KARACHI: Al Meezan Investments, Pakistan’s largest & only full-fledged Shariah compliant Asset Management company launched the country’s first Islamic ETF under the moniker Meezan Pakistan Exchange Traded Fund (MP-ETF). The ETF will trade at the stock exchange under the ticker ‘MZNP-ETF’. The product offers significant growth potential due to its transparent nature, low costs and embedded ability to track the index.
MZNP-ETF is an SECP-approved product which consists of a basket of securities which tracks Meezan Pakistan Index (MZNPI) as the underlying benchmark index of the fund. MZNPI tracks approximately 70 percent of KMI-30, on average. The ETF is available through stockbrokers (TREC Holders) and trade like stocks with real time pricing during trading hours on an exchange.
The investor can either trade ETFs like a stock by buying it at a low price and selling it at a high price to make a profit, or can receive dividends from the securities that comprise the ETF basket. On the occasion of the MZNP-ETF launch ceremony held at PSX, Mohammad Shoaib, CFA, CEO Al Meezan Investment stated “Alhamdulillah, we are extremely excited at the launch of this unique product which has gained massive popularity globally.”—PR
Copyright Business Recorder, 2020
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