What are the risks of investing in Mahaana Save+ (MICF)?
Cash deposited into Mahaana Save+ is invested into Mahaana Islamic Cash Fund (MICF). MICF invests this cash into short term Shariah-compliant securities including corporate sukuks, government sukuks and bank placements. These investment avenues are considered low risk and stable compared to other assets. However MICF may get negative returns. Mahaana is a member of Mutual Funds Association of Pakistan (MUFAP) and regulated by the Securities & Exchange Commission of Pakistan (SECP) as a non-bank financial company (NBFC). All of your funds are stored with the Central Depository Company (CDC). Mahaana does not have direct access to your funds and all transactions on your account are validated by CDC. Additionally, funds can only be withdrawn into a bank account that’s in your name.
Is there any front-end or back-end load?
No front-end load (deposit charges) or back-end load (withdrawal charges) are charged with Save+ (MICF).
Is Mahaana Save+ (MICF) Shariah-complaint?
Yes, please view the documents under Financial Literature > Shariah Compliance.
Are there any taxes when I invest in Mahaana Save+ (MICF)?
For tax filers: 15% tax on capital gains (CGT) on withdrawals and 25% on dividend gains (dividend deposited directly into bank account). For non-filers: 15% tax on capital gains (CGT) on withdrawals and 50% on dividend gains (dividend deposited directly into bank account).
How do I receive my returns?
Returns are automatically added to your account on a daily basis. You can view your profits by logging into the Mahaana webapp.
How long does it take to deposit or withdraw cash?
Deposits and withdrawals are usually processed within 1-2 business days.
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