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This meant that not only were interest-bearing loans, accounts, and bonds not allowed, but many financial instruments and activities common in conventional financial markets have been forbidden by most Muslim scholars because of their connection with maisir or gharar [Note 1] (and also sometimes because they involve payment of interest).
Sharia prohibits riba, or usury, defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to riba). [4] [5] Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also haraam ("sinful and prohibited").
Wahed is an American financial technology and services company based in New York City, New York. [4] [5] In July 2019, the company launched the first exchange-traded fund in the United States that was compliant with Sharia law. [6] [7] [8] Wahed operates in 130 countries and has offices in Washington D.C, New York, London and Dubai. According ...
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You can search by issuer to find a list of the company’s bonds, and here’s one Apple bond selected at random: APPLE INC NOTE CALL MAKE WHOLE 2.85000% 08/05/2061
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At least in one Muslim country with a strong Islamic banking sector (Malaysia), there are two main types of investment accounts offered by Islamic banks for those investing specifically in profit and loss sharing modes [357] [358] – restricted or unrestricted.
A bond may become worthless if the issuer defaults on the payment of the bond — such as when a company that issued a bond goes bankrupt. As such, it can pay to go with investment-grade bonds ...