Wednesday, February 8, 2012

German Bank Offers Shariah-Compliant Investment Vehicle–Complete With Donation to Muslim Charity

From Shariah Finance Watch:

The Weekly Standard has published an article that was linked on Drudge today about German bank WestLB rolling out its Islamic Strategy Index Certificate. The value of the certificate is based on the value of the WestLB Islamic Deutschland Index, consisting of shares of ten German firms “whose business activities are consistent with the ethical rules of Islam.”
The Islamic Strategy Index Certificates “are certified by the Central Council of Muslims in Germany” as Shariah-Compliant.  The Central Council of Muslims in Germany is an umbrella group of twenty-two Muslim organizations.
It is worth noting that 5% of the proceeds of the fund will be donated to charity as directed by the Central Council of Muslims…
This is the aspect of Shariah-Compliant Finance that so many in the West are very concerned about. Dozens of Muslim charities in the West have been found to support Jihad…

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