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 was on 18th to 20th January 2017.
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:
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)