Karachi Stock Exchange, in collaboration with Meezan Bank Limited, held the formal launch of KMI All Share Islamic Index today, 18th November 2015, with Finance Minister Senator Muhammad Ishaq Dar inaugurating the event.
Meezan Bank has long been the innovating force in capital markets, structuring Sukuk and providing guidance and advisory services to domestic and international clients.
KMI All Share Index marks a new chapter in the history of Pakistani capital markets, allowing the global population, access to all the Shariah compliant companies in Pakistan. The KMI All Share would not only increase the traded volume among considerably illiquid companies, it would also act as a catalyst in bringing to the forefront the importance of Shariah compliant investment avenues.
Mr Ishaq Dar (Finance Minister) spoke about the improved state of the economy, citing fiscal deficit and foreign reserve data. He made it clear that the finance ministry and the government are committed towards making a level playing field for conventional and Islamic banking. He stressed the importance of Islamic finance as a practical as well as religious way of doing business. He agreed with an earlier statement by Mr Irfan Siddiqui, President and CEO of Meezan Bank, about the urgency and importance of listing Sukuk in order to improve liquidity management.
Deputy Governor of State Bank, Mr Saeed Ahmad, reminded everyone present, which included CEOs, fund managers, and dignitaries from government and regulatory authorities, that the launch of KMI All Share Index marks another important step in the growth of Islamic banking and finance. All the speakers, including SECP Chairman Mr. Zafar Hijazi and KSE Chairman Mr. Muneer Kamal, praised this effort by KSE and Meezan Bank and hoped that all stakeholders would build on their earlier joint successes and make the dream of an Islamic economy a reality.
MBL’s Islamic Financial Advisory Services (IFAS) has been working with top asset management companies for years, as well as Karachi Stock Exchange, in order to screen all listed companies for KMI 30 and now, KMI All Share Index. The KMI All Shares Index comprises of 225 Shariah Compliant Scrips out of a Total of 431 eligible scrips constituting around 54% of the eligible listed stocks at KSE.