First Habib Islamic investment Fund
First Habib Islamic Income Fund (FHIIF) is a Shariah Compliant income scheme. It aims to provide stable stream of Halal income to its investors. The Initial Public Offer (IPO) of FHIIF is on 18th to 20th January 2017, while the Pre-IPO is underway for the investors to invest in the Fund at their convenience.
Bank AL Habib Limited in Pakistan is run by the Dawood Habib family group of companies. The bank’s head office is located in the city of Multan but its principal office is located in Karachi.Presently, the bank has a network of 505 branches (inclusive of sub branches) and offshore banking units in Bahrain, Turkey and EPZ. Habib Group’s involvement in banking services dates back to 1930s.
First Habib Islamic investment Fund Details:
The Fund has no exposure to Equity (stock market) securities. It invests in Islamic banks and Islamic windows of commercial banks with minimum long-term rating of ‘A’; Government Ijara Sukuks; Corporate Sukuks; and any other low risk instrument as approved by the SECP. The main features of the Fund are:
First Habib Islamic investment Fund Features:
Minimum investment of PKR 1,000/-
Easy to encash | No lock-in period and no penalty
Competitive returns | generally better than Bank’s savings rates
Tax rebate on investment as per applicable laws (for individuals only)