Market calendar
Rebalancing and fixing calendars built around Tadawul, ADX, DFM, QSE, Boursa Kuwait, Bahrain Bourse and MSX, including Eid and regional settlement conventions. These are maintained as primary calendars in their own right.
DIFC AI Innovation Programme · Dubai, UAE · Licence CL10917
Benchmark administration, built in the region it serves.
SLM Technologies designs, calculates, administers and disseminates rule-based indices from the Dubai International Financial Centre — aligned to the region's market calendar, supervised by a Shariah board seated in the region, and structured within the framework of the 17 UN Sustainable Development Goals.
53
Months of continuous administration
To confirm
Consecutive published fixings
0 Confirm
Restatements since inception
6
Indices on the shelf
17
UN Goals in the framework
Position
What we are
We administer benchmarks. We do not manage money and we do not distribute anything.
Our indices are not investable instruments and are never offered to investors. They are licensed, under written agreement, to regulated institutions, which build, issue and distribute the products that reference them under their own responsibility and their own regulatory permissions.
We are paid a licence fee and a calculation fee. Nothing we earn varies with the performance of what tracks us.
SLM Technologies Ltd is a DIFC-registered company holding commercial licence CL10917, issued 16 July 2025. It does not provide financial services and is not licensed by the Dubai Financial Services Authority.
§ 01
Regional depth
Where a local seat adds precision
Proximity is a methodology decision, not a marketing one.
The established global index providers set the standards this industry runs on, and we build to them. What a regional seat adds is depth in five areas where local detail carries real weight — and where being in the same time zone as the market, the board and the regulator shortens the distance between a question and an answer.
Free float
Government-related entities and sovereign holdings — PIF, ADQ, Mubadala, QIA among them — shape free float and foreign ownership limits across many of the region's larger listings. We model them as a first-class input and update them as ownership changes.
Shariah supervision
A Shariah Supervisory Board seated in the region and AAOIFI-aligned, with a per-constituent audit trail behind every exclusion and every dividend purified. Screening and purification run continuously against the live book rather than on a quarterly cycle.
Language
Rulebooks and methodology documents issued in Arabic and English, both authoritative. Neither version is a translation of the other.
Coverage hours
Our index team works the region's hours, so a licensee's question is answered on the day their market is open.
Request the rulebook
Methodology and Benchmark Statement supplied on request
§ 02
The framework
17 UN Goals, mapped to Maqasid al-Shariah
Two frameworks, one universe. The 17 Goals give the reading grid; Maqasid al-Shariah gives the second.
Every index we administer is defined against the 17 United Nations Sustainable Development Goals adopted under the 2030 Agenda. That framework is then mapped onto the objectives of Shariah — the preservation of faith, life, intellect, lineage and wealth — so that a constituent is tested once against a single combined standard rather than passing two filters applied in sequence.
1No Poverty
2Zero Hunger
3Good Health and Well-being
4Quality Education
5Gender Equality
6Clean Water and Sanitation
7Affordable and Clean Energy
8Decent Work and Economic Growth
9Industry, Innovation and Infrastructure
10Reduced Inequalities
11Sustainable Cities and Communities
12Responsible Consumption and Production
13Climate Action
14Life Below Water
15Life on Land
16Peace, Justice and Strong Institutions
17Partnerships for the Goals
Goals currently load-bearing across the shelf · full mapping in the methodology Confirm mapping
A single combined screen
The Goal mapping and the Shariah screen resolve into one eligibility test. A constituent that satisfies a Goal but fails a financial ratio is not eligible, and the reverse holds equally.
How it enters the rulebook
Goal alignment is a classification input, not a discretionary judgement. Each constituent carries a dated mapping to the Goals it contributes to, with the evidence recorded and the decision reconstructible by a third party.
Goal-level attribution
Licensees receive Goal-level composition alongside the constituent file, so a fund referencing an index can report which Goals its underlying exposure maps to and in what weight.
Request the rulebook
The Maqasid–Goal mapping is set out in full in the Index Methodology
§ 03
Index shelf
Reference data for every index administered
One live index and a family of five, published to the same standard.
| Index | Status | Bloomberg | Base date | Base value | Ccy | Return type | Rebalancing | Constituents | Documents |
|---|---|---|---|---|---|---|---|---|---|
| SLM SHIFT Index | Live | NXSRSGDS Index | Confirm | Confirm | USD | Total return | Confirm | 40 | Methodology Link |
| Pax ERRATUM | Status Confirm | Confirm | Confirm | Confirm | USD | Total return | Confirm | Confirm | Methodology Link |
| Pax CARE | Status Confirm | Confirm | Confirm | Confirm | USD | Total return | Confirm | Confirm | Methodology Link |
| Pax CHANGE | Status Confirm | Confirm | Confirm | Confirm | USD | Total return | Confirm | Confirm | Methodology Link |
| Pax DIG | Status Confirm | Confirm | Confirm | Confirm | USD | Total return | Confirm | Confirm | Methodology Link |
| Pax RELEASE | Status Confirm | Confirm | Confirm | Confirm | USD | Total return | Confirm | Confirm | Methodology Link |
SHIFT administered within the group since 5 April 2022
Calculation frequency Daily
Administrator of record SLM Technologies Ltd from Confirm
Currency and return type for the Pax family Confirm
The Pax Index family
Five thematic indices built on the same rulebook architecture, each anchored to a distinct cluster of the 17 Goals. Every constituent is tested against the combined Goal and Shariah screen before it enters any of them.
Pax ERRATUM
Infrastructure lifecycleThe renewal and resilience of built infrastructure: ageing assets under climate stress, deferred maintenance, and the utilities, materials and control systems that carry the load.
6
9
11
12
Extension · Renovation · Repair · Audit · Treatment · Upgrade · Maintenance
Pax CARE
Scope ConfirmThematic scope to confirm — the description, the constituent-eligibility theme and the acronym expansion follow the ERRATUM pattern and should be supplied before publication.
Goal mapping to confirm
Acronym expansion to confirm
Pax CHANGE
Scope ConfirmThematic scope to confirm — the description, the constituent-eligibility theme and the acronym expansion follow the ERRATUM pattern and should be supplied before publication.
Goal mapping to confirm
Acronym expansion to confirm
Pax DIG
Scope ConfirmThematic scope to confirm — the description, the constituent-eligibility theme and the acronym expansion follow the ERRATUM pattern and should be supplied before publication.
Goal mapping to confirm
Acronym expansion to confirm
Pax RELEASE
Scope ConfirmThematic scope to confirm — the description, the constituent-eligibility theme and the acronym expansion follow the ERRATUM pattern and should be supplied before publication.
Goal mapping to confirm
Acronym expansion to confirm
SLM SHIFT
Live · 53 monthsThe structural enablers of resilience — the companies that supply, maintain and secure the systems other sectors depend on. Administered continuously since April 2022 and the operating credential for the shelf.
Goal mapping to confirm
NXSRSGDS Index · USD · total return
Request the rulebook
Monthly factsheet and constituent files available to licensees
§ 04
SHIFT
The operating credential
53 months. Every fixing published. Zero restatements. Confirm
SHIFT is not a product we sell. It is the evidence that our rules hold up in contact with a live market, a custodian, an auditor and a Shariah board at the same time — which is the only thing that qualifies an administrator to take on someone else's benchmark.
| Bloomberg ticker | NXSRSGDS Index |
| Currency | USD |
| Return type | Total return |
| Base date | To confirm |
| Base value | To confirm |
| Rebalancing frequency | To confirm |
| Calculation frequency | Daily |
| First published | 5 April 2022 |
| Administrator | SLM Technologies Ltd, DIFC — administrator of record from To confirm |
The investment strategy tracking this index is managed by SLM Impact Finance SA, Geneva, the group's research and investment entity. The figures below are those of the Geneva-managed strategy.
They are published here as an operating credential for the index methodology. They are not an offer, not a recommendation, and not an indication of the return of any index or any product referencing one. Past performance is not a guide to future performance.
I confirm I am a professional client or eligible counterparty
| Cumulative since inception | +61.52% |
|---|---|
| Annualised | +11.60% |
| 12 months | +18.58% |
| Year to date | +15.43% |
| Volatility | 17.60% |
| Maximum drawdown | −25.93% |
| Sharpe (Rf 4%) | 0.43 |
| Sortino (Rf 4%) | 0.69 |
| Positive months | 31 / 53 |
By calendar year
−14.52022
+14.02023
+16.92024
+22.92025
+15.42026*
* 2026 to 21 August. 2022 from 5 April, not a full year. Figures are net of fees and are stated at 21 August 2026.
Request the rulebook
Benchmark Statement and Index Methodology available on request
§ 05
Rivaldi AI
Universe maintenance infrastructure
Rivaldi does not pick stocks. It maintains a universe.
Eligibility
Does this constituent still pass today, not at the next quarterly review. Screening and purification run continuously against the live book, so a constituent that breaches a ratio is flagged when it breaches.
Classification
Does this company actually belong to this theme and contribute to the Goals it is mapped against, or does it merely say so. Thematic indices fail on classification more often than on selection, and a licensee inherits every misclassification.
Detection
Is this theme forming while it is still cheap to define. A universe defined early is a universe defined without paying for consensus.
Everything Rivaldi produces enters an index as a dated, frozen input under a published rule. The model proposes. The rulebook decides. A named analyst signs.
Administration pipeline
01Universe maintenanceLive book
02Eligibility testScreening, purification
03ClassificationTheme and Goal mapping
04Selection under ruleConstituents, weights
05Human validationNamed analyst signs
06Calculation & publicationFixing, dissemination
Quantitative
- Bloomberg, LSEG / Refinitiv
- Regulatory and exchange filings
- Corporate actions and free-float data
- Ratings and research houses
- Fund and ETF flow data
Qualitative
- Search and web-traffic data
- News and media publication
- Social platforms and influence graphs
- Regulatory and policy discourse
- Product and supply-chain signal
Request the rulebook
Rivaldi AI has run in Geneva since 2020
§ 06
The record
Defining a universe before it is crowded
Thirteen themes, each written up and dated at the moment of definition.
This is not a claim of market prescience. It is evidence of the ability to define a thematic universe before it becomes crowded — which is precisely what an index licensee is buying. Lead time is measured from our dated note to the first mainstream press or sell-side coverage of the same theme: a comparison of two dates, not a backtest.
0 months40 months ahead of consensus
We publish the misses
Fertilisers, April 2022: the thesis was right and the entry was wrong. In the wave, not ahead of it. Every theme that did not work is named, dated and explained on the same terms as the ones that did.
Currently in diffusion
Cybersecurity in the AI era, water and energy infrastructure, and logistics of the signal. Their lead times will be measured at the next reporting date, whatever they turn out to be.
Themes were detected and dated by SLM Impact Finance SA, Geneva, the group's research and investment entity.
Request the rulebook
Full dated track-record document available under NDA
§ 07
Governance
Documents, oversight, assurance
A benchmark is only worth what its governance is worth.
Deterministic rulebook
Every index is defined by a published, deterministic set of rules that a third party can reconstruct independently from the same inputs.
Index committee
A standing committee owns the rulebook and approves every methodology change. Composition, including independent members, is published. Constituted or planned — confirm
Independent oversight
An oversight function reviews and publishes every use of expert judgement, every exceptional treatment and every methodology change. Constituted or planned — confirm
Shariah supervision
Methodology, screening thresholds and purification ratios are approved by a Shariah Supervisory Board seated in the region, with a per-constituent audit trail behind every exclusion. AAOIFI or other standard — confirm
Benchmark governance documents
Benchmark StatementPublic
Index MethodologyPublic
Index Committee Terms of ReferenceUnder NDA
Oversight Function CharterUnder NDA
Methodology Change and Consultation PolicyPublic
Index Cessation and Transition PolicyPublic
Complaints Handling PolicyPublic
Conflicts of Interest PolicyPublic
Expert Judgement RegisterUnder NDA
Error and Restatement PolicyPublic
Public / NDA designations to be confirmed against the final document set. Confirm
Assurance position, stated plainly. An independent ISAE 3000 assurance report against the IOSCO Principles for Financial Benchmarks has not yet been obtained. Target date for first assurance: To confirm. Intended provider category: an international audit firm with an established benchmark assurance practice. Confirm provider category
Request the rulebook
Benchmark Statement supplied with every licence enquiry
§ 08
Conflicts and separation
Disclosed up front
A group affiliate references an index we administer. Here is that fact, and here are the controls.
The affiliation
SLM Technologies Ltd (Dubai) administers the SHIFT index. SLM Impact Finance SA (Geneva) manages a strategy that references it. The two are affiliated within the same group, and we set that out before it is asked.
Functional separation
Index administration is functionally and operationally separated from any advisory or commercial interest in products that track the index. Administration staff report through the index function, not the investment function.
No discretionary outcome
The rulebook is deterministic and reconstructible by a third party from the same inputs. No affiliate can obtain a discretionary outcome, because there is no discretionary step available to obtain.
Published judgement
The independent oversight function reviews and publishes every use of expert judgement, every exceptional treatment and every methodology change.
Conflicts register
A conflicts register is maintained and made available to licensees on request.
Request the rulebook
Conflicts of Interest Policy available on request
§ 09
How to work with us
Four engagement models
Most licensees start with calculation agency and widen from there.
Model 01
Calculation agency
Your methodology, our infrastructure, our audit trail, our dissemination. The fastest entry point, and the one that proves the operation before anything larger is committed.
You provide
The methodology and rulebook you already own, plus your eligibility rules and any bespoke treatments.
We provide
Calculation engine, corporate-action handling, audit trail, oversight, dissemination to Bloomberg and LSEG.
You receive
Daily constituent files, fixings, corporate-action reports, client reporting and a documented error and restatement process.
Indicative timeline
8–12 weeks from signed agreement to first published fixing. Confirm
Model 02
Custom index design
We build and administer a bespoke index family for your mandate — including the Goal and Shariah screens, the regional calendar and the free-float treatment.
You provide
The mandate, the universe constraints, and your Shariah board's standard if you are bringing your own.
We provide
Methodology design, rulebook drafting in Arabic and English, committee and oversight structure, full administration.
You receive
A published index family with Bloomberg and LSEG dissemination, constituent files, factsheets and a Benchmark Statement.
Indicative timeline
4–7 months from mandate to first published fixing. Confirm
Model 03
Licensing an SLM index
For ETFs, actively managed certificates, structured notes and segregated mandates. You build, issue and distribute under your own regulatory permissions.
You provide
Your product structure, issuer and distribution arrangements, and your own regulatory permissions.
We provide
A written licence, the rulebook, ongoing calculation and dissemination, and change notification under a published consultation policy.
You receive
Constituent files, corporate-action handling, index-level reporting and marketing-use rights under the licence terms.
Indicative timeline
6–10 weeks from term sheet to executed licence. Confirm
Model 04
Screening and purification data feed
Licensed standalone, without an index. Continuous eligibility, purification and Goal-mapping data for a universe you define.
You provide
The universe, your screening thresholds, and your Shariah board's standard.
We provide
Continuous screening, purification and Goal-mapping data, per-constituent audit trail, and change alerts on breach.
You receive
A structured feed with documented lineage for every exclusion and every dividend purified.
Indicative timeline
4–8 weeks from signed agreement to first delivery. Confirm
Request the rulebook
Pricing is not published — it is set per engagement
§ 10
People
Seats, and who holds them
Names where a seat is filled, and the seat and its timetable where it is not.
Shariah Supervisory Board
Chair
Standing and jurisdiction published on appointment. Name — confirm
Member
Standing and jurisdiction published on appointment. Name — confirm
Member
Standing and jurisdiction published on appointment. Name — confirm
Screening standard: AAOIFI-aligned. Confirm standard and appointment timetable
Index committee and oversight
Chair, index committee
Owns the rulebook and chairs methodology change. Name — confirm
Independent member
External to the group; required for quorum on methodology change. Name — confirm
Independent oversight
Reviews and publishes expert judgement and exceptional treatments. Name — confirm
Index and technology leadership
Amine Tmiri
Co-founder. Investment banking and structuring — BNP Paribas, Crédit Agricole. Audencia Business School.
Saloua Kamal
Co-founder. Structured products, BNP Paribas CIB. Paris IX Dauphine, SKEMA, MBA (NSU).
Head of Index Administration
Dubai-seated. Name and appointment date — confirm
Request the rulebook
Board and committee composition published in full on appointment
§ 11
Group structure
Two entities, two mandates
Administration in Dubai. Research and investment in Geneva. The distinction is the point.
Benchmark administrator
SLM Technologies Ltd
Designs, calculates, administers and disseminates rule-based indices. Licenses them to regulated institutions. Does not manage money and does not distribute products.
- Seat
- DIFC, Dubai, UAE
- Licence
- CL10917, issued 16 July 2025
- Programme
- DIFC AI Innovation Programme
Research and investment
SLM Impact Finance SA
Built Rivaldi AI and has run it since 2020. Manages the strategy that references the SHIFT index. All performance, closed positions and client counts on this site belong to this entity.
- Seat
- Geneva, Switzerland
- Since
- 2020
- Role
- Not the benchmark administrator
Geneva track record, stated for completeness and attributed in full to SLM Impact Finance SA: 105 investment solutions across 117 ISINs since 2020, USD 100.7m cumulative notional, 92.9% of 85 closed positions in profit, 46 institutional clients. SLM Technologies Ltd administers the index; it does not manage the money.
Request the rulebook
Group structure chart available under NDA
§ 12
Contact
Licensing and administration enquiries
Request the rulebook.
Every conversation starts with the methodology document. Tell us the mandate, the universe and the screening standard you work to, and we will send the rulebook and the Benchmark Statement before anything else is discussed.
SLM Technologies Ltd — benchmark administrator
Unit IH-00-01-03-OF-05, Level 3
Innovation Hub, DIFC
Dubai, United Arab Emirates
Telephone UAE number — to confirm
Commercial licence CL10917 · issued 16 July 2025
SLM Impact Finance SA — research and investment
Rue du Stand 51
1204 Geneva, Switzerland
Not the benchmark administrator. Index licensing enquiries go to Dubai.