Work to create stock market index of Muslim countries intensifies

Business Materials 15 March 2012 18:07 (UTC +04:00)

Azerbaijan, Baku, March 15 / Trend A.Taghiyeva /

Member Countries of the Organisation of Islamic Cooperation (OIC) are actively working to create a single stock market index, department for OIC affairs of the Development Ministry of Turkey, which is one of the most active participants in this process, told Trend on Thursday.

"The participants of this project are 11 countries. Decision on participation of Saudi Arabia, Malaysia and Indonesia is also expected," the department said.

Companies, working on the interest basis and companies producing alcoholic beverages will not take part in the Islamic index.

According to information, the main goal of this project is to strengthen cooperation between stock exchanges of the OIC member countries.

On the Turkish side this project will be developed by the Ministry of Development and the Istanbul Stock Exchange.

"Despite the fact that only companies working on the basis of Islamic law will be involved in the index, investors from around the world can invest in Islamic stock index," the department said.

The department also indicated that work on the establishment of an Islamic stock market index has been going on for five years and there is growing interest in many Islamic countries.