Our last President dramatically increased--and the new one has cemented in place-- the direct relationship between Washington and Wall Street, but seldom does a specific investment choice carry with it such overt political implications: today, the first Sharia-compliant exchange traded fund (ETF) launched on the NYSE.

Trading under the symbol JVS, the Dow Jones Islamic Market International Index Fund does not provide investment exposure to Islamic economies, as the name implies. Instead, it gives broad international investment (ex-U.S.) exposure to companies which it deems to be in compliance with Sharia law. As the ETF's press release says:

"Adherence to Islamic law leads to a sound investment strategy with an emphasis on concrete assets and services," notes Javelin President and Founder Brint Frith. "By avoiding such areas as gaming and alcohol, the results are often similar to those of the socially responsible investment funds." Islamic finance rules are said to originate with the Prophet Mohammed in the 7th century.

In addition to alcohol and gaming, Islamic law prohibits investment in pork products and certain forms of entertainment. Because Shar'iah law also objects to borrowing or lending at interest, financial stocks are reduced as are highly leveraged companies.

Aside from the investment merit, which is iffy because this fund will likely prove challenging to fit into most asset allocation models, there is a larger, more ominous long-term point for anyone who believes Shariah Law is completely at odds with our Western way of life and legal philosophies: Shariah advocates continue to utilize Western vehicles like our courts, political lobbies and investment markets to embed their system of law within our culture. This is acceptable only to those who are ignortant of Sharia law and its full implications.

Ultimately, Wall Street should not have to be the arbiter of political questions, deciding whether Sharia-compliant funds like this highlight a troubling worldwide trend America should resist, so it is not surprising an ETF has launched in hopes of making a buck off this small, but growing, market (there already exist a number of Sharia-compliant hedge funds); this is a question for our policy leaders in Washington, one that's much bigger than this little investment.

While Islam may be a religion of peace (an open question, in my opinion), it can't be debated that Sharia is a legal system of intolerance and oppression. Seeing it bleed further into Western culture via everyday avenues such as this fund is disturbing, to say the least.

Just keep in mind the words of Liby's leader, Muammar Qaddafi, who said, "There are signs that Allah will grant victory to Islam in Europe without swords, without guns, without conquest. We don't need terrorists, we don't need homicide bombers. The 50+ million Muslims will turn it into a Muslim continent within a few decades."

He was talking about the exploding Muslim birthrate (8.1 vs. a non-Muslim birthrate of 1.8 France, for example), but also the willingness to use the institutions of free societies to fertilize the ground for Sharia.

And today's IPO of this Sharia-compliant ETF highlights a different reality we must face here in the U.S.: those who wish to advance Shariah law and see it enacted here are already using the exact same playbook which is Islamicizing Europe.