Standard & Poor’s Begins Rating Shariah-Compliant Funds
On May 6, 2010 · In Islamic Finance, Shariah Bonds, Shariah Finance, Standard & Poor's, SUKUK
Standard & Poor’s has jumped into the financial jihad cesspool with both feet.
They announced this week that for the first time they had assigned a rating to a shariah fund, “in a bid to boost transparency in an industry that has come under fire after some recent defaults.”
We wonder what kind of transparency S&P is referring to. We have a feeling they aren’t looking into the destination of zakat funds or into the backgrounds of Shariah advisors…
This move by S&P will do absolutely NOTHING to increase the transparency of the most troubling aspects of Shariah-Compliant Finance. S&P is merely an enabler in this mess…