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S&P launches Canadian stock index defined by Islamic law |
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| (product-reviews.net) S&P launched a new Canadian stock index defined by Islamic law. |
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(Sukuk.net) Standard & Poor's (S&P) launched a new Canadian stock index that is defined by Islamic law, to provide investors who follow Shariah law with a guide to the country's equity market, AP reported.
The new index, S&P/TSX 60 Shariah, includes the biggest stocks in Canada that Islamic investors are permitted to invest in, excluding stocks of banks, pork producers, entertainment and gambling firms and investment-management companies.
The rating agency said that this version of the S&P/TSX 60 will generate new opportunities for asset managers to create new investment products serving the Islamic community.
It is worth noting that the S&P/TSX 60 Shariah index joins Standard & Poor's Shariah-compliant indexes in 51 other markets, including the S&P 500 Shariah, S&P Europe 350 Shariah, S&P Japan 500 Shariah and S&P CNX Nifty (Indian market) Shariah.
Source: Sukuk.net
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