Standard & Poor's Launches S&P/TSX 60 Shariah Index |
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TORONTO, May 27 2009 - Standard & Poor'sStandard & 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 compliance.
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
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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'sStandard & Poor's in the Gulf Cooperation Council
Standard & Poor'sStandard & Poor's is the leading provider of financial market intelligence to customers in the Gulf's credit risk management, wealth management, and data and information markets. Since entering the region in the early 1990's, Standard & Poor'sStandard & Poor's has become the largest provider of credit ratings in the G.C.C, rating 114 issuers. In equity markets, Shariah-compliant versions of Standard & Poor'sStandard & Poor's global and regional equity market indices - S&P 500, S&P Europe 350, S&P Japan 500 and S&P/IFCI GCC - have created new opportunities for Islamic investors to benchmark their international investments and for asset managers to create new investment products serving the Islamic community. Standard & Poor'sStandard & Poor's Fund Services launched a qualitative fund management rating service for regional asset managers in 2007. For further details on Standard & Poor'sStandard & Poor's regional capabilities please visit www.gcc.standardandpoors.com
For more information contact:
Jasmit Bhandal
(416) 507-3203
Communications
S&P Canada
jasmit_bhandal@standardandpoors.com
David Guarino
1 212 438 1471
Communications
S&P New York
dave_guarino@standardandpoors.com
Press Office Contacts:
London: +44 20 7176 3605
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© Press Release 2009
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