PAKISTAN: The Lahore Stock Exchange (LSE) has approved the application for the formal listing and quotation of MCB Islamic Income Fund. It will be placed under the ‘open-end fund’ sector of the ready board quotation of the exchange.
The MCB Islamic Income Fund is managed by MCB Asset Management Company, a subsidiary of Muslim Commercial Bank (MCB Bank). It is aimed at generating risk-adjusted returns by investing in short, medium and long-term Shariah compliant fixed income instruments.
The fund was priced at PKR100 (US$1.67) per unit during the initial offer period, held between the 16th – 18th June.