Islamic groups urge boycott of Coca-Cola as Gaza Strip conflict continues

Elizabeth Harrow — Fri, 09 Jan 2009 12:15:00 EST

Filed under: International Markets, Bad News, Starbucks (SBUX), Coca-Cola (KO), Israel

As violence continues to hammer the Gaza Strip, Muslim groups are calling for a boycott of goods produced by The Coca-Cola Company (NYSE: KO), Starbucks Corporation (NASDAQ: SBUX), and other U.S. companies. The boycott is meant to protest the alliance between Israel and the U.S., and it comes as the U.S. embassy in Malaysia is being swarmed with thousands of angry protesters.

"We urge Muslim consumers internationally to unite so that we can teach a lesson to Israel and its allies," said Ma'amor Osman, an official with the Muslim Consumers Association of Malaysia. "This is to object to the arrogance and cruelty of Israel and its allies towards the Palestinians."

Additionally, the group is urging the Malaysian government to cease its contract agreements with U.S.-based firms. Former Malaysian premier Mahathir Mohamad is also jumping on the bandwagon, calling for Muslims to stop using the U.S. dollar. "If enough of us do this, then [the dollar's] value will fall, just like what they did to us in 1997," he asserted.

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Kuwaiti investment firm starting Islam-friendly fund

Beth Gaston Moon — Mon, 22 Oct 2007 18:36:00 EST

Filed under: International Markets, Products and Services, Competitive Strategy, Middle East, Private Equity

Ryada Capital Investment Company, based in Kuwait, said this weekend that it is designing a hedge fund that will comply with Islamic law. The fund will carry an initial value of $100 million and will target low-risk investments. Fund managers hope to increase the size of the fund to $300 million within the next three years.

The fund will scarcely employ short selling or other speculative strategies. The law of Islam forbids both gambling and lending on interest, and the jury remains out on whether short-selling counts as either, so the practice will be "limited." Ryada Chief Executive Jamal Al-Saeed told Reuters that short selling will only be used "in case we need it," adding "speculation happens, it's human nature. But it's not the essence of the fund."

With the introduction of this fund, Ryada hopes to benefit from building demand for Islam-friendly investment vehicles, as Muslims seek to park their funds in investments that correspond to their beliefs. Barclays Capital is also reportedly at work on hedge funds that respect Islamic laws.

HSBC will hold all of the fund's assets ... the minimum subscription currently stands at $1 million.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.

Kuwaiti investment firm starting Islam-friendly fund originally appeared on BloggingStocks on Mon, 22 Oct 2007 18:36:00 EST. Please see our terms for use of feeds.

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