PSX Introduces Shariah-Compliant ETF
By
March 15, 2024
The Pakistan Stock Exchange (PSX) has launched a new investment opportunity called the Shariah-compliant Mahaana Islamic Index Exchange Traded Fund (MIIETF), now open for trading to everyone.
This ETF follows the performance of the Mahaana Islamic Index (MII30), which includes the top 30 Shariah-compliant companies chosen from the KMI All Share Index. These companies are selected based on their market value and trading volume, aiming to offer long-term growth and dividends to investors.
Managed by Mahaana Wealth Limited (MWL), this ETF provides a chance for Shariah-conscious investors to invest in the top Shariah-compliant companies. It’s the second Islamic Equity ETF and the ninth ETF overall introduced by PSX.
JS Global Capital has been appointed as the authorized participant and market maker for this new ETF.
According to Farrukh H Khan, MD and CEO of PSX, this ETF offers investors a way to diversify their portfolios and tap into the potential of Pakistan’s stock market. Muhammad Shamoon Tariq, Co-Founder and CEO of Mahaana Wealth Limited, highlighted that this ETF is accessible to retail investors at a lower cost compared to other options in the market, making it an attractive choice for those looking to invest in the stock market.
