Dow Jones Indexes authority at the visiting of Turkey last year firstly introduced “Dow Jones Islamic Market Index”. Islamic Market Index of Dow Jones Indexes currently comprises more than 1800 components in the world and representing almost USD 12 billion floating market capital in global markets. These indexes that are produced by Dow Jones Indexes formed through stocks, which are appropriate for Dow Jones Islamic Market criteria.
Following the presentation of the index in Turkey, the index was certified by the name of “Dow Jones Islamic Market Turkey” to BMD Securities, Inc. immediately after signed agreement between Dow Jones and BMD Securities. Dow Jones Islamic Market Index is pioneer in Turkey.
Dow Jones Islamic Market Turkey Index, which is tracked by BMD Securities, Inc. Dow Jones DJIM Turkey ETF is an index launched by Dow Jones Indexes. At present, it includes 15 stocks that are traded on the Istanbul Stock Exchange. Dow Jones Indexes, as its other indexes, determines the companies that will be in the index by considering the floating market capital of the companies. Additionally, Dow Jones Indexes takes into account appropriateness of some financial ratios and operating fields of the companies based on Dow Jones Islamic Market Index criteria. The first step is to exclude from the index universe any industry group that represents an incompatible line of business. According to the criteria, also excluded are companies whose total debt divided by trailing 12-month average market capitalization is 33% or more, those whose cash plus interest-bearing securities divided by trailing 12-month average market capitalization is 33% or more, and those whose accounts receivables divided by total assets is 45% or more.
BMD Securities, Inc. Dow Jones DJIM Turkey ETF has fundamental advantages compared to regular investment funds. It enables close tracking of index with low management fee. Furthermore, since changes in index only occur in special cases such as capital increase by rights issue, considerably fewer portfolio transactions are required compared to other funds. Thus commission expenses remain in low levels. Besides, it is much easier to buy and sell the fund.
Bizim Securities Inc. was founded in 2002 for the purpose of brokerage and effective fund management services. Bizim Securities Inc., aiming to contribute in the capital’s spreading on to the base and to the formation of an effective capital market and to make for itself a strong position in the capital markets, renders services to markets both in and out of the country on fund management, survey and corporate financing issues. Offers mediation services to its foreign customers operating in the International Capital Markets (ICM) and International Money Markets (IMM) for their buy-sell transactions in the internal markets, and enables the foreign investors to take the most appropriate and correct decisions by correct and timely processing the market data in formats conforming to international standards.