Canadian index allows investors to follow Shariah law

The demand for an index that follows Shariah principles comes not only from Islamic investors based in the Middle East and Southeast Asia, but also the 'large Muslim diaspora' settled in places around the world, explains the VP of Standard & Poor's Index Services.

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CTV.ca News Staff

Date: Wed. May. 27 2009 10:54 PM ET

Standard & Poor's is launching a Shariah compliant version of the S&P/TSX 60 that will exclude companies that don't meet criteria outlined within Islamic law.

Shariah law, based on the teachings of the Koran, does not allow for investment into companies that deal in pork, alcohol, gambling or pornography.

Banks are also excluded because investors are not allowed to earn profit from interest.

"Companies which have high levels of debt or high levels of interest earnings are also screened out," Alka Banerjee, Vice President of Standard & Poor's Index Services, told CTV.ca in an interview from New York on Wednesday.

At present, companies which have debt less than 33 per cent of their market capitalization are allowed within the index.

A Shariah Supervisory Board, comprised of Islamic scholars, determines if a company qualifies.

Banerjee said Shariah-compliant indexes are still in their infancy but interest is growing.

"A lot of Islamic investors would like to invest along their religious beliefs as well as the rise of petro-dollars in the Middle East, as well as the prosperity in southeast Asian has all led to a demand for Shariah indices and other kinds of products," Banerjee said.

Including the Canadian launch, S&P now has Shariah compliant indices in 52 markets.

Other markets include the S&P 500 Shariah, S&P Europe 350 Shariah, S&P Japan 500 Shariah and S&P CNX Nifty Shariah to name just a few.

The S&P/TSX 60 Shariah Index currently has 25 companies that meet the board's requirements.

"This number can change month-to-month," Banerjee said.

Some of the companies that made the cut include EnCana Corp, Research in Motion, Potash Corp. of Saskatchewan, Barrick Gold Corp., Suncor Energy Inc., Goldcorp Inc. and Petro-Canada.

Comments are now closed for this story

Andrew
said
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I completely agree with "lol". Anger over an index? Get over it.

By the way, I'd never invest in a company which deals in alcohol, gambling or pornography either. Maybe I'll make use of this list...

Ben, Edmonton
said
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Normally shariah law annoys me but I don't see a problem with investing "morally"... or helping people to do so, especially with the market as crappy as it is.

Alberta Redneck.
said
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While not formalized, there are all kinds of special interest options in the market. There are mutual funds that only invest in "Green" companies. There are funds that refuse any of the "sin" products (sex, smokes and booze, et al). Now, if I understand Sharia Law and perhaps I don't, there are some issues with equality of the sexes and, I think there is a prohibition against charging or PAYING interest on money. Now, that would seem to me to exclude virtually every company in Canada. If they can find companies that treat both sexes, all nationalities, all cultures equally and can make money without having to borrow a dime...please let me know. Works for me, but I suspect there won't be a lot on the list.

Robeert Brise
said
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And that ladies and gentlemen (can I say ladies) is why there should'nt be any religious mixup in politics and business.

Samuel from Victoria
said
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This is just another example of how an index is used to get people into the investment market. Indexes are much easier to invest in than "the stock market".
Even though one may not believe in Sharia law, but an index does not mean anything. It is simply a sorting device.

Sharia scholars are the one deciding if a company can be included in the index, and, from what I understand, anyone can invest in it. There is no exclusion.
BTW - this is an article on a new index, not on religion.

Photon from Edmonton
said
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To Jenna2:

"I am also so very offended by this. Under the Islamic Law Only Men would be able to trade stocks. How about equality for Women...". Please pardon my ignorance, because you seem to be an expert on Islamic jurisprudence! Could you please provide me with a verse from Koran or a hadith from the Prophet Muhammad (pbuh) stating that women cannot buy/trade stocks (or do business in general)?

Prophet Muhammad's (pbuh) wife and the mother of his 6 children Aisha was a wealthy business woman in Mecca, when she hired him as a salesperson/merchant for her commodity transportation (caravan) business. She was a wealthy widow of 40 years of age, and he was a 25-year-old man (relatively poor). She proposed him to marry her. This is a mountain-size counter-point/example to your ill-informed and biased mind. Women can conduct business and/or propose to marry.

MHB
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Many Canadians are so shallow in their understanding of the word "Shariah" in Islam mainly because of the negtive media coverage. Islam, unlike Christianity, gives a complete set of rules to be followed in marriage, divorce, inheritance, investiment, etc. The Islamic financial system does not follow the interest principle. If you invest in a project you may loose or you may gain some profit according to the ACTUAL economics. This is the main attractive point about this system because a collapse like the one we have from time to time in the interest-based market is not possible. Whether you have a prejudice against muslims or not, you should take a serious look at this alternative financial system that this gaining interest worldwide.

Murray W.
said
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Trust me. We as a country will suffer for this.
Let them invest back in their homeland. They are getting close to running our government. When they say jump, we say, "How high".
Eventually all of us Canadians will be under Shariah Law. Mark this down and remember it!

Angela - Guelph
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To Rony:

It would be helpful if you explained how you believe i missed the point? Perhaps you only read my first post.. It is very easy to pass judgement on people's opinions in a forum such as this, but much more difficult and therefore more interesting to articulate your own opinion.

I do agree Adam is a reasonable open-minded person. If you actually knew me, you would realize that I am too. This does not mean I have no convictions nor does it mean I will not stand up for what I believe.

General:

People seem to think we should not talk about religion, as though merely by bringing it up we are being racist. Nothing could be further from the truth...we HAVE to dialogue to understand each other.

This issue IS about religion. I did not make it that...the very premise of the story is that there is a new indexing based on Sharia law...that is what it is. A whole new version of the S&P/TSX 60 that will exclude companies that dont meet...blah blah blah..you can read the story.

As long as the full version with all companies is still available,...should we even care? I don't know the answer to that..I just know it does not feel right to me to have these divisions along religious lines.

I respectfully submit that as someone else already mentioned, if there was a "christian only" investing list there would be "hell" to pay... ;)

Margaret
said
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Am I missing something here?

Islam does not forbid the breeding of horses for sale to other religions that use them for racing and gambling. Doesn't the money for the breeding of great horses come from gambling and the sale of liquor? Prize money is the product of gambling. Are the buyers investigated as to where they invested their money?
Are all the horses in the Islamic world never entered in races for the prestige of winning and therefore the prize money?

Tamouh
said
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There is nothing wrong in this list. If you don't like, don't use it! I don't mind a Kosher S&P, Halal S&P...etc. As long as we have S&P that allows investing in all companies.

Don't butt your nose in someone else business if you don't want them to interfere with your own. They want their own list, go for it. Just don't force it on me.

non-muslim Middle Eastern-Canadian Banker
said
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First of all, this index was made by the S&P and not by Sharia followers, so if anyone to be blamed (to please my innocent fellow Canadians) are the people who made this index, not who will invest in it.

On Islamic financing, (to please my fellow innocent Sharia followers), it is a big joke, because in fact it is no different from Interest based banking, it is just advertised differently.

It is unfortunate that whenever the world Islam is used, some people gets defensive about the western values and freedom. obviously good-moderate people exist in every religion and every country, and same for bad and extremists.

On the other hand, and from an immigrant to every immigrant in this country, Yes, if we choose to live in this great country called Canada, we have to respect its laws and way of life, the same way, the canadian laws are respecting our way of life.

Matt
said
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in order to save jobs and attract new investors, our management has decided to be "sharia-compliant". The first potential investor will tour our facility tomorrow. Please ensure that

--ladies wear no short skirts

--nobody wears any necklaces or amulets with potential offensive symbols, eg christian crosses

--your lunchbox contains no pork

--potentially offensive screensavers and desktop pictures must be deleted

further measures are introduced if and when required. Thank you for your cooperation.

your HR department

Kevin in Van
said
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1. All the companies that will appear on this index are already listed on the main index so they are accessable to Muslim minded investors. The separation established by this will only lead to more demands for separate institutions by this group which will lead to more conflict and alienation.

2. For all the look at the way Muslims do business posters on here ya it is very easy to see how well the wealth is spread out in Muslim countries. Seeing is believing.

3. A question... Has there every been a large muslim community located in a non muslim country that did not eventually seek to establish it's own state? They have already attempted and nearly succeeded in getting Sharia law in regards to divorce adopted as the primary judicial process in Ontario.

Say-it-aint-so
said
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Enough already, where will the greed and stupidity end? Political correctness is one thing, encouraging growth and prosperity of any segment of the population that does not allow equality and respect for all others is just plain wrong. What�s next, an index for polygamist Morons or repeat drunk drivers?
And for those greedy sums of beaches that concocted this scheme, I hope you get what you truly deserve.

Pam - S,W, Ont,
said
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When I first started work my grandfather told me that there were 3 things one did not discuss in the office or with strangers - religion, politics and my salary.

It appears that in today's society religion has become the number one topic in everyday transactions. No Lord's prayer in school or public meetings including the government, no navtivity scenes at Christmas or Carol singing, etc, etc. Does this mean that the next thing will be changing street signs with Sir, Bishop, etc, and eliminating them in the textbooks of our children's education? If I can't invest where I want to despite my religious beliefs then we are becoming closer to the 'Big Brother is watching you' system. As far as Standard and Poor are concerned what is the majority religion of their Board of Directors?

Dunny from Manotick
said
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As long as they abide by Canadian law it's OK with me. If this is some scam to raise funds for terrorist organizations it ain't and after they get a bunch of investors the government should lock up and confiscate the funds.

Jams, Edmonton
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I respect the comments and expressions of all the viewers. In my opinion, it is a good gesture to apply sharia law in TSX index 60. The need is to educate people and companies, what the Sharia Law is by some authentic muslim scholers. The fact is that any one who makes some thing, he loves with that thing. God created the earth and all creatures and He loves more with the people than any one else. Whenever any thing is made, then there is an instruction package, how to use it. If some one follow the instructions, he can benefit from it otherwise it can be harmful. If a pilot fly aero plane according to the manufacturer instructions, it will safely take it round the world with tonnage of weight otherwise results are apparent.

There are 4 holy books and Quran is a one of them. Muslims believe in Quran. These books were sent time to time for the guidance of mankind. These are the instructions for people, how to live in this world. These are the instructions from God. As per Quran, God is against Interest, Gambling, Drinking, eating Pork, cruelty, wasteful spending etc. Human being has made all these things right for their self desire by fixing some percentage. In realty all these forbidden things are in favor of mankind. If we abstain from these forbidden things, we can enjoy the taste of life. Choice is open.

Paul de Vancouver
said
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Is this SO much different than "Ethical" investing or "Green" funds designed to provide people with the opportunity to put their money where their beliefs are?

DJ on the ROCK
said
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Ditto what MuskyBuck Said!

Fed'up with Political Correctiveness!

Rick in Wateloo Region
said
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This Country is totally screwed up. There are a lot of people with a lot of education that are as bright as a bag of hammers.

Cal in Ottawa
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Shariah compliant investing...you have to be kidding. I don't believe the Koran mentioned this type of investing, it didn't exist. It is merely a human interpretation of what the Koran may, or may not, say. Is there really any difference between earning money from interest and earning money from over-charging or other less than ethical business practices?
Why are we catering to this in the first place? We certainly do not see a similar tolerance in the Islamic world...non-Muslims are not recognised, apostates even.
Please save us from the gods of political correctness!

Rony
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Adam thank you for your intelligent comment. You are open minded person and that is what our society and our world need to move forward.
Angela you missed the point.

Patriot
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Taliban must be running out of money! Women kiss your rights in Canada good bye soon if this keeps up.

Nick in Nagoya
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This, to me, seems no different than advertising "kosher" food on packaging in grocery stores.

I know people who buy these products because they believe the overall quality of the product is better and are not actually practicing a kosher dietary requirement.

Melodie - Alberta
said
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I would guess a lot of white Christian Baptists would appreciate a list of companies that don't deal in alcohol, gambling and pornography. They may also like the ability, for example, to not invest in pharmacuetical companies that use stem cell research. And if such a list was made I think many posters here would applaud such high moral fortitude. Add the word Islam then its called pandering and worse.
When we stop being racist and prejudiced the world will be a better place.

ComposMentis in Vancouver
said
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Yes, clearly Shariah finance is working for Islamic peoples around the world. That's why most dream to emigrate to Western countries to take advantage of non-Shariah compliant economies.

Steve V
said
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Come on people, what the heck is that. We cannot allow that PERIOD.

ComposMentis
said
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It is reassuring to me that Bin Laden can now invest his money without having to compromise his beliefs...

Darren
said
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Guys, an index is just a bookmark of specific stocks. It's not anything extraordinary. There can be indexes or bookmarks of various items, say resources or tech. So anyone interested can just click a button and see how those specific stocks are doing. Its just a sample collection of existing stocks.

This is not a new product, nor is it some type of introduction of Islamic banking or Islamic law into Canada. The comments here questioning beatings of women are truly non-related to the topic at hand. Unless you know what an index is, then you have no place commenting on the worthiness (or lack of) an index.

JoeC from St. Thomas, ON
said
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Why does this story not have a link to what companies are in this index? If this is anything like Ethical or Socially Responsible Mutual Funds, I'm interested. My tax money is used to abort babies and other things that I am against, but the more of my after-tax money that I can invest in companies that do not promote pork, alcohol, gambling or pornography, is okay by me. Remember, Jewish law also does not allow the consumption of pork, alcohol, gambling or pornography as well.

MuskyBuck
said
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I am so angry I can't even put into words my disgust.

I've just finished venting to my business partner and I've come back to see that the CTV editorial staff have no guts or any moral compunction to allow my first post on Shariah Law and every disgusting little thing it stands for.

Shariah Law has nothing to do with Islam.

It has nothing to do with the Koran or good muslims.

It is the invention of non-secular religious male fanatics who would use this as a means to control, subvert and enslave everyone and anyone.

It's the disgusting way of life of the Taliban.

It's the reason why women raped by their own uncles or family members can be stoned to death for adultery in Iran.

It's the reason why an 18 year old child can be beheaded in Saudi Arabia.

All of you who believe it's just business, let me ask you this?

How would you have reacted if the S&P announced their intention to create an index that subscribes to 'Aryan Law', or 'White Power' Law?

Hey what do you say to that?

Both Canadian and American troops are over in Afghanistand and Pakistan fighting for freedom and democracy for all.

They are fighting the Taliban and Shariah Law that condemns all that live under it.

And the S&P not only has legitimized this horrible evil practice but has also become instrumental in allowing this 'Aryan Shariah Law' to be introduced to the masses here in the western hemisphere as a benign business practice.

The S&P has lost any credibility as a supporter of racist, chauvenistic, murderous ideology and can expect that I will be a voice of dissent against them and any other little evil bastard that claims anything else to the contrary.

Angela _ Guelph
said
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Wow..i really did not intend to incite the wrath of all things Muslim. The fact is I have friends who are Muslim and a great respect for moderate followers.

As someone else has pointed out extremists are not necessarily representative of the majority of any religion. I totally agree.

As far as Shariah Law being only appied in an extreme way in Afghanistan, and being an acceptable way of life in many other Muslim countries, I will accept part of that point. While I have no detailed knowledge of life for women in a place like Iran...I suspect there are plenty of injustices in this country as well using the cloak of religion to cover it.

At the risk of being even more inflamatory, there are many examples of the cloak of Christianity being used to cover up very ugly practices as well. This is not about a particular religion, although my comments may have made it sound that way.

I also agree with and respect the muslim concept of haram (may be mispelling), forbidding usery and making money from money (if I have interpreted that correctly). Not sure if this too is part of Shariah law, but if it is, it seems in condradiction to speculating on the market...

My issue is with profiling companies against a religious set of values...whatever they may be, for the purpose of investing and ultimately making a profit.

Maybe it is a non-issue, as profiling happens all the time...but this is done around the strength of the assets...the management, the market etc etc.

If I have offended anyone with my views I apologize..but I am not ignorant. We can all use new information, and the ultimate test of our wisedom is our ability to change our opinons based on new insight.

Resan
said
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One important thing to remember before judging this move as correct or not is that these businesses are already listed in the TSX. It's not like TSX all of a suddden decided to close the so-called impure business and start only the sharia compliant business. All this will provide is a secluded portfolio to people who believe certain businesses are pure to invest in, instead of gambling, alcohol or gun industries. All of these listings already exist what prevents people from selecting them on their own and create personalized portfolio. So, people please dont turn this into a political hotbed for putting down Islam and it's ways of investment that is purely a stereotype racial personal agenda alot of people display here.

Nazia
said
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I don't understand why this is even an issue. It is simply creating a list based on certain criteria that many people feel is important when making an investment.

If you don't like it, don't use it. There's no need for ignorant remarks that have no relevancy to the list that is being discussed.

Alberta Believer
said
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"Religion is going to be the downfall of civilized society."

Wrong Kris Pittman. Europe wasn't exactly civilized before Christianity. In fact most of our notions in the west dealing with mercy, charity and compassion, clemency come from Christian teachings, not to mention our laws are mostly based on the 10 Commandements and other biblical teachings.

So if Sharia law is somewhat less than liberal, please don't lump all faiths in with it, because that's just plain nonsense.

Hell Judeaism which is the basis for our JudeoChristian values emphaized cleaning oneself and paying off debts.

I mean just how "civilized" do you think society will be when everyone adopts their own version of right and wrong and comes up with the theory that there is no God no before or afterlife? Can you say chaotic anarchy, that will be like providing evidence that the world will end a week from Tuesday. Try getting people to work, pay their bills or obey the law.

Yes Sharia is extreme, so is your premise though.

Ryder
said
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I think I'll adopt a law that states only certain religions can invest in my company. Oh wait, that is discrimination! Glad to see that there is a two way street here. Kowtow to a select few.

Tim
said
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Can I short this index?

A Koster - BC
said
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to Angela Guelph

This is just one part of a movement of changes that have been put forward, mostly successful, in the last 40 or so years. I have never been against immigration but rather the idea that so many come to this country to manipulate our laws to suit their own lifestyles, at the same time citing religious freedom.. if we object then we must be racist. I remember a pin that came out some 20 years ago in Alberta.. what an uproar that created.. it said 'who is the minority anyway?' .. today in GVRD caucasians are 45% of the total population.

The problem is that our democracy is very much in danger.. when immigrants come from a strict caste system and continue in that when they are here through their mosques, then it becomes an issue of one telling hundreds and perhaps even thousands, how to vote. I'm not sure what the concentrations are in the rest of Canada.. though the recent tamil protests may be an indication for Toronto... there are estimated now to be 500,000 indo canadians living in Surrey alone.
Canada has become a melting pot and so it should be, but one where all can live in freedom and democracy.. if any find that unsavory then I welcome then to return to wherever they came from.

Jenna2
said
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I am also so very offended by this. Under the Islamic Law Only Men would be able to trade stocks. How about equality for Women, Canadian Charter of Rights and freedom!!!
How stupid, under Islamic Law, no Dividends, no Capital Gains and no profits.
Undre Revenu Canada Laws this can not be an investment.
This is a scheme Lending Money to companies. For what? To Whom?

Steve in PEI
said
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I'm sorry, but a lot of you people are total idiots.

1) Nobody is forcing anybody to invest in Shariah-compliant companies. This is strictly a voluntary service for those investors who want to be Shariah compliant. If you want you can still invest in Porkchop Pornography Inc.

2) People can use any criteria they want to invest. It's their money, they can do what they want with it.

3) S&P is providing a service, i.e., information to investors. Any type of information about investments that's of interest to a significant number of investors is going to be interesting to S&P because that's more people paying attention to the information they provide.

4) S&P is not exactly providing a list of campanies that sell weapons to terrorists so that investors can direct their money to benefit Al Qaeda. It's all about helping people to avoid investing in practices they *don't* support. Therefore, S&P is not contributing to moral dubiousness.

Investing based on religious principles may be somewhat dubious, but it's not inherently any more stupid than not investing in a company because they use slave labour overseas. You don't have to spend your personal money to support things you don't agree with. In light of all of the above, really, where do any of you get off being offended by S&P offering Shariah-compliant indexes?

Life is Interesting
said
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First off I'm completely for index funds customizing there products to better serve the needs of different customers. That is capatalism at work.

There are tonnes of funds that only invest in "ethical companies" (what ever they deam ethical, ethics seem to change from place to place) so its not a huge stretch.

to the "Humanitarian"

I did a little research on the Islamic banking system.

The whole system is built on adding the profit margin of the loan onto the principal amount, calculated to present value.

So you may think there is no interest on loans, but in actual fact its just included in your debt, at the end of the day it is same difference. no matter how you package it.

As for your comment "3. Auto makers (Car financing mainly)" I would reccomend you do a little research on this.

the financial arms of the car companies are relatively healthy, its the manufacturing end of the business that has fallen apart.

Also I find the no interest system rather compelling. I think it is a great way for the rich to maintain power and wealth, while the poor and un-educated watch there wealth depleat over time, happy that they are following a religious law.

I would Just need to make sure I'm on the right side of the equation.

Photon from Edmonton
said
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The person who asserts that Islamic jurisprudence is in favor raping women must be either from out of the Solar System or is displaying the utmost form of utter ignorance.

What is happening here is that in many major economies in the World (the UK is a good example), financial institutions are trying to attract funds from people who are otherwise very reluctant to invest their money in businesses that may be involved in immoral/unclean acts. As I read in many articles, many pious Christians are also using these funds, just like many Muslims use kosher food for cleanliness in North America. You don't like it, you don't use it. In free societies, there are choices from which people can select what they want; but they do not have a right to enforce their own beliefs or opinions.

YA from Toronto ON.
said
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Please don�t confuse yourself with Sharia Law and what some Muslim countries and individuals are doing. Doing so is no justice but simple and pure biased and slander. Do you not see divisions within Christian dominations where one believes in Pope and the other feel justified in killing of Jews? Though there is one Bible in Christian world but it is understood with so fast different views that if not billions and certainly millions of Christians have died for it.

Islam is not different in this aspect. While Afghanis believe a woman should not go to school yet Pakistan had a female president. What do you say to that! Mind you that Bible also states �Women should not teach� and yet Quran does promotes learning and teaching among both male and female Muslims. It is the illiterate men of Afghanistan that are terrified should a woman become educated and rule over them. It has nothing to do with Islam, Quran, Sunnah or Hadith.

It is with these kinds of slanderous remarks against Islam that are completely untrue and unfound that crazy Mullas and Muslim extremists are using to justify their un-Islamic jihad against West. The real sad part is that most Muslim do not even know what Islam is. Islam literal meaning is peace. How did it become what it is said to be today!

Islam has been hijacked by Mullas (Muslim priests) who would distort whatever they can as long as it serve their vision or their personal agenda. Islam is indeed the greatest religion by far but discover it yourself by reading Quran, Hadith and Sunnah. Do not go to Mullas as they will have you serve their terminal cause.

God save Islam and Muslims.

Cooler heads, please
said
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Just a few comments...

1) I promise you there was no significant "push" for this. It's a business involving billions of dollars. All S&P probably needed was a few people mentioning it and they capitalized on it. Strictly a business decision.

2) Islam is not "the darling of western media." Umm...yeah, right. Sure thing, Bill O'Reilly.

3) "Shariah law is based on the teachings of the Koran" in the same way that a movie is "based on a true story." Just like any other religion, there are fanatics who choose to exploit it.

Marty
said
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Let's keep it simple and keep it as one index, the Canadian S&P/TSX market index and that's it, we are stupid when we start to cater to different interest groups. It makes me feel ashamed to be Canadian to see things like this happen. We have changed enough already before one day we don't recognize who we are anymore. Let's stop now while we still can.

Resan
said
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Angela you sure seem to have very broad vision of all this to come out and comment here. As I notice you have to bring the rape law to portray the perception of shariah law and comment about it on every post you make here. I hope your intellectuality has more depth than this. May God have mercy on you.

Dave in Brampton
said
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You�ve got to be kidding��Shariah-compliant�
Well we do live in a free country, and it is an index for investment.

My fear is that this opens the door for more and more �Shariah-compliant� institutions. Shariah law should have no place in our society, we are not an Islamic State and our laws are not based on the Koran. This is a slippery slope scenario, what�s �Shariah-compliant� public places?

Mike from Edmonton
said
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Finally the real PROFITS of Islam (no taxes be upon them)

said
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Angela The Sharia Law does not allow rape inside of marriage

Don't get Sharia Law mxied up with Afgahanistan's Law

Investor
said
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Who the hell wants to invest in the TSX? It is a global economy and Canadian economy is not exactly hot. I am sure the Chinese can make a better Sharia complaint index. If you want to become a an economic power house you cater for your customers!

Angela Guelph
said
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I am not at all saying that people should not be informed and invest in the companies they feel will provide the best return for them.

While I admit I may not be in tune with all the nuances of how the TSX works, I beleive it is wrong to screen based on a set of 'religious' criteria.

If someone in the private sector wants to offer a "sharia investment service" well...I guess that is what the free economy is based on....provide what is demanded.

This is not based on fact, but it just strikes me as hypocritcal to look down your nose through the lens your religon provides, at say ...a pork producing company, when your own religious laws allow for the abuse of females....just sayin...

Humanitarian
said
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K, so let me get this straight....

Angela Guelph - Clearly you have not done your home work and you do not seem to know what Sharia law is.

Clearly you have CNN version of Islam AND/OR TALIBAN version of Sharia which by the way both are completely wrong. If you want to put a comment in public then simple but time consuming thing is to read Qura'an (aka Koran) yourself and then put the comments.

Last, this is the first step towards taking the world out of this mess that is created by Capitalistic economic system and/or Socialism (in past). If Sharia compliant trade happens, then next focus will be interest free banking.

Radical it sounds?

Will not be so radical if you study how some of banks (mainly in far and middle east) have adopted interest free mortgage, interest free PLS accounts, interest free car financing, interest free loans, and other interest free banking products.

Again, this is easy but time consuming as you have to read a lot about Mudaribah, Musharika, and Islamic banking.

In my attempt not to be biased (being Muslim) let me tell you, Islamic Economic System NO WHERE says to turn all people to muslims. All it says is, don't ruine the economy by making it interest heavy, involving innocent people through personal loans which seem attractive when someone is acquiring but become a vicious and never ending cycle of re-payments.

Guess what, just look at current economic chaos, there are only three things that are causing everyone to feel into ditch, i.e.

1. Housing Market (Mortgages)
2. Financial Institutions (Banking)
3. Auto makers (Car financing mainly)

All three are interest based!!! now imagine, if you were not to pay the interest and rather share a profit or loss with the principal owner, would we be in the same mess? food for thought

Adam
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Adam, Vaughan

This is an interesting development for the TSX, hopefully it will open up the door for more investment for those that weren't as willing to invest before due to their religious reasons, or simply because they were unaware of what to invest in.

Regarding Angela's comment, I don't think that comment regarding marital rape is appropriate. I heard about that in the news as well, but if you were to do some research you would realize that strictly applies in Afghanistan, and was implemented by the EXTREMIST shiates (keyword extremist).

Badmouthing a WHOLE religion, is actually quite ignorant, and as a matter of fact no where in the sharia is there anything permitting such an action. The people doing that in Afghanistan are going against their own beliefs, because as we all know and can agree on, religion is mutliated by people over time to fulfill their own perverse reasons. Hopefully you can do some more insightful research next time you make such a comment. :) There are over 70 sects of Islam and many people have their own customs and variations of the "sharia" that they interpret for themselves. Anyways I jus wanted to open up your mind a bit. have an awesome day.

Walkindude.
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Oh please! All this anger towards an index over an INDEX...If it wasnt called Sharia then it would be all OK......No one is trying to force anyone to invest in this index. If you dont like it dont buy into it. All this anger should be directed somewhere else....

This is a non issue in my opinion.

TD
said
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I hope companies have the right to refuse being added to such list.

Alen
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Despite the obvious fact the this is simply to cater to wealthy oil barons in the mid-east, I cannot understand why this is being implemented and why we are bending for the like of these religious zealots.

Money has nothing to do with religion, I don't see them pulling this with christians or Jews or buddhists. Shariah law is not canadian law.

jojo from Calgary
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To Angela by Guelph, by making this post you are going against what you are saying...I think it is a great idea. It makes alot more sense to me than any other index.

lol
said
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Sure is ignorant comments around here.

".investors who follow sharia law, which by the way, includes the institutional right to rape the female in a marriage, are being catered too by screening for companies that are thought to be "approved" and in line with these beliefs???"

Yeah, because as we all know, Rape Inc. is a big part of the TSX.

Seriously, are you saying there is something wrong with allowing people to screen out businesses they won't be interested in?

"If they want to invest then invest in what is on the TSX as it is."

Good job not reading the article and not knowing what the TSX is. Last I checked people didn't have to invest in every single company that turned up in a search result.

Mandosa
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Angela, agreed.
I believe it is a case of once again the darling of the western media (Islam) being catered to.

Lyle
said
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This index is ridiculous. But then so is shariah law. I think it's important that people and institutions don't cater to these beliefs because we see just how they work in afganistan and other theocracies. Instead they should be admonished for their stupidity.

Kris Pittman
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I am so very offended by this. I can barely articulate my anger. I won't try.

What is wrong with this world that we keep needing to find different, new and imaginary differences to separate us from each other. Religion is going to be the downfall of civilized society.

Maritimer
said
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This is just another example of catering to a special interest group. If those that follow Shariah Law can't stomach investing in the TSX the way it is then don't invest.

Retiredfirefighter
said
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What's next

Golf Company Grunt
said
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Anything for a buck!!!!

'Pro Patria'

Bob
said
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If they want to invest then invest in what is on the TSX as it is.

Mel from Calgary
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It must be a short list because huge companies are very diverse. To find one that doesn't invest in alcohol, porn or gambling might be tough.

What if the company owns restaurants that sell liquor?

McDonalds in some countries sells liquor would it qualify?

If a company makes the approved list but it turns out they shouldn't could the TSX be sued?

With all the take-overs that happens the admistration of this list would be huge. Hopefully this cost is covered by the people who use these lists.

Angela Guelph
said
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Let me get this straight....investors who follow sharia law, which by the way, includes the institutional right to rape the female in a marriage, are being catered too by screening for companies that are thought to be "approved" and in line with these beliefs???

How about screen against companies that support repression be it based on gender, religion or race etc. Perhaps a few of these 'sharia' approved companies would fall out in that case.....

The message I get from this is that people are not as valuable as a bottom line buck.

What a messed up world.

Frank Buchan (Vauxhall, Alberta by way of Ontario)
said
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Sounds to me like this index might be more useful than the main one.

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I think he was pushed to take matters into his own hands. I have a teenage son and if he was involved with a drug dealer I would be furious and try anything to save him like this father did for his daughter. Why do police often say they can't do anything until it's too late? Whether it be a drug dealer or an abusive spouse, the police can't seem to do anything until something really bad happens. In this case they could have raided the drug dealers home and arrested him. The whole town knew what was going on in that house but yet the police chose to do nothing. Release this man and give him a medal for doing the right thing by his daughter. I can't wait to see the episode on W5, I will certainly be watching this one.

Shelley

W5: How far would you go to save your child?

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