Financial Outlook of the OIC Member Countries 2016
32
Shariah-compliance, have been developed.5 All major global index providers, such as Dow
Jones, Standard & Poor’s, FTSE, MSCI and Russell Investments supply Islamic indexes.
One of the examples of these indexes is S&P OIC/COMCEC 50 Shariah Index which has been
launched on June 22nd , 2012 in İstanbul. S&P/OIC COMCEC 50 Shariah index shows an
aggregate return on the exchanges of OIC member countries 6 (S&P Indices, 2016a). The index
covers at most 507 companies from the OIC member countries spanning 9 sectors,
Telecommunication Services, Financials, Materials, Consumer Staples, Industrials, Health Care,
Consumer Discretionary, Utilities and Energy. All eligible stocks must pass the Shariah
compliance screenings per S&P Shariah Indices Methodology. In addition, all eligible stocks
must have a minimum 3-month average daily value traded (ADVT) of 1 million USD. (S&P
Indices, 2016b).
Figure 28: S&P/OIC COMCEC 50 Shariah Total Return Index (USD)
Panel A. All Data
Panel B. Last 2 years
 Islamic Funds: During the last decades, the number of Islamic funds has consistently
grown to more than 1200 as of October 2015 since it was just over 800 in 2008. The total
value of the Islamic Funds as of October 2015, declined 4.5 billion USD under the total
value of the Islamic funds as of September 2014 (75.8 billion USD), was 71.3 billion USD
5
6 S&P Indices (2016b:4) states that “All stock exchanges of OIC member states that are covered by S&P Dow Jones Indices
are eligible for the index. This includes Bahrain, Bangladesh, Cote d'Ivoire, Egypt, Indonesia, Jordan, Kazakhstan, Kuwait,
Lebanon, Malaysia, Morocco, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia, Tunisia, Turkey, and the United Arab Emirates”.
7 Currently number of constituents is 48 due to lack of enough companies satisfying index inclusion criteria, see S&P Indices
(2016a) for details.
0
50
100
150
200
250
16.01.200916.04.200916.07.200916.10.200916.01.201016.04.201016.07.201016.10.201016.01.201116.04.201116.07.201116.10.201116.01.201216.04.201216.07.201216.10.201216.01.201316.04.201316.07.201316.10.201316.01.201416.04.201416.07.201416.10.201416.01.201516.04.201516.07.201516.10.201516.01.201616.04.201616.07.2016
150
170
190
210
230
250
01.01.201401.02.201401.03.201401.04.201401.05.201401.06.201401.07.201401.08.201401.09.201401.10.201401.11.201401.12.201401.01.201501.02.201501.03.201501.04.201501.05.201501.06.201501.07.201501.08.201501.09.201501.10.201501.11.201501.12.201501.01.201601.02.201601.03.201601.04.201601.05.201601.06.201601.07.201601.08.201601.09.2016