Twitter (TWTR) is a Worthy Islamic Investment - Report

If you're an Islamic fund manager you now have the greenlight to add newly-IPO'd Twitter (NYSE: TWTR) to your portfolio.

Reuters reported Monday that Muslim-principle screening service IdealRatings found that Twitter is an eligible investment for funds adhering to the strict criteria.

There are 786 Islamic mutual funds with $46 billion of assets under management, according to data from Thomson Reuters, so the news should not be taken lightly.

Twitter has gained political clout in the Muslim world in part because of its effectiveness as a real-time communication tool during the 2011 Arab Spring uprisings.

IdealRatings' CEO Mohamed Donia said his firm examined the material on Twitter and concluded that most was positive for users, including tweets from Islamic scholars, Reuters reported.

"There is a lot of content but the majority of content is useful for the community," Donia was quoted by Reuters as saying.

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