SARAJEVO (Bosnia and Herzegovina), October 10 (SeeNews) – The Sarajevo Stock Exchange (SASE) on Monday launched a stock index of firms compliant with the principles of Islamic law, in cooperation with Bosna Bank International (BBI), the bourse said.
The Islamic index is the fourth index on SASE and consists of 25 companies from the domestic market, the bourse operator said in a statement.
Bosnia is the first country in the region to introduce an Islamic index, which, among others, includes the following companies: BH Telecom, power utility Elektroprivreda BiH, drug maker Bosnalijek, arms and ammunition maker UNIS Ginex, power utility Elektroprivreda HZHB, cement factory Tvornica Cementa Kakanj and engineering company Energoinvest.
Recognising the growth of the Islamic economy, SASE and BBI have also put together a list of 117 local companies which operate in compliance with Islamic principles, in order to provide them with easier access to foreign investors looking to do business within those principles.
SASE and BBI signed an agreement on March 11 to launch the Islamic stock index, which is expected to boost Bosnia's economy by helping companies attract fresh capital.
This deal will make local companies visible to global investors and will add a new dynamic to Bosnia's capital market, Amer Bukvic, the director of BBI, said at the time.
Turkey's Borsa Istanbul is SASE's biggest shareholder with a stake of 9.88%.
The introduction of the new index is also expected to strengthen SASE and allow it to maintain economic sustainability in the long run.
SASE is one of two bourses operating in Bosnia and Herzegovina. The other one is based in Banja Luka.