Shariah-compliant mutual fund launched in South Africa
Shariah40, an exchange-traded fund aimed at South Africa’s 400000 Muslim households, started trading on the JSE on Monday.
The initial public offering for the new top 40 index ETF opened on February 23 and raised R27-million ahead of listing.
The ETF is part of Absa Capital’s range. Ongoing screening of the sharia compliance of the ETF is conducted by Absa’s Islamic banking sharia supervisory board.