State Bank of India to launch Islamic fund

[IndoCarib]

NEW DELHI – India's largest state-owned bank will launch an Islamic equity fund next month aimed primarily at the country's 170 million Muslims.

The Securities and Exchange Board of India recently allowed the government-owned State Bank of India and three mutual funds to launch Sharia funds.

An official said Wednesday that the bank was expecting to raise around 1 billion rupees ($16.4 million) initially.

Charging and receiving interest is considered usury and is not allowed under Islamic law known as Sharia. Sharia-compliant funds invest in companies that follow Islamic rules.

India's stock exchanges have between 600 and 700 companies that are Sharia-compliant.

India is only the second country outside the Islamic world where a state-owned bank is offering a Sharia-compliant fund. The U.K. issued sovereign Islamic bonds in June.


India's largest state-owned bank to launch Sharia-compliant equity fund | Fox News

 

[root]

I am amazed by 170 million figure total population of Pakistan is 180 million.

 

[Echo_419]

NEW DELHI – India's largest state-owned bank will launch an Islamic equity fund next month aimed primarily at the country's 170 million Muslims.

The Securities and Exchange Board of India recently allowed the government-owned State Bank of India and three mutual funds to launch Sharia funds.

An official said Wednesday that the bank was expecting to raise around 1 billion rupees ($16.4 million) initially.

Charging and receiving interest is considered usury and is not allowed under Islamic law known as Sharia. Sharia-compliant funds invest in companies that follow Islamic rules.

India's stock exchanges have between 600 and 700 companies that are Sharia-compliant.

India is only the second country outside the Islamic world where a state-owned bank is offering a Sharia-compliant fund. The U.K. issued sovereign Islamic bonds in June.


India's largest state-owned bank to launch Sharia-compliant equity fund | Fox News

That's a suprise

 

[halupridol]

ab kya hoga
VHP walo SBI ne bohot mirchi ki

 

[IndoCarib]

I am amazed by 170 million figure total population of Pakistan is 180 million.

That's a suprise

May come as surprise. The above post is a strong reason why we should have a Islamic bank

 

[farhan_9909]

Zindabad hindustani Musalmano

tumhe isi din k liye hi chora gya tha,

 

[A.Rafay]

Zindabad hindustani Musalmano

tumhe isi din k liye hi chora gya tha,

What an idiotic post. Lol

 

[Echo_419]

Zindabad hindustani Musalmano

tumhe isi din k liye hi chora gya tha,

& you have the place of R&D in the forum

 

[acid rain]

Ef en ridiculous.

State organization concentrating on a religion and a religious group?

 

[lightoftruth]

Amazing !! a state institution is directly linking its operation with religion.

Our selectiveness in outrage is the reason of ridicule.

 

[IndoCarib]

Amazing !! a state institution is directly linking its operation with religion.

Our selectiveness in outrage is the reason of ridicule.

Not the first time. Even UK has Islamic fund

 

[Dash]

Ef en ridiculous.

State organization concentrating on a religion and a religious group?

I think there is a point in what @IndoCarib said...I am not sure but I Sense positivity.

 

[Not Sure]

Zindabad hindustani Musalmano

tumhe isi din k liye hi chora gya tha,

Aapki baat kuchh palle nahi padi... zara hamein bhi to bataiye ki aaj ke din me aisi kya khaas baat ho gayi?

Charging and receiving interest is considered usury and is not allowed under Islamic law known as Sharia. Sharia-compliant funds invest in companies that follow Islamic rules.

So does it mean that the bank does not have to pay any interest on the money it holds? If that is the only difference, then how would Muslims rise in the society? One wave of inflation and their earnings could be wiped out (if I am right in comprehending this concept of Islamic banking).

 

[lightoftruth]

Not the first time. Even UK has Islamic fund

UK is not a secular state the church of england is the established state religion of England,their are seats in house of lords for bishops.

 

[Koovie]

Zindabad hindustani Musalmano

tumhe isi din k liye hi chora gya tha,

R&D these days