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Author Topic: Sharia Indices launched by Standard & Poor
sidra
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Babbler # 11490

posted 23 December 2006 10:31 PM      Profile for sidra   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
The growing power of Islam in the financial world will be underlined today with the launch of three benchmark indices designed to track the health of companies that comply with the laws of the Koran.

...The three indices will exclude stocks of companies that operate in alcohol, defence, entertainment, financial services, pork-related products and tobacco as well as companies whose financial ratios violate shariah-compliance measures, such as those with high debt-to-equity ratios.


http://tinyurl.com/y8y7zy


From: Ontario | Registered: Dec 2005  |  IP: Logged
B.L. Zeebub LLD
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Babbler # 6914

posted 25 December 2006 08:44 PM      Profile for B.L. Zeebub LLD     Send New Private Message      Edit/Delete Post  Reply With Quote 
I think this is fascinating. Capital has found ways to accomodate fascism, communism, recently Maoism, and now Islam. While the political ideologues speak in the binaries of war and conflict, the lattice work of capital circulation permeates through and around the idea-edifices called "civilisations".
From: A Devil of an Advocate | Registered: Sep 2004  |  IP: Logged
500_Apples
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posted 25 December 2006 09:29 PM      Profile for 500_Apples   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
the lattice work of capital circulation permeates through and around the idea-edifices called "civilisations".

Ramblings masked in heavy vocabulary.

Translate: They're serving a niche market.

It seems to me these sharia funds are no different from ethical mutual funds, just the ethical are defined from an islamic perspective.


From: Montreal, Quebec | Registered: Jun 2006  |  IP: Logged
B.L. Zeebub LLD
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posted 26 December 2006 07:15 AM      Profile for B.L. Zeebub LLD     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Originally posted by 500_Apples:
[QB]

Ramblings masked in heavy vocabulary.


Feigned "simplicity" masking misunderstanding.


From: A Devil of an Advocate | Registered: Sep 2004  |  IP: Logged
B.L. Zeebub LLD
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Babbler # 6914

posted 26 December 2006 07:28 AM      Profile for B.L. Zeebub LLD     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Originally posted by 500_Apples:
Ramblings masked in heavy vocabulary.

Translate: They're serving a niche market.


Actually, no, it's more than that. The above is undoubtedly true, but what I'm talking about is the ideological aspect. What I'm trying to understand is the mechanism by which these wars take place against a backdrop of Capital circulation. Where Ideology tells us there are two, or three, or more, there is in fact just one: Capital.

quote:
It seems to me these sharia funds are no different from ethical mutual funds, just the ethical are defined from an islamic perspective.

(My emphasis) Which makes all the difference. Normal ethical funds are defined using a set of ethics we consider of our civilisation. The Green movement, for example, is part of the dialogue that Industrial Capitalism has with itself about waste, etc. Sharia, on the other hand, is considered wholly Other to our way of life. We are currently at war with people who would like to see Sharia implemented. But, ideologically we allow Sharia as long as it's being used to make money: Capital wins. The people creating and maintaining these funds are actually practicing a truncated form of Sharia. Your nonchalant answer contains perfect evidence of an ideological move to accomodate Sharia by way of the profit motive. "it's nothing, it's just selling to a niche market." Exactly. Thanks for that.

[ 26 December 2006: Message edited by: B.L. Zeebub LLD ]


From: A Devil of an Advocate | Registered: Sep 2004  |  IP: Logged
sidra
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Babbler # 11490

posted 26 December 2006 08:06 AM      Profile for sidra   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
Facinating indeed! Two powerful debaters in B.L. Zeebub LLD and 500_Apples at it.

Funny thing is one is calling the other's input "rambling" and the other shooting back with "simplicity". I see no rambling and no simplicity.

On a pragmatic level, it is refreshing to see (Sharii) investors' objection to industries such as alcohol, "defence", entertainment, financial services and tobacco. And on an ideological level, it is facinating to see the marriage of Sharia and the West in the chapel of Capitalism.

[ 26 December 2006: Message edited by: sidra ]


From: Ontario | Registered: Dec 2005  |  IP: Logged

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