GERMANY - German Bank Offers ‘Islamic-Compliant’ Investment

www.businessislamica.com - German bank WestLB rolled out a new “Islam-compliant” investment product named the Islamic Strategy Index Certificate. T

he value of the certificate is based on the value of the WestLB Islamic Deutschland Index, consisting of shares of ten German firms “whose business activities are consistent with the ethical rules of Islam.”  The prospectus explains that “for the selection [of stocks] it is in principle not permitted that the business activity of the chosen firms involve interest-bearing financial services or derivatives, insurance, alcohol, tobacco, pork, armaments, gambling, gold and silver hedging transactions, or the entertainment industry.”  (source)

GERMANY - German Bank Offers ‘Islam-Compliant’ Investment

http://islamicfinance-mm.blogspot.com - Last month, German bank WestLB rolled out a new “Islam-compliant” investment product named the Islamic Strategy Index Certificate. The value of the certificate is based on the value of the WestLB Islamic Deutschland Index, consisting of shares of ten German firms “whose business activities are consistent with the ethical rules of Islam.” The WestLB product prospectus explains that the Islamic Strategy Index Certificates “are certified by the Central Council of Muslims in Germany as Islam-compliant [Islam konformes] investment.” The Central Council of Muslims in Germany is an umbrella group of twenty-two Muslim organizations. (source)