Australia Islamic index launched

Islamic financing wealth manager Crescent Wealth and Thomson Reuters launched a new index that will screen Australian Stock Exchange listed.

This was meant for compliance with Islamic investment principles.

The Thomson Reuters Crescent Wealth Islamic Australia Index, which covers 143 equities with combined market capitalisation of more than $160 billion, excludes banks, companies with high levels of debt or leverage such as property trusts, and other stocks that conflict with these principles.

Activities such as gambling, pornography and weapons are also filtered.

It is weighted toward resources and energy firms and includes mining heavyweights BHP
Billiton and Rio Tinto.

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