A CBC article relays that the Toronto Stock Exchange (TSX) has launched an index of companies that have been found to be Sharia compliant according to the Kuwaiti company that certifies such things. Obviously this will exclude companies that sell products such as alcohol, tobacco or pork. It also exclude those who “engage in certain types of financial lending.” Islamic law prohibits paying interest so it would be interesting to know which Canadian companies would qualify as our financial system is based on borrowing and loaning money at interest.
The comments on this CBC article are predictable. One does wonder if we need to have another index. The financial world is struggling to take Muslims’ money from them and the trillions they have absorbed from the west through oil sales has left them in need of investment opportunities. This is why we see Sharia compliant indexes around the world but not an emphasis on Hindu, Shinto, atheist or Buddhist indexes. The financial sector is the most pragmatic we have and they focus only on making money. If Muslims want to pretend that these companies really care about Sharia law that’s fine with me but let’s call a spade a spade. You can’t worship both mammon and Allah.