NEW YORK, December 10, 2002 -
Dow Jones Indexes today announced that Dr. Mohd Daud Bakar will join the Dow Jones Islamic Market Index Shari'ah board as a scholar on Islamic law from Malaysia.
Dr. Bakar is an associate professor in Islamic law and deputy rector, Student Affairs and Disciplines, at the International Islamic University Malaysia. His areas of specialization include Islamic Legal Theory, Islamic Banking and Finance, Islamic Law of Zakat and Islamic Medical Law.
Currently, Dr. Bakar is a member of the Shari'ah Advisory Council of many financial institutions in Malaysia and around the world, including the Central Bank of Malaysia, Securities Commission of Malaysia, International Islamic Financial Market in Bahrain, Accounting and Auditing Organization for Islamic Financial Institutions in Bahrain and HSBC (Malaysia).
"Malaysia is one of the leading markets for innovation and Islamic investing, and having expertise from such a highly accepted scholar is an important addition to our Dow Jones Islamic Index Shari'ah board," said David Moran, president of Dow Jones Indexes. "Dr. Bakar brings to the board extensive knowledge and experience in Islamic and Shari'ah law internationally."
Dr. Bakar said: "Shari'ah compliant products are gaining global appeal as investors look for alternative investment strategies that fit the guidelines of their faith or personal beliefs, whether they be religious or social. I am pleased that Dow Jones Indexes recognizes the contribution of Malaysia as an important Shari'ah compliant marketplace and has chosen me as an advisor."
The Shari'ah Board of Islamic scholars counsels Dow Jones Indexes on matters relating to companies’ compliance. Special care is taken to ensure that all securities selected for the Dow Jones Islamic Market Indexes are acceptable to the scholars under Shari'ah Law.
Currently, the Shari'ah board is composed of Shaykh Abdul Sattar Abu Ghuddah of Syria, Shaykh Justice Muhammad Taqi Usmani of Pakistan, Shaykh Nizam Yaquby of Bahrain, Shaykh Dr. Mohamed A. Elgari of Saudi Arabia and Shaykh Yusuf Talal DeLorenzo of the U.S.
Dr. Elgari, a member of the Shari'ah board, welcomed the appointment of Dr. Bakar. "I believe this will be an excellent move," Dr. Elgari said. "Dr. Bakar will prove to be an asset to this board, as he is for the other boards of which he is a member. I am glad we will be working together."
The Dow Jones Islamic Market Indexes were created for people who wish to invest in accordance with Islamic investment guidelines. The Dow Jones Islamic Market Indexes track Shari'ah compliant stocks from around the world, providing Islamic investors with comprehensive tools based on a truly global investing perspective. Currently, the Islamic Market family comprises 34 indexes. At the core is the Dow Jones Islamic Market Index, a broad index that covers all of the world's major regions and leading market sectors.