Monday, December 28, 2009

A Few Big Shariah-Compliant Multinational Corporations

From time to time, readers will email us asking for a list of Shariah-Compliant companies. A complete version of such a list is extremely difficult to come by.

Some of the better sources for such a listing would be the annual and semi-annual reports of the various Shariah-Compliant investment funds. These reports usually include portfolio listings, i.e. the companies in which the fund invests.

Nevertheless, as a subject for this posting, we have decided to post some of these companies. We came across this listing on the Javelin Shariah Compliant Exchange Traded Fund web site.

The proper name for this fund is the JETS Dow Jones Islamic Market International Index Fund. It is “an Exchange-Traded Fund (ETF) that seeks performance results which, before fees and expenses, correspond generally to the price and yield performance of a benchmark index that measures the investment return of Shari’ah compliant securities.”

Long time readers of SFW may recall that the Dow Jones Islamic Market Index has a checkered past. For years Dow Jones employed the Jihadist Mufti Taqi Usmani as the chair of the Shariah Advisory Board to the Index, despite the fact that they knew of his ties to militants and extremists. It wasn’t until rival Investor’s Business Daily started publishing details that they quietly severed relations with Usmani, who can only be described as a horrible person.

But this wasn’t all. The advisor to the fund was the North American Islamic Trust (NAIT), which also owns title to a large percentage of the mosques in the USA. The problem for Dow Jones became two-fold. NAIT was unmasked as a Muslim Brotherhood front group in the Holy Land Foundation terrorism financing trial and was also named an unindicted co-conspirator in that trial. It was only in the face of adverse publicity that Dow Jones decided to sever relations with NAIT.

Nevertheless, despite its suspicious past, the fund has survived, in a new form. For our readers who have asked, here are some of the largest holdings in its portfolio:











Followers of terror-free investing may recognize the top two names on this list: Total SA and Siemens. These are simply two of the worst companies on the planet and have made themselves infamous for their billions of dollars in operations which give corporate life support to the terrorist-sponsoring, genocidal maniacs in Iran.

Readers of SFW may wish to consider the activities and policies of these companies which make them Shariah Compliant when making your own investment decisions.

Thanks to Sharia Finance Watch

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