BHB ANNOUNCES LAUNCH OF BAHRAIN ISLAMIC INDEX

DT News Network

Manama 

Bahrain Bourse (BHB)  yesterday launched Bahrain Islamic Index providing investors an opportunity to invest in stocks listed in compliance with  Shariah law. 

The move, according to Bourse Chairman Yousuf Abdullah Humood, comes as part of efforts towards developing and enhancing Bahrain’s position as a leading regional and international hub in the provision of Financial Islamic Services. 

Commenting on the launch, Chief Executive Officer of Bahrain Bourse, Shaikh Khalifa bin Ebrahim Al Khalifa, said 17 companies will be computed within the index, whose performance could be evaluated by investors and parties concerned with the Bourse’s activity on the Bourse’s website and through trading bulletins issued by the Bourse. 

The Bourse has also set a number of technical and financial standards to determine the companies that are computed and will be computed within this index. Besides, a specialised committee will periodically review the companies’ information, to take appropriate decision regarding the inclusion or exclusion of companies from the index computing process. 

Shaikh Khalifa also said that the index will act as a standardised tool, adopted by investors in order to measure the fluctuations of their investment portfolios in the companies computed within the Islamic Index, which will assist them in taking the right decisions regarding these investments in the right time. 

The launch ceremony was held in the presence of members of Bahrain Bourse board of directors and Khalid Hamad Al Hamad, Executive Director of Banking Supervision at the Central Bank of Bahrain (CBB) in addition to CEOs, General Managers of listed companies that are computed within the index and a number of Bahrain Bourse officials.

Khalid Hamad Al Hamad said that CBB encourages and supports this added value initiative that creates Islamic Banking and that will encourage Islamic banks and various types of companies to take new initiatives in the capital market, through mutual funds and securities that comply with the Islamic Shariah, in addition to the trust that investors will have in this vital sector.