Ground Zero Mosque Intends To Boost Shariah-Compliant Investing

From Dallas Blog and Alliance Defense Fund:

Ground Zero Mosque to Boost “Shariah-compliant Investing”




by Tom McGregor Thu, Sep 16, 2010, 11:13 AM

In a surprise e-mail to the Dallas Blog, Ron Robins, founder and analyst of ‘Investing for the Soul,’ reveals that the motivation to construct a new and controversial mosque nearby Ground Zero in New York City is to promote Islamic finance and “Shariah-compliant investing.”

For those unfamiliar with Islamic tenets, Shariah is the Muslim imposed rule of law that prohibits eating pork and alcohol consumption. Women, who commit adultery, are stoned to death; thieves must have their hands chopped off and parents can kill their children for refusing to accept an arranged marriage.

In Mr. Robin’s article published by alarroyo, a business news website, he praises “Iran” for holding some of the largest “Shariah-compliant banking assets.

He also pointed out that, “Shariah-compliant mutual funds now exist in several countries including the U.S., Canada and India. Interestingly, some precious metals mutual funds are becoming Shariah approved as well. Furthermore, according to ETFdb.com, ‘Shariah-compliant ETFs (exchange traded funds) are becoming popular investment options around the world – over the last year they have been introduced in Britain, India, Singapore, Malaysia and South Africa. All Shariah compliant financial products have to be approved by Shariah scholars.”

Apparently, Islamic financiers are welcoming the controversy surrounding the proposed building of the Ground Zero mosque, since it will bring more attention to Islamic finance.

Alarroyo reports that, “a proposed new mosque near Ground zero in New York may symbolize a new berthing for Islamic ideals – and finance – in the heart of arguably the world’s most important financial center. Michael Bloomberg, Mayor of New York City and majority owner of Bloomberg L.P., the global media colossus, is an adamant supporter of the mosque. And with his media company in the forefront of global Islamic finance reporting, he just might be a champion of Islamic finance, too.”

Mr. Robins stated in his e-mail to the Dallas Blog that, “the article can be republished providing alarrroyo.com copyright is shown.”

To read the entire article from alarroyo.com, link here:

tmcgregordallas@yahoo.com