07.05.2010 - Korea: First Islamic investment fund approved
From Koreaherald.com: The Financial Supervisory Service approved Korea’s first Islamic investment fund that operates in strict conformity with the precepts of Islamic Sharia law. The Yurie Shariah Compliance Korea Index developed by Yuri Asset Management invests in 78 local blue chips acceptable under Sharia. Shinhan Financial Group, KB Financial Group and Samsung Life Insurance are excluded from the list as it is unlawful for an Islamic fund to purchase, hold or sell shares of brokerages. KT&G and Kangwon Land, Inc. are also excluded to leave out the drug and gambling industry............................................Full Article: Source
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