ShariahShares Serves Muslims’ Investment Needs

By
Devon Layne
July 17, 2012
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ShariahShares, the Irvine, Calif.-based sponsor, looks to provide for Muslim investors by creating ETFs that invest solely in companies that follow Shariah law—moral codes of Islam—according to an article on Investor’s Business Daily.

Even though the target audience is Muslim investors, non-Muslim shareholders shouldn’t be discouraged, said Saeid Hamedanchi, founder and CEO of ShariahShares, in the interview with Investor’s Business Daily.

As of now, ShariahShares will begin with ETFs based on the S&P 500 Shariah Index, but may branch out to other Shariah-compliant companies as time progresses, the article said.

To read the interview, head over to news.investors.com.

ETF DAILY DATA

The consumer discretionary fund 'XLY' garnered a $1 billion-plus blast of creation on Tuesday, March 3. Still, a falling market offset net inflows and pulled total U.S.-listed ETF assets down to $2.092 trillion.

'VCR,' the consumer discretionary fund, paced Vanguard's issuer-leading inflows on Tuesday, March 3, as total U.S.-listed ETF assets ended the day at $2.092 trillion.

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