Standard and Poor launch Canada's TSX Islamic based Index

Standard & Poor's is launching a new index of Canadian companies that are compliant with Islamic Shariah law, the company said Wednesday.

The S&P/TSX 60 Shariah index will contain firms that engage in businesses acceptable to the Islamic legal code, Standard & Poor's said.

The religious criteria exclude businesses that sell products such as alcohol, tobacco and pork or engage in certain types of financial lending.

The new index will allow investors who hold stocks that reflect Islamic law to track the overall performance of their holdings.

Via the CBC: TSX launches Islamic-based index.