First ETF in South Africa certified sharia-compliant
South African investment bank Absa Capital’s NewGold exchange-traded fund has been certified sharia-compliant, a first for a South African ETF.
NewGold, the only commodity-based ETF in the South Africa launched in November 2004, was declared sharia-compliant by an independent sharia supervisory board appointed by Absa Islamic Banking in response to increased demand for sharia investment products.
“The demand for sharia investments is certainly escalating in South Africa,” says Vladimir Nedeljkovic, head of ETFs and index products at Absa Capital. “There is an estimated R1.8 billion of annual investible assets held by Muslim investors and
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