NEW YORK: Standard & Poor's, the world's leading index provider has announced the launch of a fully investable GCC Shariah Index in the Gulf and around the world.
The S&P GCC Shariah Series, which have been designed to capture the largest and most liquid stocks across the GCC, will pave the way for the creation of mutual funds, ETF's and structured products that will enhance liquidity and improve risk management across the Gulf's highly concentrated equity markets.
The new S&P indices for Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and United Arab Emirates Shariah include only those stocks, which comply with Shariah-law.
The company said a growing pool of petrodollars, high financial sophistication among Muslim investors, and a greater desire to invest in compliance with religious norms was fuelling the explosive growth of Islamic financial products.
Source = Geo.tv
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