The feeder fund will invest in the iShares MSCI World Islamic UCITS ETF, with exposure to a broad range of companies in developed countries which comply with Shariah investment principles. The fund is being managed by BlackRock’s team in Ireland.

The name Takaful refers to a form of Islamic insurance based on Shariah principles in which citizens pool together to protect one another.

The Shariah-certified fund “provides both transparency and resilience to consumers in Malaysia," the firm's chief executive Mukesh Dhawan said. “It is our responsibility to be responsive to the current situation and market needs to create value for them.”