Russell Investments and Jadwa Investment have launched a new Shariah compliant offering called the Russel-Jadwa Shariah Index family, according to a release from Russell.
The Russell-Jadwa Index will contain more than 2,700 securities from 62 countries, and was screened from the 10,000 security Russell Global Index universe.
The new index family will be divisible by region, country, developed and emerging markets, capitalization size, sector, industry and style.
Andrew Doman, CEO of Russell and senior managers for both Russell and Jadwa, said he expects $1 billion in assets to follow the new index family.
The index will be approved and monitored by a Shariah board comprising of the following scholars: Chairman Abdullah Al Mutlaq as well as members Mohammed Daud Bakar, Mohammed Ali El Gari and Shaikh Esam Mohammed Ishaq.
Specific sector and financial-based filters will be applied to exclude businesses that offer products and services that are considered unacceptable or non-compliant according to Shariah law.
The Russess-Jadwa Shariah Index will be available mid-summer.