S&P Dow Jones Indices has launched the S&P GCC Composite Shariah Dividend Index which is designed to measure the performance of the highest yielding, Shariah-compliant stocks from the Gulf Cooperation Council (GCC) region that meet respective liquidity, dividend growth, and dividend sustainability criteria.
The S&P GCC Composite Shariah Dividend Index universe is drawn from the S&P GCC Composite Shariah Index which offers investors a comprehensive Shariah-compliant benchmark for the six GCC Arab states – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).
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The S&P GCC Composite Shariah Dividend Index is comprised of the 30 highest yielding stocks from the eligible universe, subject to a minimum of two stocks per country. The Index constituents are weighted by their indicated annual dividend yield.
Michael Orzano, associate director of global equity indices at S&P Dow Jones Indices, said: "Dividend indices have been very popular given the low interest rate environment. The S&P GCC Composite Shariah Dividend Index was developed based on feedback from Islamic GCC investors who are looking for equity income while remaining Shariah-compliant."
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