The origin of left- and right-hand-polarized low-frequency waves in space plasmas is analyzed. It has been shown that a gyrotropic gyrating ion beam, a ring in velocity space, can excite electromagnetic modes in the plasma near the beam gyrofrequency. It excites left-hand-polarized shear Alfv¿n waves and their harmonics via the coupling of Alfv¿n modes with the beam modes. It can also excite right-hand-polarized fast-mode magnetosonic waves and their harmonics as well. The excitation is possible for beam ions heavier than the plasma ions. The growth rate varies as one-third power of the beam density and decreases with the angle of wave propagation with respect to the ambient magnetic field. The nonlocality has a stabilizing effect on the instability. The predicted values of the wave frequencies compare reasonably well with those observed in satellite data.