Published Date: May 28, 2026
Author: HANetf
Shariah Active ETF Key Takeaways
AI continues to dominate headlines. The planned IPO of Anthropic has generated value estimates from $380 billion to closing in on $1 trillion[1]. Data centre buildout races ahead and companies continue to ramp capex. But what AI are we signing up for? On April 21st the Financial Times featured a headline Elite law firm Sullivan & Cromwell admits to AI “hallucinations”. The firm was forced to apologise to a US federal bankruptcy court that a major filing it had made in a case contained multiple “hallucinations” made by AI software.[2] Meanwhile, the New York Times reported that Bank of America had shed 1,000 jobs during the first quarter.[3] Bank of America CEO Brian Moynihan said, “A.I. gives us places to go we haven’t gone before”.[4] Neither of these developments is good from a human standpoint.
In April, the Saturna Al Kawthar Global Focused Equity UCITS ETF returned +12.45%,[5] well ahead of global Islamic and conventional benchmarks. Technology was the largest contributor to fund returns given the sector’s rebound during the month, demonstrated by the +20.0% appreciation of the Technology Select SPDR. We benefited from our semiconductor exposure but suffered from a lack of memory investments. Stock selection was especially strong in Industrials with Fujikura (+46.0%) and Prysmian (+30.5%) again leading the way. Communications performed well due to Alphabet’s +33.8% rise. It is closing in on Nvidia as the world’s largest company by market capitalisation.[6] [7]
Please note that all performance figures are showing net data. Past performance is not indicative of future performance and when you invest in ETFs your capital is at risk.
Discounting or wilfully blind?
Are equity markets good at discounting the future or oblivious to developments with the potential to derail economies in the near future? Or maybe US investors are unable to peer beyond their own shores. Global equity performance received a boost as the violence of the US-Israel-Iran conflict diminished, causing Brent Crude prices to plummet from ~$110 on March 31st to ~$90 on April 17th.[8] The S&P500 Index in the US, Japan’s Topix Index and the European FTSE Eurotop 100 all jumped, rising +9.2%, +7.5% and +7.0% respectively from March 31 through April 17th.[9] Subsequent duelling Iranian closures of the Strait of Hormuz and US-imposed blockades dashed hopes of a quick resolution and, by the end of April, Brent Crude rebounded to ~$101.[10]
One might expect the reversal to dampen animal spirits. A continuation of the conflict and higher oil prices run the risk of fuelling inflation. Were prices to rise to a point requiring true demand destruction, economies would tip into recession. Markets indeed came off the boil, especially in heavily exposed Europe, which dropped just under 2%. while the US continued to rise, with the S&P 500 adding another 1.4% from April 17th through the end of the month.[11] Should we credit American exceptionalism given its energy independence and enormous internal market, or is there a failure to recognise that global economies remain inter-connected and, metaphorically speaking, no country is an island?
Shariah Active ETF Performance Table As of 31.08.2026
AMAL (Fund)1M2.99%3M-0.21%6M6.42%YTD11.54%12M16.65%3Y59.20%Since Inception (28/09/2020)55.12%
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31.08.2026
Performance before inception is based on back-tested data. Backtesting is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs your capital is at risk.
[1] https://www.reuters.com/business/retail-consumer/anthropic-weighs-new-funding-round-valuation-exceeding-900-billion-bloomberg-2026-04-29/
[2] https://www.ft.com/content/657d86df-5e0d-4d03-bf0c-cb768a58e758?syn-25a6b1a6=1
[3] https://www.nytimes.com/2026/04/21/business/ai-job-cuts-wall-street.html#:~:text=The%20bank’s%20bottom%20line%2C%20he,%2C%E2%80%9D%20Mr.%20Moynihan%20said.
[4] https://www.nytimes.com/2026/04/21/business/ai-job-cuts-wall-street.html
[5] Source: Saturna Capital, Bloomberg. Data as of 30.04.2026
[6] https://thenextweb.com/news/alphabet-overtake-nvidia-market-cap-mag-seven
[7] Source: Saturna Capital, Bloomberg. Data as of 30.04.2026
[8] https://tradingeconomics.com/commodity/brent-crude-oil
[9] Source: Saturna Capital, Bloomberg. Data as of 17.04.2026
[10] https://tradingeconomics.com/commodity/brent-crude-oil
[11] https://uk.investing.com/equities
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