Mahaana Wealth Mahaana Save+ (Islamic Cash Fund)

The consumer face of the Mahaana Islamic Cash Fund - Pakistan's cheapest Islamic money market fund at a 0.60% management fee (0.88% TER YTD) - wrapped in a Rs 1,000-minimum savings app with sub-10-minute onboarding. Net assets were Rs 3,698.4 million at the June 2026 FMR with NAV Rs 107.18, an AA+ PACRA stability rating and a 39-day weighted average maturity; FY26 returned 10.17% against a 9.86% benchmark, and since the March 2023 launch 19.21% annualized. The June 2026 book: 35.65% bank deposits, 26.50% Musharaka, 20.38% short-term corporate sukuk and 16.44% GoP Ijarah - more corporate credit than a pure government fund. Custody sits at CDC with withdrawals only to the investor's own bank account; Shariah oversight by Al Hilal Shariah Advisors.

Save+ is the product that dragged Pakistan's halal cash category into price competition: 0.60% fees, Rs 1,000 entry, daily profit visibility, and FY26 returns that beat both the benchmark and most bigger rivals. The robo-style app (risk questionnaire, auto-invest, rebalancing) is the closest thing Pakistan has to a Wealthfront-class experience, and the governance stack - SECP dual licenses, CDC custody, PACRA AA+, Al Hilal certification - is institutionally real despite the firm's size. Grown-up caveats: the sukuk book takes corporate credit risk that a lazy reader might mistake for government paper, the paper load provision contradicts the no-fee marketing, and the visible Shariah audit certificate needs updating. For savings you might touch this year, this is our benchmark halal option; verify the current FMR before parking very large sums.