Shariah-compliant index series bound for Singapore

The Singapore Exchange joins forces with FTSE Group and Yasaar Research to produce a Shariah Index Series.

The FTSE Group FTSE has announced it will offer a Shariah Index Series in partnership with the Singapore Exchange SGX and Yasaar Research. The group expects to launch the first index of the series, the FTSE SGX Asia Shariah 100 Index, in February 2006.

Singapore is clearly trying to tap into the growing demand for Islamic financial instruments, which under Shariah law prohibit the payment of interest.

This collaboration with FTSE and Yasaar Research is the first global Islamic initiative, says Hsieh Fu Hua, CEO of SGX. It represents a further step in enhancing our comprehensive product suite to meet the increasing demand for Islamic banking...

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