The market for Islamic investment products is growing at an estimated 20-25% per annum, and equity fund assets alone are forecasted to jump from US$15.5bn to US$53.8bn by 2010.
In order to meet the requirements of Islamic investors and to guide them, WEALTHCITY along with AMANAH Research, has created the SHARIAX (Shariah India Equity Index) - made up of 50 Shariah compliant stocks.
The Shariah Screening Process conducted by Amanah Research covers all stocks listed in Indian Stock Markets, and the resulting Shariah List confirms to strict Shariah Compliance Standards and also has good representation of companies of Large & Mid Cap and are composed of various sectors, giving investors a ideal blend to chose from for a optimised portfolio with adequate Risk Management.
By coordinating with Amanah Research., an impartial Islamic advisory with respectable Scholars who have authoritative understanding on Shariah and Finance, Scholars who represent all of the major Shariah schools of thought, creating a best practice approach that has credibility across all regions of the Islamic world.
A more accurate and transparent approach to Shariah compliance is ensured by Screening Stocks against a clear set of guiding principles issued by Islamic Fiqh Academy, AAOIFI, Shariah Scholars.
Financial parameters like Debt Equity Ratios, Accounts Receivable, etc are verified on a free float Market Capitalization methodology on a list of more than 6000 companies listed in Indian Stock Markets, making the resultant Shariah Stock List concise and comprehensive, with a list of companies with good financials and ethical business practices.
Amanah Research scholars represent all of the major Shariah schools of thought, and are from leading Islamic Universities like Madina University, Deoband, Jamia Dar us Salam, etc there by creating a best practice approach that has credibility across all regions of the Islamic world.