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the majority of Islamic scholars agree that options have features of speculation and gambling. In addition, the investor (second party) doesn't intend to hold the asset (which is generally considered crucial for an investment to be sharia-compliant).
Islamic rules on transactions (known as Fiqh al-Muamalat) have been created to prevent use of interest. Investing in businesses involved in activities that are forbidden . These include things such as selling alcohol or pork, or producing media such as gossip columns or pornography. [10] [11] Charging extra for late payment.
The large US-based Citibank began to offer Islamic banking services in 1996 when it established the Citi Islamic Investment Bank in Bahrain. [65] The first successful benchmark for the performance of Islamic investment funds was established in 1999, with the Dow Jones Islamic Market Index (DJIMI). [65]
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Money.ca explains how halal investing helps observant Muslims save for retirement and plan for financial goals.
The Dow Jones Islamic Market Index (DJIM), is a stock market index created for investors seeking investments using Islamic finance in compliance with Muslim Sharia law.. The DJIM indices use a screening process to identify companies that are compliant with Shariah law.
The Iman Fund (symbol: IMANX) is an American faith based mutual fund that invests in Shariah compliant companies. The fund's 2000 inception catered to the needs of Muslim investors, who not only want to have a financially rewarding investment, but a Shariah compatible one as well.
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