Wahed Launches UMMA ETF on Nasdaq

New York-based financial investment company Wahed Invest (Wahed) has launched a Shariah-compliant and ESG-aware Exchange-Traded Fund (ETF), the Wahed Dow Jones Islamic World ETF (UMMA ETF). The ETF started trading on the Nasdaq Stock Market (Nasdaq) with the ticker symbol UMMA, which roughly translates to the word "community", on the 7th of January 2022.

Why it Matters?

The UMMA ETF tracks the Dow Jones Islamic Market International Titans 100 Index with additional screening further applied mainly for environmental, social, and corporate governance (ESG) considerations. Wahed's Chief Investment Officer (CIO), Samim Abedi, affirmed that the fund would target the Muslim community and everyone with the same worldview. In 2019, Wahed launched the FTSE USA Sha...