Gaza conflict demands SWF review: Oslo

"Due to the present situation in Gaza, I have asked the Council on Ethics [part of the finance ministry] to give an account for the Council's work on cases relating to companies with activities in the areas in question," said Halvorsen.

The Government Pension Fund, which is managed by Norges Bank Investment Management - a division of the central bank, has included the Israeli equity market in its benchmark index since 2008.

The fund prides itself on an ethical approach to investment and the Council on Ethics recommends exclusion of companies from the fund's investments where there is deemed to exist a considerable risk of contributing to serious or systematic human rights violations, and serious violations of individuals' rights in situations of war or conflict.

The council has reviewed on more than one occasion since 2006 the possible contribution to human rights violations or other ethical norms through investment in Israeli companies. The council has also looked into whether investments in non-Israeli companies, who have activity in or deliver goods or products to Israel, can constitute contribution to unethical conduct. No company has as yet been excluded.

The latest conflict between Israel and Hamas, a militant group and political party which won the majority of seats available in Gaza in the most recent elections, began in late December.

A spokesperson for Norges Bank told CentralBankNews.com the central bank had no comment to make on the review. It will not participate in the council's review.

Click here to read the finance ministry's statement