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Will the US Government bail out Kabul Bank on behalf of the Afghan Government?



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Blog of the week

Don't always believe policy makers
Mr. Bernanke tries to be upbeat but US economic data remains weak; policy makers around the world need to face up to the potential deflation risks; no change to our cautious stance on markets

IBF / ISSUE 40
ISLAMIC MARKETS
Dow Jones Islamic Market Indexes
MAR09 ISSUE40 Print this article
The Dow Jones Islamic Market (DJIM) Indexes were introduced in 1999 as the first benchmarks to represent Shari'ah-compliant portfolios. Today the series encompasses more than 70 different indexes.
In February 2009, the 10 best performing indexes of the DJIM Index family were based in non-industrialised nations or regions. Among indexes not based on countries or regions, the DJIM Sustainability Index (a benchmark which combines Islamic and sustainable investment principles) was off 9.43 per cent in February. Among sector indexes, the DJIM Consumer Services Index lost the least amount (down 3.67 per cent), while the DJIM Utilities Index plummeted the most (down 12.75 per cent).

Index performance data prior to launch dates are based on backtesting, i.e., calculations of how the index might have performed prior to launch if it had existed using the same index methodology employed by Dow Jones now. An independent Shari`ah Supervisory Board counsels Dow Jones Indexes on matters related to the compliance of index-eligible companies. Members of the Board include: Sheikh Abdul Sattar Abu Ghuddah (Syria); Sheikh Nizam Yaquby (Bahrain); Sheikh Dr. Mohamed A. Elgari (Saudi Arabia); Sheikh Yusuf Talal DeLorenzo (US); Sheikh Dr. Mohd Daud Baker (Malaysia).

Sukuk Index slips On 27 February 2009 the Sukuk Index stood at 87.34, down from 90.35 at end-2008 and 111 a year ago.

The Dow Jones Citigroup Sukuk Index, which is based at 100 on 30 September 2005 was the first index to measure the performance of global bonds that comply with Islamic investment guidelines. The index is made up of investment-grade, US dollar-denominated Sukuk. To be included in the index, a bond must comply with both Shari'ah and the Bahrain-based Auditing & Accounting Organisation of Islamic Financial Institutions (AAOIFI) standards for tradable Sukuk. It also must have a minimum maturity of one year, a minimum issue size of $250 million, and an explicit or implicit rating of at least BBB-/Baa3 by leading rating agencies.





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MARCH2009   ISSUE 40
REGULARS

EDITOR’S LETTER
Familiar strangers-Islamic finance in Asia

COVER INTERVIEW
Yousif Khalaf, Chief Executive Officer of Ajman Bank

BOND IN THE USA
The East Cameron Sukuk hits the skids

DOWN UNDER
Investing in Australia

GUIDING PRINCIPLES
The Islamic Financial Services Board serves up some suggestions

FEATURES

BIG IN JAPAN
Shiro Kutsuma, Executive Officer of Daiwa’s Global Business Development Department

GOOD KOREA MOVE
Capturing the Seoul of Islamic finance

THE CATHAY WAY
The future of Islamic finance beyond the Great Wall

THE USA WAY
Stephen Lange Ranzini of University Islamic Financial

SURE AND SECURE
Ibrahim Abu Gharbieh of Direct Broker for Financial Services

FAITH IN THE MARKET
Islamic finance in France

CHART TOPPERS
The numbers from Dow Jones

Archive
To view previous Islamic Business and Finance issues available on-line please click here or you can download them digitally here through our digital version.


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