Dow Jones Indexes has expanded its Islamic Market Index universe with 11 countries.

Effective immediately, Saudi Arabia, Lebanon, Tunisia, Argentina, Colombia, Croatia, Mauritius, Nigeria, Peru, Serbia and the Ukraine will be added to Dow Jones’ Islamic market indices, taking the total number of markets to 68.

In addition, Saudi Arabia and Tunisia will be added to the Dow Jones Islamic Market MENA index, which currently measures the performance of Shariah compliant stocks traded in Bahrain, Egypt, Jordan, Kuwait, Morocco, Oman, Qatar and the UAE.

“The inclusion of these 11 thriving and competitive developing countries in the Dow Jones Islamic Market Index universe is a reaction to market demand but also reflects the growing importance of these countries for Islamic investors,” said Michael A. Petronella, president of Dow Jones Indexes.

The Dow Jones Islamic Market Indexes were launched in 1999 and seek to measure the global universe of listed equities that pass screenings for Shariah compliance.