KARACHI: The Pakistan Stock Exchange (PSX) on Monday announced the listing of the Mahaana Islamic Index Exchange-Traded Fund (MIIETF), managed by Mahaana Wealth Limited (MWL), marking the start of trading for the fund’s units effective March 11, 2024.
The ETF aims to track the performance of the Mahaana Islamic Index (MII30), whereby the Index shall be periodically rebalanced and reconstituted to provide long-term capital appreciation and dividend yield to investors.
The Index is designed to measure the performance of the top 30 Shariah-compliant companies selected from KMI All-Share Index constituents based on the free-float market capitalization, having at least an average daily value traded of Rs10 million in the last 12 months.
JS Global Capital has been appointed the authorized participant and market maker of the ETF. Speaking at the occasion of the listing of the ETF, Farrukh H. Khan, MD & CEO of PSX, stated, “Pakistan Stock Exchange is proud to list the Mahaana Islamic Index ETF, which is the second Shariah-compliant and the ninth ETF to be listed on the Exchange. This will be a valuable addition to the dividend and long-term capital appreciation-focused options available in the market. With the widening range of ETFs to choose from, investors are encouraged to invest in ETFs available on the Pakistan Stock Exchange. We are very happy to note the use of technology by Mahaana AMC to open investment avenues for retail investors.”
Muhammad Shamoon Tariq, co-founder & CEO of Mahaana Wealth Limited, added, “As a digital-only AMC, Mahaana is committed to developing investment products tailored for retail investors. This ETF provides diversified exposure to the Pakistani stock market, accessible to retail investors through their brokerage accounts at a much lower cost compared to existing options in the market.”
