Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Thursday, April 3, 2008

S&P unveils Shariah-compliant equity indices in India

Tue Feb 19, 2008

MUMBAI (Reuters) - Rating agency Standard & Poor's (S&P) said on Tuesday it has launched two Shariah-complaint equity indices in the country in partnership with India Index Services & Products Ltd.

The indices have been derived from the top fifty and top 500 stocks traded on the National Stock Index and covers 80 percent of the traded volume on the exchange, it said in a statement.

The S&P CNX Nifty Shariah index comprised the top 40 scrips while the S&P CNX 500 Shariah index comprised 263 scrips, the statement said.

Shariah forbids Muslims receiving interest payments and from investing in companies involved in the production of pork, alcohol, tobacco, pornography, gambling and non-Islamically structured finance for life insurance.

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