Mahaana Wealth is what happens when someone builds a Pakistani asset manager the way robo-advisers were built elsewhere: no branches, a ten-minute account opening, Rs 1,000 minimums, algorithmic portfolio recommendations, and not a single conventional product. It is Pakistan's first SECP-licensed digital-only AMC, holding both asset management and investment advisory licenses. As of the June 2026 fund manager report it runs about Rs 6.4 billion across three all-Islamic funds for more than 10,000 users. Small next to Al Meezan's Rs 702 billion, but it has already changed what things cost.
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Who is behind it
Founder and CEO Muhammad Shamoon Tariq is a CFA charterholder who managed frontier-market money at Sweden's Tundra Fonder. The backers are unusually institutional for a Pakistani fintech: IGI Holdings (the Packages group company, which also co-brands the retirement fund through IGI Life), VEF (the listed emerging-markets fintech investor), and Tundra Fonder co-founder Mattias Martinsson. Custody sits with the Central Depository Company, and withdrawals can only go to the client's own bank account. Shariah oversight is outsourced to Al Hilal Shariah Advisors, the external firm whose council is headed by Mufti Irshad Ahmad Aijaz, rather than an in-house scholar board.
Save+: the flagship cash product
Save+ is a consumer wrapper over the Mahaana Islamic Cash Fund (MICF), a Shariah-compliant money market fund launched March 2023 holding Rs 3.7 billion at June 2026. It charges a 0.60% management fee with a 0.88% year-to-date total expense ratio, the cheapest in its peer set (Al Meezan's equivalent charges 1.10%, NBP's up to 1.25%). FY26 return: 10.17% against a 9.86% benchmark, with an AA+ stability rating from PACRA and a 39-day weighted average maturity. The portfolio at June 2026: 35.65% bank deposits, 26.50% Musharaka, 20.38% short-term corporate sukuk, 16.44% government Ijarah sukuk. Returns accrue daily in the app; withdrawals take one to two business days.
MIIETF: the index ETF with a tracking problem
The Mahaana Islamic Index ETF listed on the PSX in March 2024 and reached Rs 1.99 billion by June 2026, overtaking Al Meezan's four-years-older MZNPETF. It charges 0.75% (1.15% TER) with zero loads and tracks the MII30, Mahaana's own index of the top 30 free-float-weighted Shariah-compliant stocks. Now the honest part, which Mahaana itself publishes: the fund returned +34.86% in the year to June 2026 while the MII30 returned +38.24%, a tracking difference of -3.38 points for the year and -14.48 points cumulatively since inception. That is wide for an index product. The portfolio is concentrated (Fauji Fertilizer 16.51%, top seven holdings around 58%), which is inherent to a 30-stock screened index, not a Mahaana quirk.
The retirement fund: cheapest VPS in the country
The Mahaana IGI Islamic Retirement Fund, launched May 2025 with IGI Life, is the first app-native Islamic voluntary pension scheme and the cheapest: zero front and back loads, and management fees of 1.0% on the debt and money market sub-funds and 2.0% on equity, against 3% loads and 2.5% equity fees at the incumbents. The retirement page publishes full salaried and non-salaried tax slab tables showing exactly how the Section 63-style credit works; contribute 20% of income and the worked example for a Rs 500,000-a-month earner cuts monthly tax from Rs 85,458 to Rs 68,368. Year-one performance was mixed: the money market and debt sub-funds landed near benchmark, while the equity sub-fund returned +30.28% against the KMI-30's +39.18%. See how it stacks up on the HalalWallet retirement hub.
The flags an honest review has to raise
Five things. The ETF's cumulative tracking gap (-14.48 points since March 2024) is the biggest substantive issue; watch whether it narrows as the fund scales. The retirement equity sub-fund holds 10.7% of its assets in Mahaana's own MIIETF, a related holding, and IGI is simultaneously fund manager, takaful provider and equity backer; disclosed, but worth knowing. The fund pages render key data via JavaScript only, so the monthly FMR PDFs are the reliable source. The constitutive documents permit a front-end load of up to 1.5% on the cash fund even though the app applies none. And Roshan Digital Account support is not confirmed anywhere on the site, a real gap for overseas Pakistanis that Al Meezan, NBP and UBL all cover.
Pricing pressure: the industry effect
Whatever happens to Mahaana itself, its pricing has already mattered. A 0.60% cash fund, a zero-load ETF and a no-load pension with 1% to 2% fees give every fee conversation in Pakistan a reference point. The incumbents' loads of 3% and equity fees of 2.5% on pensions now have a visible, regulated, SECP-licensed alternative. Competition of this kind tends to be good for everyone except the fee line.
Who Mahaana fits
Choose Mahaana if you want the lowest-friction start in halal investing: Rs 1,000, one app, daily profit visibility, and honest published numbers including the unflattering ones. The cash fund is genuinely competitive on both fee and FY26 result. Be more cautious with the ETF if tight index tracking is your priority, and skip Mahaana for now if you need RDA onboarding or branch service. Compare it against every alternative on the HalalWallet investing hub.
Frequently asked questions
Is Mahaana regulated and is my money safe from the company? Mahaana is an SECP-regulated NBFC holding asset management and investment advisory licenses, and a MUFAP member. Fund assets are held by the Central Depository Company as trustee, separate from the company, and withdrawals route only to your own verified bank account. Market risk on the funds remains yours.
Is Mahaana actually Shariah-compliant? All three funds are certified by Al Hilal Shariah Advisors, with a published fatwa and a Shariah audit certificate in the cash fund's documents. The outsourced-advisor model differs from Al Meezan's in-house board but is standard among Pakistani AMCs; HBL, ABL and Alfalah use the same firm.
What returns does Save+ actually pay? The underlying fund returned 10.17% in FY26 and 19.21% annualized since its March 2023 launch, a figure inflated by the 2023-24 high-rate era. Returns move with short-term profit rates; treat the current month's rate in the app as the realistic guide, not the since-launch number.
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How is Save+ taxed? Mahaana's own FAQ is unusually plain: filers pay 15% capital gains tax on withdrawals and 25% withholding on dividends; non-filers pay 50% on dividends. Becoming a filer roughly doubles your net dividend outcome.
Can overseas Pakistanis use Mahaana? Roshan Digital Account support is not confirmed on Mahaana's site as of August 2026. Overseas Pakistanis wanting halal investments today are better served through RDA channels at Al Meezan, Meezan Bank or UBL, or through Islamic Naya Pakistan Certificates.