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Sharia Showdown on Wall Street
by Paul Sperry
Sheik Muhammad Taqi Usmani has been a rock star of the Islamic finance world, sitting on the sharia supervisory boards of no fewer than a dozen Islamic banks and financial institutions worldwide.
For nearly a decade, the mufti also has advised the Dow Jones Islamic Market Index, which licenses more than 25 stock funds that comply with Islamic laws forbidding certain Western-style investments. The venerable Dow Jones & Co. first retained him in 1999.
Usmani's name is now missing from the Dow Jones website, where it had previously been prominently displayed. His bio and photo suddenly vanished without explanation.
Meanwhile, all references to Dow Jones disappeared from the website of the North American Islamic Trust, or NAIT, which runs a sharia-compliant mutual fund out of Burr Ridge, Ill.
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