The Dow Jones Islamic Market World Business Essay

The Dow Jones Islamic Market World ( DJIM WorldSM ) Index was the first & A ; mdash ; and remains the Prime Minister & A ; mdash ; benchmark of investing public presentation for the planetary existence of Shari'ah-compliant equities. Since the launch of this planetary index in 1999, the Dow Jones Islamic Market Index household has expanded to supply a broad assortment benchmarks tracking Shari'ah-compliant securities including indexes for specific states, parts, industries and market capitalisation ranges.Effective July 27, 2009, the choice existence for the DJIM Indexes includes the constituents of 69 country-level benchmark indexes. To find their eligibility for the DJIM indexes, the stocks are screened to guarantee that each meets the criterions set out in the published methodological analysis. A company must run into Shari'ah demands for acceptable merchandises, concern activities, debt degrees, and involvement income and disbursals.

The methodological analysis is approved by the independent DJIM Index Shari'ah Supervisory Board.The DJIM household provides public presentation benchmarks for securities in both developed markets and emerging markets. In add-on, by testing investings for conformity with Shari'ah jurisprudence, the indexes help to cut down research costs and conformity concerns Muslim investors would otherwise face in building Islamic investing portfolios.

Dow Jones Islamic Market Index Shari'ah Supervisory Board

The DJIM Index Shari'ah Supervisory Board ( Shari'ah Board ) was established to rede Dow Jones Indexes on the methodological analysis for testing securities for inclusion in the Dow Jones Islamic Market Indexes and related affairs associating to the Shari'ah conformity of the indexes ' eligible constituents.

The independent Shari'ah Board consists of five high Shari'ah bookmans from around the universe. The geographic diverseness of the bookmans ensures that diverse readings of Shari'ah jurisprudence are represented.Members of the DJIM Index Shari'ah Supervisory Board are:

Name	State
Shaykh Abdul Sattar Abu GhuddahDr. Abu Ghuddah is a senior Shari'ah Advisor to Albaraka Investment Co. of Saudi Arabia. He holds a PhD in Islamic Law. Dr. Abu Ghuddah has published many books on Islamic Financial minutess. He was an adviser for Islamic Law Encyclopeadia ( Kuwait Awqaf Ministry ) . Dr. Abu Ghuddah is a member and president of seeral reputed Islamic Shari'ah Boards.	Syria
Shaykh Nizam YaqubyMr. Yaquby is a member of the Islamic supervisory boards for several Islamic establishments, including the Arab Islamic Bank and the Abu Dhabi Islamic Bank. His work has appeared in the undermentioned publications: Risalah Fi al-Tawbah, Qurrat al-'Ainayn fi Fada Illinois Birr al-Walidayn, Irshad al-'Uqala'ila Hukun al-Qira'h min al-Mushaf fi al-Salah, Tahqia al-Amal fi Ikhraj Zakat al-Fitr Bi al-Mal.	Bahrein
Shaykh Dr. Mohamed A. ElgariDr. Elgari is an associate professor of Islamic Economics and the manager of the Center for Research in Islamic Economics at King Abdulaziz University in Saudi Arabia. He is an expert at the Islamic Jurisprudence Academy ( OIC ) , Economics. He is besides an adviser to several Islamic fiscal instituitons worldwide and the writer of many books on Islamic banking.	Saudi Arabia
Shaykh Yusuf Talal DeLorenzoMr. DeLorenzo is considered a taking Islamic bookman in the United States. He has translated over 20 books from Arabic, Persian, and Urdu for publication in English and has been commissioned to fix a new interlingual rendition of the Qur'an. Mr. DeLorenzo compiled the first English interlingual rendition of legal opinions issued by Shari'ah supervisory boards on the operations of Islamic Bankss. since 1989, Mr. DeLorenzo has served as secretary of the Figh Council of North America. He is besides a Shari'ah adviser to several Islamic fiscal establishments and was an adviser on Islamic instruction to the authorities of Pakistan.	United States
Shaykh Dr. Mohd Daud BakarDr. Bakar is presently a member of the Shari'ah Advisory Council of many fiscal establishments in Malaysia and around the universe, including the Central Bank of Malaysia, Securities Commission of Malaysia, International Islamic Financial Market in Bahrain, Accounting and Auditing Organization for Islamic Financial Institutions in Bahrain and HSBC ( Malaysia ) .	Malaya

Dow Jones Citigroup Sukuk Index

The Dow Jones Citigroup Sukuk Index tracks the planetary public presentation of investment-grade, U.S. dollar-denominated, Shari'ah-compliant fixed-income securities. The independent Shari'ah Board screens Islamic bond issues on an single footing to find whether they are appropriate for inclusion in the index.

Merely fixed-income securities that pass three sets of screens for conformity with Islamic investing guidelines are eligible for the Dow Jones Citigroup & A ; reg ; Sukuk index. Chemical bonds must be certified as Sukuk by a globally recognized Shari'ah Board and besides must follow with Auditing and Accounting Organization of Islamic Financial Institutions ( AAOIFI ) criterions for eligible plus categories. Additionally, the implicit in assets must follow with Shari'ah rules.