Dubai Financial Market launches Shari’ah compliant index
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The Shari’ah index consists of 40 listed securities, with a 10 per cent weightage cap for any company.
TUESDAY 29, OCTOBER 2019 BY KUDAKWASHE MUZORIWA
Dubai Financial Market (DFM) has launched a Shari’ah-compliant, the Dubai Financial Market Shari’ah Index (DFMSI).
DFM stated that the index seeks to attract more Islamic investments by providing market participants with a benchmark to measure the performance of Shari’ah-compliant listed securities and take their investment decisions accordingly.
Essa Kazim, Chairman of DFM, said, “The index enables Shari’ah compliant investors and international institutions a trajectory of the historical and current performance of DFM’s Shari’ah compliant shares compared to other Islamic or conventional indices at the local, regional and international level.
The index is accessible through DFM’s website, mobile phone applications as well as any other data dissemination platforms run by the DFM or licenced market data providers.
Additionally, shares included in the DFM Shari’ah Index are designated in line with the quarterly updated list of Shari’ah compliant companies prepared by the DFM Fatwa and Shari’ah Supervisory Board.
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.