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Mahaana Islamic Cash Fund
NAV price
Asset class


Management style


Risk / reward scale


Expense ratio






Key facts

Net Assets
PKR 146.3 mn
Launch Date
March 29, 2023
Fund Category
Open-end Shariah Compliant Money Market Fund
Investment Objective
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
Fund Auditors
BDO Ebrahim & Co.
Central Depository Company of Pakistan Limited
Shariah Advisors
Al Hilal Shariah Advisors
Fund Stability Rating
Fund Manager
Mubashir Zuberi, CFA
Management Fee
Up to 1% of average net assets during the month
Total Expense Ratio
(without govt. levy)
0.07% (MTD)
0.07% (YTD)
Weighted Average Time to Maturity (Days)

Product summary

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.


Total returns

as of 4 May 2023
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No data is currently available

Portfolio composition

Asset allocation

as of 4 May 2023
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Credit quality

as of 4 May 2023
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Top holdings

as of 4 May 2023
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Fund literature

Offering document

Report Name
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Frequently asked questions

What are the risks of investing in Mahaana Save+ (MICF)?

Cash deposited into Mahaana Save+ is invested into Mahaana Islamic Cash Fund (MICF). MICF invests this cash into short term 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.

Is there any front-end or back-end load?

No front-end load (deposit charges) or back-end load (withdrawal charges) are charged with Save+ (MICF).

Is Mahaana Save+ (MICF) Shariah-complaint?

Yes, Mahaana Save+ is Shariah-compliant. View this document as proof.

Are there any taxes when I invest in Mahaana Save+ (MICF)?

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.

How do I receive my returns?

Returns are automatically added to your account on a daily basis. You can view your profits by logging into the Mahaana webapp.

How long does it take to deposit or withdraw cash?

Deposits and withdrawals are usually processed within 1-2 business days.