Turns out, the Canadian stock market is a good place for Islamic investors.
On Wednesday, Standard & Poor’s launched the S&P/TSX 60 Shariah Index, which is essentially the S&P/TSX 60 index stripped of companies that do not meet Shariah principles that keep investors away from interest-charging companies (banks), pork producers, alcohol producers, casinos and tobacco companies.
The good thing about the Canadian blue chip index is that, apart from banks, there isn’t a whole lot of these no-no companies around. No tobacco. No casinos. No alcohol. No pork.