Dow Jones Indexes, a leading global index provider, and Dharma Investments, a
leading private investment firm pioneering the development of faith-based
investment, today announced the launch of the Dow Jones Dharma Indexes. The new
indexes measure the performance of companies selected according to the value
systems and principles of Dharmic religions, especially Hinduism and Buddhism.
The Dow Jones Dharma Index series includes the Dow Jones Dharma
Global Index, as well as four country indexes for the U.S., the U.K., Japan and
India. The indexes are designed to underlie financial products such as
exchange-traded funds and other investable products that enable investors to
participate in the performance of companies which are compliant with Dharmic
religious traditions.
"The Dow Jones Dharma Indexes are the first faith-based indexes created to
measure Dharma compliant equities. As faith-based and socially responsible
investing continues to grow worldwide, our goal is to provide the investment
community with the most comprehensive benchmarks that comply with these
principles," said Michael A. Petronella, president of Dow Jones Indexes. "The
launch of the new Dow Jones Dharma Indexes marks a major step in our effort to
further expand our range of faith-based indexes. Dow Jones Indexes pioneered
this space by launching the Dow Jones Islamic Market Indexes in 1999 -- today
the leading Islamic market indexes worldwide."
"We are honored to be serving a demand for faith-based investing," said
Nitesh Gor, CEO of Dharma Investments. "India and Asia have made remarkable
advances economically over the last few years and in parallel we believe that
bringing our religious values onto the global stage offers sustainable
solutions to the problems facing the world today. The principle of Dharma
contains precepts relevant to good conduct, but also the implicit requirement
of mindfulness about the sources of wealth -- and therefore responsible
investing," he added. "The Dow Jones Dharma Index brings together a combination
of environmental, social, governance and traditional sin sector filters. As
such, the Index is unique and will not just have appeal to the religious, but
to a far broader audience as well. We are also very grateful to the broad array
of the most eminent spiritual leaders within the Dharma religions for their
continuing involvement and blessings. Their endorsement of this Index gives
us great confidence in its authority and eventual success."
The index universe for the Dow Jones Dharma Indexes is defined as the top
5,000 components of the Dow Jones Wilshire Global Total Market Index as
measured by float adjusted market capitalization, and all components in the Dow
Jones Wilshire India Index. To be included in the Dow Jones Dharma Indexes,
stocks must pass a set of industry, environmental, corporate governance and
qualitative screens for Dharmic compliance.
Industry screens include unacceptable sectors and business practices.
Environmental screens take account of a company's impact or policies with
respect to emissions, climate change and carbon footprint analysis, oil and
chemical spills and waste management and recycling. Corporate Governance
screens comprise the handling of labor relations/disputes/discrimination
allegations, human rights violations, working conditions/wages.
Excluded from the index are companies from sectors that are deemed
unacceptable due to the nature of their business activities and operations.
Excluded are also companies that have exposure to unacceptable business
practices. Some examples of unacceptable sectors are aerospace and defense,
brewers, casinos and gaming, pharmaceuticals, tobacco. Some examples for
unacceptable business practices are alcohol, adult entertainment, animal
testing and genetic modification of agricultural products.
To ensure the quality of the indexes and the integrity of the underlying
index methodology, three boards were established to define, build and implement
the screening criteria: the Dow Jones Dharma Academic Advisory Committee, the
Dow Jones Dharma Supervisory Board and the Dow Jones Dharma Religious Council.
The Dow Jones Dharma Academic Advisory Committee provides guidance and
establishes the principles for the methodology. Members include:
Prof. Francis X. Clooney SJ, Parkman Professor of Divinity and Professor
of Comparative Theology, Harvard University; Dr. Jeevan Deol, School of
Oriental and African Studies, UK; Prof. Gavin Flood, Professor at Oxford
Centre for Hindu Studies; Prof. D. Gold, Lecturer in South Asian
Religions, Cornell; Prof. Richard Gombrich, Oxford Centre for Buddhist
Studies; Prof. Pema Gyalpo, Professor of International Relations at
Toin Yokohama University, Japan; Dr. Peter Harvey, University of
Sunderland; Prof. John Stratton Hawley, Ann Whitney Olin Professor of
Religion and Department Chair at Barnard College, Columbia University;
Dr. Kabilsingh, Head of the Department of Philosophy and Religion at
Thammasat University, Bangkok; Prof. Damien Keowen, University of London;
Prof. Shashiprabha Kumar, Chairperson, Special Centre for Sanskrit
Studies, Jawaharlal Nehru University, New Delhi; Prof. Julius Lipner,
Professor of Hinduism and of Comparative Study of Religion, and Fellow of
Clare Hall, Cambridge University; Dr. Angelica Malinar, SOAS, Lecturer in
Hinduism, Department of Study of Religions, School of African and Oriental
Studies; Prof. Werner Menski, SOAS, Professor of South Asian Laws,
School of Law, University of London; Dr. Godavarisha Mishra, Professor in
the Department of Indian Philosophy, University of Madras, Chennai; Dr.
Ved Prakash Nanda, Vice Provost for Internationalization and a John Evans
University Professor at the School of Law, University of Denver; Prof.
Vasudha Narayanan, Professor of Religion at the University of Florida and a
past President of the American Academy of Religion; Prof. Patrick
Olivelle, Professor of Sanskrit and Indian Religions in the Department of
Asian Studies at the University of Texas at Austin; Prof. Lord Bhiku
Parekh, a fellow of the Royal Society of Arts and of
the Academy of the Learned Societies for Social Sciences, as well as a
Professor of Political Philosophy at the University of Westminster;
Prof. T.S. Rukmani, Chair of Hindu Studies, Department of Religion,
Concordia University; Prof. Michael Shackleton, Director of International
Studies, Osaka Gakuin University, Japan; Dr. Sharada Sugirtharajah,
Senior Lecturer in Hinduism at Birmingham University, UK, and Research
Postgraduate Welfare Tutor; Dr. Nick Sutton, Oxford Centre for Hindu
Studies; Prof. Tom Tillemans, Professor at the Faculty of Letters and
Chair of Buddhist Studies at the University of Lausanne in Switzerland.
The Dow Jones Dharma Supervisory Committee interprets the principles and
creates and implements the screening criteria in accordance with the
methodology. Members include:
Dr. Lokesh Chandra, Director of the International Academy of Indian
Culture; Venerable Khammai Dhammasami, the incumbent of the Oxford
Buddha Vihara -- he heads the International Secretariat for the UN Day of
Vesak based in Bangkok; Lord Navnit Dholakia OBE DL, served as member of
the Commission for Racial Equality and has been involved in the Sussex
Police Authority, Police Complaints Authority and Howard League for Penal
Reform; Prof. Gavin Flood, Professor at Oxford Centre for Hindu Studies;
Alfred Ford, a Hindu and philanthropist; Prof. Richard Gombrich,
British Indologist and scholar of Sanskrit, Pali, and Buddhist Studies;
Prof. Pema Gyalpo, Professor of International Relations at Toin Yokohama
University Japan; Dr. Kabilsingh, Head of the Department of Philosophy and
Religion at Thammasat University, Bangkok; Prof. Shashiprabha Kumar,
Chairperson, Special Centre for Sanskrit Studies, Jawaharlal
Nehru University, New Delhi; Dr. Ved Prakash Nanda, Vice Provost for
Internationalization and a John Evans University Professor at the School of
Law, University of Denver; Prof. Vasudha Narayanan, Professor of
Religion at the University of Florida and a past President of the American
Academy of Religion; Dr. V.R. Panchamukhi, Chancellor of the Rashtriya
Sanskrit Vidyapeetha, Tirupati, Andhra Pradesh; Prof. T.S. Rukmani,
Chair of Hindu Studies, Department of Religion, Concordia University;
Venerable Hiek Sopheap, A Royal Monk and Director of the Association of
Buddhists for the environment.
The Dow Jones Dharma Religious Council ratifies and endorses the established
guidelines and methodology. Members include:
His Holiness Srimat Vanamamalai Ramanuja Jeeyar Swami, represents the
most popular math belonging to the Tengalai tradition; His Holiness
Pramukh Swami Maharaj, heads the Bochasanwasi Shri Akshar Purushottam
Swaminarayan Sanstha of the Swaminarayana tradition; His Holiness
Bhakti Charu Swami, leading member and respected teacher within the
International Society for Krisha Consciousness; Venerable Sangharaja, the
Patriarch of Cambodia, Chief Spiritual Advisor to the King of Cambodia and
the most senior of the two Patriarchs of Cambodian Buddhism; Jagannath
Temple, a Krishna temple located in Orissa (East India); His Holiness Sri
Pejawar Math Swami, one of the most respected saints of the Madhva faith;
Sri Sri Ravi Shankar, a spiritual and humanitarian leader, founder of the
International Art of Living Foundation; Venerable Prof. Dr. Chisho Mamoru
Namai, Director of the Institute of Esoteric Buddhist Culture;
Venerable Dr. Ashin Nyanissara, chancellor of Sitagu International
Buddhist Academy (SIBA).
http://www.primenewswire.com/newsroom/news.html?d=134246
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