Pakistan Stock Exchange (PSX) held a gong ceremony to formally mark the listing of the Mahaana Islamic Index Exchange Traded Fund (MIIETF) managed by Mahaana Wealth Limited (MWL).
Akif Saeed, Chairman SECP, and Henrik Persson, Ambassador of Sweden to Pakistan, graced the occasion as Chief Guests. The gong was struck by the Chief Guests amidst the presence of Muhammad Shamoon Tariq CFA, Co-Founder and CEO Mahaana Wealth Limited; Farrukh H. Khan, MD and CEO Pakistan Stock Exchange and senior management of SECP, PSX and MWL.
Welcoming the guests at the occasion, MD and CEO PSX, stated, ‘We welcome you all to the Pakistan Stock Exchange at the gong ceremony to formally mark the listing of the Mahaana Islamic Index ETF. I would like to commend Mahaana Wealth Limited for spearheading this initiative and for their commitment to leveraging technology to democratize access to investment opportunities. As the first licensed digital investment advisor in Pakistan, Mahaana Wealth’s pioneering efforts are helping to re
shape the investment landscape and contribute to the development of the digital economy.
He further stated, ‘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 innovative investment instrument made available for investors’.
Muhammad Shamoon Tariq CFA, Co-Founder and CEO Mahaana Wealth Limited, added, ‘Mahaana Wealth was created with a vision to bring Pakistan’s financial market at par with the global markets, given Pakistan’s low financial penetration stemming from lack of appropriate regulations and outdated technological infrastructure’.
He added, ‘After close collaboration with SECP, PSX, CDC and brokerage industry, Mahaana wealth assisted the regulator to update regulations and now provides seamless account opening of mutual funds, stock market and retirement accounts by retail investors. We are now working on introducing retail based investment products and Mahaana Islamic Index ETF is our first equity product fo
r retail investors to take exposure to the market through a diversified shariah compliant index tracker. We aim to work closely with brokers to distribute the ETF and jointly launch investor education drives. I am grateful to the SECP and PSX for all their support in our journey.’
What is MIETF?
MIIETF was listed on the Exchange with effect from March 11, 2024. The ETF aims to track the performance of Mahaana Islamic Index (MII30) whereby the Index is 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 the top 30 Shariah-compliant companies selected from KMI All share index constituents based on the free float market capitalization, having at least an average daily value traded of Rs. 10 million in the last 12 months.
This is the second Islamic Equity ETF which will give Shariah-conscious investors the ability to invest in the top 30 most liquid Shariah-compliant companies through this ETF.
JS Global Capital has been appointed the Authorised Participant and Market Maker of the ETF.
Chairman SECP termed the launch a significant step forward in the development of the Islamic financial market in the country, and Mahaana marks the first of the new breed of AMCs, graduating from the SECP’s Regulatory SandBox. As guardians of financial integrity and stability, Akif Saeed said, it is our duty to foster an environment conducive for the growth of capital markets while providing investors with opportunities that align with their investment goals.
Swedish Ambassador Looks For Partnerships
Henrik Persson, Ambassador of Sweden to Pakistan, stated, ‘Sweden and Pakistan are enjoying very good bilateral relations. And there is a strong presence of Swedish companies in Pakistan. The potential is high for more economic partnerships between the Swedish and the Pakistani business community in many areas, including Greentech, IT and digitalisation as well as in textiles. Today’s event with a celebration of Mahaan
a, a company with roots in Sweden, entering the Pakistani Stock Exchange marks an exciting milestone in our economic relations.’
The gong ceremony was followed by the distribution of mementos to Chairman SECP; Swedish Ambassador to Pakistan, and MD and CEO PSX.
Source: Pro Pakistani