Islamic Shariah Index for institutional investors

The Dhaka Stock Exchange (DSE) has launched Islamic Shariah Index only for the institutional investors intending to make investment in stocks of the companies which maintain Shariah compliances, officials said.

The DSE President Ahasanul Islam Titu said this Thursday after a meeting held between the DSE board of directors and the top officials of the Islami Bank, Insurance companies, non-banking financial institutions (NBFIs) and Asset Management Companies.

At the meeting, among others, the DSE Senior vice President Mohammad Shahjahan, two DSE directors-Ahmad Rashid Lali and Ms Khugesta Nur-E-Naharin-were present.

"The Shariah Index will be applicable only for the institutional investors who prefer to make investment in stocks of Shariah based companies," DSE President Mr. Titu said.

He said the Shariah index has been launched choosing more than 75 listed companies from the banks, NBFIs, insurance companies and mutual funds having operations based on Islamic Shariah.

"The individuals having intention to make investments in Shariah based stocks will be able to invest through asset management companies," Titu said.

He said only the institutions will be allowed to know about the companies included in Shariah index.   

According to DSE president, the premier bourse will launch a trading platform for Shariah products within next six months.