iShares launches Islamic ETFs

BGI's ETF provider iShares has today launched three tracker funds that aim to allow Muslim investors ...

BGI’s ETF provider iShares has today launched three tracker funds that aim to allow Muslim investors to track markets without contravening Islamic law. 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 Isl...