April 23, 2024

PSX holds gong ceremony to mark listing of Mahaana Islamic Index ETF

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). Mr. Akif Saeed, Chairman SECP, and H.E. Mr. 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 Mr. Muhammad Shamoon Tariq CFA, Co-Founder & CEO Mahaana Wealth Limited; Mr. Farrukh H. Khan, MD & CEO Pakistan Stock Exchange and senior management of SECP, PSX & MWL. The gong ceremony included speeches by the Chief Guests as well as Mr. Shamoon Tariq and Mr. Farrukh Khan. The ceremony was followed by distribution of mementos to Mr. Akif Saeed, Chairman SECP; H.E. Mr. Henrik Persson, Swedish Ambassador to Pakistan, and Mr. Farrukh Khan, MD & CEO PSX. The gong ceremony concluded with Q&A/ media bites recorded by the media personnel present there who asked questions from the distinguished guests about the newly listed ETF on the stock market.

MIIETF is the second Islamic Equity ETF which will give Shariah conscious investors ability to invest in top 30 most liquid Shariah compliant companies. The ETF aims to track the performance of Mahaana Islamic Index (MII30) which 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 capitalisation, having at least average daily value traded of PKR 10 million in last 12 months. MIIETF was listed on the Exchange with effect from March 11, 2024. JS Global Capital was appointed the Authorised Participant and Market Maker of the ETF.