining income
of the Pension Fund. The Shariah Advisor shall also
advise on the procedure of disbursement of this Charity income as
per the Guidelines issued by the Commission from time to time. |
