The Stoxx Europe Islamic index and two blue-chip sub-indices, Stoxx Europe Islamic 50 and Euro Stoxx Islamic 50, will measure the performance of sharia-compliant companies selected from the Stoxx Europe 600 index.
Hartmut Graf, chief executive for Stoxx, said the indices were designed to act both as a benchmark for actively managed funds, and to underlie exchange-traded funds and other investable products that enable investors to participate in the performance of European companies that are adhere to the principles of Islam.
Sharia finance is based around sharing profit and loss and forbids the use of interest of profit derived from industries such as alcohol or gambling.
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