BSE, S&P Dow launch first Shariah index

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.