Karachi, The Pakistan Stock Exchange (PSX) hosted a ceremonial gong-ringing today to celebrate the listing of the Mahaana Islamic Index Exchange Traded Fund (MIIETF), managed by Mahaana Wealth Limited (MWL). The event featured notable figures including Mr. Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan (SECP), and H.E. Mr. Henrik Persson, Ambassador of Sweden to Pakistan.

According to Pakistan Stock Exchange Limited, the MIIETF was officially listed on March 11, 2024. It aims to track the performance of the Mahaana Islamic Index (MII30), which includes the top 30 Shariah-compliant companies based on market capitalization and liquidity metrics from the KMI All share index. This ETF is the second Islamic equity ETF introduced by PSX, catering specifically to Shariah-conscious investors.

The listing ceremony was marked by speeches emphasizing the significance of this new financial instrument in developing the Islamic capital markets and leveraging technology to enhance investor access to diverse financial products. Mr. Farrukh H. Khan, MD and CEO of PSX, highlighted the ETF as a pivotal achievement that aligns with PSX's strategic objectives to introduce innovative products, simplify investor access to markets through technology, and bolster the growth of Islamic finance.

Mr. Muhammad Shamoon Tariq, Co-Founder and CEO of Mahaana Wealth Limited, discussed the firm's role in regulatory enhancements and technological advancements in Pakistan's financial sector. He noted the collaborative efforts with SECP, PSX, and other stakeholders to democratize investment opportunities and provide retail investors with access to the stock market through Shariah-compliant instruments.

The event not only celebrated the launch of the MIIETF but also underscored the strengthening economic ties between Sweden and Pakistan, with both Mr. Saeed and Mr. Persson expressing optimism about future collaborations in sectors like green technology, IT, and textiles.

The ceremony concluded with the distribution of mementos to the dignitaries, symbolizing the shared commitment to fostering an inclusive financial ecosystem and expanding the scope of Islamic finance.