A gong ceremony was held at the Pakistan Stock Exchange (PSX) to formally commemorate the listing of the Mahaana Islamic Index Exchange Traded Fund (MIIETF) managed by Mahaana Wealth Limited (MWL). The event, graced by Chief Guests Akif Saeed, Chairman SECP, and H.E. Mr. Henrik Persson, Ambassador of Sweden to Pakistan, witnessed the striking of the gong by the dignitaries, including Muhammad Shamoon Tariq CFA, Co-Founder & CEO Mahaana Wealth Limited, and Farrukh H. Khan, MD & CEO Pakistan Stock Exchange.
The MIIETF, listed on the Exchange since March 11, 2024, aims to track the performance of the Mahaana Islamic Index (MII30), which consists of the top 30 Shariah-compliant companies selected from the KMI All share index constituents. This initiative provides Shariah-conscious investors with the opportunity to invest in a diversified portfolio of Shariah-compliant companies.
JS Global Capital has been appointed as the Authorized Participant and Market Maker of the ETF, further enhancing its accessibility and liquidity in the market.
In his remarks, Farrukh H. Khan, MD & CEO PSX, commended Mahaana Wealth Limited for spearheading the initiative and leveraging technology to democratize access to investment opportunities. He highlighted the strategic objectives of PSX, emphasizing the development of new products, utilization of technology for investor access, and the advancement of Islamic capital markets.
Muhammad Shamoon Tariq CFA, Co-Founder & CEO Mahaana Wealth Limited, expressed gratitude to SECP, PSX, CDC, and the brokerage industry for their support in updating regulations and facilitating seamless account opening processes. He emphasized Mahaana Wealth’s vision to bring Pakistan’s financial market at par with global standards.
Chief Guest Akif Saeed, Chairman SECP, lauded the launch as a significant step forward in the development of Islamic financial markets in Pakistan. He emphasized the SECP’s commitment to fostering an environment conducive to capital market growth while aligning with investors’ goals.
H.E. Henrik Persson, Ambassador of Sweden to Pakistan, highlighted the milestone as a testament to the strong economic relations between Sweden and Pakistan. He expressed optimism about further economic partnerships between the two countries, particularly in sectors such as greentech, IT, digitalization, and textiles.
The gong ceremony concluded with the distribution of mementos to the distinguished guests, acknowledging their contributions to the event and the broader financial landscape.
