MOEX to Launch Russia's First Islamic Investment Index

Moscow Exchange (MOEX), together with Sberbank, has planned to launch two new indices, MOEX Shariah Index (ticker MXSHAR) and MOEX Shariah Total Return Index (ticker MXSHARTR).

The indices are designed to enable Shariah-compliant investors to invest in instruments created in accordance with Shariah principles of financial and other economic activities.

The index is based on the selection of securities of issuers that have passed a verification procedure for compliance with Islamic principles. Issuers are selected by a Shariah Supervisory Board established by Sberinvest Middle East Limited, headquartered in the United Arab Emirates. Sberinvest Middle East Limited also ensures that the securities are screened for compliance with Shariah law.

Igor Marich, member of the Executive Board, Managing Director for Sales and Business Development at Moscow Exchange​, said: "Moscow Exchange's objective is to provide access to the Russian financial market for all categories of investors and provide them with a wide range of investment opportunities. We have created Russia's first index of Islamic investments together with Sber, which we thank for their cooperation and hope that the index will become a benchmark for the creation of new exchange instruments".

Oleg Ganeev, Senior Vice President of Sberbank, said: "Together with Moscow Exchange, we have presented reliable investment instruments for a vast and important category of Islamic-compliant clients. The new products fit perfectly into Sberbank's global strategy of responsible business conduct: I am confident that 'halal indices' will also be popular with a wide range of investors".