KMI-30 Explained: PSX's Flagship Shariah-Compliant Index
KMI-30, the All Shares Islamic Index, and MZNPI are the three official Shariah-compliant benchmarks on Pakistan Stock Exchange. Here's how each is built, weighted, and recomposed — sourced from PSX and Al Meezan's own methodology brochures.
The three Shariah-compliant indices
Each index serves a different purpose — broad coverage, the flagship benchmark, or a concentrated top-12 basket.
KSE-Meezan Index
Pakistan Stock Exchange & Al Meezan Investment Management
- Base period
- June 30, 2008
- Base value
- 15,000 points
- Recomposition
- Semi-annual — June 30 (implemented Nov 15) and Dec 31 (implemented May 15)
Top 30 Shariah-compliant companies by free-float market capitalization and impact cost (50% weight each). Free-float capitalization per constituent capped at 12% of overall index capitalization.
KMI-30 Index Methodology (PSX)All Shares Islamic Index of Pakistan
Karachi Stock Exchange & Meezan Bank Limited
- Base period
- December 31, 2014
- Base value
- 15,000 points
- Recomposition
- Semi-annual — December 31 (implemented May 15) and June 30 (implemented Nov 15)
Comprises every Shariah-compliant company listed on PSX that passes both the six Shariah screens and technical eligibility filters (no minimum count cap, unlike KMI-30's fixed 30).
All Shares Islamic Index Brochure (PSX)Meezan Pakistan Index
Pakistan Stock Exchange & Al Meezan Investment Management
- Base period
- September 1, 2020
- Base value
- 10,000 points
- Recomposition
- Semi-annual, implemented 10 working days after each KMI-30 recomposition
Tracks the top 12 KMI-30 constituents ranked by average traded value (60% weight) and free-float market capitalization (40%). Per-stock weight capped 3.5%–15%; per-sector weight capped at 25%.
MZNPI Brochure (PSX)KMI-30 vs. KSE-100: what's the difference?
KSE-100 is PSX's broad market benchmark — the 100 largest companies by market capitalization, with no Shariah screening applied. KMI-30 (the KSE-Meezan Index) tracks only the 30 largest Shariah-compliant companies that pass all six screening ratios. A company can be in KSE-100 without being in KMI-30 — conventional banks and insurers are the clearest example, since they fail the qualitative business screen regardless of size or performance.
For a full worked comparison, see our KSE-100 vs. KMI-30 article. To see which individual stocks currently qualify, use the Shariah-eligible stock screener, and to understand exactly why a stock qualifies or doesn't, see the six screening ratios explained.
Original source documents
Every claim on this page is drawn from these official PSX and Al Meezan publications. Download and read them directly — we'd rather you verify than just trust us.
KMI-30 Index Methodology
Official free-float methodology, eligibility criteria, and corporate action adjustments.
All Shares Islamic Index of Pakistan
Full screening methodology for PSX's broadest Shariah-compliant index.
Meezan Pakistan Index (MZNPI) Brochure
Methodology for the 12-stock Shariah-compliant benchmark derived from KMI-30.
PSX Notice N-065 — MZNPI Recomposition
A real recomposition notice showing incoming/outgoing constituents and updated weights.
Shariah Disclosures by Listed Companies
PSX notice N-1419 listing company-level Shariah compliance disclosures.
PSX Investors Zone does not issue fatawah or Shariah rulings. These documents are published by Pakistan Stock Exchange and Al Meezan Investment Management Limited. For a personal ruling on your own investments, consult a qualified Shariah advisor.