The Hindu Business Line : 11 Indian cos in S&P Asia Shariah Index

Mumbai, June 27 Standard & Poor’s has announced the launch of a fully investable S&P Pan Asia Shariah Index, the latest addition to the S&P Global Shariah Index Series.

The index includes 11 Indian companies, all of which are index heavy weights. The new index draws stocks from nine Asian markets in the S&P Citigroup Global Equity Index and will enable Islamic investors to benchmark their investment on a regional basis, and give product providers the opportunity to develop structured products tailored to the Islamic market.

Apart from the 11 Indian companies, 12 companies are listed from Taiwan, 9 from China, 8 each from Singapore and Korea, 7 each from Hong Kong and Malaysia, 4 each from Indonesia and Thailand and one from the Philippines.

71 companies

The S&P Pan Asia Shariah Index has been launched with 71 companies with an adjusted market capitalisation of $810.83 billion.

Company Information technology companies represent approximately 35 per cent of the index, followed by telecom services (17 per cent) and energy (15 per cent).

Indian companies in the index include Bharat Heavy Electricals Ltd, Bharti Tele Ventures Ltd, Infosys Technologies, and Reliance Industries among others.

“We are delighted to be able to offer a fully-investable Pan-Asian Shariah compliant index,” said Ms Alka Banerjee, Vice-President of Standard & Poor’s Index Services. “The feedback from clients has been very positive, with the indices being used as the basis for new Shariah-compliant mutual funds and structured products,” she added.

The number of stocks, for Shariah screening purposes, has been limited to the top 15 from each country that have a market capitalisation of at least $1 billion.

Each month a universe of stocks conforming to these criteria will be screened for Shariah compliance.

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