March 29, 2023
Open-end Shariah Compliant Money Market Fund
Investment objective is to provide competitive returns with maximum possible capital preservation by investing in low risk and liquid Shariah-compliant authorized instruments.
Three months average deposit rates of three (3) AA rated Islamic Banks or Islamic windows of conventional banks as selected by MUFAP
BDO Ebrahim & Co.
Central Depository Company of Pakistan Limited
Al Hilal Shariah Advisors
Mubashir Zuberi, CFA
Up to 1% of average net assets during the month
Total Expense Ratio
(without govt. levy)
Weighted Average Time to Maturity (Days)
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.