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The index measures the performance of the top 25 stocks in the Dow Jones Islamic Market Malaysia Index, which is comprised of Malaysia-domiciled companies that pass rules-based screens for Shariah compliance.
The new index is designed to serve as the basis of financial products such as exchange-traded funds, structured products and derivatives. It enables the growing Islamic banking and finance industry to participate in the performance of the top 25 Shariah-compliant companies in one of the most rapidly emerging and sought after financial markets in Asia, says Michael Petronella, New York-based president of Dow Jones Indexes.
The Shariah principles generally preclude investment in businesses such as conventional financial services, alcohol, pork-related products, gambling, leisure and entertainment. Shariah principles also preclude interest bearing investments and investments in companies with unacceptable levels of debt.
The new index is weighted by free float-adjusted market capitalisation and component weights are capped at 20%. As of January 18, the top five components were Sime Darby, IOI Corporation, DiGi.com, Kuala Lumpur Kepong, and Gamuda.
Launched in 1999, the Dow Jones Islamic Market Indexes were the first to measure the global universe of investable equities that pass industry and financial ratio screens for Shariah compliance. The index series includes more than 70 regional, country and industry indexes derived from the flagship Dow Jones Islamic Market World Index.
Other indexes in the series are the Dow Jones Islamic Market Sustainability Index, which combines Islamic investing principles with sustainability criteria, and the Dow Jones Citigroup Sukuk Index, the first index to track Islamic bonds.
The Islamic market indexes combine Islamic investment principles with Dow Jones IndexesÆ rules-based methodology. A six-member supervisory board of Islamic scholars also counsels Dow Jones on the Shariah compliance of eligible stocks for the indexes.
Best known for the Dow Jones Industrial Average, Dow Jones Indexes develops, maintains and licenses indexes for use as benchmarks and as the basis of investment products.
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