ArabianBusiness.com - Middle East Business News
Saturday, 21 November 2009 12:13 UAE time

YOUR DIRECTORY /

| Share |

S&P to be used to calculate NBAD Islamic Index

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 10 October 2009
SHARIAH COMPLIANT: Standard & Poor's to calculate NBAD's Islamic Index. (Getty Images)

National Bank of Abu Dhabi (NBAD) has signed an agreement to assign Standard and Poor's Custom Indices for the calculation and maintenance of the NBAD UAE Listed Islamic Index, WAM reported on Saturday.

The index, which has been running since August 2006, is designed to measure the overall performance of Shariah-compliant securities listed on the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM).

Dr Giyas Gokkent, NBAD's Chief Economist said in a statement: "NBAD's Asset Management Group (AMG) has decided to engage an internationally recognised third party firm for the calculation and maintenance of the NBAD UAE Listed Islamic Index to further ensure independence and greater transparency to one of its benchmarks."

Story continues below
advertisement

To be eligible for inclusion in the index, stocks must have an average daily traded value of more than $100,000 over a three month period from review date.

Constituents of the index are reviewed quarterly and rebalanced in the event of securities becoming no longer compliant.

Price Return Index levels will be calculated daily at approximately 11:00 PM GMT (2:00 am next day UAE time).

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

SHARE PRICE CHECK

more » MIDDLE EAST MARKETS DATA

NBAD.ADX

Last Price:

13.40

+0.25+1.90%

19 Nov 2009 09:59 GMT
(Market Closed)

RELATED LINKS

  1. National Bank of Abu Dhabi»

 EMAIL ALERTS

  1. National Bank of Abu Dhabi

  2. Islamic Finance


CURRENCY CONVERTOR

Tell us your story

MOST POPULAR ISLAMIC FINANCE STORIES

ArabianBusiness.com Most Read

  1. Islamic finance steps up

READER COMMENTS

  1. Somali pirates free UAE-owned cargo ship 02
    21 Nov ' 09 at 07:58
    In the old days pirate ships were blown out of the water as soon as spotted.Now they have to wait until they attack a ship and then...   More  »
  2. UAE announces Eid and National Day holidays 01
    20 Nov ' 09 at 15:56
    Eid and National Day are two great occassions and very close to each other. It would be a great act for the UAE authorities to extend...   More  »
  3. Where have all the optimists gone? 01
    20 Nov ' 09 at 16:54
    Dubai unfortunate is not more in fashion, the bubble was big , the growing went fast and the down turn even faster.Many of my clients...   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM