Pakistan's first Co-Branded Islamic Index "KSE - Meezan Index (KMI) will be launched at Karachi Stock Exchange (KSE) from the first of Ramazan (today). In this regard, KSE and Al Meezan Investment Management Limited (Al Meezan Investments) signed a Memorandum of Understanding (MoU) to launch the index to its family of indices.
The MoU was signed at a ceremony held at the KSE premises here on Monday and the contract was signed by Adnan Afridi, MD, KSE, Shehzad Chamdia, Director KSE, Mohammad Shoaib CFA, CEO, Al Meezan Investments and Ariful Islam, Chairman, Al Meezan Investments on behalf of their respective organisations in the presence of senior KSE and Al Meezan Investments officials.
According to the agreement, Al Meezan Investments will provide its Shariah expertise, guidelines skills and stocks screening towards the activities with regard to the launching and continuation of the index process, while KSE will provide maintenance and dissemination support for the index.
The KMI comprises 30 companies which will qualify for the KMI Shariah Screening Criteria and will be weighted by float adjusted market capitalisation, subject to a 12 percent cap on weights of individual securities. The KMI will measure the performance of these 30 companies traded on Karachi Stock Exchange, with periodic balancing and adjustments to ensure utmost Shariah compliance and Benchmark stability. Therefore, the KSE Meezan Index will provide investors a suitable benchmark for comparing the returns on their Shariah compliant equity investments.
On the occasion Adnan Afridi, MD, KSE highlighted the importance of an Index for an Exchange and stated that KMI is very important for both KSE and Al-Meezan since KSE was looking for a partner with an organisation having the strength and expertise to create a Shariah compliant product in these times when Islamic products are developing very fast globally and for Pakistan it is a natural consequence. Hence Al-Meezan has the reputation and expertise so it is a natural partnership. MD KSE highlighted the importance of the Islamic Index for Pakistan and said the Islamic index will increase investor base, which is vital for both the growth of the capital markets and the economy of Pakistan.
The Chief Executive of Al Meezan Investments, Muhammad Shoaib CFA, informed that Al Meezan Investments, which is the only Shariah Compliant Asset Management Company in Pakistan and is dedicated to providing Shariah compliant investment solutions, adheres to Shariah guidelines laid down by the Shariah Supervisory Board of Meezan Bank. The Shariah Board is chaired by eminent Shariah scholar Justice Mufti Muhammad Taqi Usmani.
The 30 companies include Fauji Fertiliser Bin Qasim , OGDC, Nishat Mills, PSO, Pak Oilfields, Fauji Fertiliser, Pak Petroleum, Engro Chemical, PTCL, Hub Power, Fauji Cement, National Refinery, Bosicor Pakistan, Sui Northern Gas, DG Khan Cement, Shell Pakistan, ICI Pakistan, Pak Refinery, Attock Refinery, Pak Suzuki, Maple Leaf Cement, BOC (Pak), Attock Petroleum, Indus Motor, Thal Limited, Unilever, Abbott (Lab), Kohat Cement, Pioneer Cement and Sui Southern Gas Company.
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