iShares creates first Islamic ETFs

Professional Adviser
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Barclays Global Investors, via its iShares exchange-traded funds division, has launched three Shari'ah-compliant ETFs on the London Stock Exchange.

The funds are based on indices compiled by MSCI and offer exposure to emerging markets, the US and the world. Guidance for building the products and the indices on which they are based came from Barclays’ recently created Shari’ah panel of three Islamic scholars. Unlike conventional MSCI indices, the new iShares have a higher exposure to the energy, materials and technology sectors than the financial sector, due to the Shari’ah screens. Total expense ratios on the funds range from 0.5% for the iShares MSCI USA Islamic fund to 0.85% for the iShares MSCI Emerging Markets Islamic fund. The f...

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