Two ETFs, the NewGold and Vetiva Griffin 30, are already listed on the NSE. However, a third ETF to be floated by Lotus Capita is underway. A total of 100 million units of the ETF will be made available to investors for subscription prior to its listing on the NSE.
Following approval given to the offer document by the
The Board of Directors of the company and relevant professional parties, including
The Index is an adjusted market capitalisation weighted index currently comprising 15 Shari'ah compliant equities listed on the floors of the
The NSE Lotus Islamic index, was launched in 2012 covering 15 equities with combined market, excludes banks, companies with high levels of debt or leverage and other stocks that conflict with Islamic principles.
According to the NSE, index was designed to attract Sharia/ethical investors to
The new index is weighted towards fast moving consumer good, cement, oil marketing and manufacturing sectors and includes heavyweight
At its introduction, the
It also said it had a buffer of 30 firms to consider for the inclusion at any one point but that stock liquidity was key. On debt, it said total debt as a percentage of the firms total value should not be more than 33 per cent for it to qualify.
According to analysts, Islamic banking assets globally now exceed
Most Popular Stories
- Toxic Algae Threatens Florida Fishing, Tourism
- Hispanic Groups Lead Voter Registration Drive
- Eva Mendes Gives Birth to a Baby Girl
- Plus-Size iPhones Live Up to The Hype
- Fed Signals It Will Keep Key Rate at Record Low
- FedEx Adding 50,000 Holiday Jobs
- Stocks Rise Before Fed Statement
- Occupy Wall Street Buys Up Student Debt
- Cool Features on Today's New iOS 8
- Kohl's Hiring 67,000 for the Holidays