Wednesday, January 30, 2008

promoting "faith-based investing through dharmic religion."

" ... The global trend towards socially responsible investing has gone religious in India, with Dow Jones Indexes and its US-based partner investment firm Dharma Investments Ltd launching the Dow Jones Dharma India Index in Mumbai on January 15, the first major faith-based investment product in South Asia.

The Dharma India index is the latest addition to the 130,000 stock indexes Dow Jones publishes globally, including the US, Britain and Japan versions of The Dow Jones Dharma Index.

The Dharma India Index, with 250 Indian companies, features stocks compliant with the code of moral conduct according to Hinduism, teachings of the Buddha and which also incorporate principles of the Sikh and Jain religious tenets - together, ways of life with billions of followers in Asia and forming nearly 20% of the human race.

The index license is sold to asset managers and others wishing to commercially use the Dow Jones Indexes information to market investment products or for publication in the media, such as television and the Internet.

According to a Dow Jones presentation in Mumbai, socially responsible investing (SRI), including faith-based investing, accounts for US$4 trillion worth of assets under management, a figure growing 20% annually.
 
[ ... ]

The launch of Dow Jones Dharma Indexes comes as stocks compliant with the Islamic code of conduct, or sharia, are attracting more attention worldwide, with the Islamic investment market estimated between $400 billion to $500 billion.

The 51 Dow Jones Islamic Market Indexes, the world's first faith-based ethical investment products, made their debut in 1999, with input from an independent advisory Sharia Supervisory Board with a member each from from Syria, Pakistan, Bahrain, Saudi Arabia, the United States and Malaysia.

Data available from the Dow Jones Indexes website says the DJ Dharma India Index of 250 companies has a total market capitalization $919 billion, compared with $1.6 trillion among 415 companies in the Dow Jones Dharma Japan Index.

The DJ Dharma US Index features 1,065 companies with a total $5.3 trillion in market capitalization. The full list of companies in the Dharma Indexes is made available only to their licensees, which denies an independent chance to verify how accurate their filtering mechanisms are.

For instance, the Indian companies Dow Jones gave out as examples in their Dharma India Index - ICICI Bank Ltd, Larsen & Toubro Ltd, Infosys Technologies Ltd, Housing Development Finance Corp and Bharti Airtel Ltd - did not include any units of the $70.3 billion Tata Group, India's most respected corporate house, India's largest corporate taxpayer and among the world's most socially responsible companies.

Philanthropic trusts own about 66% equity capital of Tata Sons, the primary promoter, making Tata Group possibly the largest corporate group of its kind in the world where the majority shareholder is Messrs Compassion and Charity.

"Until now, faith-based investing has been restricted to Islamic and Christian religions only," Nitesh Gor, chief executive of Dharma Investments, told the media. "But 20% of the world population consists of dharmic religions such as Hinduism and Buddhism. The idea [of the Dow Jones Dharma Indexes] is to promote faith-based investing through dharmic religion." ... "
 

1 comment:

Ron Robins said...

I see you mention in this post the Dow Jones Dharmic Indexes. If any readers are interested, I have been following spiritual and ethical investing for about forty years and have a website that covers the latest relevant global news at www.investingforthesoul.com

Best wishes, Ron Robins


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