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Keyword: islamicfund
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India’s state-owned bank to launch Islamic fund
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...
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