First time I've spotted something in a national newspaper re usury-free investment vehicles... this is the first part of a longer article about investment funds in the Guardian's Saturday financial section (remainder snipped as moved onto other investment schemes). Of potential significance is the demographic point made at the end about the Asian descent population in Britain... I'm totally intolerant of a number of Islamic attitudes - towards women in particular, repugnant and repressive in varying degrees (although aware of a range within the various cultures of Islam I find all of them intolerable to some degree). However, I'm very supportive of many elements of economic principles, the elements of concept of community, and the approach to usury and the sharing of risk and benefit when the moral principles are applied properly... We might find ourselves making some interesting allies in the 21st century... How do we relate to the positive elements whilst rejecting the intolerable elements - and trying to change those to ones which are acceptable? I maintain my personal right, and my culture's rights, to hold "fundamental values" re issues such as liberty, race or gender relations and the corresponding right to reject and oppose others which seek to repress or control the access to these fundamental rights. However, this does not presume that our western values in other areas might not also be in for a much-needed shake up through this sort of multi cultural contact... I have no illusions that western, European society or culture is perfect, even if some elements of it I will (literally) defend to the death! Benefit may/will come from the expunging of elements of our social values which are repugnant and insufferable, and which Islamists (and others!) validly point to as they leap out at them, whilst we may be unaware or not see the relevance or importance. Touche, as they say. Hopefully, if the imbalance of power and repression by the west is altered, we may be able to correspondingly genuinely influence and bring about change in unacceptable elements of other cultures as much as our dark corners may be exposed and cleaned out...? The Guardian Saturday March 6 1999 Islam enter world of ethical investor Fancy a flutter with a fund that refuses to accept any income from interest? Robin Stoddart investigates a new venture ETHICAL funds are well established in the UK and when tobacco shares and British Aerospace went into a spin last year they were able to outperform for a while. Now religion is a factor for the first time, giving rise to a new Islamic fund launch. After some doubts in past centuries, usury is an accepted feature of Christian and capitalist economies, although savers facing an income squeeze due to the recent decline in interest rates may not see it that way. The Al Safa open-ended investment company being launched by City Fund Managers, rejects interest altogether. Supervised by Islamic scholars versed in Shari'a law, capital growth will be the target of the fund. It will invest mainly among the top UK companies in the FTSE 100 and 250 indices that meet the test. Banks are out and Al Safa, called after a mountain near Mecca in Saudi Arabia, will decline interest income. After the launch this month, dealing in the shares will be based on Monday morning valuations. A good response is likely as the rapidly-growing Muslim community is the most dynamic in terms of new entrants to employment, not least in the City. Generally well-educated and family-oriented young people of Asian ancestry form one of the higher earning and spending segments of the UK population. <snip>
