converting USD to PKR; possible short term investment or holding for more
hi!
i have some USD in my wallets that have been sitting idle for some time now. apart from some of it, i want to exchange the amount to PKR and then park it in a money market fund [shariah compliant]. the timeline for parking it is not decided now. it could be 2 to 3 months or longer [dependent on the fact that i may have to make a big purchase in the upcoming months].
i have been eyeing the UBL al ameen money market fund. however when i went to the bank and got talking to the manager, they suggested UBL Ameen Zindagi Account (AZA) which i can make with my father and get a good return instead of a mutual fund.
so i guess im looking for suggestions here. i would have kept this in mahaana but i have the basic account there and have my emergency fund there.
i do want to add that apart from initial investment, going forward i will be adding a fixed amount to it every month.