United Arab Emirates to Receive a New Shariah-Compliant Exchange Traded Fund

The Chimera Standard & Poor’s United Arab Emirates (UAE) Shariah Exchange Traded Fund (Chimera S&P UAE Shariah ETF) was launched in the UAE by Chimera Capital, an asset management firm based in Abu Dhabi, UAE.

According to local media reports, the ETF will have two share classes that will track a Shariah-compliant index based on stocks listed on the main Exchanges in Abu Dhabi and Dubai, UAE. Class-A shares, which will be based on the Abu Dhabi Securities Exchange (ADX) will reinvest gains back into the fund, whilst Class-B shares will be listed on the Dubai Financial Market (DFM), and will distribute dividends to shareholders.

Local media reported that Exchanges acro...