|
|
S&P
500 Shariah
|
Dow
Jones Islamic World
|
MSCI
World Islamic
|
FTSE
Shariah All World
|
Russell
- IdealRatings Islamic Global
|
|
1,732.74
|
2,817.56
|
-
|
2,025.63
|
1,807.46
|
|
▲
16.67
|
▲
15.22
|
-
|
▲
8.28
|
▲
8.36
|
|
|
|
|
|
Daily Cover
|
|
|
|
PHILIPPINES: Hans B Sicat,
the president of the Philippine Stock Exchange (PSE), has stated that the
bourse plans to launch a Shariah compliant sub-index this quarter. The
imminent launch of the sub-index marks the culmination of plans announced
in December last year with the release of the list of Shariah compliant
screened companies in collaboration with IdealRatings.
The sub-index will be launched in order to boost market liquidity and to
add diversity to the investor base of the PSE, given that many investors
seeking Shariah compliant investment opportunities currently look to the
more developed Shariah compliant markets of Malaysia or Indonesia. Sicat
has stated that sub-index will include approximately 40 of the companies
categorized as Shariah compliant on the PSE.
When first launched in December the list of Shariah compliant companies
totalled 47, and included Aboitiz Equity Ventures, Apex Mining, Manila
Electric Co, Nickel Asia and Pepsi Cola Products Philippines Inc. among
others. The number of companies assessed as Shariah compliant rose to 61
between January and March this year, before retreating to 51 this
quarter.
The listed companies are screened each quarter by IdealRatings to AAOIFI
standards with those to be chosen for inclusion on the sub-index also
assessed on liquidity, market capitalization and public float. Speaking
on the sidelines of the Philippine Economic Briefing in Pasay City, Sicat
indicated that the filter on stock liquidity would be a factor that would
limit the number of companies eligible for inclusion on the sub-index.
The news of the launch of the sub-index on the PSE comes as part of a
surge of increased activity regarding Islamic finance in the Philippines,
marked most recently by the assurance that the Bangsamoro Development
Authority will include the establishment of Islamic banks in its
development plan; and a commitment by the British High Commission in the
Philippines to assist the National Commission of Muslim Filipinos on a
draft policy framework for the regulation of Islamic financial products.
|
|
|
|
|
Takaful & re-Takaful: An IFN Correspondent
Report
|
|
|
|
|
|
|
|
|
|
On the back of
the emergence of many sovereign Sukuk deals this year, one cannot help
but wonder if the spate of Sukuk in non-Muslim majority countries might
encourage more corporates to raise funds in a Shariah compliant manner.
This week, the IFN Poll explores this possibility: gauging market
sentiment and attitude towards the new players in the primary Sukuk
market
|
|
|
|
Today's IFN Alerts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S&P
500 Shariah
|
Dow
Jones Islamic World
|
MSCI
World Islamic
|
FTSE
Shariah All World
|
Russell
- IdealRatings Islamic Global
|
|
1,732.74
|
2,817.56
|
-
|
2,025.63
|
1,807.46
|
|
▲
16.67
|
▲
15.22
|
-
|
▲
8.28
|
▲
8.36
|
|
|
|
|
|
Daily Cover
|
|
|
|
PHILIPPINES: Hans B Sicat,
the president of the Philippine Stock Exchange (PSE), has stated that the
bourse plans to launch a Shariah compliant sub-index this quarter. The
imminent launch of the sub-index marks the culmination of plans announced
in December last year with the release of the list of Shariah compliant
screened companies in collaboration with IdealRatings.
The sub-index will be launched in order to boost market liquidity and to
add diversity to the investor base of the PSE, given that many investors
seeking Shariah compliant investment opportunities currently look to the
more developed Shariah compliant markets of Malaysia or Indonesia. Sicat
has stated that sub-index will include approximately 40 of the companies
categorized as Shariah compliant on the PSE.
When first launched in December the list of Shariah compliant companies
totalled 47, and included Aboitiz Equity Ventures, Apex Mining, Manila
Electric Co, Nickel Asia and Pepsi Cola Products Philippines Inc. among
others. The number of companies assessed as Shariah compliant rose to 61
between January and March this year, before retreating to 51 this
quarter.
The listed companies are screened each quarter by IdealRatings to AAOIFI
standards with those to be chosen for inclusion on the sub-index also
assessed on liquidity, market capitalization and public float. Speaking
on the sidelines of the Philippine Economic Briefing in Pasay City, Sicat
indicated that the filter on stock liquidity would be a factor that would
limit the number of companies eligible for inclusion on the sub-index.
The news of the launch of the sub-index on the PSE comes as part of a
surge of increased activity regarding Islamic finance in the Philippines,
marked most recently by the assurance that the Bangsamoro Development
Authority will include the establishment of Islamic banks in its
development plan; and a commitment by the British High Commission in the
Philippines to assist the National Commission of Muslim Filipinos on a
draft policy framework for the regulation of Islamic financial products.
|
|
|
|
|
Takaful & re-Takaful: An IFN Correspondent
Report
|
|
|
|
|
|
|
|
|
|
On the back of
the emergence of many sovereign Sukuk deals this year, one cannot help
but wonder if the spate of Sukuk in non-Muslim majority countries might
encourage more corporates to raise funds in a Shariah compliant manner.
This week, the IFN Poll explores this possibility: gauging market
sentiment and attitude towards the new players in the primary Sukuk
market
|
|
|
|
Today's IFN Alerts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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