Mahaana Wealth Mahaana Islamic Index ETF (MIIETF)
Islamic Investing in Azad Kashmir
Pakistan's second Shariah-compliant ETF (PSX ticker MIIETF, listed March 11, 2024) and already the larger one: Rs 1,985 million at June 2026 versus Rs 1.44 billion for Al Meezan's 2020-vintage MZNPETF. It charges 0.75% (1.15% TER) with zero front-end and back-end loads and tracks the MII30 - Mahaana's own index of the top 30 free-float-weighted Shariah-compliant stocks with over PKR 10 million average turnover - with bi-annual recomposition. Twelve-month return to June 2026 was +34.86% against the index's +38.24%, and the FMR transparently publishes the tracking difference: -3.38pp over one year, -14.48pp since inception. Top holdings: Fauji Fertilizer 16.51%, Engro 7.29%, Hub Power 7.15%, Meezan Bank 7.12%. Authorized participants are JS Global Capital and Adam Securities.
MIIETF gets the structure right - no loads, sensible fee, exchange liquidity, honest reporting - and its growth past the incumbent Al Meezan ETF in two years shows the demand was real. But an index fund's one job is tracking its index, and by Mahaana's own published table an inception investor is 14.48 points behind the MII30. Some of that is scale-up friction that should compress as assets grow (the one-year gap of -3.38pp is already narrower), and publishing the number at all is to Mahaana's credit. Our practical read: prefer it for its cost structure and improving trajectory, but check the latest FMR's tracking table before buying, and treat MZNPETF as the live alternative quote. Either way you are accepting a 30-stock, fertilizer-heavy market - that's Pakistan's investable halal universe today.
Pros
- True no-load passive halal equity - cheaper all-in than loaded open-end index funds and transparent about its own shortcomings
- Publishes its tracking-difference table in the FMR - a level of self-criticism no Pakistani rival matches
- From an all-Islamic digital AMC, so the wrapper, the manager and the index universe are all Shariah-native
- Authorized-participant structure (JS Global Capital, Adam Securities) with CDC trusteeship and BDO audit - institutional plumbing despite the startup manager
Cons
- The self-published tracking gap is the story: -3.38pp over one year and -14.48pp cumulative since inception versus its own MII30 index - an investor since launch captured meaningfully less than the index promised
- Concentration risk: Fauji Fertilizer 16.5% and the top seven names ~58% of the fund
- Mahaana maintains the MII30 itself - the same self-indexing governance nuance as Al Meezan's ETF
- Fund webpage data renders as JS placeholders; the monthly FMR PDF is the authoritative source
Start Investing
Visit Mahaana Wealth's website to learn more and get started.
See pricing & termsOpens Mahaana Wealth's site, no obligation
Product Details
Expense Ratio
1.15% (June 2026 FMR, with levies)
Min Investment
1 unit via PSX brokers (NAV Rs 17.23 at June 30, 2026)
Fee
0.75% p.a.; TER 1.15%; zero front-end and back-end loads (June 2026 FMR)
Mahaana Wealth in Azad Kashmir
Mahaana Wealth's Mahaana Islamic Index ETF (MIIETF) is accessible to investors in Azad Kashmir, structured as Index-based: Islamic funds and certificates in Pakistan are national digital products, so region matters less than fees and governance. The product reports an expense ratio of 1.15% (June 2026 FMR, with levies). Minimum investment: 1 unit via PSX brokers (NAV Rs 17.23 at June 30, 2026). Mahaana Wealth operates across Pakistan, so Azad Kashmir residents have full access to this product.
Shariah Compliance & Oversight
Shariah oversight via Al Hilal Shariah Advisors under Mahaana's all-Islamic mandate; the MII30 index universe comprises Shariah-compliant stocks, free-float market-cap weighted, maintained by Mahaana itself.
2026-08-05
Why It's Halal
MIIETF is Pakistan's second Shariah-compliant ETF (PSX-listed March 11, 2024) and the larger of the two by mid-2026: Rs 1,985 million against Al Meezan MZNPETF's Rs 1.44 billion. It tracks the MII30 - the top 30 Shariah-compliant stocks by free-float market cap with average annual turnover above PKR 10 million - so every holding has passed Islamic screening before entering the index, under the oversight of Al Hilal Shariah Advisors at a firm with no conventional products. Costs are genuinely passive: 0.75% management fee, 1.15% TER, and zero front or back loads, cheaper all-in than any loaded open-end Islamic index fund. The critical number a halal investor must hold alongside the convenience is the tracking record, which Mahaana itself publishes with unusual honesty: -3.38 percentage points against the MII30 over the year to June 2026 and -14.48 points cumulative since inception - wide for an index product, driven by fees, cash drag and recomposition friction during scale-up. The portfolio is also concentrated the way a 30-stock frontier index inevitably is: Fauji Fertilizer alone was 16.51% at June 2026 and the top seven holdings roughly 58%.
Regional Availability
Mahaana Wealth serves all of Pakistan
✓ Available nationwide including Azad Kashmir
Start Investing: Mahaana Wealth
Visit Mahaana Wealth's website to get current terms, check eligibility for Azad Kashmir, and get started today.
See pricing & termsOpens Mahaana Wealth's site, you're not committing to anything
Compare With Other Options in Azad Kashmir
25 other investing products available to Azad Kashmir residents
Halal Investment Growth Estimate
See how your halal investments could grow over time
Total Value
Rs 343,778
Contributed
Rs 130,000
Growth
Rs 213,778
Hypothetical projection. Past performance does not guarantee future results.
Compare FundsFrequently Asked Questions
What is Mahaana Wealth Mahaana Islamic Index ETF (MIIETF)?
Why is Mahaana Wealth Mahaana Islamic Index ETF (MIIETF) considered halal?
Is Mahaana Wealth Mahaana Islamic Index ETF (MIIETF) available in Azad Kashmir?
What Shariah oversight does Mahaana Wealth have?
What financing structure does Mahaana Wealth Mahaana Islamic Index ETF (MIIETF) use?
How do I apply for Mahaana Wealth Mahaana Islamic Index ETF (MIIETF) in Azad Kashmir?
What halal finance options reach Azad Jammu & Kashmir?
What should overseas Kashmiri families use?
Halal Finance Score
Are your investments Shariah-screened? Check all 7 categories.
Average score: 63/100
Stay Updated
Get halal investment insights and fund launches
Free. No spam. Unsubscribe anytime.
Explore All Investing in Azad Kashmir
Compare every investing option side-by-side with filters, ratings, and Shariah oversight details.
Reviewed quarterly and updated for major content changes.
Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.