The Istituto per le Opere di Religione (IOR), commonly known as the Vatican Bank, has announced a partnership with US financial services firm Morningstar to launch two stock market indices aligned with Catholic investment principles, according to Forbes.
Ethical benchmarks for eurozone and US markets
The Morningstar IOR Eurozone Catholic Principles Index and the Morningstar IOR US Catholic Principles Index will each include 50 mid- and large-cap companies from the euro area and the United States. They are designed as benchmarks for investors seeking portfolios consistent with Catholic ethical standards.
Companies included in the European index feature names such as ASML Holding, Deutsche Telekom and SAP, combining financial performance with moral screening criteria.
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According to the two institutions, the initiative responds to growing demand for socially responsible investing. Faith-based investment strategies have expanded significantly in recent decades. For example, the US-based Ave Maria Mutual Funds managed $3.8 billion in assets in 2025.
The move signals another step in the Vatican’s efforts to reform and professionalise its financial operations. In past decades, the IOR faced corruption and embezzlement scandals. Under the pontificate of Pope Francis, who died in 2025, reforms aimed at transparency and governance strengthening were implemented.
Founded in 1942 by Pope Pius XII, the IOR provides financial services to a limited group of clients, including Catholic institutions, clergy members and accredited diplomats to the Holy See.
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