MICF is a Shariah compliant cash fund that primarily invests in cash and cash equivalents, such as short-term government bonds and money market instruments. Cash funds are often used as a short-term investment vehicle or as a way to preserve capital while earning a small return.
They are typically considered low-risk investments, as they are invested in highly liquid assets, such as Islamic Sukuks, that are not subject to significant price fluctuations.
Cash deposited into Mahaana Save+ is invested into Mahaana Islamic Cash Fund (MICF). MICF invests this cash into Shariah-compliant securities including corporate sukuks, government sukuks and bank placements. These investment avenues are considered low risk and stable compared to other assets. However MICF may get negative returns.
Mahaana is a member of Mutual Funds Association of Pakistan (MUFAP) and regulated by the Securities & Exchange Commission of Pakistan (SECP) as a non-bank financial company (NBFC). All of your funds are stored with the Central Depository Company (CDC). Mahaana does not have direct access to your funds and all transactions on your account are validated by CDC. Additionally, funds can only be withdrawn into a bank account that’s in your name.
No front-end load (deposit charges) or back-end load (withdrawal charges) are charged with Save+ (MICF).
Yes, Mahaana Save+ is Shariah-compliant. View this document as proof.
For tax filers: 10% tax on capital gains (CGT) on withdrawals and 15% on dividend gains.
For non-filers: 20% tax on capital gains (CGT) on withdrawals and 30% on dividend gains.
Returns are automatically added to your account on a daily basis. You can view your profits by logging into the Mahaana webapp.
Deposits and withdrawals are usually processed within 1-2 business days.
