Indian Muslim traders welcome sharia-compliant share index

Muslim traders in India have welcomed a new share index of companies that comply with Islamic law.The Bombay Stock Exchange 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.

Indian Muslim traders welcome sharia-compliant share index

Indian Muslim traders welcome sharia-compliant share index

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 permited at the moment,” he said.

“So considering this fincancial 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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