• Why Jihad Watch?
  • About Robert Spencer and Staff Writers
  • FAQ
  • Books
  • Muhammad
  • Islam 101
  • Privacy

Jihad Watch

Exposing the role that Islamic jihad theology and ideology play in the modern global conflicts

Canada set for another Sharia finance “first”

May 30, 2009 1:07 am By Marisol Seibold

Building on S&P’s new Sharia-compliant index. “Sharia ETF poised for launch,” from the Globe and Mail, May 29:

Islamic financial services company UM Financial Inc. has teamed up with Jovian Capital Corp. (JOV-T 7.500.456.38%) in a bid to list Canada’s first sharia-compliant exchange-traded fund (ETF).

On Wednesday, Standard & Poor’s launched the S&P/TSX 60 Shariah Index. In compliance with Islamic law, the index avoids firms involved in financial services, alcohol, gambling and pork products.

As if there existed a compartmentalized Sharia that excludes the many nastier aspects of the system (beheadings, amputations, inequality of men and women, believers and unbelievers before the law), which, we’re endlessly assured, are just “cultural.”

The proposed product from UM and Jovian would be based on the S&P/TSX 60 Shariah Index so the two firms are in discussions with Standard & Poor’s to get a licence for the new index to start the Islamic ETF later this year. Eventually, “the goal is to launch a family of ETFs,” UM chief executive officer Omar Kalair said yesterday.

The sharia ETF would target Canada’s Muslim population (which numbers about one million), as well as foreign investors, Mr. Kalair said in an interview.

Jovian’s BetaPro Management unit is a provider of leveraged and other ETFs, while its AphaPro Management unit has actively managed ETFs. “Any product launched would come from BetaPro,” Mr. Kalair said.

In recent years, sharia-compliant ETFs have popped up in various countries including Britain, India, Singapore, Dubai, Malaysia and South Africa. In March, a sharia gold ETF was launched in Dubai.

Barclays Canada, which administers the iShares ETFs and is the largest ETF provider in the country, “has no plans to go down this route,” said Oliver McMahon, its director of product development. “It’s not in our existing product pipeline.”

Jasmit Bhandal, a spokeswoman for Standard & Poor’s in Canada, said there have been talks with ETF, mutual fund and structured products providers for use of the S&P/TSX 60 Shariah Index, but nothing is final. But a licence with an ETF provider is typically an exclusive one, she said.

A couple of sharia-compliant mutual funds are sold in Canada, but both have less than $2-million in assets.

A Toronto-based investment firm, frontierAlt Management Ltd., launched Canada’s first sharia-compliant mutual fund, frontierAlt Oasis Canada, in 2007. The firm also later started sharia-compliant funds frontierAlt Oasis World and frontierAlt Global Income funds, but these were closed last fall because it was no longer cost effective to run them, said Taras Hucal, president of frontierAlt Management.

The two Oasis stock funds invested in firms in the Dow Jones Islamic Market Indexes. The income fund invested in sukuk, which is similar to conventional bonds, but pays out a share of revenue from a designated pool of assets or services rather than interest. Islamic principles prohibit receiving interest income.

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
  • Click to print (Opens in new window)
  • Click to email this to a friend (Opens in new window)
  • More
  • Click to share on Skype (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Telegram (Opens in new window)
  • Click to share on Tumblr (Opens in new window)
  • Click to share on Pocket (Opens in new window)
  • Click to share on Pinterest (Opens in new window)

Follow me on Facebook

Filed Under: Uncategorized


Learn more about RevenueStripe...

FacebookYoutubeTwitterLog in

Subscribe to the Jihad Watch Daily Digest

You will receive a daily mailing containing links to the stories posted at Jihad Watch in the last 24 hours.
Enter your email address to subscribe.

Please wait...

Thank you for signing up!
If you are forwarding to a friend, please remove the unsubscribe buttons first, as they my accidentally click it.

Subscribe to all Jihad Watch posts

You will receive immediate notification.
Enter your email address to subscribe.
Note: This may be up to 15 emails a day.

Donate to JihadWatch
FrontPage Mag

Search Site

Translate

The Team

Robert Spencer in FrontPageMag
Robert Spencer in PJ Media

Articles at Jihad Watch by
Robert Spencer
Hugh Fitzgerald
Christine Douglass-Williams
Andrew Harrod
Jamie Glazov
Daniel Greenfield

Contact Us

Terror Attacks Since 9/11

Archives

  • 2020
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2019
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2018
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2017
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2016
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2015
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2014
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2013
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2012
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2011
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2010
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2009
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2008
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2007
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2006
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2005
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2004
    • December
    • November
    • October
    • September
    • August
    • July
    • June
    • May
    • April
    • March
    • February
    • January
  • 2003
    • December
    • November
    • October
    • March

All Categories

You Might Like

Learn more about RevenueStripe...

Recent Comments

  • Graham Bryant on Canadian Mental Health Association studies Muslim women’s mental health due to ‘discrimination’ and ‘hate crimes’
  • Sabri S. on Iranian Kurdistan: Muslim brothers behead their sister in honor killing over her romantic relationship
  • Hoi Polloi on EU Parliament members call for firing of border agency director for preventing illegal migrants from entering Europe
  • OLD GUY on Why so many Muslims can’t wait for Biden to get inaugurated
  • gravenimage on Iranian top dogs approve bill to end UN nuclear inspections, increase enrichment

Popular Categories

dhimmitude Sharia Jihad in the U.S ISIS / Islamic State / ISIL Iran Free Speech

Robert Spencer FaceBook Page

Robert Spencer Twitter

Robert Spencer twitter

Robert Spencer YouTube Channel

Books by Robert Spencer

Jihad Watch® is a registered trademark of Robert Spencer in the United States and/or other countries - Site Developed and Managed by Free Speech Defense

Content copyright Jihad Watch, Jihad Watch claims no credit for any images posted on this site unless otherwise noted. Images on this blog are copyright to their respective owners. If there is an image appearing on this blog that belongs to you and you do not wish for it appear on this site, please E-mail with a link to said image and it will be promptly removed.

Our mailing address is: David Horowitz Freedom Center, P.O. Box 55089, Sherman Oaks, CA 91499-1964

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.