KARACHI (June 21 2008): Faysal Asset Management Limited (FAML), an AM3+ rated company by JCR-VIS, has recently launched a campaign at several locations in Pakistan about the benefits of investing in Mutual Funds and the incentives that the government of Pakistan has offered for the industry.
The government has established incentives for the citizens to save on their tax liability by virtue of investing their savings in open-end mutual funds. An investor can enjoy a tax-free returns and tax-credit of up to Rs 60,000 by investing up to Rs 300,000 in any of Faysal Funds prior to June 30, 2008.
Federal Board of Revenue has also allowed employers to adjust tax credits for their employees on their own, on the other hand self-employed professionals can easily claim tax credit from the tax authorities along with their annual tax filing in September.
FAML, an asset management company, was launched in 2003 within Ithmaar Bank (Bahrain) Group of Companies. FAML brings together the collective financial expertise and investment experience of Islamic Investment Company of Gulf (IICG), with its extensive global fund management experience, Faysal Bank Limited, one of Pakistan's premier commercial bank and AKD Securities Private Limited, one of Pakistan's leading financial services firm.
The joint venture partners have international expertise of managing funds in diversified markets around the globe. Locally, FAML has got over Rs 8.1 billion under its management as of April 31, 2008 through three diversified open-end mutual Funds namely, Faysal Balanced Growth Fund (FBGF), Faysal Income and Growth Fund (FIGF) and Faysal Savings Growth Fund (FSGF).
FAML has a strong management team, a research based investment structure and a proven track record of outperforming its benchmark since its inception. A dedicated research team for each fund works under the supervision of internal investment committee, which is headed by the CEO. Due to these inherent strengths of the company, JCR-VIS has UPGRADED Management Quality Rating of FAML to 'AM3+', REAFFIRMED Fund Stability Rating of Faysal Income & Growth Fund (FIGF) at 'A+(f)', UPGRADED Ranking of Faysal Balanced Growth Fund (FBGF) to 'MFR 4 Star' and ASSIGNED Fund Stability Rating of Faysal Savings Growth Fund (FSGF) at 'A(f)'.-PR