HSBC is due to test demand for Middle East exchange-traded funds this month, when the bank resurrects plans to launch a sharia-compliant vehicle to trade on Saudi Arabia's stock market.
The bank had planned that its ETF be launched by the end of last year but it now says the fund will be ready in three weeks' time. It will track the top 20 sharia-compliant Saudi companies that form an index created by Standard & Poor's.
"We believe there's international demand for Saudi exposure," says Dan Rudd, head of Middle East wholesale banking for HSBC's asset management unit.
No comments:
Post a Comment