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Shariah-compliant stocks lose $5.6tr in value
- Middle East: Tuesday, October 28 - 2008 at 13:04
A new Standard and Poor's report has found that Shariah-compliant equities worldwide lost over $5.6 trillion in value during the third quarter of this year. However, the latest review of the S&P Global Shariah Index Series said that in most cases, Shariah investors have benefited from their lack of exposure to financials, which has been the focus of the market sell-off. Stocks that comply with Islamic law lost 23.4% of their value on a total return basis over the year from last September 30, as measured by the S&P Global BMI Shariah index, covering 52 of the world's largest developed and emerging markets. The non-shariah conventional index, S&P Global BMI, fell 25.3% over the same period.
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Jeff Florian, Senior ReporterTuesday, October 28 - 2008 at 13:04 UAE local time (GMT+4)
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