Subject: RE: Bombay Stock Exchange launches Islamic index - BBC
From: "Neil Callahan" <[email-masked]>
To: "'Michael Andrews'" <[email-masked]>, "'Curtis Hastings'" <[email-masked]>, "'Hunter Biden'" <[email-masked]>, "'Eric Schwerin'" <[email-masked]>, "'Devon Archer'" <[email-masked]>
Date: Wed, 29 Dec 2010 11:38:08 -0500

http://www.newsday.com/long-island/politics/spin-cycle-1.812042/nifa-day-app
roaches-for-nassau-1.2574446

So Nassau County has been under the oversight of Nassau County Interim
Finance Authority (NIFA) because of past financial problems in the county,
some mismanagement, some corruption.  It looks like NIFA is going to step in
and essentially put the county in receivership.  With funky property tax
laws, the county is way short revenue and can't find a way to cut expenses
fast enough.  So big news if Nassau goes under for a second time in the past
few years.

----------------------------------------------------------------------------
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Neil Callahan

Rosemont Seneca

401 Greenwich Street, Suite 400 | New York NY 10013 | 212-933-9965 |
212-796-4037

1010 Wisconsin Avenue, Suite 705 | Washington DC 20007 | 202-333-1880

917-945-9516 (mobile) 

866-749-8879  (fax) 

From: Michael Andrews [mailto:[email-masked]] 
Sent: Tuesday, December 28, 2010 11:22 AM
To: Curtis Hastings; Hunter Biden; Eric Schwerin; Devon Archer; Neil
Callahan
Subject: Bombay Stock Exchange launches Islamic index - BBC

27 December 2010 Last updated at 10:10 ET

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Bombay Stock Exchange launches Islamic index

Digital stock ticker outside The Bombay Stock Exchange (BSE) building
Backers say that the index would "unlock the potential for Sharia
investments in India".

The Bombay Stock Exchange (BSE) in the Indian city of Mumbai has launched a
new index which consists of companies that meet the Islamic legal code.

The Tasis Shariah 50 was formed using guidelines from an Indian Shariah
advisory board.

Studies have found that most Muslims in India are excluded from the
country's formal financial sector.

That is because Islamic law does not allow investment in companies that sell
goods like alcohol, tobacco or weapons.

Neither does it allow investment in companies that derive significant profit
from interest.

The index is intended to be the basis for other Shariah-compliant financial
products.

'Come and invest'

BSE Managing Director and Chief Executive Madhu Kannan said that the new
index would attract Islamic and other "socially responsible" investors both
in India and overseas.

 <http://www.bbc.co.uk/news/world-south-asia-12083190#story_continues_1>
Continue reading the main story

"Start Quote

All Muslim countries of the Middle East and Pakistan put together do not
have as many listed Sharia-compliant stocks as are available on the BSE"

Tasis Director of Research and Operations Shariq Nisar

"This index will create increased awareness of financial investments among
the masses and help enhance financial inclusion," he said in a statement.

Companies included in the index have been screened by Tasis, which is based
in Mumbai and whose board members include Islamic scholars and legal
experts.

"Before anyone can attract investors, we need to put in place institutional
infrastructure, and having an index to track Shariah-compliant stock is
important," MH Khatkhatay, senior adviser to Tasis, told the Reuters news
agency.

"If you have an ETF (exchange traded fund), for example, you need an index,
or if overseas investors want to invest in Shariah index in India, this is
an invitation for people to come and invest."

Tasis said the index would "unlock the potential for Sharia investments in
India".

"The BSE has the largest number of listed Sharia-compliant stocks in the
world," said Shariq Nisar, director of research and operations at Tasis.

"All Muslim countries of the Middle East and Pakistan put together do not
have as many listed Sharia-compliant stocks as are available on the BSE."

Stocks will be reviewed every month to ensure they continue to meet the
criteria - any which do not will be removed, officials say.