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Standard & Poor's is launching a Shariah compliant version of the S&P/TSX 60 that will exclude companies that don't meet criteria outlined within Islamic law.

Shariah law, based on the teachings of the Koran, does not allow for investment into companies that deal in pork, alcohol, gambling or pornography.

Banks are also excluded because investors are not allowed to earn profit from interest.

"Companies which have high levels of debt or high levels of interest earnings are also screened out," Alka Banerjee, Vice President of Standard & Poor's Index Services, told in an interview from New York on Wednesday.

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