Canada’s UM financial and Jovian Capital will launch the nation’s first sharia compliant exchange traded product later this year. The fund will track the S&P/TSX 60 Sharia Index, a broad market measure which excludes companies involved entertainment, alcohol, tobacco, financial services, or anything pork-related to comply with Islamic religious traditions.

Islamic finance has an increasing presence in Europe, the Middle East, and SouthEast Asia, including many ETFs now trading on the London, Singapore, and Kuala Lumpur bourses. Many wealthy Middle Eastern investors and sovereign wealth funds mandate their investments be Sharia compliant, creating stong demand in large capital markets.

No such funds are yet available in the United States.