NU Online News Service, Aug. 31, 2:35 p.m. – The Lightbulb Press, New York, has released the Guide to Understanding Islamic Investing.
The book, co-written by Brian Ingram, a financial analyst, and Virginia Morris, an editor at Lightbulb Press, explains Islamic laws and traditions that affect the investment decisions of the 7 million U.S. residents who are Muslims.
The guide includes a discussion of the prohibition against interest, a screening process for determining which stocks and mutual funds might make suitable investments, and the relationship between purification and investment earnings.
The Prophet Muhammad created a Muslim investment tradition by forming co-operative investment partnerships with his followers, Lightbulb notes a notice announcing the publication of the book.
Muslims are supposed to avoid investing in companies that make alcohol, gambling, pork, pornography or generating financial interest a core business activity, but Muslims may be able to invest in companies that collect some interest if they donate the portion of the profits tied to interest to charity, Lightbulb says.
The book costs $12.95.
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