İMKB disseminates new Shariah index
İstanbul, June 22, 2012
S&P/OIC COMCEC 50 Shariah Index, a joint index of the Organization of the Islamic Conference (OIC) Member States’ Stock Exchanges Forum and S&P Indices, starts being disseminated today. The Index is designed to measure the performance of 50 leading Shariah-compliant companies from the member states of OIC, namely, Bahrain, Bangladesh, Cote d’Ivore, Egypt, Indonesia, Jordan, Kazakhstan, Kuwait, Lebanon, Malaysia, Morocco, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia, Tunisia, Turkey and the United Arab Emirates.
İMKB Chairman & CEO İbrahim Turhan said, "I believe that the S&P/OIC COMCEC 50 Shariah BMI Index will fill a principal gap; since so far, there has 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 BMI 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. I hope the new index will prove useful for the Turkish capital markets and the whole region."
Stocks eligible for the S&P/OIC COMCEC 50 Shariah Index 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 of US $1 million at each rebalancing reference date. To ensure some diversification, at least one stock but no more than eight, from each country or territory must be included in the Index.