US:
Seattle-based investment group Falah Capital is set to launch a range of
Shariah compliant index funds in the second half of this year. The funds
will be structured as Islamic exchange-traded funds (ETF) that will match
the requirements of specific institutional and individual investors.
According to Dr H Robert Heller, the chairman of the advisory board of
Falah Capital and former governor of the US Federal Reserve Bank, the
ETFs will track the movements of the Russell-IdealRatings Islamic
Indexes, which are known to provide stable, if not greater returns than
most actively managed Islamic equity funds. “The timing is very
attractive and the evolution of Islamic ETFs is starting to swing higher,
which makes our proposition very exciting for investors in multiple
jurisdictions,” conveyed Heller.
The Russell-IdealRatings Islamic Indexes comprises of eight global-equity
market indices. The indices include approximately 3,200 securities from
45 countries, covering emerging and developed regions. The index completely
objective as it is constructed using a rules-based, transparent
methodology with the index membership reflecting the actual market. The
indices are screened on a quarterly basis to ensure Shariah compliance.
Falah Capital has appointed international Shariah advisory firm, Shariyah
Review Bureau (SRB), as its Shariah advisor to ensure the structure and
operations of their funds are in compliance with Shariah principles.
Mohamed Donia, Falah Capital advisory board member and CEO of
IdealRatings, said: “Hiring a Shariah advisor like SRB is very important
to the nature of our work especially with their strong track record in
Shariah compliance management and an international footprint in the
Islamic financial industry. Further they have a one stop solution which
effectively reduces overall costs and gives us one place to go to answer
any questions.”
Asserting his confidence in the venture Yasser Dahlawi, CEO of SRB,
explained: “In growing numbers, businesses both large and small around
the world are unprecedentedly looking at adopting Shariah compliant
moralities to promote their products and services. We look forward to
leading Falah Capital’s Islamic ETFs vision and helping them expand and
materialize their Shariah compliant business growth strategy around the
globe.”
|
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.