Have few prospects from Middle East (totally legit people), meeting them in one week. Beside the fact that Islam prevent interest payment, what else should I be aware of? On top of that, anybody has any experience handling HNW client who can’t receive interest payment? Any ideas? Solution? Thanks!!
Religulous: Simultaneously, religious and ridiculous. Often suggesting the inseparable correlation between the two. http://www.urbandictionary.com/define.php?term=Religulous
Take the interest for yourself 
or buy zeros? No idea, are you sure they can’t take interest or are you assuming?
philip.platt Wrote: ------------------------------------------------------- > Religulous: Simultaneously, religious and > ridiculous. Often suggesting the inseparable > correlation between the two. > > http://www.urbandictionary.com/define.php?term=Rel > igulous Sorry about my terrible spelling.
You may look into these two mutual funds for some ideas: AMAGX AMANX
XSellSide Wrote: ------------------------------------------------------- > Take the interest for yourself or buy zeros? > No idea, are you sure they can’t take interest or > are you assuming? Yes I am sure. During the initial phone interview, they have made it very clear.
fedge Wrote: ------------------------------------------------------- > You may look into these two mutual funds for some > ideas: > > AMAGX > AMANX Thanks for the investment idea, what about their cash position? Any idea how to handle those?
ws Wrote: ------------------------------------------------------- > philip.platt Wrote: > -------------------------------------------------- > ----- > > Religulous: Simultaneously, religious and > > ridiculous. Often suggesting the inseparable > > correlation between the two. > > > > > http://www.urbandictionary.com/define.php?term=Rel > > > igulous > > > Sorry about my terrible spelling. haha - no worries - - I actually thought I was missing something and googled the word b/c I thought it was some investor term I didn’t know
Put the cash in a 3 month CD…they’re not yielding anything…ha j/k I read an article awhile back about this. I’ll see if I can find it. It did have some pretty creative ways around interest.
fedge Wrote: ------------------------------------------------------- > Put the cash in a 3 month CD…they’re not > yielding anything…ha j/k > > I read an article awhile back about this. I’ll > see if I can find it. It did have some pretty > creative ways around interest. I would really appreciate that if you can still find the article. Thx.
Sharia compliant investing is a complex subject. Besides the inability to receive interest, there are generally restrictions against casinos or anything related to gaming, alcohol, pork, etc. Generally, there is a list of acceptable and unacceptable investments - the Dow Jones Islamic Index is a good place to start. Most managers of compliant funds get around the interest thing by trading commodity futures contracts. That effectively lets you earn the interest without it being technically interest that you earn. Google “Sharia compliant investing” and you will learn more than I can teach you here.
tobias Wrote: ------------------------------------------------------- > Sharia compliant investing is a complex subject. > Besides the inability to receive interest, there > are generally restrictions against casinos or > anything related to gaming, alcohol, pork, etc. > Generally, there is a list of acceptable and > unacceptable investments - the Dow Jones Islamic > Index is a good place to start. Most managers of > compliant funds get around the interest thing by > trading commodity futures contracts. That > effectively lets you earn the interest without it > being technically interest that you earn. > > Google “Sharia compliant investing” and you will > learn more than I can teach you here. Good info…thanks. I will be doing some research too.
tobias Wrote: ------------------------------------------------------- Most managers of > compliant funds get around the interest thing by > trading commodity futures contracts. That > effectively lets you earn the interest without it > being technically interest that you earn. please elaborate.
i like how you qualify the middle east people as 'totally legit".
No gambling businesses. Alcohol and drugs are out too (though possibly ok if they don’t sell to muslims).
Make some off-color, culturally insensitive comment about how their beliefs are “whack” and then go right into your presentation on yield bonds.
needhelp Wrote: ------------------------------------------------------- > i like how you qualify the middle east people as > 'totally legit". LOL!!
needhelp Wrote: ------------------------------------------------------- > i like how you qualify the middle east people as > 'totally legit". For a second I had assumed that they were associated with Al Qaeda but he cleared it up. And philip.platt’s link is spot on.
XSellSide Wrote: ------------------------------------------------------- > Make some off-color, culturally insensitive > comment about how their beliefs are “whack” and > then go right into your presentation on yield > bonds. Also known as “pulling a Bartiromo”.
Sounds like they’d love the Vice Fund. VICEX. Casinos, Alcohol, Cigarettes, and Defense/Aero. Perfect match for your muslim prospects.