LONDON -- FTSE International has launched a series of global indexes for investors following Islamic investment guidelines.
The FTSE Global Islamic Index Series does not include companies whose primary business is incompatible with Islamic Sharia law. Forbidden activities include banking, alcohol, tobacco, gaming, insurance and pork production. Companies also are excluded if their interest-bearing debt, divided by assets, is equal to or greater than 33.3%. FTSE's partner in the index, London-based investment bank The International Investor, will oversee the index's compliance with Sharia guidelines.
More than 16% of the index is tech stocks, with the pharmaceutical sector representing 11%. U.S.-based companies account for about 56% of the index.
