KARACHI: On Monday, trading got underway in the recently listed Mahaana Islamic Index Exchange Traded Fund (MIIETF), which is run by Mahaana Wealth Ltd (MWL).
According to the Pakistan Stock Exchange (PSX), the ETF was designed to replicate the performance of the Mahaana Islamic Index (MII30), which is regularly rebuilt and rebalanced to give investors dividend income and long-term appreciation.
The index’s purpose is to evaluate the top 30 Sharia-compliant businesses that were chosen from KMI. Each component of the share index that is based on the free float market capitalization and has at least exchanged Rs. 10 million worth of shares each day on average over the previous 12 months.
This is the second Islamic Equity ETF that enables investors who follow Sharia law to purchase shares in the top 30 most liquid Sharia-compliant companies.
The ETF’s market maker and authorized participant is now JS Global Capital.
The PSX, according to its CEO and Managing Director Farrukh H. Khan, is pleased to announce the listing of the Mahaana Islamic Index ETF, the second Sharia-compliant and ninth ETF overall. This will be a beneficial supplement to the market’s selection of dividend-paying and long-term appreciation-focused products. Investors are urged to invest in exchange-traded funds (ETFs) due to the growing selection available.
The co-founder and CEO of Mahaana Wealth Ltd., Muhammad Shamoon Tariq CFA, stated that his company, an AMC that exclusively operates online, is dedicated to creating investment solutions specifically for individual investors.
