Israel – Israel Discount Bank subsidiary Mercantile Discount Bank is set to launch “kosher” mutual funds which will invest in companies that operate according to Jewish law (Halacha).
The fund’s halachic arbitrator will be a rabbi, who heads an institute specializing in economic research and halacha.
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Mercantile Discount CEO Jacob Tenenbaum confirmed the report and said that the move represented part of the bank’s strategy of becoming the leading banking institution in the haredi sector.
Mercantile Discount views the haredi sector as a strategic growth target, a policy that is in line with its parent’s overall strategy of turning Mercantile into a niche specialist. [globes]