Shariah

The Islamic system of financial management is faith-based, underpinned by the Qur'anic proscription on riba (interest) and gharar (intentional incomplete disclosure). As such, a core component of the Islamic system of financial management is Shariah compliance. Typically, Shariah compliance is determined by a Shariah Board, a committee of Islamic financial and legal experts established to ensure that the financial institution’s practices and products offered are in compliance with Islamic Law. The Shariah screening for the FTSE/JSE Shariah indices is done by Yasaar Ltd.

 Index Details

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  • Shariah Top 40 (J140)

    The Shariah Top 40 Index is designed to reflect the Shariah compliant companies, as screened by Yasaar, from the Top 40 Index (J200). Therefore, this index comprises Top 40 Index companies which are Shariah compliant.
    CharacteristicDescription
    NameShariah Top 40
    Index CodeJ140
    Alpha CodeSTOP
    Index CategoryShariah
    UniverseTop 40 Index (J200)
    Fixed No. of CompaniesNo
    Liquidity ScreeningYes
    Free Float ScreeningMinimum of 15%
    Other ScreeningShariah Compliance
    Weighting MethodologyFree Float Market Cap Weighted
    Capping MethodologyN/A
    Index ReviewQuarterly in March, June, September and December
    Buffer SizeN/A
    Dissemination60 seconds
    Live Date2008/07/21
  • Capped Shariah Top 40 (J141)

    The Capped Shariah Top 40 Index is designed to reflect the Shariah compliant companies, as screened by Yasaar, from the Top 40 Index (J200). Therefore, this index comprises Top 40 Index companies which are Shariah compliant. All constituents with a weight larger than 10% in the index will be capped at a level of 10% at each quarterly review.
    CharacteristicDescription
    NameCapped Shariah Top 40
    Index CodeJ141
    Alpha CodeSCTP
    Index CategoryShariah
    UniverseTop 40 Index (J200)
    Fixed No. of CompaniesNo
    Liquidity ScreeningYes
    Free Float ScreeningMinimum of 15%
    Other ScreeningShariah Compliance
    Weighting MethodologyFree Float Market Cap Weighted
    Capping MethodologyYes, 10%
    Index ReviewQuarterly in March, June, September and December
    Buffer SizeN/A
    Dissemination15 seconds
    Live Date2011/07/04
  • Shariah All Share (J143)

    The Shariah All Share Index is designed to reflect the Shariah compliant companies, as screened by Yasaar, from the All Share Index (J203).
    CharacteristicDescription
    NameShariah All Share
    Index CodeJ143
    Alpha CodeSALS
    Index CategoryShariah
    UniverseAll Share Index (J203)
    Fixed No. of CompaniesNo
    Liquidity ScreeningYes
    Free Float ScreeningMinimum of 15%
    Other ScreeningShariah Compliance
    Weighting MethodologyFree Float Market Cap Weighted
    Capping MethodologyN/A
    Index ReviewQuarterly in March, June, September and December
    Buffer SizeN/A
    Dissemination60 seconds
    Live Date2007/11/12
  • Shariah 40 Net TRI (JNS4)

    An alternate valuation for the Shariah Top 40 Index (J140), whereby the Total Return Index (TRI) is calculated using net dividend rates (“net in the hands of the SA investor”). Dividend withholding tax is deducted from the declared dividend with the resulting net dividend used in the XD adjustment.
    CharacteristicDescription
    NameShariah 40 Net TRI
    Index CodeJNS4
    Alpha CodeSTON
    Index CategoryShariah
    UniverseShariah Top 40 Index (J140)
    Fixed No. of CompaniesNo
    Liquidity ScreeningYes
    Free Float ScreeningMinimum of 15%
    Other ScreeningShariah Compliance
    Weighting MethodologyNet Dividends
    Capping MethodologyYes, 10%
    Index ReviewQuarterly in March, June, September and December
    Buffer SizeN/A
    DisseminationEnd of Day
    Live Date2012/04/16

 

 

 

 

 

 

FTSE-JSE Shariah All Share Index BrochureFTSE-JSE Shariah All Share Index Brochurehttps://www.jse.co.za/content/JSEBrochureItems/19 - FTSE-JSE Shariah All Share Index - April 2014.pdfpdf
FTSE-JSE Shariah Top 40 Index Fact Sheet FTSE-JSE Shariah Top 40 Index Fact Sheet https://www.jse.co.za/content/JSEFactSheetItems/FTSE-JSE Shariah Top 40 Index Fact Sheet.pdfpdf
The role of YasaarThe role of Yasaarhttps://www.jse.co.za/content/JSEFactSheetItems/The role of Yasaar.pdfpdf

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