Middle East ETF News Older than One Year
DFM invites experts to counsel on its "Standard for Issuing, Acquiring and Trading Sukuk", slated for discussion and issuance in March 2013
Consultation period of 8 weeks aims to devise the most possible comprehensive standard
January 6, 2013--Dubai Financial Market (DFM) today launched the draft of its "Standard for Issuing, Acquiring, Trading Sukuk" on its website, www.dfm.ae.
The exchange invited various Islamic Finance professionals to counsel and feedback on the first of its kind comprehensive standard. The consultation period will be concluded on February 28th 2013, ahead of a hearing session to be held early March 2013 and eventually issuing the standard later in the same month.
The Standard thoroughly explains various types of Sukuk such as; Sukuk of ownership of tangible assets, Sukuk of usufructs, Sukuk of lease of services, Mudaraba, Musharaka and Salam Sukuk, in addition to the general Shari’a principles that govern issuance, owning and trading Sukuk, and identifying the forbidden financial instruments including; bonds, stocks of companies whose primary activity is prohibited and financial derivatives.
Source: Dubai Financial Market (DFM)
Qatar Exchange to launch QE Al Rayan Islamic Index
January 3, 2013--The Qatar Exchange 20 Index gained Thursday 1.42% to close at 8,569.13 points as shares advanced across the board.
Earlier in the day, the bourse said in an e-mailed statement it will launch on Jan. 7 together with Islamic bank Masraf Al Rayan (up 1.95% at QR26.10) the QE Al Rayan Islamic index. The new gauge is based on QE listed stocks of minimum free float size and liquidity that are Shari’a compliant according to Al Rayan's Shari'ah Supervisory Board. The index is total return based, reflecting dividend reinvestment and has been calculated back to January 2007. Since inception, the index has provided over 148% return and has returned over 14% in 2012. During the same period last year, the conventional QE 20 Index lost 5.87%.
Source: AME Info
Oman's MSM 30 Index climbs to 7-month high
January 3, 2013--The Omani stock market measure gained the 6th session straight Thursday, closing 0.30% higher at 5,781.85 points, representing the highest level since June 7 2012.
Like during many recent trading days, financials dragged the gauge higher. Bank Muscat surged 0.70% to reach OR0.584. Earlier in the day, the Oman Daily Observer reported that the 3rd Bank Muscat Shopping Festival, which lasted for 5 weeks and ended on Dec. 31, concluded on a high note with the lender's cardholders benefiting from a rewarding shopping experience and 120 winners receiving RO 300 each in five weekly prize draws. In addition, customers who shopped with Bank Muscat cards benefited from up to 85% discount offered by over 500 participating outlets.
Source: AME Info
Dubai bourse up, up and away
January 3, 2013--After reaching an 8-month high, the DFM General Index gained Thursday another 0.90% to close at 1,681.75 points.
Emaar shares closed at Dhs3.91, or up 1.30%, the highest level since Oct. 28 2010. Despite a record high turnover (407m stocks valued at Dhs360.6m were traded), shares of the DFM, the only Arab bourse listed to the public, closed unchanged at Dhs1.06. Islamic home financing firm Tamweel lost the most, closing off 2.46% at Dhs1.19.
Source: AME Info
Tadawul bourse follows global uptrend
January 2, 2013--The Tadawul All-Share Index or Tasi gained 1.17% on its second trading day in 2013 (the market was open on Jan. 1) closing at 6,940.31 points.
Sabic advanced 1.39% to hit SR91.50. For the last 3 years, the market bellwether share has been trading in a range between SR87 and SR111.
Source: AME Info
Kuwait bourse flirts with 6,000 points
January 2, 2013--Rising oil prices and the general global sentiment lifted the KSE Market Index by one percetn, closing at 5,994.02 points.
The price of the "black gold" (DME Oman Crude) advanced 1.32% to $107.50 per barrel Thursday after the U. S. reached a budget and tax hike compromise. Kuwait lenders in particular raised the market index. National Bank of Kuwait or NBK gained 1.04% to reach KD0.970. The country's largest Islamic bank Kuwait Finance House surged 2.46%, closing at KD0.830.
Source: AME Info
QE Al Rayan Islamic index debut on Jan 7
January 2, 2013--Qatar Exchange (QE) and Al Rayan Investment yesterday announced the launch of the QE Al Rayan Islamic index. The index, the first of its kind in the region, is based on QE listed stocks of minimum free float size and liquidity that are Shariah compliant.
Set to debut on January 7, 2013, the index is intended to support the creation of Shariah-compliant exchange traded fund (ETF) by Al Rayan Investment and has been issued with a fatwa by its Shariah Board.
A weighting scheme for the index has been customised to ensure both tradability and diversification across individual stocks and sectors. Qualifying stocks are ranked according to liquidity adjusted free float market capitalisation and then a tiered-weighting methodology is applied where fixed allocations are assigned to individual sub-segments of the basket.
The index is total return based, meaning the dividends are reinvested in the index and has been calculated back to January 2007.
Source: The Peninsula
Egypt's new currency regime welcomed by IMF
January 2, 2013--The International Monetary Fund (IMF) has welcomed steps that Egypt has taken to stop a drain on its international reserves which had recently caused Egyptian pound hit record lows, Reuters has reported.
Egypt, which has spent more than $20bn over the past two years to defend the pound, imposed a new currency regime on Saturday that includes regular foreign currency auctions. "We welcome the measures taken by the Central Bank of Egypt to ensure that the country will continue to maintain a level of international reserves that can support its international trade and payments," an IMF spokeswoman said. "IMF staff is in close contact with the authorities and we remain strongly committed to supporting Egypt."
Source: AME Info
Bahrain Bourse misses positive start into 2013
January 2, 2013--Despite bullish input from abroad, the Bahrain All-Share Index fell 0.17% to 1,063.77 points.
Stock markets worldwides starte with solid gains into the new year after U. S. congress passed a long awaited budget and tax hike compromise. In Manama, shares of Aluminum Bahrain or Alba fell 2.31% to BD0.422. Advances of Islamic bank Al Salam Bank Bahrain (up 9.43%) and Esterad (1.62% higher) failed to lift the market. The Bahrain Bourse was the worst performing GCC market in 2012 when it lost 6%, despite solid gains at the end of December.
Source: AME Info
Dana Gas gains on gas discoveries in Egypt
December 31, 2012--The ADX General Index closed a quarter percentage point higher at 2,633.21 points.
The gauge is the second best performer in the GCC in 2012 as it gained 9.50% since Jan. 1 (behind Dubai, which added 19.90%). Dana Gas advanced on Monday by 2.27% to reach Dhs0.44. Earlier in the day, Dana Gas said in a statement to the ADX that it has discovered two onshore gas wells located in the Nile Delta Basin. "Initial estimates indicate the two discoveries could increase Dana Gas' commercial reserves by up to 55%", said the Sharjah-based energy firm.
Source: AME Info
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