Thomson Reuters has partnered with IdealRatings to provide a new Sharia-compliant index for Islamic financial investment.
Thomson Reuters IdealRatings Islamic Indices will be available on Thomson Reuters Eikon and some of the company's other services. The joint venture will cover over 60 countries and global equity markets in nine regions, as well as individual sectors. The index will be reviewed on a quarterly basis to ensure Sharia-compliant standards, which will be assessed using proprietary algorithmic searches run by a team of dedicated researchers.
"The industry is looking toward so-called Islamic Indexing 2.0 and Thomson Reuters is pleased to be working with IdealRatings to lead the market with these Islamic indices using research-based rather than automatic screening and our global sector standards," said Rushdi Siddiqui, global head of Islamic Finance at Thomson Reuters.
"With the industry seeing double-digit growth annually, Thomson Reuters' Islamic finance offerings are creating the foundation for the continued development of the rapidly evolving global Islamic finance community and Islamic equity capital markets," he says.