Nasdaq launches two sharia indexes

Nasdaq has created two sharia-compliant indexes, based on the Nasdaq 100 Index and the OMX Stockholm Benchmark Index.

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The indexes are a response to growing demand for a wider range of Islamic investments by investors and are the first in an intended family of indexes aimed those who want an Islamic investment portfolio, says Nasdaq.

The indexes are weighted by market capitalisation and track the securities in the underlying benchmark indexes, and meet sharia requirements as specified by the Accounting and Auditing Organisation for Islamic Financial Institutions adopted by Nasdaq OMX with the guidance of sharia advisor BMB Islamic UK.

Profits at Low and Bonar better than hoped

Things are improving faster than expected at Low & Bonar, the performance materials groups focused on technical textiles, with like for like sales in the second quarter ahead of last year in all segments.

The company said that the transport, leisure and carpet manufacturing markets had put in especially strong performances.

"The improvement in sales referred to in the Interim Management Statement on 8 April has been maintained consistently throughout the second quarter," the company said. The company's second quarter runs through to end-May.

As a result, at current exchange rates, the group anticipates that the full year trading performance will be ahead of its previous expectations.