S&P launches sharia indexes

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Standard & Poor's (S&P) has launched two new investable sharia indexes, S&P CNX 500 Shariah and S&P CNX Nifty Shariah, for the Indian equities market. "These new sharia-compliant indexes provide investors with a comparable investable portfolio while adopting explicit selection criteria defined by Islamic law," says Alka Banerjee, vice-president of index services at S&P in New York. The indexes are derived respectively from the S&P CNX 500 and S&P CNX Nifty indexes.

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