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Dow Jones and Citigroup Launch Index of Islamic-friendly Global Funds
Bank Of America Investment By Staff
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Investment Opportunity (AXcess News) New York - Dow Jones Co. (NYSE: DJ) and Citigroup (NYSE: C) have launched the Dow Jones Citigroup Sukuk Index that measures performances of global funds that comply with Islamic investment guidelines. The new index was launched Friday.
Global Forex Trading (GFT) announced today that it will offer traders up to $1, 000 when they open a new GFT forex trading account by transferring funds from an equities, futures or forex brokerage.... MIG changes its news provider to DOW JONES Newswires At MIG Investments, we are happy to announce that as of today, Thursday, February 1, 2007, we have changed our provider of news headlines from AFX News to DOW JONES Newswires.DOW JON...
Banc Of America Investment The index includes investment-grade, US dollar-denominated Islamic bonds known as Sukuk that are issued in the global market. It currently consists of Malaysia Global Sukuk, Sarawak Sukuk, Islamic Development Bank, Solidarity Trust Services Ltd, BMA International Sukuk, Qatar Global Sukuk and Dubai Global Sukuk.
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Banking Investment Kuala Lumpur had been chosen for the first Sukuk index launch as Malaysia had a natural advantage to become a centre for excellence in Islamic banking and the development of Islamic financial products.
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Investment Solution Strategic Sanjeev Nanavati, who heads Citigroup Malaysia Corporate & Investment Banking, told reporters yesterday, "Citigroup is committed to supporting the development of Kuala Lumpur as an Islamic financial centre, choosing to launch the index here ahead of Bahrain and Dubai."
Northern Trust added a Japanese real estate investment trust fund to its NETS family of ETFs. NETS Tokyo Stock Exchange REIT Index (JRE) started trading Sept. 8. The country's REIT market makes up 10% of all global real estate investment opportunities, according to Northern Trust.
Investment Banking Services Nanavati pointed out that over US$15 billion in Islamic bonds have been issued and that it was time for a benchmark Sukuk Index to be launched for investors in order to guage the overall performance and set a criteria for investment.
Bank Investment Criteria for inclusion of any new Islamic bonds into the index requires compliance with the Auditing & Accounting Organization of Islamic Financial Institutions' Sukuk trading standards and Syariah law and a minimum maturity of one year and an issue size of at least US$250 million.
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