The Saudi Exchange introduced this Sunday July 17 the TASI Islamic Index, its first Shariah Compliant Index, to track the performance of the Shariah compliant companies listed on the Saudi Exchange under the supervision of an independent Shariah Advisory Committee which has been announced earlier.
According to Saudi Press Agency, the Index will act as a tool for investors and wider market participants to guide and inform decisions into Shariah-compliant investments, while allowing asset managers to benchmark the performance of their Shariah compliant investment portfolios.
In addition, the index can serve as a base for financial products including Derivatives and Exchange Traded Funds (ETFs), SPA said.
