Riyadh - The Saudi Exchange (Tadawul) has launched its first Shariah-compliant index, the TASI Islamic Index, to track the performance of the listed Shariah-compliant companies.
This step comes in line with growing demand and interest from local and international investors for Shariah-compliant investment tools, according to a press release on Sunday.
The index will guide investors and market participants when considering Shariah-compliant investments and allow asset managers to benchmark the performance of their Shariah-compliant portfolios.
The CEO of Tadawul, Mohammed Al Rumaih, said: "The Index will facilitate the launch of new financial products in the market to satisfy the increasing demand for Shariah-compliant investment tools."
Meanwhile, Al Rumaih added: "It will also strengthen the Saudi Exchange’s position as the investors’ exchange of choice and an attractive investment destination in line with Vision 2030’s Financial Sector Development Program."
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