Posts Tagged ‘AAOIFI’

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Vijri declares 12 investments off limits

July 19, 2012

Orlando sharia service shuns cinema investments

Vijri Investments, one of 67 sharia finance institutions active in the U.S. named in a recent list compiled by Shariah Finance Watch, offers an investment management service called “ShariaPortfolio” that forbids investments in several traditional industries of the American economy.

ShariaPortfolio says it uses rules from the international sharia finance body AAOIFI to screen equities for their permissibility under Islamic law.  From ShariaPortfolio’s FAQ page:

Business activities screens
Companies are only to be considered compliant from a business perspective if the cumulative revenue from non-compliant activities and non-operating interest income does not exceed 5% of their total income. Non-compliant income sources include the following:

  • Alcohol
  • Gambling
  • Tobacco
  • Adult Entertainment
  • Pork Products
  • Hotels
  • Cinema/Broadcasting
  • Music
  • Defense
  • Interest Income
  • Conventional Insurance Companies
  • Conventional Financial Services

Hotels, movies, and music—all forbidden?  Marriott?  Haram!  Walt Disney?  Haram!  Sony?  Haram!

Vijri Investments is based in Florida with corporate headquarters in the Orlando area.  If their ShariaPortfolio service rejects investments in “cinema/broadcasting,” shouldn’t these sharia hypocrites close their headquarters and move away from Disney?

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