The US-based Florentez Investment Management Inc. (ShariahShares ETF) is set to launch a family of Shariah-compliant exchange traded funds (ETFs) on the NYSE (New York Stock Exchange). “The company has already received an exemptive relief order from the Securities and Exchange Commission (SEC), the US regulator, to launch the funds on the US exchanges,” Saeid Hamedanchi, CFA, president & CEO of Florentez (ShariahShares ETF), said in an exclusive interview with Arab News here recently. He further said that Islamic finance is growing by leaps and bounds in the US in recent times. There are seven to 10 million Muslims in the US. A majority of them are affluent immigrants from Southeast Asia, the Indian Subcontinent and the Arab world. They form the basic clientele of the Islamic finance. Non-Muslims are also buying these Shariah-compliant funds.
ISLAMIC FINANCE IN USA
ISLAMIC FINANCE IN USA
