Shariah index shows strong returns in June

The S&P Global BMI Shariah Index produced returns of 18.93% to June 30, 2009. This compares with the non-Shariah Global BMI Index which returned 23.89% in the same period.

The S&P GCC Composite Shariah Index returned 27.65% beating the S&P GCC Composite Index which returned 23.65% over the same period.

Mirroring trends in the broader world equity markets, S&P's Global BMI Shariah Index reported a rise of 20.1% for information technology, energy up 19.5% and a gain of 16.8% in healthcare. These three were the best performing sectors within the Shariah-compliant universe in the second quarter.

Conversely, Shariah-compliant financials contributed to the strong performance of the S&P GCC Composite Shariah Index.

S&P's Global Benchmark Shariah Index Series covers 52 developed and emerging markets and 10 GICS (global industry classification standard) sectors. It is part of S&P's family of Shariah-compliant.

S&P's Shariah Indices are screened by Ratings Intelligence Partners, an independent Kuwait-based consulting company, which collaborates with the S&P index committee to apply a set of independent and objective guidelines for the day-to-day maintenance of each Shariah index. Standard & Poor's Shariah Indices undergo sector and accounting-based screens that exclude businesses that offer products and services which are considered unacceptable or non-compliant according to Shariah-law.