Standard and Poor's launches Canadian sharia-compliant index

Ottawa (Canada), May 28 (ANI): Standard and Poor's is launching a Canadian stock index to give investors who follow Islamic law a guide to the country's equity market.

According to the Globe and Mail, the index can be used as a benchmark or model for funds created to invest in Canada in a manner that is compliant with Islamic law.

The S and P/TSX 60 Shariah TXSI-I includes the biggest stocks in Canada that Islamic investors are allowed to invest in, which means no banks, no pork producers, no entertainment companies and no gambling. It also means no investment-management companies.

As a result, almost 80 per cent of the index is comprised of energy and mining companies.

It's the second such index in the country, following on the heels of the Dow Jones Islamic Market Canada Index. For S and P, it's one of more than 50 Shariah indexes around the world. (ANI)