BGI’s ETF provider iShares has today launched three tracker funds that aim to allow Muslim investors ...
The ETFs: iShares MSCI World Islamic, Emerging Markets Islamic and USA Islamic, will track three of MSCI’s range of Shari’ah trackers that screen stocks based on business activity and financial ratios.
In addition to using MSCI’s screened benchmarks, the group has established Barclays Plc Shari’ah Panel who will try to ensure the ETFs track the indices in accordance with Islamic law.
Rory Tobin, CEO for iShares Europe, said: “For an Islamic investor there is a strong sense of comfort that Shari’ah law has been enforced.”
He added that the group will look to launch more Islamic ETFs onto the London Stock Exchange over the next 12 months and that the Shari’ah Panel will oversee fund launches within the bank’s other investment arms.
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