Auckland, New Zealand.
As the sheeple (Muslim variety) celebrated across Auckland this Eid (festival following the holy month of Ramadan), a new “investment scheme” greeted them after prayers.
Among the food vendors, mom and pop shops, sweet vendors and kebab grills was “Amanah Kiwisaver Plan”. New Zealand’s first and only “Sharia Compliant” KiwiSaver plan.
KiwiSaver is a government run scheme of the usual variety; You put in a dollar and the government puts in a dollar and we all wait for the stock market to implode and go home empty handed. The “Sharia Compliant” version is not government affiliated.
When asked where the funds would be invested, the answer by a representative was what made our day:
“It has to be Halal and Sharia compliant and so we only invest in the US Stock market. It is one of the most heavily regulated markets,”
Needless to say, this was the best Eid gifts we have ever received. A gem of this variety is usually rare. Here is another snapshot from the corporate brochure:
When asked what they thought about 0% borrowing and stock buybacks leading to a really over valued market, the answer was:
“China is an overvalued market”