Porn, pork and Pabst -- you're safe from them at Caribou Coffee. In an SEC filing last week for its initial stock offering, the Brooklyn Center-based coffeehouse chain noted that it operates its business according to the Islamic principles known as Shari'ah.(via reader Nina)
"A Shari'ah-compliant company is prohibited from engaging in derivative hedging transactions such as interest rate swaps or futures, forward options or other instruments designed to hedge against changes in interest rates or the price of commodities we purchase," Caribou said in its filing. "Also, a Shari'ah-compliant company is prohibited from dealing in the areas of alcohol, gambling, pornography, pork and pork-related products."
Atlanta-based Arcapita Inc. owns 84 percent of Caribou. Arcapita is the U.S. private-equity arm of Arcapita Bank B.S.C., a Bahrainian investment group.
Tuesday, July 26, 2005
Back to Starbucks?
From Monday's Strib:
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5 comments:
Some choice- Starbucks or Sharia-brew.
Actually, I really don't like bacon in my coffee, so....
It's kind of odd to see this, though I have no problem with people adopting faith or conscience-based investing policies. In markets where there are a lot of Muslims, US banks do offer specific investment vehicles for them. Muslims can share in the return on investment, but not interest - so instead of a CD, you would offer another type of vehicle that does the same thing basically.
But Carl, what I really want to know is what you think about the Durbin/Turley constitutional crisis over Roberts? Unbeknownst to us, it appears that Roberts has orders direct from the Pope about his judicial rulings. The NY Times is writing soberly about theocratic worries, etc.
And starbucks is Jewish owned. A lot of companies (especially in NY with the large orthodox Jewish population) comply with religious law in their practices. I don't think it is a big whoop.
I dated a Starbucks Money heiress briefly and then she stalked me for months until I had to call upon the authorities. I tend to avoid starbucks. I know my money is just going to buy a "contract" on me.
And no, Carl, that does not mean you should go out and start buying gallons and gallons of Starbucks.
Dingo - now we find out your scandalous past! Be thankful you aren't working for the current administration - DU would have you incorporated into a web of intrigue involving servicing Pickles and Rove at the same time.
At least you should have been able to settle legally for free coffee, right?
Dingo:
Actually, I think consumer boycotts the second most important sort of political act of individuals. Kosher isn't trying to take over the world. Shari'ah law is. Your comparison is the sort of false equality common in debate (if the U.S. has the bomb, why can't Iran?), but utterly misguided. So it seems entirely appropriate to buy, and boycott, respectively.
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