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HK ISLAMIC INDEX publishes comprehensive index rules and calculation methodology to support all constituents. They are maintained by HK ISLAMIC INDEX Committees and any changes are widely publicized.
By using these index rules, you can predict how HK Islamic Index will deal with corporate actions and other changes to the index. This ensures HK Islamic Index transparency and keeps down the cost of managing funds and products based on it.
Reviews
The index will be reviewed monthly for any potential additions and/or removals. Full Semi-annual rebalancing will only occur whenever the number of constituents falls below 78.
- Quarterly rebalancing will be effective on the last business day of each quarter ending March, June, September, and December.
- Intra-quarterly changes resulting from a rebalancing will be effective after the close of the last business day of the month.
Announcement of the new inclusions and/or deletions will be announced to clients at least two-to-ten days prior to implementation.
Changes
| Index Action | Corporate Action Adjustment made to index | Divisor Adjustment |
| Spin-Off | No weight change. The price is adjusted to the Price of the Parent Company minus (Price of Spinoff company/Share Exchange Ratio). Index Shares change so that the company’s weight remains the same as its weight before the spin-off. | No |
| Rights Offering | The price is adjusted to the Price before the rights issuance minus (Price of the Rights (Offering/Rights Ratio). Index Shares change so that the company’s weight remains the same as its weight before the rights offering | No |
| Stock Split | Index Shares are multiplied by and price is divided by the split factor. | No |
| Share Issuance or Reduction | None | No |
| Special Dividends | Price of the stock making the special dividend payment is reduced by the per-share special dividend amount after the close of trading on the day before ex-date. | Yes |
| Delisting | The stock is removed. No replacements are made unless the number of constituents threatens to drop to less than 75. An announcement will be made to all clients beforehand. | Yes |
| Merger or Acquisition | If the surviving company is already an index member, it is retained in the index. If the surviving a removal company does not or does not maintain the exchange listing or is no longer Shariah compliant or fails to attain Shariah Certification, it is removed. | Yes, if there is a removal |
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