Islamic stock market in india
The Bombay Stock Exchange has launched a new stock index of companies that are compliant with the Islamic legal code, encouraging Muslims to invest in India's fast-growing stock market.
Islamic law imposes restrictions on investing in companies that charge interest and those that sell products such as alcohol, weapons or tobacco. The index, called BSE TASIS Shariah 50, is composed of the 50 largest and most liquid stocks that adhere to Islamic law. The companies were chosen by the Taqwaa Advisory and Shariah Investment Solutions TASISa Mumbai-based Islamic finance firm whose board members include legal experts and Islamic scholars. Stocks will be reviewed monthly for Shariah compliance, and non-compliant stocks will be removed.
Additional companies will be added on a quarterly basis. Islamic indexes already exist in other countries in the Middle East and Asia, including Pakistan and Indonesia, which have the two largest Muslim populations in the world.
India is third, with more than million Muslims, or 13 percent of its predominantly Hindu population. The other countries' financial systems are not necessarily sophisticated enough to support large stock indexes. India's development in the past decade, however, allows it to support such a large index, which started Monday. The index is expected to encourage members of India's newly emerging Muslim middle class to invest, instead of saving money because of their conservative values.
The index will make it easier for Muslims to know which companies adhere to Shariah law, encouraging Muslims on a psychological level to invest. The new index will increase awareness of "financial investments amongst the masses and help enhance financial inclusion," Madhu Kannan, the managing director and chief executive of the BSE, said in a statement.
Muslims, many of whom have been excluded from India's financial sector in the past because of Islamic law, will now be able to invest guilt-free. Sections Sections Top Stories Watch U. Live Live US House meets for legislative business Acting FBI Director McCabe testifies on budget Russia displays candles to mark anniv.
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