First Sharia-Compliant Exchange-Traded Fund Available Soon in Canada

Islamic financial services company UM Financial Inc. and Jovian Capital Corp. hope to list Canada´s first sharia-compliant exchange-traded fund (EFT) in the next week. In compliance with Islamic law, the index avoids firms involved in financial services alcohol, gambling and pork products. It would target Canada´s growing Muslim population (approximately one million) as well as foreign investors. In recent years, sharia-compliant EFTs have emerged in Britain, India, Singapore, Dubai, Malaysia and South Africa.