Standard & Poor’s has launched the S&P BRIC Shariah Index, aiming to give it a bigger share of the fast-growing Islamic finance market. The new index is designed to cover the largest and most liquid stocks in Brazil, Russia, India and China that meet Shariah law investment criteria and that trade on developed market exchanges – the Hong Kong Stock Exchange, the London Stock Exchange, the New York Stock Exchange and Nasdaq. Standard & Poor’s already offers Shariah-compliant versions of its most widely used global indices – the S&P 500, the S&P Europe 350 and the S&P Japan 500, as well as the S&P GCC Middle East Shariah Index Series. "The S&P BRIC Shariah Index feeds into the already powerful line-up of Islamic indices launched over the past six months by Standard & Poor’s," says Alka Banerjee, vice-president of Standard & Poor’s Index Services. "Each of the constituents within the S&P BRIC Shariah Index is liquid and completely hedgeable. As a result, we are already seeing clients create mutual funds and structured products based upon the index." To be eligible for inclusion in the S&P BRIC Shariah Index, companies must first be constituents of the S&P/IFCI Index for Brazil, Russia, India and China.