Posted on 11/26/2014 6:28:51 AM PST by Olog-hai
India’s largest state-owned bank will launch an Islamic equity fund next month aimed mainly at attracting investments from the country’s 170 million Muslims.The Securities and Exchange Board of India, the country’s capital markets regulator, recently allowed the government-owned State Bank of India and three mutual funds to launch Shariah funds. […]
A large section of India’s Muslim population remains outside the banking system, partly because Islamic law known as Shariah prohibits interest. Shares of companies linked to alcohol, tobacco, gambling and casinos and financial institutions that earn interest would be excluded from the fund. […]
India’s stock exchanges have between 600 and 700 companies that are Shariah-compliant. …
(Excerpt) Read more at hosted.ap.org ...
Wow, talk about a short memory.
Just Modi showing who he really is, after all the propaganda about him being the opposite.
Hardly! It’s a sound business move as long as regulations are enforced. A Muslim population of 150+ million is a sizable chunk of customers, whichever way you would want to look at it. To link it to Modi’s policies is also not exactly accurate as State-owned banks in India do have a level of autonomy on their policies unless significant public expenditure is involved.
Besides, Muslim anger against Modi is highly unlikely to dissipate with this alone. And if you have observed Indian news, Modi has seemingly ignored the need to reach out to Muslims.
Thanks for showing your true colors.
Yawn-I’ve been on here for the best part of 10 years for people to see my true colors.
I’m sure. The glory of enforcing regulations and empowering Muslim radicals via knuckling under to Sharia is that appealing, is it? India suffered a massive Islamic terror attack back in 2008, in Mumbai. You don’t do business with such an enemy.
So, what exactly does India do-kill off around 150 million people? put them in ghettos? Every country in the world does business with them, including the US.
The point is to keep them in check, which no one seems to have a clue about. Other than hyperventilating via a keyboard.
They won’t be kept in check by surrendering to them on their terms. Not buying the dhimmitude and socialism, sorry.
Yep, I’m a dhimmi and you are a keyboard commando.
Sorry, but I’m just calling it like it appears to me. Implementing sharia banking is dhimmitude. It’s going on in the USA, it’s going on in Britain, and of course now India; but it does not placate Muslims in the least, but emboldens them.
A vast majority of the Muslims in India are poor and to transfer the benefits due to them they need a bank account. So, while I am generally against what I see as appeasement of the so-called minorities (all 190 million of them), I actually think this is a good move. Bringing the poor into the mainstream and at the same time throttling the corruption going on in their name, is the way to go.
I disagree with Sukhoi only on the topic of Modi. His statement that Modi has not reached out to Muslims is the usual pseudo-secularist lament. The fact is, Modi reaches out to no one community in particular. Which is as it should be.
“A large section of India’s Muslim population remains outside the banking system, partly because Islamic law known as Shariah prohibits interest. Shares of companies linked to alcohol, tobacco, gambling and casinos and financial institutions that earn interest would be excluded from the fund. […]
India’s stock exchanges have between 600 and 700 companies that are Shariah-compliant”
I must be missing something here. Set up funds so they can invest and get a return on their investment for people that don’t believe it right to give you a return on your investment in them.
Umm, it’s less a lament and more of a compliment! Modi seems to have gone about his business, which is something I admire.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.