HSBC ‘sharia‑compliant’ fund spent over $100m on five Israeli military‑linked firms

MEE analysis reveals HSBC’s Islamic Global Equity Index Fund purchased shares in world’s second-largest arms company

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The UK’s largest “sharia-compliant” fund has purchased more than $100m worth of shares in companies linked to the Israeli military in the first half of this year, a Middle East Eye analysis can reveal.

This comes after Hyphen reported on Tuesday that the British banking giant HSBC’s Islamic Global Equity Index Fund purchased $38m worth of shares in the controversial American technology firm Palantir.

Most halal pension schemes in Britain are invested in the HSBC fund.

MEE’s analysis of the Islamic Global Equity Index Fund’s activities in the first half of 2026, detailed in its semi-annual report, has established that the fund purchased $35.7m worth of shares in RTX, the world’s second-largest arms company.

Raytheon, an RTX subsidiary, is engaged with Israeli arms giant Rafael to produce interceptors for Israel’s Iron Dome missile defence system.