Organization of the Islamic Conference (OIC) to Launch Islamic Stock Index

Organization of the Islamic Conference (OIC) to Launch Islamic Stock Index 

The organization representing the world's biggest grouping of Muslim majority nations is seeking to attract more overseas investment by offering the first "Shariah compliant" stock index from its 57 members.

The Organization of the Islamic Conference based in Jeddah hired Standard & Poor's to start an index of about 50 of the most traded stocks in the first quarter of 2011, Huseyin Erkan, the Istanbul Stock Exchange's chief executive officer and coordinator of the initiative, said.

Australian Senator Seeks to Block Shariah-Compliant Finance Tax Law Reforms

Australian Senator Seeks to Block Shariah-Compliant Finance Tax Law Reforms 

An Australian lawmaker has urged fellow members of parliament to block legislation that would allow financial products that met the Islamic banking principle prohibiting the payment and collection of interest.

Liberal Party Senator Cory Bernardi (pictured) said on Tuesday that sharia-compliant financial services are incompatible with the Australian and way of life as he called on his Senate colleagues to check on any further expansion of the financial products.