Islamic Index outperforms other indices
Abstract
KSE Meezan Index (KMI-30) is a stock market index on the Karachi Stock Exchange in Pakistan of thirty companies that have been screened for Islamic Shariah criteria. The index was introduced in September 2008 and the base period for this Islamic index is June 30, 2008. It was created as a joint effort by the Karachi Stock Exchange and Al-Meezan Investment Bank The index is calculated using free float market capitalization. At any point in time, the level of the index reflects the free float market value of selected Shariah-compliant shares in comparison with the base period. KMI-30 is rebalanced semi-annually. Guidance is taken from qualified and well reputed Shariah expert when Shariah compliance of stocks is done.
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