Muslims are scared to enter the stock market in foreign countries because of the products or the services provided by the organizations companies firms etc....This was an obstacle to the Muslims because investing money in a forbidden product or a service is against the laws of Islam but recently TASIS has solved this problem. The index, called BSE TASIS Shariah 50, is composed of the 50 largest and most liquid stocks that adhere to Islamic law. The companies were chosen by the Taqwaa Advisory and Shariah Investment Solutions (TASIS), a Mumbai-based Islamic finance firm whose board members include legal experts and Islamic scholars. The stocks will be reviewed monthly for Shariah compliance and any stock changes its regulation and contradict Islamic laws will be excluded, also new stocks are added on quarterly basis. "It will create a market for Indian Muslims," Shariq Nisar, the director of research and operations at TASIS, said in a statement. "We can provide opportunity to domestic investors so that they can invest their money without falling foul of their ethical and religious requirement.
This idea will not only help Muslims to go by islamic laws but it will also help them to invest their money abroad and take advices from experts.
This is gonna be a great step for the Muslims and it will help them to contribute and foreign markets, because there are great companies where an investor can invest his money in .
ReplyDeleteWhile this makes it easy for muslims, there is no escaping the fact that most of the foreign firms deal with interest and thus a practical solution does not exist.
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