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New Thematic Fund Launches With Holdings Steered by Sharia Law

  • UMMA ETF will focus on global firms embodying Islamic ideals
  • A product ‘for everyone who views the world that way’: Abedi
Wahed debuts first Shariah-compliant and ESG-aware ETF on Nasdaq.

Wahed debuts first Shariah-compliant and ESG-aware ETF on Nasdaq.

Source: Business Wire

Investors in the sizzling thematic investing space are getting a new Islamic faith-based ETF.

The Wahed Dow Jones Islamic World ETF (ticker UMMA) starts trading Friday and tracks an index of companies globally that meet certain Shariah law requirements or that are consistent with Islamic principles. The fund, whose ticker roughly translates as “community” from Arabic, won’t include any U.S.-based firms and will have a focus on environmental, social and governance factors.