An Egyptian association plans to launch a list of sharia-compliant equities next week as part of its efforts to raise awareness of Islamic finance in the country.
The list will filter out companies which fail to meet religious guidelines, such as avoiding excessive levels of debt and steering clear of industries that are deemed unethical, including alcohol and gambling.
"The association has put the finishing touches to a set of standards and controls for the index prior to launch," Mohamed El-Beltagy, head of the Egyptian Islamic Finance Association, told Reuters by telephone.
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