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Indian Muslim traders welcome sharia-compliant share index

Wednesday December 29, 2010 09:27:09 PM, IINA

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Mumbai: 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 investor. 

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."




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