KARACHI: The Pakistan Stock Exchange (PSX) marked the listing of the Mahaana Islamic Index Exchange Traded Fund (MIIETF) with a gong ceremony on Tuesday.
The fund, managed by Mahaana Wealth Limited (MWL), is designed to track the performance of the Mahaana Islamic Index (MII30).The MII30, which is periodically rebalanced and reconstituted, measures the performance of the top 30 Shariah-compliant companies selected from KMI All share index constituents. Selection is based on free float market capitalization, with a minimum average daily value traded of Rs10 million in the last 12 months.
This is the second Islamic Equity ETF in the market, offering Shariah-conscious investors the opportunity to invest in the top 30 most liquid Shariah-compliant companies. JS Global Capital has been appointed as the authorised participant and market maker of the ETF.
Farrukh H. Khan, MD & CEO PSX, welcomed the guests, including Akif Saeed, Chairman SECP, and Henrik Persson, Swedish Ambassador to Pakistan.
“This initiative meets three key strategic objectives of PSX to develop the capital markets. Firstly, to bring new products for investors; secondly, to use technology to make it easy for investors to access the capital markets, an area PSX is fully focused on; and, thirdly, to develop Islamic capital markets. So this hits the sweet spot and I am sure this will be a very successful product,” Khan said.
Muhammad Shamoon Tariq CFA, Co-Founder and CEO Mahaana Wealth Limited, said that Mahaana Wealth was created with a vision to bring Pakistan’s financial market at par with the global markets, addressing Pakistan’s low financial penetration due to lack of appropriate regulations and outdated technological infrastructure.