S&P launches Sharia BRIC Index
Standard & Poor’s (S&P) has launched the S&P BRIC Shariah Index to capture the largest and most liquid stocks in Brazil, Russia, India and China that meet criteria of sharia law and that currently trade on developed market exchanges – specifically the Hong Kong Stock Exchange, London Stock Exchange, NASDAQ and NYSE.
S&P already offers sharia-compliant versions of its equities indexes, the S&P 500, the S&P Europe 350 and the S&P Japan 500, as well as the S&P GCC Middle East Sharia Index Series.
"Each of the constituents within the S&P BRIC Shariah Index is liquid and completely hedgeable. As a result, we are already seeing clients create mutual funds and structured products based upon the index,” says Alka Banerjee, vice president of S&P Index Services.
All S&P Sharia Indexes are screened by Ratings
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