The Objective of the Fund is to meet liquidity needs of the investors by providing daily dividend through investment in Shariah Compliant money market instruments.
JS Islamic Daily Dividend Fund (JSIDDF) is an Open-ended Shariah Compliant Money Market Scheme which primarily invests in Shariah Compliant Authorized Investments. The Fund will make daily payout to the unit holders, which will be re-invested, net of applicable taxes / fees / charges.
|Term Sheet JS Islamic Daily Dividend Fund (JSIDDF)|
|Launch Date||03 September, 2020|
|Fund Type||Open End Shariah Complaint Money Market Scheme|
|Front End Load||1%|
|Management Fee||0.15% of Average Annual Net Assets|
|Risk Profile||Very Low|
|Shariah Advisor||Al-Hilal Shariah Advisors|
|Trustee||MCB Financial Services Limited|
|Auditor||M/s. EY Ford Rhodes|
|Benchmark||Three (3) months average deposits rates of three (3) AA rated Islamic Banks or Islamic windows of conventional Banks as selected by MUFAP|