The RM82.64 billion ($20.6 billion) Malaysian Hajj fund, which recently completed a restructure, is looking to diversify globally but remains cautious of risky assets.
The Malaysian pension fund is keen to expand its overseas and private markets exposure, but is waiting for more favourable global market conditions.
The new unit aims to create a stronger focus on the firm's Islamic institutional business, both onshore and offshore.
The index series can be used by even the most conservative Shariah-compliant investors since it makes use of asset-based debt screening.
The new index tracks the performance of the top 25 stocks of the Shariah-compliant Dow Jones Islamic Market Malaysia Index.