The BMA Empress Cash Fund is a professionally managed cash fund, which aims to minimize risk, maximize liquidity and generate a competitive rate of return. This will be achieved by concentrating portfolio allocation in AA rated banks and short duration sovereign rated securities.
BECF is an open-end Fund.
The benchmark of the Fund is 70% 3M PKRV + 30% 3M Bank Rate
Yes, the Fund is listed on the Pakistan Stock Exchange
The par value of the Fund is Rs.10
Yes, besides regular investments, BECF offers Systematic Investment and Systematic Withdrawal.
Systematic Investment is an income scheme which allows investors to invest small amounts of money in the Fund at regular intervals. Unit Holders may choose to systematically invest on a monthly, quarterly or half yearly basis.
In Systematic Withdrawal, Unit Holders can choose to redeem from their accounts at periodic intervals i.e. monthly, quarterly or half yearly. There are two types of systematic withdrawal (i) fixed option and (ii) appreciation option.
Fixed Option enables the Unit Holder to redeem a fixed amount on a monthly, quarterly or half yearly basis.
Appreciation Option enables the Unit Holder to redeem an amount equal to or a specific percentage (%) of the periodic (i.e. monthly, quarterly or half yearly) appreciation or NAV growth, if any.
Yes, BECF charges upto 1% front end load on Regular Units and 0.5% on Systematic Units, but there is no back end load.
The minimum investment amount for both Regular and Systematic Investment is Rs.5000 and there is no limit on subsequent investments.
Yes, up to four joint holders are allowed in a single account
The current value of a unit holder’s investment can be calculated by multiplying the number of units held with the current day’s Net Asset Value (NAV). The Fund’s daily offer and redemption price will be available on the BMA website “www.bmafunds.com”.
For investments in BECF, the investor has to first register themselves with the Management Company by filling out an Account Opening form (individual or institutional).
After registration, investors can invest in BECF by filling out the Investment Form.
Individual investors will have to submit a copy of CNIC of the principal account holder and joint holders (if any) and Zakat Declaration Form (not applicable in case of non-Muslims).
In case of institutional investors, Board Resolution, Memorandum and Articles of Association, list of authorized signatories and copy of CNIC of authorized signatories has to be submitted.
Payment is acceptable in the form of crossed cheque, demand-draft or pay order. The instrument has to payable to “MCFSL Trustee – BMA Empress Cash Fund”.
By default, units will be issued in electronic form, however, unit holders can request for physical certificates by filling out a certificate request form and paying a fee Rs. 100/- per certificate.
The Fund charges a management fee of 0% on the daily Net Assets till 6th Feb 2018, after that 0.25%, of the daily Net Assets will be applicable with effect from 7th Feb 2018.
Yes, Cash Dividend paid to investors will be subject to deduction of 10% withholding tax.
However, no withholding tax will be deducted in case the management company
distributes Bonus Units. Please note that the systematic withdrawal or income plan is not subject to any taxes.
Regulatory Authority and third parties
The Securities & Exchange Commission of Pakistan (SECP) is the regulating authority for the Fund.
Muslim Commercial Financial Services (Pvt.) Ltd is the trustee of the Fund.
The legal adviser of the fund is KMS Law Associates.
EY Ford Rhodes Sidhat Haider & Co Chartered Accountants.
Technology Trade Private Limited is the Transfer Agent of the Fund.