With the banks facing yet more criticism over charges and margins, specifically in relation to their credit card business, maybe they should give thanks that the Irish market has still to see one of the latest innovations in the gathering movement of ethical investment - the Islamic Investment Fund.

City Financial Managers this week established the first such fund in Britain, which will be overseen by four Islamic scholars and follows the initiative of Dow Jones in compiling a global stock market index which lists only companies acceptable to Muslims.

The new fund will not invest in companies which are involved in activities which breach Islamic law. These include the obvious candidates like companies with operations in pork, gambling and alcohol. It also includes those companies earning "excessive" money from interest . . . such as banks.