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Mahaana Islamic Index ETF


Asset class


Management style


Risk / reward scale


Expense ratio






Key facts

Net Assets
PKR 146.3 mn
Launch Date
March 29, 2023
Fund Category
Open-end Shariah Compliant Money Market Fund
Investment Objective
Investment objective is to provide competitive returns with maximum possible capital preservation by investing in low risk and liquid Shariah-compliant authorized instruments.
Three months average deposit rates of three (3) AA rated Islamic Banks or Islamic windows of conventional banks as selected by MUFAP
Fund Auditors
BDO Ebrahim & Co.
Fund Stability Rating
Fund Manager
Mubashir Zuberi, CFA
Management Fee
Up to 1% of average net assets during the month
Authorized Participant
JS Global Capital Limited

Product summary

MICF is a Shariah compliant cash fund that primarily invests in cash and cash equivalents, such as short-term government bonds and money market instruments. Cash funds are often used as a short-term investment vehicle or as a way to preserve capital while earning a small return.

They are typically considered low-risk investments, as they are invested in highly liquid assets, such as Islamic Sukuks, that are not subject to significant price fluctuations.


Total returns

as of 4 May 2023
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No data is currently available

Portfolio composition

Sector allocation

as of 4 May 2023
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Top holdings

as of 4 May 2023
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Fund literature

Offering document

Report Name
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Frequently asked questions

What is an ETF (Exchange Traded Fund)?

An ETF is a basket of shares that has been put together in one stock. When you buy an ETF, you’re essentially buying one stock (ETF) which invests in multiple shares. It is a great vehicle for investors to get access to a diversified portfolio.

Are ETFs safer than individual stocks?

In a way, yes! Since ETFs invest in multiple sectors, at any given time some sectors can be doing well, while others might not be so your overall risk is low. However, if the market is not doing well, the ETF will be impacted as well.

What is MIIETF?

MIIETF, Mahaana Islamic Index Exchange Traded Fund is an ETF listed on the Pakistan Stock Exchange. It is Pakistan’s first broader index Islamic ETF that tracks the performance of top 30 Shariah-compliant companies in Pakistan.

Is MIIETF Shariah-compliant?

Yes, MIIETF invests only in Shariah-compliant assets.

What are the benefits of investing in MIIETF?

Diversified portfolio: Exposure to a basket of stocks: Oil & Gas Exploration, Fertilizer, Cement, Power Generation and Distribution, Commercial Banks and other sectors.

Long-term growth potential: ETFs invest in companies across various sectors that are positioned for growth in the long term. Factors like technological advancements, increasing global demand, and economic development can drive these companies' value, potentially benefiting the ETF's overall performance.

Lower costs: ETFs tend to have lower expense ratios, resulting in reduced fees for investors over time.

: ETFs provide real-time pricing and transparency of holdings, allowing you to see what assets you own at any given time.

Tax Efficiency: ETFs tend to have lower turnover ratios compared to actively managed funds. This means fewer taxable events.

How can I buy ETFs?

You will need to contact your PSX broker to buy an ETF.

Do ETFs provide dividends?

ETFs pay dividends annually as and when deemed fit by the board of directors. These are paid out from the gains on investments from the underlying basket of shares.