| Nasdaq To Launch Islamic Versions Of Indexes |
| Wednesday, 10 December 2008 00:28 |
| Nasdaq OMX Indexes is about to break into the already crowded field of index providers targeting Islamic investors.
Versions of the flagship Nasdaq 100 Index and Nasdaq Biotechnology Index are to be launched in the first quarter 2009. Dow Jones, MSCI, FTSE Group and financial services firms including HSBC and Citigroup have long lists of stock indexes, and to a more limited extent bond indexes, refashioned for the Islamic world. Currently, there are six exchange-traded funds globally tracking Islamic indexes, according to Chicago-based data researcher Failaka. Three are from Barclays Global Investors’ European iShares ETF family based in London. The iShares track the MSCI Emerging Market Islamic, USA Islamic, and World Islamic equity indexes. BNP Paribas has an ETF based on the Dow Jones Islamic Titans Index, while Daiwa Securities launched an ETF based on a FTSE Sha’riah Japan 100 Japanese equity index. As an exchange which a growing profile in the Middle East, Nasdaq has an immediate beachhead for its first Islamic indexes, in contrast to the stand-alone index providers. |
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