Norton Rose Fulbright has advised on the first exchange-traded fund (ETF) tracking Shariah-compliant Indian stocks from Abu Dhabi.
The Chimera S&P India Shariah ETF, a physical, in-kind, liquid and fully fungible ETF, managed by Abu Dhabi-based alternative investment manager Lunate Capital LLC, was listed on the Abu Dhabi Securities Exchange (ADX), one of the fastest growing exchanges in the world, in January 2024.
The addition of the ETF further strengthens ADX’s position by offering investors in the UAE direct access to the Indian market, the law firm said in a statement.
The cross-border Norton Rose Fulbright team advising on the establishment of the fund was led by Dubai senior partner Zubair Mir and Luxembourg partner Geoffroy Hermanns. They were supported by Shakir Mogalia, an associate in the Dubai office.
Mir said: “It was a pleasure to support Lunate Capital LLC on the establishment of this innovative new ETF. The new first-of-its-kind fund will offer exciting investment opportunities for the region and is a substantial addition to the Abu Dhabi Securities Exchange by linking UAE-based investors with the thriving Indian market.”
Earlier this month it was reported that Abu Dhabi Investment Authority, the largest sovereign wealth fund in the UAE, is setting up a multi-billion-dollar fund to invest in India.
