Europe doesnt want to be creative in Personal Laws like India , but when it comes to Cash , Sharia Funds are being widely accepted and grown by the same countries . The hypocrisy of Europe is mind-boggling . Religion in what we value, but Secular Morality in what you value . And there is Rabbinical and Christian arbitration in Personal family matters in just about every country in the West. Just like in India , you can chose the Community Law or Special Marriage Act . With the US system of Pre-Nup Contracts , now every individual couple can chose the rules they want to set , or be ruled by no rules . The state is just one of the arbiters and interlocutors where human relationships matter , and it should accept that . There can be no Uniformity in how humans want to relate under State Monopoly. Since the early Islamic states of the eighth and ninth centuries, sharia always existed alongside other normative systems. Most Muslim-majority countries adopt various aspects of sharia. According to BBC, some countries adopt only a few aspects of Sharia, others apply the entire code. Where sharia poses genuine dilemmas for secular countries with big Muslim minorities is not in the realm of retribution but in its application to family matters such as divorce, inheritance and custody. English-speaking countries boast a strong tradition of settling disputes (commercial or personal) by legally binding arbitration. This already includes non-secular institutions such as longstanding rabbinical tribunals in Britain and many other countries, or Christian mediation services in North America. Now Islam-based outfits are entering the market. Muslim Arbitration Tribunals, now offers dispute resolution in half a dozen British cities. Founded in 2007 by followers of the Barelvi school of South Asian Islam, they are less strict than the Deobandis. But when asked to divide up an intestates assets, they follow Islamic law, giving daughters half as much as sons. The tribunals say they operate under the Arbitration Act of 1996. That makes rulings binding once both parties have given authority to the arbitrator. In the United States both secular and religious arbitration are firmly established, operating under a Federal Arbitration Act that gives robust standing to the procedure but also allows the parties to counter-appeal to ordinary courts on certain grounds (though Americas church-state separation stops courts hearing arguments about doctrine). Christian and Jewish arbitration is well-organised. The Muslim variety is lower-key and less formal, but so far not (barring outbursts from tea-partistas like Ms Angle) especially controversial. The legal and political systems in continental Europe are most prescriptive and leave little room for cultural exceptions, at least in theory. But knotty issues of Islamic family law have arisen in courts all over Europe. Many residents of France and Germany remain citizens of their native countries. Courts usually deal with foreign passport-holders in the light of their home countries law, while also upholding the principle that outcomes must not violate “public order” (ie, outrage local opinion). One tricky issue is polygamy. French law explicitly outlaws it, and denies second wives the right to join their husbands in France (though if a second wife dies, her children are sometimes allowed to join their French-based father). Another is a form of divorce known as talaq in which a man simply renounces his wife. That has no standing in French or German law, but when both parties to a failed marriage freely testify that a talaq has taken place in some Islamic country, European courts have been forced to acknowledge the fact. Overall, Shariah ETFs have demonstrated lower volatility than their non-compliant counterparts and have tended to outperform over the past few years (see chart comparing S&P Shariah 500 with S&P 500). This is likely due to the more defensive nature of these funds, a style which has been in favour of the past few years. Of course, Shariah ETFs are not restricted to Muslim investors. Indeed, non-Muslims may see these funds as an attractive, less-volatile alternative to conventional index-tracking ETFs. Manooj Mistry, Deutsche Bank’s head of exchange-traded products, EMEA, said: “Shariah ETFs are one of the easiest ways for investors to make a Shariah-compliant investment, with all the usual benefits that ETFs provide, such as transparency and low fees. It’s fair to say today that the market hasn’t lived up to the hype of several years back, when some predicted an explosion in demand for Shariah investments in general. If the market does start to pick up again however, then Shariah ETFs will hopefully be one of the first instruments potential investors look to.” For core global exposure, the iShares MSCI World Islamic ETF (ISWD) and db X-trackers DJ Islamic Market Titans 100 UCITS ETF could represent solid portfolio holdings. The iShares MSCI World Islamic ETF is listed on the London Stock Exchange, Deutsche Börse, NYSE Euronext Amsterdam and NYSE Euronext Paris, and tracks the MSCI World Islamic Index via a physical replication process. This fund comprises 561 holdings across 22 countries. The db X-trackers DJ Islamic Market Titans 100 UCITS ETF tracks the DJ Islamic Market Titans 100 Index via a swap-based replication process and is listed on the London Stock Exchange, Deutsche Börse and Stuttgart Stock Exchange. This fund comprises 100 global Shariah-compliant blue-chip stocks across 15 countries. Full list of London/Europe-listed Shariah ETFs: iShares MSCI World Islamic ETF (ISWD) db X-trackers DJ Islamic Market Titans 100 UCITS ETF (XMIT) iShares MSCI USA Islamic ETF (ISUS) db X-trackers S&P 500 Shariah UCITS ETF (XSHU) db X-trackers S&P Europe 350 Shariah UCITS ETF (XSHE) db X-trackers S&P Japan 500 Shariah UCITS ETF (XSHJ) iShares MSCI Emerging Markets Islamic ETF (ISEM) etfstrategy.co.uk/a-closer-look-at-shariah-exchange-trade-funds-etfs-index-tracking-investment-solution-for-islamic-investors-45658/ en.wikipedia.org/wiki/Application_of_sharia_law_by_country economist/node/17249634
Posted on: Sun, 11 Jan 2015 01:05:38 +0000
Trending Topics
Recently Viewed Topics
© 2015