The FINANCIAL -- Dow Jones Indexes, one of a leading global index provider, announced it was named the "Best Islamic Index Provider" by Islamic Finance News. The selection was made by a record 1,502 Islamic finance professionals worldwide.
"This award acknowledges our achievements in and dedication to providing the most comprehensive, reliable and established family of Islamic indexes. The Dow Jones Islamic Market Indexes were the first to measure the performance of stocks and bonds that comply with Islamic investment principles, and we remain committed to further developments in this area," said Michael A. Petronella, president of Dow Jones Indexes. "The award also recognizes Rushdi Siddiqui, our director of business development for the Dow Jones Islamic Market Indexes. Over the past nine years, he has truly pioneered our efforts to elevate the Dow Jones Islamic Market indexes into the widely accepted and successful benchmarks for Islamic portfolios that they are today."
Launched in 1999, the Dow Jones Islamic Market Indexes seeks to measure the global universe of investable equities that pass screens for Shari'ah compliance. The Dow Jones Islamic Market Indexes combine Islamic investment principles with Dow Jones Indexes' objective, transparent and rules-based methodology.
The index family includes more than 70 regional, country and industry indexes derived from the flagship Dow Jones Islamic Market World Index. In 2006 the index family expanded to include the Dow Jones Islamic Market Sustainability Index, which combines Islamic investing principles with sustainability criteria; Dow Jones Citigroup Sukuk Index, the first index to track Islamic bonds; and Dow Jones Islamic Market BRIC Equal Weighted Index, which tracks Shari'ah-compliant stocks in Brazil, Russia, India and China. Islamic blue-chip indexes for Sri Lanka, Dubai and China and Hong Kong were launched last year.
A six-member supervisory board of Islamic scholars also counsels Dow Jones Indexes on the Shari'ah compliance of eligible stocks for the Dow Jones Islamic Market Indexes.
There are currently more than 60 licensees with more than USD $5 billion in assets benchmarked to the Dow Jones Islamic Market Indexes.