The Abu Dhabi-based asset management firm Lunate Capital has announced the launch of the Chimera S&P India Shariah exchange-traded fund (ETF).

The ETF will offer investors on the Abu Dhabi Stock Exchange (ADX) direct access to the Bombay Stock Exchange, the world's fifth-largest stock market and one of the fastest-growing economies globally, Lunate said in a statement on Instagram.

The new ETF is set to include large-cap Indian stocks like Reliance Industries, Infosys, and Tata Consultancy Services, according to a Bloomberg report.

The subscription period will run from January 12-17, 2024.

In September 2023, Lunate will launch with more than $50 billion of Assets under Management (AuM), making it one of the largest in the MENA region.

The creation of Lunate follows a multi-party effort to establish an independent investment manager of scale and breadth headquartered in Abu Dhabi and serving global markets.

Chimera is part of the UAE national security adviser Sheikh Tahnoun bin Zayed Al Nahyan's private investment firm Royal Group, the majority owner of the UAE's biggest listed firm, International Holding Company.   

(Editing by Brinda Darasha;