EUROPE - INDEXES - Changes DJIM Europe

www.djindexes.com -Changes Follow Regular Annual Review - LONDON (7 June 2012) – Dow Jones Indexes, a leading global index provider, today announced the results of the regular annual review of the Dow Jones Islamic Market Titans 100 Index and its three subindexes, Dow Jones Islamic Market U.S. Titans 50 Index, Dow Jones Islamic Market Asia/Pacific Titans 25 Index and Dow Jones Islamic Market Europe Titans 25 Index as well as the Dow Jones Islamic Market Malaysia Titans 25 Index. All changes will be effective after the close of trading on Friday, June 15, 2012.  (source)

GERMANY - German Bank Offers ‘Islamic-Compliant’ Investment

www.businessislamica.com - German bank WestLB rolled out a new “Islam-compliant” investment product named the Islamic Strategy Index Certificate. T

he value of the certificate is based on the value of the WestLB Islamic Deutschland Index, consisting of shares of ten German firms “whose business activities are consistent with the ethical rules of Islam.”  The prospectus explains that “for the selection [of stocks] it is in principle not permitted that the business activity of the chosen firms involve interest-bearing financial services or derivatives, insurance, alcohol, tobacco, pork, armaments, gambling, gold and silver hedging transactions, or the entertainment industry.”  (source)

INDICES - STOXX Unveils Islamic Indices In Europe

STOXX has launched three Shariah-compliant indices in Europe, Mondovisione reports. The new indices are the STOXX Europe Islamic Index and its two blue-chip sub-indices, the STOXX Europe Islamic 50 and EURO STOXX Islamic 50. (source)

TURKEY - KATLM "Participation Index" for the IMKB/ISE Istanbul Stock Exchange

 As from Jan 6, 2011 a new "Participation  Index" (KATLM) will be listed on the IMKB/ISE Istanbul Stock Exchange, sponsored by the 4 Turkish Participation Banks (Albaraka Turk, Bank Asya, Kuveyt Turk and Turkiye Finans) and managed by BMD Bizim Menkul Degerler.

There is an industry screening and financial screening (max 30 % interest bearing debt - max 30 % cash and interest bearing receivables - max 5 % non permissible income model) that is further narrowed down to the 30 biggest companies listed (details HERE).

Unfortunately, the index apparently only targets the interests of Turkish investors, since the website uniquely caters for a Turkish speaking audience.

To give you an idea of the initial industry spread, see hereunder: