FTSE Group (“FTSE”), the global index company, and Yasaar Research (Yasaar) today launched the FTSE Shariah Global Equity Index Series, with the launch of 96 new Shariah compliant indices, including the FTSE Shariah Development Index Series, the FTSE Shariah All-World Index Series; and FTSE Shariah Multinationals 150 Index.
Unlike other competitor methodologies, The FTSE Shariah Global Equity Index Series uses asset-based debt screening, a more conservative approach to Shariah compliance. This ensures that companies do not pass the screening criteria due to market place fluctuation, allowing the methodology to be less speculative and more in keeping with Shariah principles.
Mr. Mark Makepeace, Chief Executive of FTSE said, “We are continuing to provide solutions for investors and today’s launch is a positive step forward into a rapidly growing shariah-related investment market. There is a worldwide appetite for Islamic financial products and these new FTSE Shariah indices will provide Islamic investors with an accurate set of Shariah benchmarks, as well as help providers create structured investment products tailored to the global Islamic market.”
Mr. Majid Dawood, CEO of Yasaar Limited and President of Yasaar Research Inc, said, “The growth of the Islamic market is such that the investors have come to demand an availability of choices. The FTSE Shariah index series serve those growing demands in a transparent, timely and Shariah compliant manner, enabling the creation of products based on these indices which will give greater beneficial choice and thereby engender the Islamic finance industry generally.”
The FTSE Shariah Global Equity Index Series comprises the Large and Mid Cap stocks from the FTSE Global Equity Index Series and has been designed to be used as the basis of Shariah compliant investment products that meet the requirements of Islamic investors globally.
The FTSE Shariah Global Equity Index Series is made up of 96 indices, 12 of which are calculated in real-time.