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eToro launches ShariaAI-Growth investment portfolio

eToro launches ShariaAI-Growth investment portfolio

In an effort to promote ethical investing, online broker eToro has launched a new investment portfolio, ShariaAI-Growth.

In collaboration with Arabesque AI, a financial advisory firm, eToro has created a portfolio that meets the needs of Middle Eastern investors and adheres to Islamic financial principles.

The new portfolio was launched six months after eToro entered the United Arab Emirates market. The initiative underlines the company's commitment to tailoring its solutions to regional requirements.

"Since launching in the UAE, our goal has been to adapt our services to meet the changing preferences of our users," said George Naddaf, eToro's Regional Manager for the GCC, Middle East, and North Africa.

Recent eToro research has shown that 84% of retail investors in the UAE consider environmental, social, and governance (ESG) issues before investing, with 35% preferring Sharia-compliant investments.

ShariaAI-Growth contains up to 40 US stocks selected based on strict criteria. Stocks must have a market capitalization of more than $1 billion and an average daily trading volume of at least $10 million. These stocks are then screened for compliance with Shariah rules set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

"We are excited to partner with eToro to offer religious investment products at scale, leveraging our artificial intelligence capabilities and comprehensive ESG data," said Omar Selim, CEO of Arabesque Group.

Portfolio investments start as low as $500. Investors can track the performance of the portfolio through tools and charts.

It is worth noting that the strategic collaboration between eToro and Arabesque AI is an important step towards creating affordable financial solutions that are in line with Islamic principles and promote sustainable and ethical investment practices.

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