The BSE and S&P Dow Jones Indices have launched an Islamic equity index S&P BSE 500 Shariah index comprising the largest 500 companies in the Indian index.
The S&P BSE 500 Shariah index,the first index from the strategic partnership between BSE and S&P Dow Jones Indices in February this year,was designed to represent all Shariah-compliant stocks of the broad-based S&P BSE 500 index.
We are delighted to see the launch of the first joint product to come out of the partnership between BSE and S&P Dow Jones Indices, BSE managing director and chief executive Ashishkumar Chauhan has said in a statement.
Shariah,an Islamic canonical law,has certain structures regarding finance and commercial activities permitted for Muslims.
This is an exciting landmark moment for our partnership,which aims to provide market participants with the relevant and transparent index solutions needed to gauge the performance of various market sectors while facilitating access to the worlds financial markets, said Alka Banerjee,managing director of global equity indices at S&P Dow Jones Indices.