Mahaana Wealth Mahaana IGI Islamic Retirement Fund (MIIRF)
Islamic Retirement & Pension in Punjab
Pakistan's first app-native Islamic VPS, launched May 26, 2025 by Mahaana Wealth jointly with IGI Life: Rs 713.4 million at June 2026 across equity (Rs 372.5 million), money market (Rs 199.9 million) and debt (Rs 141.0 million) sub-funds. It undercuts every incumbent structurally - zero front-end and back-end loads with fees of 1.0% on debt and money market and 2.0% on equity, against 3% loads and 2.5% equity fees at Al Meezan, NBP and UBL - and publishes full salaried and non-salaried tax-slab tables with worked examples of the Section 63 credit. First-year results: money market +9.17% and debt +10.17% near benchmark, equity +30.28% versus the KMI-30's +39.18%, partly explained by a 10.7% holding in Mahaana's own MIIETF and scale-up cash drag. Takaful bundles in at Rs 1 million balances via IGI Life; platform minimum Rs 1,000.
MIIRF does to pensions what Save+ did to savings: strips the loads, publishes the math, and makes the incumbents look expensive. A 25-year-old contributing monthly will keep meaningfully more of their compounding here than behind a 3% load and 2.5% equity fees - that arithmetic is the product's core argument and it is sound. The counterweights are youth and self-dealing optics: one year of history, an equity sleeve that trailed its benchmark by 8.9 points while holding the firm's own ETF, and IGI Life wearing three hats. None of these is disqualifying, all are disclosed, and the fee advantage is permanent while scale-up drag is (probably) temporary. For young digital-native savers we think this is the right default; savers close to retirement age may prefer the incumbents' depth until MIIRF has a few more years on the board.
Pros
- Structurally cheapest way to compound a halal pension in Pakistan - zero loads matter enormously over 30 years
- Best-in-market tax transparency: worked examples and complete slab tables instead of a vague '20% credit' claim
- All-Islamic digital house with CDC trusteeship and A.F. Ferguson audit behind the app
- Fully app-managed contributions and reallocations - no forms, agents or branch dependency in the pension workflow
Cons
- Year-one equity sub-fund returned +30.28% vs the KMI-30's +39.18% - an 8.9pp shortfall, with 10.7% of the sleeve held in Mahaana's own MIIETF (a related holding)
- IGI Life is simultaneously fund manager, takaful provider and Mahaana equity backer - a disclosed but real related-party concentration
- Tiny scale: Rs 713mn total, and the equity sub-fund's June MTD TER spiked to 4.48% - small-fund fixed costs are visible
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Product Details
Structure
Voluntary Pension Scheme (VPS)
Best For
Younger app-first savers optimizing lifetime fee drag on their halal pension, comfortable with a one-year-old scheme
Mahaana Wealth in Punjab
Mahaana Wealth's Mahaana IGI Islamic Retirement Fund (MIIRF) accepts contributions from Punjab residents, structured as a Voluntary Pension Scheme (VPS). Islamic VPS funds are national products, and contributions qualify for the Section 63 tax credit of up to 20% of taxable income. Mahaana Wealth operates across Pakistan, so Punjab residents have full access to this product.
Shariah Compliance & Oversight
Shariah Advisor: Al Hilal Shariah Advisors (per the June 2026 FMR key-information tables), within Mahaana's all-Islamic product mandate. Co-branded with IGI Life, which the FMR lists as fund manager - IGI is also an equity backer of Mahaana, a disclosed related-party structure.
2026-08-05
Why It's Halal
MIIRF is Pakistan's first app-native Islamic Voluntary Pension Scheme, launched May 26, 2025 with IGI Life. Its three sub-funds hold only Shariah-compliant instruments - the equity sleeve was 96.55% screened equities at June 2026, the debt sleeve 57.81% GoP Ijarah sukuk plus Islamic bank deposits, the money-market sleeve predominantly Islamic deposits - certified by Al Hilal Shariah Advisors at a house with no conventional products. What it changes economically is the fee architecture of Pakistani pension saving: zero front-end and back-end loads against the 3% loads charged by Al Meezan, NBP and UBL, and management fees of 1% on debt/money market and 2% on equity against incumbent caps up to 2.5%. It also sets the market's standard for tax transparency, publishing full salaried and non-salaried slab tables with worked examples of the Section 63-style credit (contribute 20% of income and watch the monthly tax bill drop). The honest year-one caveats: the equity sub-fund returned +30.28% against the KMI-30's +39.18% - an 8.9-point shortfall partly explained by its 10.7% holding of Mahaana's own MIIETF and cash drag during scale-up - and at Rs 713 million total it is 1.5% the size of Meezan Tahaffuz.
Regional Availability
Mahaana Wealth serves all of Pakistan
✓ Available nationwide including Punjab
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NationwideFrequently Asked Questions
What is Mahaana Wealth Mahaana IGI Islamic Retirement Fund (MIIRF)?
Why is Mahaana Wealth Mahaana IGI Islamic Retirement Fund (MIIRF) considered halal?
Is Mahaana Wealth Mahaana IGI Islamic Retirement Fund (MIIRF) available in Punjab?
What Shariah oversight does Mahaana Wealth have?
What financing structure does Mahaana Wealth Mahaana IGI Islamic Retirement Fund (MIIRF) use?
How do I apply for Mahaana Wealth Mahaana IGI Islamic Retirement Fund (MIIRF) in Punjab?
Which Islamic banks finance homes in Punjab's cities?
Does Punjab's provincial bank offer Islamic products?
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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.