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New Mutual Funds Observe Islamic Law
Investment Adviser ^ | December 7, 2006 | Kara Stapleton

Posted on 12/14/2006 10:29:00 AM PST by Choose Ye This Day

New Mutual Funds Observe Islamic Law

Deutsche Bank introduces Shari`a-compliant funds

Deutsche Bank has launched five mutual funds that comply with traditional Islamic law, or Shari’a, in response to what it said was a growing demand for Islamic investment products. Marketed as DWS Noor Islamic Funds, Deutsche Bank says they are the first to be Shari`a compliant and excludes investments in alcohol, gambling, or companies with large amounts of debt. "With DWS Noor Islamic Funds, our Islamic clients can rely on a strictly Shari`a-compliant framework while benefiting from attractive international investment opportunities usually only available as conventional mutual fund products," Scott Jaffray, DWS’s chief investment officer for the Middle East and North Africa, said in a statement.

Additionally, the funds are specialized due to the use of Dar Al Istithmar, a Shari`a advisory service created through a joint venture between Deutsche Bank, the Oxford Centre for Islamic Studies, and investment advisor Russell Wood, and whose Shari`a Board consists of five of the world's leading Shari`a scholars. The DWS Noor Islamic Funds will be offered now to investors in the United Arab Emirates and Bahrain, with plans to make them available in other countries in the region, Asia, and Europe next year.


TOPICS: Business/Economy
KEYWORDS: eurabia; investments; mutualfunds; sharia
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To: NeoCaveman

When I worked for an investment management firm, we used to joke about wanting to set up the Couch Potato Fund.

It would invest in Playboy, cable TV, online gambling, booze, publicly traded strip clubs, and tobacco.


21 posted on 12/14/2006 11:44:00 AM PST by Xenalyte (Anything is possible when you don't understand how anything happens.)
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To: NeoCaveman

There probably aren't any that are defined quite like that. I'd be a hoot though. Probably very popular too.

Wanna guess what the non-smoker's stock of choice used to be?


22 posted on 12/14/2006 11:55:45 AM PST by Jaded ("I have a mustard- seed; and I am not afraid to use it."- Joseph Ratzinger)
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To: San Franistan

gotta love it!


23 posted on 12/14/2006 11:59:13 AM PST by Jaded ("I have a mustard- seed; and I am not afraid to use it."- Joseph Ratzinger)
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To: Choose Ye This Day

Keeping with Muslim traditions, I'm sure the fund will not invest in "Jewish" companies either.


24 posted on 12/14/2006 12:01:43 PM PST by The Great RJ ("Mir we bleiwen wat mir sin" or "We want to remain what we are." ..Luxembourg motto)
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To: NeoCaveman
You can it is called Vice Fund stock symbol(VICEX)
25 posted on 12/14/2006 12:07:42 PM PST by BubbaBobTX (I wasn't born in Texas but I got here as fast as I could.)
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To: Asclepius
I'm sure these funds will perform as well as the eco- or social-conscience funds etc. In other words, they'll tank.

Not so my friend. I invest in Catholic Funds so I don't unknowingly promote abortion and the Ave Maria Fund has done quite well, also check out the Aquinas Fund. Of course there are some socially conscious funds that were pretty bad--stay away from the Women's equity fund--my broker talked me into that dog which I dumped as soon as I could.
26 posted on 12/14/2006 12:46:08 PM PST by adgirl
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To: NeoCaveman

There are several "socially responsible" funds, as they call themselves. Calvert, IIRC, is one of the biggest promoters.

The Ave Maria funds are similar in that they only invest in companies whose values jive with Catholic norms.


27 posted on 12/14/2006 2:38:10 PM PST by Choose Ye This Day (Despair is not a strategy.)
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To: tkathy
Excludes investments in alcohol, gambling, or companies with large amounts of debt, but investments in genocide, slavery, racism, mass murder, genital mutilation are just peachy.

Gee, maybe they would be interested in my new invention, based partly upon meat packers' auto-knives, and the Veg-A-Matic, which I believe could speed up genital mutilations by 350%, while reducing cost/mutilation by 25-30%, based upon increased efficiency.

Of course, it only works on male members so far.

I tentatively call it the Lorena Imamutilator, Mark I.

28 posted on 12/14/2006 10:18:44 PM PST by ApplegateRanch (Islam: a Satanically Transmitted Disease, spread by unprotected intimate contact with the Koranus.)
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