How HSBC’s Sharia fund invested millions in Israeli war-linked firms
Summary
HSBC’s Islamic Global Equity Index Fund, meant to invest according to Islamic law, spent over $130 million on shares in companies linked to the Israeli military during ongoing conflicts in Gaza and surrounding areas. The fund, which is supposed to follow ethical rules under Islamic finance, invested in firms tied to weapons and military technology, raising concerns about its compliance with Islamic principles.Key Facts
- HSBC’s Sharia-compliant fund bought shares worth more than $130 million in companies connected to the Israeli military.
- The fund is called the Islamic Global Equity Index Fund and manages over $8 billion in assets.
- This fund targets Muslim investors and is supposed to follow Islamic law that forbids investing in weapons-related businesses.
- HSBC uses a Sharia Committee of Islamic scholars to oversee its investments for compliance.
- The companies invested in include Palantir Technologies, a US data and AI company, and RTX, a large arms manufacturer.
- Palantir has a partnership with Israel’s Ministry of Defence supporting military missions.
- The Israeli military conflicts mentioned have caused significant civilian deaths and international criticism.
- Experts say HSBC’s investments conflict with its advertised ethical and religious investment rules.
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