Islamic Market Indices deliver mixed results
While the Dow Jones Islamic Market (DJIM) outperformed the Dow Jones Industrial Average in November, the DJIM’s Gulf Cooperation Council (GCC) nations performed poorly.
The DJIM’s BRIC Index ended the month with an increase of 10.24 per cent, its China Offshore Index gained 13.6 per cent and the India Index rose 9.25 per cent – all of which outperformed the Dow Jones Industrial Average, which reported gains of 7.42 per cent.
However, the GCC Index was down 8.96 per cent, the Dubai Financial Market fell 9.05 per cent and DJIM’s Kuwait Index was down 10.77 per cent.
Meanwhile, the DJIM’s “Western Islamic markets” saw better results, experiencing a rise of 7.31 per cent in its US Titans 50 Index, while its Europe Titans 25 Index gained 5.77 per cent.
The Islamic religion prohibits investment in products such as alcohol, pork, weapons and pornography. Shariah law also forbids dealing in interest.
The DJIM’s best performing index was its Basic Materials, which delivered a gain of 67.54 per cent on a year-to-date basis.
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