KARACHI: The National Investment Trust Limited (NITL) has launched NIT-Islamic Money Market Fund (NIT-IMMF) with the initial public offering (IPO) scheduled for September 20 to 22, 2021, a statement said on Friday.

It is an open-ended fund to meet the growing demand for the Shariah-compliant investment products, which primarily aims at investing in the diversified portfolios of the Shariah-compliant money market and debt instruments, duly supervised by Shariah Adviser Mufti Zeeshan Abdul Aziz.

The objective of this fund is to cater to the requirements of those investors who wish to earn Riba-free returns, while seeking maximum possible preservation of their capital.

NITL managing director Adnan Afridi said: “This new fund will serve the investors who prefer exposure in short-term, low risk and highly liquid Shariah-compliant investment avenues.”

NITL will soon launch Pakistan’s first Social Impact Fund, which will be dedicated to finance strategic and financially sustainable social initiatives, it said.

NIT manages assets of Rs158 billion as of August 31, 2021, with the total number of investors around 54,000, it added.