First Islamic bonds index created by Dow Jones and Citigroup

New index expected to increase cross-market trading.
Citigroup and Dow Jones are to launch the worldÆs first index of bonds that comply with sharia law in response to a surging demand from Muslim investors for more innovative investment products.

The Dow Jones Citigroup Sukuk Index, which will be the first of its kind, is scheduled for official launch on April 2.

It is intended to be a benchmark for investors in sharia-compliant bonds, and its sponsors hope it will encourage greater secondary market activity û thus allowing increased cross-market trading.

Banks will be able to structure new products around the index to attract Muslim high net-worth individuals and retail investors to the growing Islamic debt market, which is currently worth about $300...
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