Chicago Journal of International Law


With respect to the universe of Shari'ah-compliant equities, this Article will also discuss and analyze the Dow Jones Islamic Market Index ("DJIM"), launched on February 9, 1999 in Manama, Bahrain by Dow Jones Indexes. By way of background, the DJIM was the first attempt by any global index provider to create a measurement tool for Shari'ah-compliant investors and to reduce the research costs of ascertaining Shari'ah-compliance by creating a global universe of Shari'ah-screened companies approved by a Shari'ah supervisory board. Furthermore, the DJIM has established the initial standard of Shari'ah- compliant equity investing globally by highlighting the dilemmas of Shari'ah- compliant investing in Muslim countries, flushing out the geographical location of underlying Shari'ah-compliant companies, and offering an incentive for companies to be included in a high-profile Shari'ah-compliant index. Today, the DJIM is a galaxy of seventy Islamic indices which cover a variety of Shari'ah- compliant equities and fixed income securities across the globe.