Twitter’s blue bird might be seeing more green, as the social media company’s shares were recently deemed suitable for investors from one religious group.
IdealRatings, an organization that provides Islamic financial information, deemed Twitter shares fit for Islamic investors on Monday, according to Reuters. The financial inspection company reviewed Twitter after “fund managers and individual investors around the world” called for an assessment of the social media company, Reuters said.
“Twitter seems to have passed very stringent tests in order to be given a go-ahead for Islamic funding by the company,” reported Tech2, a technology information news site.
Twitter joins Google and Microsoft as other big companies that IdealRatings finds fit for Islamic investors, Reuters reported. Of the 42,000 surveyed securities, the California-based IdealRatings has approved 15,000 for investors, according to Reuters.
Tech2 reported that IdealRatings “frowns upon firms that are involved with tobacco, gambling and alcohol. Islam also frowns upon monetary speculation, because of which IdealRatings does not deal with firms that use interest payments or have high debt levels.” Twitter met this requirement, too.
Twitter has played a role in modern-day Islam, according to Tech2, as the micro-blogging site had a hand in the Arab Spring revolts in 2011.
“The Muslim population across several countries participated in overthrowing autocratic governments in the Middle-East and it was coordinated to a large extent on Twitter,” Tech2 said.
Mohamed Donia, chief executive of IdealRatings, said most of the content on Twitter was positive for users, Reuters reported. Social media has proven useful for users across all different faiths, too.Comment on this story
"There is a lot of content but the majority of content is useful for the community," he said to Reuters in email.
“Twitter executives can heave a sigh of relief right now,” reported Tech2. “Not only is the company performing considerably well, it has managed to clear a big hurdle with its shares being deemed fit for investment by Islamic funds.”