Russell Investments unveils Shariah-compliant indexes

Russell Investments today signed an agreement with Jadwa Investments of Riyadh, Saudi Arabia, to launch 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, the firm said in the statement. “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. “The indexes we have built with Jadwa include securities from 62 countries, offering investors the most complete country coverage currently available. At the same time, we believe our screen offers the strictest Shariah compliance.” Shariah is the moral and legal code that governs Islam. A Jadwa Investments is a Saudi company regulated by the Saudi Arabian Capital Markets Authority. 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.