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Dow Jones and Citigroup Launch Index of Islamic-friendly Global Funds

Bond In Investing Savings By Staff

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Bond Investment Toledo Toledo (AXcess News) New York - Dow Jones Co. (NYSE: DJ) and Citigroup (NYSE: C) have launched the Dow Jones Citigroup Sukuk Index that measures performances of global funds that comply with Islamic investment guidelines. The new index was launched Friday.

A digital network service of CNBC and Dow Jones, CNBC World offers global financial markets in real time, live and worldwide. Combines the resources of CNBC business news from the U.S., day, global business news network.

James Bond Trading Card The index includes investment-grade, US dollar-denominated Islamic bonds known as Sukuk that are issued in the global market. It currently consists of Malaysia Global Sukuk, Sarawak Sukuk, Islamic Development Bank, Solidarity Trust Services Ltd, BMA International Sukuk, Qatar Global Sukuk and Dubai Global Sukuk.

The USD index (USDX), a gauge of the greenback's value against six major currencies slipped to a low below 80 which has not been seen since 1992.however on contrary the Dow Jones rebounded sharply, rising 286pts (2.2%), while the NASDAQ strengthened by 36pts (1.4%).

Bond In Investing Stock Kuala Lumpur had been chosen for the first Sukuk index launch as Malaysia had a natural advantage to become a centre for excellence in Islamic banking and the development of Islamic financial products.

was launched in 1992 by The Hearst Corporation and Dow Jones & Company to service the need for personal finance information among the group of professional and managerial Americans, who, while affluent and sophisticated, are overworked and overwhelmed. SmartMoney promises to answer the tough questions of those seeking clarity in the confused times that have arisen as a result of the nation's emerging new personal economy. In doing so, we've established a new standard in personal finance publishing and virtually redefined upscale service journalism.

Municipal Bonds Investment Sanjeev Nanavati, who heads Citigroup Malaysia Corporate & Investment Banking, told reporters yesterday, "Citigroup is committed to supporting the development of Kuala Lumpur as an Islamic financial centre, choosing to launch the index here ahead of Bahrain and Dubai."

It is quite interesting to see that on top of everything else, the US stock market is weakening, as the Dow Jones dropped another 400 points, yet on the other hand, we clearly see a USD recuperation, that is slowly shaping into a rally. The Greenback is gaining strength against most majors, USD is now trading at 1.3640, USD is trading at 2.0240 after peaking at an unbelievable level of 2.0600. The main reason for that is that traders are putting their trust in the Greenback once again, as external investment is increasing, and traders are hedging risky funds with the US Currency.

Bond Terms Trading Nanavati pointed out that over US$15 billion in Islamic bonds have been issued and that it was time for a benchmark Sukuk Index to be launched for investors in order to guage the overall performance and set a criteria for investment.

Bond Debt High In Inside Criteria for inclusion of any new Islamic bonds into the index requires compliance with the Auditing & Accounting Organization of Islamic Financial Institutions' Sukuk trading standards and Syariah law and a minimum maturity of one year and an issue size of at least US$250 million.

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