In recent years Islamic financial instruments are much in demand. Islamic Banking or Interest Free Banking, Murabah or Cost-plus Financing, Mudaraba or Trust Financing, Musharaka or Partnership Financing, Islamic Insurance, Ijara or Islamic Leasing and Islamic Fund Management are no more mere concepts today but a reality. The number of companies practicing Islamic finance is increasing day by day globally. In view of the tremendous potential of growth and profit enjoyed and offered by these companies there was a genuine vacuum to be filled for Islamic Stock Market Indices.
These Islamic indices offer the best of both worlds. The excellence of Islamic ideology coupled with brilliance of traditional financial management, gives the choice to invest where the propensity of the investor really resides.
Realizing the potential, Dow Jones has created a new equity benchmark index for people who wish to invest according to Islamic investment guidelines. The Dow Jones Islamic Market Index – DJIM, for short – tracks Shari’ah Law compliant stocks from around the world, provides Islamic investors with a truly global perspective.
Dow Jones Islamic Market Index is constructed from the 2,700 stocks in the Dow Jones Global Indexes family, which means they all are accessible to investors and are well traded. The DJGI methodology removes issues that are not suitable for global investing. Dow Jones Islamic Market Index includes the most liquid securities meeting the Shari’ah investment criteria in the market, and reflects the industry breakdown of the global market.
Dow Jones Islamic Market Index is capitalization-weighted. It is calculated in real-time and disseminated to major market-data vendors. Dow Jones Islamic Market Index is based at December 31, 1995. The base value is set at 1000. Dow Jones Islamic Market Index is reviewed quarterly, with component changes implemented on the third Friday of March, June, September and December. This frequency assures that the index reflects the latest trends and developments in the global stock market.
Islamic filters include excluding those stocks of companies whose primary business is in areas not suitable for Islamic investment purposes are excluded from the Dow Jones Islamic Market Index.
Excluded products include:
- Alcohol
- Pork related products
- Conventional financial services (banking, insurance, etc.)
- Entertainment (hotels, casinos/gambling, cinema, pornography, music, etc.)
- (Shari’ah scholars also do not advise investments in companies that produce tobacco and/or defense/weapons.)
These incompatible lines of business, represented by 18 of the 122 industry groups within Dow Jones Global Indexes, are removed from the “universe” of stocks considered for the Dow Jones Islamic Market Index. Other companies classified in other industry groups also may be excluded if they are deemed to have a material ownership in or revenues from prohibited business activities.
After removing companies with unacceptable primary business activities, the remaining universe is tested by three financial-ratio “filters.” The purpose is to remove companies with unacceptable financial ratios. The filters are:
- Exclude companies if Total Debt divided by Total Assets is equal to or greater than 33%. (Note: Total debt = Short-Term Debt + Current Portion of Long-Term Debt + Long-Term Debt)
- Exclude companies if Accounts Receivables divided by Total Assets is equal to or greater than 47%. (Note: Accounts Receivables = Current receivables + Long-Term Receivables)
- Exclude companies if Non-Operating Interest Income divided by Operating Income is equal to or greater than 9%
Companies that pass these screens are included in the Dow Jones Islamic Market Index investable universe, from which index components are selected.
In Pakistan KSE Meezan Index (KMI-30) is a stock market index on the Pakistan Stock Exchange in Pakistan of thirty companies that have been screened for Islamic Shariah criteria. The index was introduced in 2009 and the base period for this Islamic index is June 30, 2008. It was created as a joint effort by the Karachi Stock Exchange and Al-Meezan Investment Bank.
The index is calculated using free float market capitalization. At any point in time, the level of the index reflects the free float market value of selected Shariah-compliant shares in comparison with the base period. KMI-30 is recomposed semi-annually.
Guidance is taken from qualified and well reputed Shariah experts when Shariah compliance of stocks is done.
Like Dow Jones KSE Meezan Index for any stock to be “Shariah Compliant” it must meet all of the following six criteria:
Screening Criteria 1: Business of the Investee Company:
The core business of the company should not violate any principle of Shari’ah.
Screening Criteria 2: Interest Bearing Debt to Total Assets:
The Interest Bearing Debt to Total Assets ratio should be less than 37%.
Screening Criteria 3: Non-Compliant Investments to Total Assets:
The ratio of Non-Compliant Investments to Total Assets should be less than 33%. Non-Shari’ah Compliant Investments include investments in conventional mutual funds, conventional money market instruments, Commercial Paper, interest bearing bank deposits, Bonds, PIBs, FIB, T-Bills, CoIs, CoDs, TFCs, DSCs, NSS, derivatives etc.
Screening Criteria 4: Non-complaint Income to Total Revenue:
The ratio of Non-Compliant Income to Total Revenue should be less than 5%.
Screening Criteria 5: Illiquid Assets to Total Assets:
The ratio of Illiquid Assets to Total Assets should be at least 25%.
Screening Criteria6: Net Liquid Assets / Share vs. Market Price / Share:
Market Price per share should be at least equal to or greater than net liquid assets per share. Net liquid assets per share are calculated by using the following formula:
Net Liquid Assets per Share = (Total Assets – Illiquid Assets – Long Term Liabilities – Current Liabilities) / Number of Shares Outstanding.
List of Companies included in KMI-30 index i.e. June 8, 2015. are Fauji Fertilizer Company Limited, Pakistan Hubco,Corporation, Lucky, Pakistan,, Pakistan Oil Fields, Dawood Hercules Corporation, Fauji Cement Ltd, K-Electric Limited, Fatima Fertilizers, Engro Fertilizers, Fauji Fertilizer, Bin Qasim Ltd, Engro Foods, Packages Ltd, Pakistan Telecommunication Company Ltd, Maple Leaf Cement, Mari Gas,, Glaxo Smith Kline, The Searle Company Ltd, Pak Elektron Ltd, Pak Suzuki Motor Company Ltd, Kohat Cement Company, Cherat Cement Company Ltd,Attock Refinery Ltd, Honda Atlas Car (Pakistan)Ltd, Shell Pakistan Ltd, Hascol Petroleum Ltd.
From above it is evident that if this index moves forward than it can strengthen halal business in the market and can discourage activities attached with gambling, liquor etc etc
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