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From Komfie Manalo, Opalesque Asia:

The Greek debt default problem which transformed into a Euro crisis, dragged down Islamic markets in May as the Dow Jones Islamic Indexes (DJIM) posted losses across the board during the month (-2.0% as of May 26).

In an Industry Commentary issued yesterday, DJIM said only two of its indexes posted positive returns: the DJIM Amana Sri Lanka Index (up 1.30%, closing at 1,766.82 points) and the Dow Jones Citigroup Sukuk Index (1% higher at 120.21 points).

In contrast to conventional bonds, Sukuk do not pay interest rates to investors, because interest, or riba, are considered to be un-Islamic, or haram, as stated in the Holy Quran (Sura 2, 275). Sukuk distribute a profit rate based on a tangible asset. A ......................

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