The Pakistan Stock Exchange (PSX) has listed the Mahaana Islamic Index Exchange Traded Fund (MIIETF) managed by Mahaana Wealth Limited (MWL). The commencement of trading of units of MIIETF has taken place with effect from March 11, 2024, stated a press release issued on Monday.

Mahaana Wealth Limited launched the Mahaana Islamic Cash Fund on 29 March 2023. The Investment objective is to provide competitive returns with maximum possible capital preservation by investing in low risk and liquid Shariah-compliant authorized instruments.

Mahaana Wealth, Pakistan’s pioneering digital asset management company operating within the SECP regulatory sandbox, has sealed a partnership with IGI Life Insurance, a leading insurance provider with 29 years of local experience offering life, health, takaful and wealth management solutions, to collectively introduce a Pension Fund (Voluntary Pension Scheme).

Pakistani fintech startup Mahaana Wealth Ltd. raised $2.1 million from venture capital firms VEF AB and SparkLabs Group, as well as local insurer IGI Holdings, riding a surge in investment appetite in the world’s fifth most populous nation.

Backed by Mattias Martinsson, co-founder of Swedish fund manager Tundra Fonder, and other international investors, Mahaana Wealth also recently closed a $2.1-million pre-seed round, which will contribute directly to meeting regulatory capital requirements, the company stated.

IGI Life Insurance is set to launch a pension fund in partnership with Mahaana Wealth, Pakistan’s first digital wealth management company.

A seasoned international technology investor, Sameer Chishty, who has recently become Chairman and CEO of Bol Network, admitted that there were no clear answers to ‘Why invest in Pakistan’ – the topic selected for a panel discussion organised by the Harvard Club of Pakistan .