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Last update: July 25, 2005 at 7:41 AM
Caribou won't sell pork, beer or lottery tickets
July 25, 2005 TRACK0725
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.
"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.