Muslim traders in India have welcomed a new share index of
companies that comply with Islamic law.
"We have been looking for investment
options for quite sometimes. The launch of sharia index will surely open up
the investment opportunities", said Kazim Malik, an
The Bombay Stock Exchange (BSE) launched the index of sharia-compliant
firms on Monday, to open stock-trading to more Muslims.
The firms have all been screened by TASIS - a Muslim finance
company based in Mumbai.
TASIS Director Shariq Nisar says the index will give greater
investment opportunities to India's 160 million Muslims.
"There's no option other than the stock market to go to because
banking is not permitted at the moment," he said.
"So considering this financial inclusion aspect and opportunities
for investment, we came up with this index, which we hope can
provide a lot of investment options for Muslims, and it will help
financial inclusion of the community as well."