KARACHI: The Pakistan Stock Exchange (PSX) hosted a gong ceremony to celebrate the listing of the Mahaana Islamic Index Exchange Traded Fund (MIIETF), managed by digital wealth management company Mahaana Wealth Limited (MWL) on Monday.
The MIIETF was officially listed on the PSX on March 11, 2024. This ETF is designed to track the performance of the Mahaana Islamic Index (MII30), which is regularly rebalanced and reconstituted to offer long-term appreciation and dividend yield to investors.
The index comprises the top 30 Shariah-compliant companies selected from the KMI All Share Index constituents based on free float market capitalisation, with an average daily value traded of at least Rs10 million in the last 12 months.
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This marks the second Islamic Equity ETF in Pakistan, providing Shariah-conscious investors with the opportunity to invest in the top 30 most liquid Shariah-compliant companies through this ETF. JS Global Capital has been appointed as the Authorized Participant and Market Maker of the ETF.
The gong ceremony was attended by guests including Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan (SECP), and Henrik Persson, Ambassador of Sweden to Pakistan. The gong was struck by the chief guests in the presence of Muhammad Shamoon Tariq CFA, Co-Founder and CEO of Mahaana Wealth Limited, Farrukh H. Khan, MD and CEO of PSX, and senior management representatives from SECP, PSX, and MWL. Behind the screens: SECP probe into State Life’s equity investment process opens Pandora’s box at PSX?
Farrukh H. Khan highlighted that the listing of the MIIETF aligns with PSX’s strategic objectives of introducing new products for investors, leveraging technology for easy access to capital markets, and developing Islamic capital markets.
He expressed confidence in the success of this new product, stating that it meets a critical need in the market.
Muhammad Shamoon Tariq CFA, Co-Founder & CEO of Mahaana Wealth Limited, highlighted the company’s vision to modernise Pakistan’s financial market and increase financial inclusion.
Akif Saeed, Chairman of SECP, described the launch of the MIIETF as a significant step forward in the development of the Islamic financial market in Pakistan.
Henrik Persson, Ambassador of Sweden to Pakistan, lauded the economic partnership between Sweden and Pakistan, highlighting the presence of Swedish companies in Pakistan. He expressed optimism about further economic collaborations between the two countries, particularly in areas such as greentech, IT, digitalization, and textiles.
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