You Can Now Buy Into an Islamic Stock Index
Looking for a way to experience the pleasures of buying and selling stocks, while also remaining compliant with Islamic law? Look no further than the Bombay Stock Exchange, which just opened an index composed solely of Shariah-compliant stocks.
The BSE TASIS Shariah 50 index, formed in a collaboration between the Bombay Stock Exchange and Taqwaa Advisory and Shariah Investment Solutions, consists of the "50 largest and most liquid Shariah-compliant stocks within the BSE 500 Index." What does it mean to be Shariah-compliant? According to The Wall Street Journal:
Islamic law doesn't permit Muslims to invest in companies that derive significant benefits from interest, since usury is considered sinful in the Islamic faith, or from the sale of goods and services that are deemed sinful within the Islamic faith, like alcohol, tobacco and weapons.
The index can be used for the construction of Shariah-compliant financial products, such as mutual funds.
Ah, yes, financial products. Of course! What better way to take down the fearsome Muslim menace than with the very same things that broke our economy in 2008?
