Rabbinical court forbids Haredim from investing in Israeli companies
Badatz ruling explains that buying shares makes the investor a partner in firm that may violate Sabbath or use inappropriate advertising.
By Nati Toker
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Ultra-Orthodox men. |
| Photo by: Reuters |
Will the Haredi (ultra-Orthodox ) community stop making direct investments in the Tel Aviv Stock Exchange? According to a new ruling by the Badatz - a rabbinical court whose rulings are observed by a significant portion of the Haredi community - ultra-Orthodox Jews must not invest in the shares of Israeli companies, even in those owned by Orthodox businessmen such as Lev Leviev, Shaya Boymelgreen and Motti Zisser.
The ruling explained that buying shares makes the investor a partner in the company. But most publicly-traded companies, it said, are involved in some way in violating halakha (Jewish law ) - for instance, by violating the Sabbath or by inappropriate advertising - and a Haredi Jew must not be a partner in such an enterprise.
"The various investment instruments, especially the pension and provident [funds], are full partners in investments that involve Torah prohibitions: that earn yields from profits [generated] by selling on Shabbat, which the malls run roughshod over; from the products of factories that operate on Shabbat and Yom Kippur; from [television] channels that are full of filth; and from obscene advertising," explained a booklet put out by the Badatz. "You and I are unwitting partners in all of these."
The booklet offers Nochi Dankner's IDB Holdings as an example.
"If you invested in this holding company, which may appear to be a worthy holding company that promises a handsome yield, you have become partners in several hundred of its subsidiaries, which produce its hefty profits. These include the Nesher cement company, which officially operates and manufactures mountains of cement on Shabbat - and even on Yom Kippur, heaven preserve us; the Maman cargo terminal at Ben-Gurion Airport, which operates on Shabbat as if it were a weekday ... Even 'innocent' shares such as the Darban land development company owns a mall that operates on Shabbat, and Bank Leumi is a partner in the Fox fashion chain. Even Strauss shares include branches of the Coffee ToGo cafe chain, which operates on Shabbat."
The Badatz also forbade its adherents to invest in what have been the hottest shares on the bourse over the past two months - the gas and oil exploration companies - because they continue drilling on Shabbat.
The Badatz's financial investment supervisory committee was set up about two years ago to grant ultra-Orthodox "kashrut" certificates to financial instruments. The committee's rabbis sat down and tried to find a formula that would permit investments in the shares of companies that operate according to halakha.
But now, the rabbis have reached the radical, sweeping conclusion that there can be no investment whatsoever in shares, because almost every publicly-traded company has halakhic problems.
However, the Badatz does permit investments in exchange-traded funds that track the indexes, or bonds that receive halakhic approval. The Harel, Ayalon and Phoenix insurance groups and the Excellence Nessuah investment house, among others, are already devising such investment instruments.
According to a survey conducted by the ultra-Orthodox department of the McCann-Erickson advertising agency, 42% of Israel's 50,000 Haredi households deposit an average of NIS 825 a month in savings plans. That means the community's total investable savings come to some NIS 500 million a year.
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The haredim need to get a grip with reality. They cause more issues than Obama's healthcare program . They get paid to study? and do not have to join the IDF... won't let El Al fly on the Sabbath.. they slow down Israel's development and quite frankly they should move back to Europe... they live in the past
If they had their way these lunatics would be just as bad as the ayatola and the moolas.
These hypocrites (Ultra-Orthodox Jews), who grub tax dollars from hard-working secular Israelis, should be cut off from government subsidies. If in fact they don't want to be party to money that was earned on Shabat, they should immediately refuse to take any more government money for their medieval religious School system. Continuing to promote a class of Jews who do not contribute to the welfare of the entire country, will eventually ruin Israel's vibrant economy. The mayor of Tel Aviv is correct. Stop funding these anti-Zionist religious schools. Many of these ultra-orthodox Jews want Israel to be like Iran (a theocracy). Chas ve Chalila!!!!!
Do the haredim accept money from the Israeli government? Does the government not offer services and conduct activities on the Sabbath?
I am amazed at the sheer stupidity of this supposedly knowledgable orginization.let lhem look at the laws governing bankers who purchase the right to collect the tax paid to the country, it deals with this issue and even allows the jewish owner to stay with his non jewish associate to make sure he is not cheated. this ruling is way outside of true halacha and is just stupid
So let me see if I understand this. They don't serve in the Army. They don't even do alternative service. They don't work or pay taxes. They don't study any secular studies to be able to contribute to society. They take money from the government for having more children. They don't even view the rest of us as Jews. That being the case, why would they object to investing in the same companies run by "Jews" who they don't consider Jews. Aha! Now I understand. They don't want to support Israel, that Zionist entity they despise. It's time to deport them to their friends and benefactors, the Arabs.
It appears to me that the reason religious Jews were forbidden to invest in Jewish companies is quite simply because they would otherwise be supporting other Jews transgressing Jewish law.
Where to these people think the money they receive in their socials security cheques comes from ?...Oh dear, it comes from the Israeli people who are taxed and some of them may violate Shabbat too... Oh well, guess you wont be able to accept any of these cheques any more then will you???What a shame, you'll have to go out and get a job!!! Oh, and by the way, I wont be giving you any of my Tzeddakah either because G-d forbid, I may have invested in companies that work on Shabbat . If you don't believe in the State of Israel - get out!
All the companies violate shabbat, not only the ones quoted. But the stock exchange operates only from monday to friday office hours, so are financial companies stocks casher? I wonder. The thing I really wonder is how can these people have any money to invest anyway. They're not supposed to spend their lives studying the Thora? If it is the case, where does this money comes from?
Stocks are NOT partnershp ownership; under Islamic law it is a partnership, but not western corporate law derived from the ancient Roman corporate laws. The ruling is very existential. That's not to say violatoin of halacha is to be condoned, but if you are a stock holder, you can vote and stop such activity; non-stock holder's don't have a vote. Jews went to the Roman Collaseum, but were obligated to vote to spare the lives of the gladiators. Its a dirty business participating in life, but if you don't participate, you can't vote the right way.
I thought Moshe Hirsch had died.
I logical? But from were they have money? If the state mantain all these people, from where they have money to invest? Must to be no real....
I agree with Badatz - no jew should invest in israeli companies unless scrupulously halachic - that way, they will all go belly up, no taxes will be paid, Medina Yisroel will go bankrupt - and we will finally be able to get all the schnoorers and chazers off the public teat ;-)
Deuteronomy 16:18 makes it clear that THE PEOPLE must set judges and officers to interpret make and enforce rulings on the LAW --the pronouncements of an elitist group of self-proclaimed Torah experts ironically have ZERO legal effect according to Toah itself! The rabbinic Halacha and rulings are in effect TORAH UNCONSTITUTIONAL!
Investing- no, according to the haredi court, but taking money from us, who don't care if we desecrate their shabat, is OK??? Why are you, haredim taking our "tainted" money??? You are hypocrites.
these haredim. Or may be we are the ones, if we let them define the way we live in this country.
I don't think so...at least 125,000 and growing BH.
The old adage of religion and politics don't mix is now taken a step further with religion and investment don't mix. Seems religion is the common problem.
the more the haredim get out of Israel public life, the better it wil be for country. no need for medieval values to be transplanted in the 21st century.
Why Ithe sraeli firms are violating the halakha and not the othrer firms? According to this rule haredis should avoid to buy all sort of stocks.
Back to the Mattress Savings Bank.