SINGAPORE (Kyodo) Singapore's stock and derivatives exchange has teamed up with the Daiwa securities house to offer an investment fund based on Japan's top 100 companies whose activities comply with Islamic laws, the two sides announced Monday.
Singapore Exchange Ltd. and Daiwa Asset Management (Singapore) Ltd. will launch the exchange-traded fund Tuesday with an eye on the cash-rich Middle Eastern market, now flush with money amid soaring crude oil prices, they said in a joint statement.
The Daiwa FTSE Shariah Japan 100 only includes companies whose activities are in line with the Shariah, or Islamic laws, such as car manufacturing giant Toyota Motor Corp., camera maker Canon Inc., software game firm Nintendo Co. and consumer electronic giant Matsushita Electric Industrial Co.