Russia’s largest lender sees bigger role for Islamic finance as it rolls out first halal ETF
Russia’s largest lender sees a bigger role for Islamic finance in its 2022 strategy after launching the country’s first ever halal exchange traded fund (ETF) last month in a bid to fill the gap for Islamic financial products.
State-owned Sberbank via Sber Asset Management rolled out Russia’s first ever Sharia compliant ETF called Halal Investments towards the end of November.
“The ETF is based on the MOEX Shariah Total Return Index designed by Moscow Exchange (MOEX) together with Sberbank,” said Behnam Gurbanzada, chief Islamic finance officer at Sberinvest Middle East. “The index is composed of the 15 most heavily traded stocks of Russian companies on MOEX. Our main idea was to create a Sharia compliant ETF for the local market.”
Continue reading
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Joined by 12,000+ Islamic economy professionals
Create a free account
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
