TORONTO, May 27 /CNW/ - Standard & Poor's, the world's leading index
provider, announced today the launch of a Shariah compliant version of the
S&P/TSX 60. The S&P/TSX 60 Shariah Index is highly correlated to the S&P/TSX
60 Index, and as such provides a comparable investment portfolio while
adopting explicit selection criteria defined by Islamic law.
Alka Banerjee, Vice President of Standard & Poor's Index Services, said:
"The S&P/TSX 60 Shariah Index will create new opportunities for Islamic
investors to benchmark their Canadian investments, and for asset managers to
create new investment products serving the Islamic community. With the launch
of this Index, S&P now has Shariah compliant Indices in 52 markets."
The S&P/TSX 60 Shariah Index excludes businesses that offer products and
services that are considered unacceptable according to Shariah law, such as
stocks of companies that operate in alcohol, entertainment, financial
services, pork-related products, and tobacco, as well as companies whose
financial ratios may violate the compliance measure. All index constituents
are evaluated on an ongoing basis to ensure the index maintains strict Shariah
The S&P Shariah Indices are screened by Rating Intelligence Partners, a
Kuwait-based consulting company specializing in the Islamic investment market.
Ratings Intelligence Partners researchers interface directly with a dedicated
Shariah Supervisory Board. The Board is comprised of Islamic scholars whose
role is to interpret business issues as well as financial practices and
recommend actions in relation to Shariah index management.
The S&P/TSX 60 Shariah Index complements the existing S&P Shariah family
of indices which includes the S&P 500 Shariah, S&P Europe 350 Shariah, S&P
Japan 500 Shariah and S&P CNX Nifty Shariah to name just a few.
For additional information on our complete line-up of S&P Shariah
Indices, including methodology, please visit: www.shariah.standardandpoors.com
About Standard & Poor's Index Services
Standard & Poor's Index Services, the world's leading index provider,
maintains a wide variety of investable and benchmark indices to meet an array
of investor needs. Its family of indices includes the S&P 500, an index with
$1.5 trillion invested and $4.85 trillion benchmarked, and the S&P Global
1200, a composite index comprised of seven regional and country headline
indices. For more information, please visit www.standardandpoors.com/indices.
About Standard & Poor's
Standard & Poor's, a subsidiary of The McGraw-Hill Companies (NYSE: MHP),
is the world's foremost provider of independent credit ratings, indices, risk
evaluation, investment research and data. With offices in 23 countries and
markets, Standard & Poor's is an essential part of the world's financial
infrastructure and has played a leading role for more than 140 years in
providing investors with the independent benchmarks they need to feel more
confident about their investment and financial decisions. For more
information, visit http://www.standardandpoors.com.
For further information:
For further information: Jasmit Bhandal, (416) 507-3203, Communications,
S&P Canada, email@example.com; David Guarino, (212)
438-1471, Communications, S&P New York, firstname.lastname@example.org