Abu Dhabi-based alternative asset manager Lunate Capital has launched what it claims to be the world’s first sharia-compliant ETF tracking Indian stocks.
The Chimera S&P India Shariah ETF will be listed on the Abu Dhabi Stock Exchange and offer investors direct access to the Bombay Stock Exchange, which is currently ranked as the fifth largest stock exchange.
The ETF will include large-cap Indian stocks such as Infosys, Tata Consultancy Services and Reliance Industries.
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The subscription period will run from January 12-17.
Lunate Capital was created in September 2023 by Abu Dhabi-based asset manager Chimera Investment.
With more than US$50 billion of assets under management, Lunate is one of the biggest alternative investment firms in the region.