New Shariah compliant index for Muslims launched by Russell Investments

Russell Investments and Jadwa Investments of Riyadh today have announced the launch of the Russell-Jadwa Indexes. The new group of indexes will consist of 2,700 securities from more than 60 countries that comply with Islamic principles and will offer investors the most complete country coverage currently available.

“The last decade has witnessed stellar growth for Islamic finance and Shariah-compliant funds,” Andrew Doman, Russell’s president and chief executive, said in the statement. “We believe our screen offers the strictest Shariah compliance.”

Besides, the Russell-Jadwa Shariah Index will be available in midsummer. The two firms launched the Russell-Jadwa Shariah-Based Funds last year.

Russell Investments, based in Tacoma, Wash., had $136 billion in assets under management as of March 31.