India launches sharia stock index for Muslims

[Nagraj]

AFAIK It's not Shariah in the economic sense.

It's Shariah in the moral sense because it's a list of stocks that aren't related to alcohol, tobacco, weapons etc. (which are not permitted as per Islam).

imo It's also great way to boost investment from middle east and other countries too.

are you sure about this???
it will be great if you could provide any links.

 

[greatsequence]

AFAIK It's not Shariah in the economic sense.

It's Shariah in the moral sense because it's a list of stocks that aren't related to alcohol, tobacco, weapons etc. (which are not permitted as per Islam).

imo It's also great way to boost investment from middle east and other countries too.

That is why I said I dont know how much Islamic it is. Just abstaining from alcohol and tobacco does not make it islamic. Since when has selling weapons became unislamic.

The financial and moral aspects go side by side if it has to become sharia compliant. Otherwise its not sharia based but just claiming to be one as hundreds of other organisations do so in the world.

 

[justanobserver]

are you sure about this???
it will be great if you could provide any links.

Arrey just check the previous posts (esp the one by Spark/BENNY), what I said was based on them.

Ebeling Heffernan Live Trading News Economic and Investment Research Journal Asia


The index is made up of the 50 largest Indian companies whose operations are deemed to be consistent with Shariah, meaning that they do not derive significant profit from interest payments, or sell products or services such as tobacco, alcohol or weapons, which are considered in the Islamic faith as sinful.

Produced in collaboration with Taqwaa Advisory and Shariah Investment Solutions (Tasis), the index includes some of India’s market leaders such as conglomerate Reliance Industries (BO:RIL), IT services provider Tata Consultancy Services (BO:TCS) and the telecom company Bharti Airtel (BO:BHARTIADTL) .

Ebeling Heffernan Live Trading News Economic and Investment Research Journal Asia

 

[justanobserver]

That is why I said I dont know how much Islamic it is. Just abstaining from alcohol and tobacco does not make it islamic. Since when has selling weapons became unislamic.

The financial and moral aspects go side by side if it has to become sharia compliant. Otherwise its not sharia based but just claiming to be one as hundreds of other organisations do so in the world.

Ok I don't know much about the financial "Shariah" but from my limited knowledge banking with interest is not allowed.

This is stock investment not banking.

 

[greatsequence]

Ok I don't know much about the financial "Shariah" but from my limited knowledge banking with interest is not allowed.

This is stock investment not banking.

Nature of buisness, income should not be from intrest, and Financial aspects should be clear e.g something can not be sold which you dont own at the time of selling or etc.