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CalPERS holds half a billion in Islamic bonds

California's public pension system is sitting on over $500 million in sukuk, Islamic financial instruments designed to comply with Sharia law. This isn't controversial on its face, but the way it's being reported as some kind of secret infiltration says more about the outlet's anxiety than the actual mechanics of diversified global investing.
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CalPERS' sukuk holdings reveal how financial framing can turn ordinary institutional investment into a culture war talking point.

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