Standard & Poor’s has launched three new Shariah-compliant indices covering the pan-Arab region and publicly traded property companies in developed and emerging markets. Each provides investors with an investable portfolio while adopting explicit selection criteria defined by Islamic law. The Global Property Shariah index represents and measures the investable universe of publicly traded property companies from developed and emerging markets. It has 130 companies from 26 countries with an adjusted market cap of $231 billion. The World Property Shariah index is a sub-set of this and includes property companies from the developed markets only. The Pan Arab Shariah index includes 129 stocks from listed companies in Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Tunisia and the United Arab Emirates. Saudi Arabia (48 per cent) and Kuwait (20 per cent) are the two biggest country constituents.