In this section, we provide links to recent media coverage of Islamic Investment and Finance issues. We focus on mainstream media, and specially the western sources, since there has been a historic lack of coverage in these areas.
Source: Detroit News
Date: 21 December 2004
Author: Karen Dybis
Title: Banks offer no-interest options for Muslims
Highlights:
Traditional home loans go against beliefs in the Koran for devout followers.
Source: Arab News
Date: 25 June 2002
Author: Molouk Y. Ba-Isa
Title: Coverage of the Muslim-Investor.com web site
Highlights:
If you are completely clueless about Islamic finance and don't even understand suchterms as Shariah, haram and zakah, then proceed directly to the Muslim Investor(muslim-investor.com). The goal of the site is, "to help Muslims help themselvesand each other by getting rich in an Islamically correct way." This is an excellentsite for anyone who needs to know the basics of Islamic finance. The site discussesall sorts of financial transactions and advises on their acceptability from an Islamicpoint of view. It gives links to novice tutorials on investment and has a specialsection for Muslim entrepreneurs looking for venture capital. Do not miss the highlyeducational topics, "Pitfalls of Islamic Banking and Investment," and "Be a Millionaire."It also refers to other web sites about Islamic Investment and Finance.
Source: The Toledo Blade
Date: 9 June 2001
Author: Judy Tarjanyi
Title: Funds faithful to Islamic law
Highlights:
An article on the growing market for Islamic Investment, and how is it different from conventionalinvestment. Mentions our Muslim-Investor.com web site.
Source: The Daily Herald
Date: 18 October 2000
Author: S.A. Mawhorr
Title: Muslims face Challenge
Highlights:
An overview of how Muslims in the USA are trying to invest in accordance withIslamic principles.
Source: Financial Times
Date: 4 September 2000
Author: Farhan Bokhari
Title: In the interest of Islam
Highlights:
An overall informative article, despite its focusing on one country (Pakistan). It providesa broad idea on what Islamic Finance is about.
Source: Bloomberg.com - Bloomberg News
Date: 30 August 2000
Author: Katherine Burton
Title: Islamic Investors Get More Choices This Year: Mutual Funds
Highlights:
The article covers new Mutual Funds that are based on the Dow Jones Islamic MarketsIndex that are available this year. These include an Index Fund launched by Allied Asset Advisors and (later this year), Azzad Index Fund. Check our Mutual Funds section for more details.
Source: Detroit News
Date: 21 August 2000
Author: Melissa Preddy
Title: Muslims embrace principles that teach financial self-discipline
Highlights:
Islamic principles of investing are getting more attention lately in the financial world... The concepts come from the laws of the Koran, but people of any faith may find food for thought in the teachings of financial self-discipline...
The article also mentions this site, Muslim-Investor.com as one of severalreferences on more information on the subject.
Source: Council on American Islamic Relations
Date: 21 July 2000
Author: Hanif Crutchfield
Title: Minnesota County Approves Interest-Free Real Estate Contracts
Full Text:
FOR IMMEDIATE RELEASE
MINNESOTA COUNTY APPROVES INTEREST-FREE REAL ESTATE CONTRACTS
(MINNEAPOLIS, MINN., 7/21/2000) The Hennepin County (Minn.) Board of Commissioners has unanimously approved a real estate contract that permits interest-free purchase of tax-forfeited properties. The initiative was sponsored by the Minnesota chapter of the Council on American-Islamic Relations (CAIR), a Washington-based Islamic advocacy group. (Islamic beliefs prohibit dealing in interest.)
CAIR Minnesota Director Hanif Crutchfield worked with Hennepin County Assistant Attorney Robert Burck to jointly draft the interest-free contract. Sheikh Waleed Edrees Meneese, Professor of Islamic Studies at American Open University in Virginia, the Imam of Dar Al-Farooq Masjid in Minneapolis and Sheik Ali Alsalooss of Qatar University provided religious guidance during the drafting process. The contract is based on the Islamic concept of Bai-al-Ajal, or purchase over time using installment payments.
The Islamic advocacy group coordinated public awareness of the effort and arranged testimony in support of the contract at a public hearing before the County Commissioners in June.
Patrick O'Connor, the Hennepin County Auditor and Treasurer of Taxpayer Services Department, supported the interest-free contract and sponsored it through the approval process.
"This contract is a major step forward for Islamic real estate contract finance in the United States. It will allow Muslims and other interest-adverse communities to acquire homes from the county without compromising their religious principles," said Crutchfield. He added that county officials clearly demonstrated their commitment to accommodating the religious beliefs of the citizens of Minnesota.
"We encourage other counties in Minnesota and around the country to follow this precedent by adopting similar types of interest-free contracts," said Crutchfield.
The interest-free contract provides for installment payments over ten years for the auction purchase of any tax-forfeited residential or non-agricultural commercial property in Hennepin County. No credit approvals are needed and there are no income requirements. A 20 percent down payment is required, and single annual installment payments are due each year. The county waives the normal annual interest charge, but will increase the purchase price of the property in order to recapture a portion of what it forfeits in interest income.
The County will also issue an annual cash rebate to the buyer to purge any excess profits that it realizes as a result of such increased purchase price. Partial prepayments are credited to the next annual installment payment due. Early payoffs are allowed without penalty. The County charges a one-time $75 administrative fee to cover the manual processing of the contract.
The "Halal Contract for Purchase of Tax-Forfeited Property" (formerly known as the "Alternative Financing for Sale of Tax-Forfeited Residential Property to Persons of Interest-Adverse Cultures") is expected to be available to purchasers in mid-August, 2000.
CONTACT: Hanif Crutchfield, CAIR Minnesota at 612-334-9395, Fax (800) 861-3686 E-Mail: Hanif CrutchfieldTo view the Hennepin County Commission Approval visit this pageon theirweb site.
Source: American Banker
Date: 13 June 2000
Author: Craig Woker
Title: Michigan Startup plans 'Mortgages' for Muslims
Highlights:
"Organizers of a planned bank in a Detroit suburb want to attract the area's Muslims with a product few banks would dare to offer --interest-free financing for homes.
"Assuming it gains regulatory approval, Amana Bank plans to open in East Dearborn by December with an initial capitalization of up to $9 million. Soon after, Amana -- which means 'trust' in Arabic -- plans to begin offering a mortgage-type product for Muslims, whose religion prohibits them from paying interest..."
Source: Forbes
Date: 12 June 2000
Author: Richard Heller
Title: Shari'ah Says
Highlights:
Nice article covering mainly IslamiQ.com and Dr. Hasnita Hasim, its CEO. It alsodescribes the general principles of Islamic Investment.
Source: Wall Street Journal Interactive
Authors: Sarah McBride
Date: 17 May 2000
Title: Islamic Funds Proliferate
Highlights:
Again our site is mentioned "That... web site is excellent on general Islamic investing principles, but it is very U.S.-oriented on product facts." Note that this is a Wall Street Journal Interactive article. If you are a subscriber to the Wall Street Journal, you can access it on their site. The article is also available on Quicken and AOL web sites (the above link is accessible directly fromyour browser. No registration required). In general, the article covers IslamicInvestment from a Western perspective.
Source: Newsweek International
Authors: Barbara Koh and Carla Power
Date: 15 May 2000
Title: Money Under a Mattress - Islamic finance is getting huge, says IslamiQ.com
Highlights:
This article mentions our Muslim-Investor.com among sites that "...are also helping construct a community of Islamic investors." It touches on the basics of Islamic Investing, and covers IslamiQ.com and interviews Dr. Hasnita Hashim, CEO and co-founder of IslamiQ.com. It also quotes Yusuf Talal DeLorenzo, member of the Sharia Advisory Board of the Dow Jones Islamic Index, as well as Rushdi Siddiqui, the manager of that index. Mostly positive and worth reading.
A scanned image from the print version is also available in PDF format. You need Adobe Acrobat to read it. It is not very clear, so you have to zoom in.
Source: DITNet
Date: 16 April 2000
Title: DLJdirect-eUnion Offers Access to Online Broking to Fourteen Middle Eastern and North African Countries
Highlights:
DLJ, a Wall Street heavy weight joins with Bahrain's Capital Union to offer online brokerage services to the Arab world.
Source: The Star Ledger
Author: Sam Ali
Date: 16 April 2000
Title: Investing on Faith
Highlights:
Another American media coverage. "Muslims looking for religious-based financial alternatives are starting to emerge as a serious and growing niche market.
Source: Financial Times
Author: Jane Croft
Date: 27 March 2000
Title: Muslim financial site launches
Highlights:
More coverage of IslamiQ.com launch as a web portal for Muslims.
Source: Associated Press / Reuters
Author: N/A
Date: 27 March 2000
Title: Islamiq.com Launches Site With Islamic Principles
Highlights:
Covers IslamiQ.com launch as a web portal for Muslims.
Source: Al Ahram Newspaper (Egypt)
Author: Ed Cropley
Date: 27 March 2000
Title: Islamic dot com goes on-line for Muslim Investors
Highlights:
Covers IslamiQ.com launch.
Source: Associated Press
Author: Nina Rizzo
Date: 26 March 2000
Title: Dow Jones Offers Islamic Course
Highlights:
Covers the Dow Jones University's announcement of the course "Principles of Islamic Investment", what areas Islam doesn't allow investment in, and mentionsSaturna's Islamic Mutual Funds.
Source: Al Ahram Newspaper (Egypt)
Author: Atef Abdalla
Date: 18 March 2000
Title: After the DJ Islamic Market, internet course on Islamic Investment
Highlights:
The leading newspaper in Egypt covers the Dow Jones University's announcement of the course "Principles of Islamic Investment".
Source: Morning Star
Author: Dan Culloton
Date: 15 March 2000
Title: Profiting According to the Words of the Prophet
Highlights:
American Muslims have long faced a dilemma when trying to invest.
... the United States also offers a dearth of investment options that comply ...
... at least two investment boutiques plan to offer funds that conform to Islamic tenets this year.
... "A lot of companies are stepping in to fill niches," said Morningstar.com analyst Emily Hall.
There appears to be room for more players in this area.
More than a dozen firms, including at least two in the UnitedStates, have bought licenses to Dow Jones' Islamic indexes so theycan fashion their own funds ...
Islamic investing resembles other modes of moral and religious money management in that Islamic law forbids investments in tobacco, weapons, alcohol, gambling, or pornography ...
Dow Jones says back testing shows its U.S. Islamic index would have beaten the S&P 500's five-year average annual return by 27.2% to 24.2%.
Source: LA Times
Author: Marla Dickerson
Date: 17 March 1999
Title: The Price of Piety in Islam
Highlights:
Religious law forbids paying or receiving interest, eliminatingconventional credit as an option. However, some devout Muslims find financing through special lease-to-own deals.
Also discusses United Bank of Kuwait, American Finance House, Home Financing (Manzil USA), and other matters.
Source: Washington Post
Author: Yuki Noguchi
Date: 28 October 1999
Page: E01
Title: MATCHING FAITH AND FINANCES; ALTERNATIVES TO LOANS CATER TO AREA MUSLIMS
Highlights:
"It would make financial sense for Sajeed Jaweed and his wife to buy ahouse, but for the past five years they've been renting a two-bedroomapartment in Burtonsville instead.
"After seven years of making mortgage payments, Maha Badir and her husbandwithdrew all of their retirement savings to pay off the loan on theirRockville home.
"Badir and Jaweed, like many among the local Muslim community, made thosechoices because, under Islamic law, paying or charging interest isconsidered riba, or usury--and a high sin. And conventional banking offersno alternatives to the interest-bearing loan.
"But as the Islamic community in the Washington region grows, companies arepreparing to introduce financial service options that adhere to Muslimethical and religious laws governing personal business dealings, especiallythose barring interest payments..."