Al Meezan Investments Meezan Pakistan ETF (MZNPETF)
Islamic Investing in Punjab
One of two Shariah-compliant ETFs on the Pakistan Stock Exchange (ticker MP-ETF, launched October 2020): Rs 1.44 billion at June 30, 2026, charging 0.50% actual (band 0-0.75%) with no load - Al Meezan's cheapest equity product. It fully replicates the in-house Meezan Pakistan Index (at least 85% invested, semi-annual reconstitution) and returned +39.59% in FY26 versus the benchmark's +41.80%, with NAV at Rs 17.81 on August 3, 2026 and since-inception +122.46%. You buy it like a stock through any PSX broker - one unit minimum - paying brokerage commission and spread instead of a load. Suited to brokerage-account investors who want the same Usmani-board screening as the Rs 70 billion flagship at a sixth of the fee.
The Meezan Pakistan ETF is the quiet value pick on Al Meezan's shelf: 0.50%, no load, intraday liquidity, and the same Usmani-board screening as the Rs 70bn flagship. Its FY26 +39.59% roughly matched the market the active fund trailed. Two caveats keep it from being a slam dunk. First, at Rs 1.44 billion it is small, and its tracking record is uneven (-8.2pp in FY24, -2.2pp in FY26). Second, Al Meezan owns the index it tracks - a governance nuance Mahaana's rival MIIETF shares, so PSX investors currently have no third-party-indexed halal ETF at all. If you have a brokerage account, this or Mahaana's MIIETF should be your starting point for passive halal equity; compare their tracking gaps before choosing.
Pros
- Cheapest halal equity exposure from Pakistan's largest AMC - 0.50% with no load, vs 3%+2% on the flagship active fund
- Screened under the most senior Shariah board in the market with published methodology
- Intraday PSX liquidity - buy and sell like a stock through any brokerage account
- Semi-annual reconstitution with a published replication rule (at least 85% in constituents) keeps the mandate mechanical, not discretionary
Cons
- Self-indexing: Al Meezan maintains the benchmark its own ETF tracks - index composition is a house decision, not an independent standard
- Small at Rs 1.44 billion (0.2% of the firm's Rs 702bn AUM), and FY24's tracking gap was a wide 8.2 percentage points
- FY26 still lagged its own benchmark by ~2.2pp (+39.59% vs +41.80%) - fee plus cash drag compound in a rising market
- Requires a brokerage account, bid/ask spread and brokerage commissions - the load saving isn't free
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Product Details
Min Investment
1 unit via PSX brokers (NAV Rs 17.81 on Aug 3, 2026)
Fee
0.50% p.a. actual (band 0-0.75%); no front-end load on-exchange (fund page, Aug 3, 2026)
Al Meezan Investments in Punjab
Al Meezan Investments's Meezan Pakistan ETF (MZNPETF) is accessible to investors in Punjab, structured as Index-based: Islamic funds and certificates in Pakistan are national digital products, so region matters less than fees and governance. Minimum investment: 1 unit via PSX brokers (NAV Rs 17.81 on Aug 3, 2026). Al Meezan Investments operates across Pakistan, so Punjab residents have full access to this product.
Shariah Compliance & Oversight
Firm-wide board of Justice (Retd.) Mufti Muhammad Taqi Usmani (Chairman), Dr. Muhammad Imran Ashraf Usmani (SECP/IFD/SA/005) and Sheikh Essam M. Ishaq; the ETF's underlying Meezan Pakistan Index is constituted from Shariah-compliant equities by Al Meezan itself.
2026-08-05
Why It's Halal
MZNPETF is one of only two Shariah-compliant ETFs listed on the Pakistan Stock Exchange. Every constituent passes the Islamic screens before entering the Meezan Pakistan Index - a basket of Shariah-compliant stocks selected for market capitalization and traded value - and the fund replicates that index with at least 85% of assets in component securities at all times. Because the manager is Al Meezan, the screening applies the firm's published six-test KMI methodology (halal core business, debt below 37% of assets, non-compliant investments below 33%, non-compliant income below 5% with pro-rata charity purification, illiquid assets at least 25%, price above net liquid assets per share), under the named board chaired by Justice (Retd.) Mufti Muhammad Taqi Usmani. The structural honesty question is not religious but governance: Al Meezan constructs and maintains the very index its ETF tracks, so 'benchmark' and 'manager' are the same company. That is disclosed and common in nascent ETF markets, but it means index changes are house decisions. For cost-conscious halal investors the wrapper still matters - 0.50% is the cheapest equity exposure on Al Meezan's shelf, and buying on-exchange avoids the 2% load its open-end index fund charges.
Regional Availability
Al Meezan Investments serves all of Pakistan
✓ Available nationwide including Punjab
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Halal Investment Growth Estimate
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Total Value
Rs 343,778
Contributed
Rs 130,000
Growth
Rs 213,778
Hypothetical projection. Past performance does not guarantee future results.
Compare FundsFrequently Asked Questions
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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.