KARACHI: Trading in the newly listed Mahaana Islamic Index Exchange Traded Fund (MIIETF), managed by Mahaana Wealth Ltd (MWL), began on Monday.

The Pakistan Stock Exchange (PSX) said the ETF was aimed to track the performance of the Mahaana Islamic Index (MII30) whereby the index would be periodically rebalanced and reconstituted to provide long-term appreciation and dividend yield to investors.

The index is designed to measure the performance of the top 30 Sharia-compliant companies selected from KMI All share index constituents based on the free float market capitalisation, having at least an average daily value traded of Rs10 million in the last 12 months.

This is the second Islamic Equity ETF which will give Sharia-conscious investors to invest in the top 30 most liquid Sharia-complaint companies through this ETF.

JS Global Capital has been appointed the authorised participant and market maker of the ETF.

PSX Managing Director and CEO Farrukh H. Khan said the bourse was proud to list the Mahaana Islamic Index ETF, which is the second Sharia-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.”

Muhammad Shamoon Tariq CFA, co-founder and CEO Mahaana Wealth Ltd, said as a digital-only AMC, Mahaana is committed to developing investment products tailored for retail investors.

Published in Dawn, March 12th, 2024