Dow Jones Indexes has launched the Dow Jones Islamic Market (DJIM) ASEAN Index – the first of its kind that represents the performance of Shari’ah-compliant companies in six of the 10 member states of the Association of Southeast Asian Nations (ASEAN).
The index currently includes Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
According to Dow Jones Indexes, the index is designed to serve as underlying for financial products such as exchange-traded funds (ETFs), or as a benchmark for actively managed mutual funds.
The index has been licensed to Malaysia-based Corston-Smith Asset Management to be used as the basis for a long-only corporate governance investment fund.
“ASEAN member countries are among the fastest emerging economies in Asia. The Dow Jones Islamic Market ASEAN Index now enables market participants to track Shari’ah-compliant stocks across the Southeast Asian region,” said Mike Petronella, president, Dow Jones Indexes.
“The index further broadens the geographical coverage of the well sought after Dow Jones Islamic Market index series which follows a unique methodology and has set the standard for Islamic indexing in the past decade.”