New Delhi: Corporate behemoth Reliance Industries, IT majors Infosys, Wipro and Satyam and automobile giant Tata Motors have been included in the S&P BRIC Shariah Index, catering to Islamic investors around the world.
The Shariah index has 30 companies from four countries with a market cap of about $524 billion.
The index includes five companies from India, six from Brazil, nine from China and 10 from Russia, according to the information on S&P website.
In terms of sectoral breakup, energy represents 61% in the portfolio, financials 1.04%, industrials 3.68%, telecom 15. 59% , IT 8% and materials 5.91%.
Standard and Poor’s had on 23 may announced the launch of its new BRIC Sharia index comprising of stocks from the four emerging countries — Brazil, Russia, India and China.
The Shariah compliant constituents in the index represent the most liquid stocks trading on developed market exchanges, specifically the Hong Kong Stock Exchange, the London Stock Exchange, NASDAQ and NYSE.
S&P Shariah Indices exclude businesses that offer products and services considered non-compliant according to Shariah-law. These include advertising and media (excluding newspapers), alcohol, financials, gambling, pork, pornography, tobacco and trading of gold, silver as cash on a deferred basis, S&P said.
All S&P Shariah Index constituents are monitored on a daily basis to ensure that the indices remain strictly Shariah compliant.