Staff Reporter
Karachi
Al Meezan Investments, Pakistan’s Largest & only full-fledged Shariah compliant Asset Management company launched the country’s first Islamic ETF on 6th October 2020 under the moniker Meezan Pakistan Exchange Traded Fund (MP-ETF).
The ETF will trade at the stock exchange under the ticker ‘MZNP-ETF’. The product offers significant growth potential due to its transparent nature, low costs and embedded ability to track the index. MZNP-ETF is an SECP-approved product which consists of a basket of securities which tracks Meezan Pakistan Index (MZNPI) as the underlying benchmark index of the fund.
MZNPI tracks approximately 70% of KMI-30, on average. The ETF is available through stockbrokers (TREC Holders) and trade like stocks with real time pricing during trading hours on an exchange. The investor can either trade ETFs like a stock by buying it at a low price and selling it at a high price to make a profit, or can receive dividends from the securities that comprise the ETF basket.
