Standard & Poor’s Shariah-law compliant equities were not just totally obscured to my knowledge, I wouldn’t even have thought about the existence of such an index. In hindsight though: given that traditional Islam is an extremely prescriptive religion, it’s no surprise that there is a Halal equivalent to stilling financial appetites. And it also comes as no surprise that this S&P index performed extremely well: while the second coming of the financial Armageddon saw the Christian dominated general S&P index plummet by 1.5 per cent (and that was quite some time before yesterday), Shariah inspired stock went up 3.6 per cent during the same period.
That should bring at least red faces to American evangelical fundamentalists (maybe it’s time for them now to change religion – after all, it’s all about material aspirations anyway). And the Pope should count himself lucky that the stupidity of NSW politicians and easy to dupe young believers saved him between A$100 – 200 million in expenses for his World Youth Day propaganda event – he probably will even recoup some of his losses rather than adding to them.
As for me: pity I didn’t know about that index before 😦 . These news though won’t make me rush to becoming a convert to Islam; hacking off people’s limbs, stoning women to death and generally treating women as second class beings will never be to my liking. Of course, I also don’t want ASIO or the NSW Crime Commission rummaging through my belongings while I’m on holiday.
[For the S&P Shariah Index, companies “are monitored on a daily basis” for Shariah-law compliance, and must be part of the S&P/IFCI Index of BRIC countries (Brazil, Russia, India, and China). The Shariah-law compliance screenings exclude businesses that participate in certain types of trading of gold and silver; alcohol, financials, tobacco, pornography, pork, gambling, advertising and certain media. No wonder the Shariah index peformed well!]