Korea’s first Islamic investment fund approved

The Korea Herald reports that the Financial Supervisory Service has approved the country’s first Islamic investment fund, the Yurie Shari’ah Compliance Korea Index

 
 

 

Yurie Asset Management, a subsidiary of Bookook Securities, is responsible for the new fund which invests in 78 local Korean blue chips acceptable under Shari’ah precepts. Among Korean firms, the Korea Herald reports that Shinhan Financial Group, KB Financial Group and Samsung Life Insurance are excluded from the Yurie Shari’ah Compliance Korea Index as it is unlawful for an Islamic fund to purchase, hold or sell shares of brokerages. KT&G and Kangwon Land are also excluded. The restrictions on the processing of pork and slaughtering of animals also exclude local producers of livestock goods from the fund.

 source : cpifinancial