Investment advisor Javelin Investment Management has launched the first US-listed Islamic exchange traded fund, according to Reuters.

The fund tracks the Dow Jones Islamic Market International Titans 100 index, which measures the stock performance of 100 top Islamic ex-US companies.

So far this year, the index is up 10.34 per cent through June 30, 2009, the report said.

The Islamic index excludes stocks of companies involved in alcohol, tobacco, pork-related products, financial services, weapons and entertainment, in order to comply with Islamic prohibitions on such activity.

Shariah-compliant products and financial instruments have become more widespread in recent years, driven by growing wealth in the Middle East and among Muslims around the world.