I literally stumbled over this doing some research for my personal retirement investing. I had no idea Islam is now a significant segment of our stock exchange; as in the Dow Jones. No I am not kidding.
The Islamic market segment is called the Dow Jones Islamic Market IndexesSM (DJISMI). What is the DJISMI?
The Overview statement discloses:
The Dow Jones Islamic Market Index℠ family includes thousands of broad-market, blue-chip, fixed-income and strategy and thematic indexes that have passed rules-based screens for Shari´ah compliance. The indexes are the most visible and widely-used [sic] set of Shari´ah-compliant benchmarks in the world. . . . Companies must meet Shari´ah requirements for acceptable products, business activities, debt levels, and interest income and expenses. The screening methodology is subject to input from an independent Shari´ah supervisory board (all emphasis mine).
In February of this year,
New York State Senator Kevin Parker introduced legislation to the New York State Senate allowing for the creation of an investment vehicle termed an “alternative finance investment bond,” or “AFIB. . . . the AFIB appears to track the concept of a sukuk and the shari’ah’s requirement.
Efforts vis-à-vis Islamic finance in the United States have not been as conspicuous as in other Western nations, but, if passed, this legislation would, in our view, actually stand in a line of important governmental and regulatory efforts to welcome and integrate Islamic finance into the prevailing U.S. legal framework (bold mine).
Why is this sharia in finance troublesome?
This is troubling because this is how Islam penetrates a society; with creeping sharia. It has already been embraced by some in the United States. Exemplar is an article for Pundit Press entitled Gov’t Attorney: Obama Admin. May Sue States to Prevent Them From Limiting Sharia Law which posits:
. . . U.S. Attorney for the Eastern District of Missouri Richard Callahan assured Missouri Muslims yesterday that the Obama Administration would likely step in on behalf of Sharia law should any state try to ban it.
Unlike many religions, Islam includes a mandatory and highly specific legal and political plan for society called Sharia (pronounced “sha-rï-uh”), which translates approximately as ‘way’ or ‘path.’. . . There is no separation between the religious and the political in Islam; rather Islam and Sharia constitute a comprehensive means of ordering society at every level.
For more information see Islam 101.
What do these Islamic types of investments mean long term? I don’t have the answer to that. But that Wall-street is accommodating Islamic sharia law is disturbing.
Nevertheless what we see is the atypical disregard for the American Constitution that the Obama regime has demonstrated throughout his tenure. This is the same path Europe and other parts of the world have already trod. We don’t want to go there.
Anybody who speaks out against Islam is labeled an Islamaphobe by the left and Muslim groups like CAIR. Am I Islam phobic? A phobia is “an irrational or very powerful fear.” But my fear, as is that of many other detractors of Islam, is based on empirical facts. Facts founded in the actions of Muslims all over the world which I have chronicled and warned of in past blogs (here, and here).
America must become vigilant against Islam. Another reason the 2012 elections are so vital to our national security and prosperity.