IMO News Service
While Hindu Mahasabha opposes Islamic listing of companies in the Indian share market, Muslim traders in India have welcomed a new share index of companies based on Islamic principles of business. The Mahasabha fears Islamization of the country as a result of the decision of the BSE.
The Bombay Stock Exchange launched the index of sharia-compliant firms on 26th December 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.”