Al Meezan Investments KSE Meezan Index Fund (KMIF)

Open-end index tracker of the KMI-30, Pakistan's benchmark Shariah-compliant equity index, from Al Meezan: Rs 8.23 billion at June 30, 2026, launched May 2012. It keeps at least 85% of assets in index constituents and charges 0.75% actual (band 0-1%), a quarter of the flagship active fund's 3%; FY26 returned +38.09% against the index's +39.18%, a 1.1-point gap. Entry is Rs 5,000 initial / Rs 1,000 subsequent with fully digital and Roshan Digital Account onboarding, under the same Taqi Usmani-chaired board and published six-screen methodology as the rest of the shelf. The flaw is the 2% front-end load - a charge neither PSX Islamic ETF carries - which erodes the passive cost case in year one.

For investors who want index returns without opening a brokerage account, KMIF is the cleanest tool in Pakistan: genuine KMI-30 replication, a 1.1-point FY26 tracking gap, and Rs 5,000 digital onboarding backed by Al Meezan's governance. The 2% front-end load is the sore point - it exists nowhere in the ETF versions of this same exposure and erodes the passive cost argument in year one. If you already have (or will open) a PSX brokerage account, the Meezan Pakistan ETF or Mahaana's MIIETF deliver similar screening with zero load; if app-based fund investing is as far as you'll go, KMIF remains the best passive halal equity building block on any open-end shelf.