Monday, July 24, 2006

Thailand considering Islamic stock index

This article left me thinking. It left me thinking because it discusses a seperate index carrying only stocks that are compatible with Islamic teachings. It states:

"The groups will neither involve with interest, nor go against the Islamic teachings, which bars businesses in the real sector, tourism, and hospital."

Now, correct me if I'm wrong but tourism is a pretty big business in pretty much every majoritively Muslim nation, with the exceptions of Iraq, Afghanistan and Lebannon since about a week ago. So what I'm wondering is what's the issue with tourism that it's fine to accept money from millions of tourists but not okay to invest in tourism related stocks?

While we're at it, the real estate sector is also pretty massive and there seems no lack of wealthy muslim land owners making plenty from their investments - so what's the deal?

Perhaps another case of hyporcisy at work in the wonderful world of Islamic sensibilities. I notice it doesn't say anything about not investing in pig farms or breweries.

If you enjoyed this article please feel free to digg it down below.

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