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Dow Jones Indexes announced that Tebyan Asset Management has licensed the Dow Jones Islamic Market (DJIM) CHIME Index to benchmark its new fund, the Tebyan CHIME Opportunities Fund.
The DJIM CHIME Index is created to measure the performance of 100 leading stocks from China, India and the Middle East/North Africa (MENA) region that pass rules-based screens for Shari’ah compliance.
The index universe for the DJIM CHIME Index is determined by all stocks that pass Shari’ah screens, with hte purpose to remove companies in the following lines of business: alcohol, tobacco, pork-related products, conventional financial services, defense/weapons and certain types of entertainment. Also excluded are companies with financial ratios that are incompatible with Islamic investment principles.

Dow Jones Indexes will launch the Dow Jones Islamic Market RBP U.S. 50 Index, a unique gauge designed to evaluate the largest 50 U.S. stocks ranked by RBP®(Required Business Performance) probabilities supplied by Transparent Value, LLC that have first passed the screens for Shari’ah compliance.
Transparent Value is calculating RBP® by taking a reverse discounted cash flow approach to determine the future business performance required by a company to support its current stock price.

Dow Jones Indexes announced the results of the regular quarterly review of the Dow Jones Islamic Market Indexes. All changes will be effective after the close of trading on Friday, March 18, 2011.
In the Dow Jones Islamic Market World Index, 112 components will be added while 49 components will be deleted. That increases the number of components in the index to 2,528 from 2,465.
The total free-float market capitalization of the reconstituted Dow Jones Islamic Market World Index increased to US$14.31 trillion from US$14.11 trillion.

Dow Jones Indexes is expanding its Dow Jones Islamic Market Indexes series by launching the Dow Jones Islamic Market Global Finance & Takaful Index, which measures the performance of financial services stocks that pass rules-based screens for Shari’ah compliance.
The new index, designed to provide broader coverage of the Shari’ah-compliant financial services sector, will serve as a benchmark and an underlying instrument for investment products such as mutual funds and exchange-traded funds (ETFs).

Dow Jones Indexes, a leading global index provider, on December 16 announced that it has been named “Best Index Provider Shari’ah compliant Indexes” by Dubai-based Islamic Business & Finance magazine.

Tariq Al Rifai joined Dow Jones Indexes as Director for Islamic Indexes. He previously worked for Unicorn, a Bahraini investment bank. The former global director, Rushdi Siddiqui, moved on to ThomsonReuters as previously reported, spearheading the Islamic finance efforts.

Talal Malik reported on 14 April in Arabian Business that Dow Jones Indexes opens its first Middle East office in Dubai.

Michael A. Petronella is president of Dow Jones.
Sumeet Nihalani is Dow Jones' senior director of sales for the region.
Imran Vohra is Head of Dubai office.
Rushdi Siddiqui is global director of Dow Jones Islamic Market Indexes.

Source: http://www.arabianbusiness.com/516453-dow-jones-indexes-opens-first-midd...