Capitalism Bows to Shari'a Law in the Toronto Stock Exchange

The Standard & Poors/Toronto Stock Exchange (S&P/TSX) announced today it is launching an index of Canadian companies compliant with Islamic Sharia law.

The index would exclude Canadian businesses that sell alcohol, tobacco, pork and engage in certain types of lending.

But given that the Muslim world has consistently boycotted Israel one must ask if this index would also exclude Canadian businesses which do business with Israel.

If such is the case which takes precedent - Canadian law or Shari'a law?

Somehow I have a feeling that Canadian law would bend to Shari'a law.

When you consider the unprecedented level of government involvement in the U.S. economy and given President Obama's sympathies with the Muslim world do not be surprised if there is soon a similar index on Wall Street.