Dow Jones launches Islamic index for sharia ETF
Dow Jones has launched a new Islamic index, which has been simultaneously licensed to an exchange-traded fund (ETF) provider in the US. The Dow Jones Islamic Market International Titans 100 Index will track 100 companies outside the US which have passed sharia screening tests set by the provider's supervisory board.
The index has been licensed to Javelin Investment Management, which listed the Jets Dow Jones Islamic Market International Index Fund on the New York Stock Exchange today. It is the first ETF Javelin has launched.
Stocks were not eligible for inclusion in the index if their business involved alcohol, tobacco, financial services, pork-related products, defence and weapon production or the entertainment industry. Certain criteria were also applied to company accounts. If the company's debt as a
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