S&P launches Shariah-compliant global property Indices

New Delhi, Aug 16 (UNI) Leading international index provider Standard&Poor today launched three new Shariah-compliant indices covering the Pan Arab region and publicly traded property companies in developed and emerging markets.

Each Shariah-compliant index provides investors with an investable portfolio while adopting explicit selection criteria defined by Islamic law, the rating agency said in a statement.

S&P Shariah Indices exclude businesses that offer products and services such as advertising and media, alcohol, financials, gambling, pork, pornography, tobacco which are considered unacceptable according to Shariah-law. It also excludes trading of gold and silver as cash on a deferred basis.

The S&P/Citigroup global property Shariah Index represents and measures 130 publicly-traded property companies from 26 developed and emerging markets with an adjusted market cap of 231 billion dollars.

Among significant countries represented by it are the United States (19.54 per cent), Australia (19.19 pc), China (11.14 pc), Hong Kong (10.53 pc) and Japan (9.80 pc).

The S&P Pan Arab Shariah Index includes 129 stocks from listed companies in 11 countries - Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Tunisia and the United Arab Emirates. Saudi Arabia (48.24 pc) and Kuwait (20.07 pc) are the two biggest country constituents, the statement added.

UNI