Interfax. Kazakhstan General Newswire: Kazakhstan's ITS exchange launches Shariah-compliant index fund
The Kazakhstan-based international trading platform ITS has launched trading of the first Shariah-compliant index ETF (exchange-traded fund) in Central Asia and the Caucasus, ITS Shariah, under the ticker ITSS, the exchange said in a Tuesday press release.
"The ITSS ETF's investment strategy is to replicate the holdings and performance of the ITS Shariah index as closely as possible. Its portfolio consists of 30 of the largest global companies whose operations and finances meet the criteria set by the Accounting and Auditing Organization for Islamic Financial Institutions," the press release says.
As of the start of trading, the ETF's holdings included global tech leaders such as Apple, Microsoft, Nvidia, AMD and Tesla; the oil companies ExxonMobil and Chevron; the pharmaceutical giants Merck & Co, AstraZeneca and Abbott Laboratories; the popular consumer goods manufacturers Procter & Gamble and Johnson & Johnson; the global payment systems Visa and Mastercard; as well as many other global companies, according to the press release.
The ITSS ETF is the second index fund in Central Asia established under the jurisdiction of the Astana International Financial Center (AIFC) and traded on the ITS platform and the Astana International Exchange (AIX).
"Shares in the ITSS ETF offer access to a broad range of global halal stocks for both experienced investors and professional managers. ITSS is a liquid and balanced instrument offering excellent sectoral diversification with a significant allocation of IT companies. The launch of this new instrument marks an important step in developing a new architecture for the financial system across of the entire region," said ITS CEO Chingiz Kanapyanov.
In November 2024, ITS launched an ETF (exchange-traded fund) based on its ITS World Index, allowing investors to trade shares in a diversified portfolio of 50 major global companies.
ITS (International Trading System) is a multilateral trading facility (MTF) aimed to provide easy access to global stock markets for clients from CIS countries and EMEA (Europe, the Middle East and Africa). ITS was created as part of Astana International Financial Centre (AIFC) and operates in accordance with the international law. ITS doesn't work with Russian brokers and securities. Investors can trade over 1,700 U.S.-listed stocks and depositary receipts from the NYSE and NASDAQ. Access is available to Kazakhstan's financial intermediaries, with private and corporate investors trading through local brokers and banks.
Source: Interfax