Less than a month after the introduction of a Shariah-Compliant Exchange Traded Fund in the USA, there is now a report that a similar fund will launch in Canada soon…
It may be simply an oversight, but the language used to describe the criteria for this new ETF in the article linked below is slightly different from some of the language used to describe other Shariah-Compliant funds. This new ETF is said to exclude investments in “engaged” in “firearms,” among other things.
In other fund literature, the prohibition has been against “weapons,” though there are some real questions as to the honesty of that statement given that some of the largest Shariah-Compliant financial institutions in the world, such as Bank Melli of Iran, are engaged in financing massive weapons projects.
http://seekingalpha.com/article/149988-canada-to-launch-sharia-compliant-etf
