Sharia debt funds post biggest gains

Karachi: Pakistan’s biggest Sharia- compliant debt funds are posting the best returns for sukuk investors this quarter as an export revival boosts bonds sold by the government and agricultural companies.

The JS Islamic Pension Savings Fund-Debt, owned by JS Investments, and the NAFA Islamic Aggressive Income Fund, managed by NBP Fullerton Asset Management, recorded gains of 3.9 per cent and 3.2 per cent, data compiled by Bloomberg show. The Meezan Capital Protected Fund-I run by Kuwait’s Noor Financial Investment returned 3 per cent, ranked third among 76 such vehicles tracked by Bloomberg. The three Karachi-based funds oversee 57 billion rupees (Dh2.4 billion) of assets. Pakistan’s government forecasts economic growth will more than double to 2.5 per cent in the 12 months ending June 30.

source : gulf news

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