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According to Sharia-compliant fatwas, or rulings, recently issued by the Fiqh Council of North America, Muslims are prohibited even from investing in the stocks of any companies whose interest-based debt exceeds 30% of their market capitalization, or whose interest-based deposits exceed 30% of the market cap of their total equity. Investing in the U.S. aerospace-defense industry is also forbidden (haram). So too is investing in any industries dealing in conventional banking and finance, pork products, entertainment, alcohol, or gambling. Or companies doing business with Israel.
AP
JPMorgan Chase is one of several major financial institutions that offers Sharia-compliant products.
AP
Following pressure campaigns by Muslim lobby groups, American financial giants, including Morgan Stanley, AIG, Bank of America, Wells Fargo, Merrill Lynch, Citicorp, Goldman Sachs, and JPMorgan Chase, now offer Sharia-compliant products that strictly adhere to such Islamic criteria.