Earlier this month, Hejaz Financial Services announced the launch of two new ETFs looking to be the first Australian funds that are Sharia-compliant. The funds are, the Hejaz Equities Fund (ISLM) and the Hejaz Property Fund (HJZP), and they’re available for trade on the ASX. Both funds are Sharia-compliant meaning they will not invest in companies in sectors of tobacco, gambling, adult entertainment, conventional banking, weapons, and pork. ISLM invests in developed markets seeking results similar to the MSCI World Islamic Index Benchmark and HJZP invests in global REITs and is benchmarked to the MSCI World REITs Index.
Hejaz Financial Launches Two Sharia-Compliant ETFs
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Both ETFs look to provide Muslims and ethically conscious investors access to more options.