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“Turkey represents a well-developed corporate landscape among emerging countries—especially with Islamic investors, who consider Turkey an interesting market,” said Lars Hamich, managing director of STOXX Ltd., the joint venture that is responsible for Dow Jones Indexes business development in Europe, Asia, and the Middle East. “Dow Jones Indexes created the Dow Jones Islamic Market Turkey Index to provide investment professionals with a tool to strategize their investments according to their needs and principles. We also expect increased interest from market participants in other countries with a large clientele for Islamic investing.”
The Dow Jones Islamic Market Turkey Index follows a rules-based index methodology consistent with the Dow Jones Islamic Market Index family. The current 17-component index includes all stocks in the Dow Jones Emerging Europe Index that are traded on the Istanbul stock exchange and fulfill the requirements of the Dow Jones Islamic Market Indexes.
Excluded from the index are stocks that represent the following lines of business: alcohol, tobacco, pork-related products, financial services, defense/weapons, and entertainment. Also excluded are companies whose total debt dividend by trailing 12-month average market capitalization is greater than or equal to 33% or more those whose cash plus interest bearing securities divided by trailing 12-month average market capitalization is greater than or equal to 33%. Additionally, companies whose accounts receivables divided by total assets is greater than or equal to 45% or more are excluded from the Dow Jones Islamic Market Turkey Index.
The Dow Jones Islamic Market Turkey Index is calculated in the local currency Turkish Lira. Companies included in the Dow Jones Islamic Market Turkey Index are selected according to float-adjusted market capitalization. The indexes’ free-float market capitalization is 6,341,479 billion Turkish Lira ($4.20 billion) as of Sept. 13, 2004. End-of-day index values are available through the major data vendors. The base value of the Dow Jones Islamic Market Turkey Index is 1,000 as of Dec. 31, 2002. The index is reviewed quarterly in March, June, September and December.
The Dow Jones Islamic Market Turkey Index is the newest addition to the already existing Dow Jones Islamic Market country indexes such as the Dow Jones Islamic Market Japan Index, Dow Jones Islamic Market UK Index, Dow Jones Islamic Market Canada Index, Dow Jones Islamic Market Malaysia Index and the Dow Jones Islamic Market US Titans 50 Index.
