The first Shari’ah compliant Exchange Traded Notes are listed at AIX
Astana International Exchange (“AIX”, “Exchange”) is pleased to announce the listing of new exchange-traded notes – iX Islamic Exchange Traded Notes (“Notes”) with the shares of iShares MSCI World Islamic UCITS ETF (“ISDW”) as underlying asset. The Issuer of the Notes is iX Islamic SPC Limited, a Special Purpose Company (“SPC”) whose sole assets are represented by shares in ISDW, one of the largest Islamic funds with investment made exclusively in Shari’ah compliant securities.
Renat Bekturov, CEO of AIX, stated:
“We present a new simple and low-cost way to achieve investment goals aligned with the requirements and values of the Shari’ah Law. ISDW is a portfolio made up of companies that follow Islamic principles of investing and could add up to the right balance between low-cost and quality assets that diversify investments in a most efficient way.”
Yernur Rysmagambetov, Chairman of Management Board, AIFC Authority, noted:
“The listing is not only a response to the growing demand for Islamic finance investment opportunities in Kazakhstan and the region, but further a signal to the market on modern solutions and prospects of the industry.”
Alhamd Shariah Advisory Services Private Limited has issued a Fatwa in respect of the Notes; Shari’a Panel of ISDW provided a respective Fatwa for ISDW. Jusan Bank is acting as the Custodian for the safekeeping of the underlying assets; and Russel Bedford A+ Partners is serving as the auditing firm.
Reference:
AIX was formed in 2017 within the Astana International Financial Centre development framework. AIX shareholders are AIFC, Goldman Sachs, the Shanghai stock exchange, the silk Road Fund, and NASDAQ, which also provides the AIX trading platform. The exchange operates within a regulatory environment based on the principles of English Law, thus providing a reliable investment environment. The mission of AIX is to develop an active capital market in Kazakhstan and the region by providing clear and favorable conditions for attracting financing to private and public businesses. AIX develops special segments for mining companies as well as infrastructure projects under the Belt and Road initiative. More details: www.aix.kz
The Astana International Financial Centre The Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus. https://aifc.kz/
