Jun 23 2012
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S&P Indices launches Shariah Index with OIC
Companies from all 19 countries and territories whose exchanges are members of the OIC Exchanges and are covered by S&P Indices are eligible for the Index. These are: Bahrain, Bangladesh, Côte d'Ivoire, Egypt, Indonesia, Jordan, Kazakhstan, Kuwait, Lebanon, Malaysia, Morocco, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia, Tunisia, Turkey and the United Arab Emirates.
The S&P/OIC COMCEC 50 Shariah Index consists of the largest 50 stocks from the eligible universe. Stocks are selected in accordance with Shariah compliance screenings as determined by the S&P Shariah Indices Methodology. In addition, stocks must have a minimum three-month average daily value traded (ADVT) of $1 million at each rebalancing reference date. To enhance portfolio diversification, at least one stock but no more than eight, from each country or territory must be included in the Index.
?brahim M. Turhan, OIC Member States' Stock Exchanges Forum Chairman, and Chairman & CEO of the ?MKB, added: "I believe that the S&P/OIC COMCEC 50 Shariah Index will fill a principal gap, since, so far, there have been only a few measures to gauge the performance of Shariah-compliant companies. This new index is a product of the collective efforts of our colleagues in the OIC Member States' Stock Exchanges Forum and S&P Indices, and I would like to express my gratitude to my associates for their valuable contributions. Through the S&P/OIC COMCEC 50 Shariah Index, we hope to contribute to the ever-increasing interest for Shariah-compliant companies while adding to the visibility of the stock exchanges of OIC countries. The Index is also important in the sense that it will offer a benchmark for a variety of financial products such as ETFs and likewise."
© The Saudi Gazette 2012
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