{"id":3565,"date":"2005-11-08T00:00:00","date_gmt":"2005-11-08T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"first-islamic-exchange-traded-fund","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/11\/2005\/first-islamic-exchange-traded-fund.html","title":{"rendered":"DOW JONES Indexes to license Islamic market index as underlying for First Islamic Exchange-Traded Fund"},"content":{"rendered":"<p>  <strong>NEW YORK (Nov. 8, 2005)<\/strong>\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u009dDow Jones Indexes, a leading global index provider, today announced that it has licensed its Dow Jones Islamic Market Turkey Index to Family Finans  House\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u009dthe largest, noninterest banking service in Turkey\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u009das the underlying for an exchange-traded fund (ETF). The ETF based on the index is expected to be launched on the Istanbul Stock Exchange  later this year, pending regulatory approval of the Capital Markets Board of Turkey.<\/p>\n<p>  The Dow Jones Islamic Market Turkey Index, which is up 20% this year as of Nov. 1, is the first index of Islamic-compliant stocks that will be used anywhere in the world as the underlying for an  ETF. It was created for investors who wish to invest according to Islamic investment rules. The index is part of the Dow Jones Islamic Market index series and tracks stocks traded on the Istanbul  Stock Exchange that are compatible with Islamic investment guidelines.<\/p>\n<p>  \u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009dLicensing this index as the underlying for an ETF will give Islamic investors access to the performance of the Turkish market, which presents a well-developed corporate landscape among emerging  countries,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d said Lars Hamich, managing director of STOXX Ltd., the joint venture that is responsible for Dow Jones Indexes\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2 business development in Europe, Asia and the Middle East. \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cWe expect  interest from Turkish investors who would like to invest according to their needs and religious principles, as well as from international market participants with a large clientele for Islamic  investing.\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d<\/p>\n<p>  The index follows a rules-based index methodology consistent with the Dow Jones Islamic Market Index family. The current 15-component index includes all stocks in the Dow Jones Turkey Total Market  Index that fulfill the requirements of the Dow Jones Islamic Market Indexes. The Dow Jones Islamic Market Turkey Index is calculated in the local currency, the Turkish lira, and reviewed quarterly  in March, June, September and December.<\/p>\n<p>  Excluded from the index are stocks of companies in these lines of business: alcohol, tobacco, pork-related products, financial services, defense\/weapons, and entertainment. Also excluded are  companies that fail any of three financial ratios: total debt divided by trailing 12-month average market capitalization is greater than or equal to 33% or more; cash plus interest-bearing  securities divided by trailing 12-month average market capitalization is greater than or equal to 33%; and accounts receivables divided by total assets is greater than or equal to 33% or more.<\/p>\n<p>  Real-time index values are available through the major data vendors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK (Nov. 8, 2005)\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u009dDow Jones Indexes, a leading global index provider, today announced that it has licensed its Dow Jones Islamic Market Turkey Index to Family Finans House\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u009dthe largest, noninterest banking service in Turkey\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u20ac\u009das the underlying for an exchange-traded [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-3565","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/3565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=3565"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/3565\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=3565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=3565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=3565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}