KARACHI: Pakistan Stock Exchange has listed the Mahaana Islamic Index Exchange Traded Fund (MIIETF) managed by Mahaana Wealth Limited (MWL).
The commencement of trading of units of MIIETF has taken place with effect from March 11, 2024. The ETF aims to track the performance of Mahaana Islamic Index (MII30) whereby the Index shall be periodically rebalanced and reconstituted in order to provide long term appreciation and dividend yield to investors.
The Index is designed to measure the performance of top 30 Shariah compliant companies selected from KMI All share index constituents based on the free float market capitalization, having at least average daily value traded of PKR 10 million in last 12 months.
This is the second Islamic Equity ETF which will give Shariah conscious investors to invest in top 30 most liquid Shariah complaint companies through this ETF. JS Global Capital has been appointed the Authorised Participant and Market Maker of the ETF.
Speaking at the occasion of listing of the ETF, Farrukh H. Khan, MD and CEO PSX said 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 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 Pakistan Stock Exchange.
“We are very happy to note the use of technology by Mahaana AMC to open investment avenues for retail investors,” he said. “I acknowledge the support of the SECP and congratulate Mahaana Wealth Limited, JS Global Capital as well as the teams at PSX for yet another useful investment instrument made available for investors,” he added.
Muhammad Shamoon Tariq CFA, Co-Founder and CEO Mahaana Wealth Limited said, “We’re delighted to introduce the first broad index Islamic ETF, consisting of 30 stocks.”
As a digital-only AMC, Mahaana is committed to developing investment products tailored for retail investors, he said and added this ETF provides diversified exposure of the Pakistani stock market, accessible to retail investors through their brokerage accounts at a much lower cost compared to existing options in the market.
Copyright Business Recorder, 2024
Comments
Comments are closed.