Islamic cos show keen interest to invest: DSE president

January 31, 2014

Shariah Index
Islamic cos show keen interest to invest: DSE president
Leading Islamic banks, non-bank financial institutions and insurance companies at a meeting with the Dhaka Stock Exchange on Thursday expressed keen interest in the Shariah index, DSE president Ahsanul Islam Titu said after the meeting held at the DSE office in the city.
The bourse on January 20 introduced the index developed by Standard & Poor’s.
‘We have briefed them on our newly-introduced financial product, Shariah index,’ DSE president said.
‘The index is for the financial institutions which deny investing in the secondary market of the capital market from a perception that investment in the capital market is not allowed by the Islamic Shariah,’ he said.
Tutu said the Shariah index would allow them to come in the capital market for investment as it was prepared on the basis of Islamic Shariah.
Replying to a question, Titu said the index includes more than 70 companies.
‘Except individual investors all the financial institutions will get the services related to the index for certain amount of fees. But, investors will be benefited when they will purchase any Shariah compliant mutual fund, DSE president said.
He also informed that like the other member countries of Organisation of Islamic Cooperation, the DSE would also introduce Islamic Sukuk product as part of its business plan included in the demutualisation scheme.
The DSE on January 28, 2013 introduced two new indices — DSEX and DS30 — on the basis of free-float method developed by S&P.

-With New Age input

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