Friday, October 12, 2007

Taurus Mutual, Parsoli Form Alliance For Islamic Fund

India’s first Islamic fund scheme from a domestic mutual fund is set to be launched. Taurus Mutual Fund has entered into a tie-up with Mumbai-based Parsoli Corporation to launch Taurus Parsoli Ethical Fund, a Shariah- compliant Islamic fund, which will be a close-ended equity oriented scheme. The scheme document has been filed with Sebi for approval, reports - The Economic Times.

The Islamic fund, a first of its kind by a domestic mutual fund, will provide capital appreciation and income distribution to unitholders by investing in a diversified portfolio of equities that are Shariah compliant.

The scheme will not invest in companies providing financial services with interests in conventional banks, insurance companies or companies involved in businesses not approved by Shariah such as companies manufacturing, selling or offering liquor, pork meat, or involved in gambling and night club activities.

Parsoli Corporation is a BSE and NSE member. It offers its Muslim clients the option to trade in listed Shariah-complaint stocks. It has also compiled a Islamic Equity Index comprising the most liquid stocks of Shariah-compliant companies listed on NSE and BSE.

Under the scheme, after preliminary screening by Parsoli Corporation, each potential investment will be presented to a Shariah Board comprising Islamic scholars. The board will give guidance on the acceptability or otherwise under the Shariah of each company in which investment is recommended.

The board will conduct a Shariah review every quarter and an audit once a year. It is estimated that 360 stock out of the BSE 500 group will be compliant under the scheme, and 70 of the BSE 100 group will also be compliant.The scheme will not invest in conventional banking and companies where income from interest-related activities is substantial.

Also, companies with a debt to equity ratio in excess of 33% or whose cash and receivables exceeds 45% of total assets and whose non-operating interest income is greater than 5% of gross revenue.

11 comments:

Anonymous said...

http://bordercolliebazaar.com/forum/viewtopic.php?f=2&t=98556&p=137235
http://temes.es/viewtopic.php?p=22880
http://gory.tv/horror/viewtopic.php?f=2&t=109648&p=135417

Anonymous said...

Your idea is brilliant

Anonymous said...

Online Buy Augmentin Without A Prescription tadalafil price comparison pay pal order diflucan mail order provera uk keflex and tonsilitis Order cheap keflex online side effects of the drug flomax Where To Buy Clomid buy cheapest Lasix Buy Flagyl ER cod overnight keflex compared to keflex

Anonymous said...

buy flagyl free consultation purchase order Flagyl ER online buying buy Flomax 90 caps x 0.4 mg online without a prescription KAMAGRA FLAVORED (SILDENAFIL) rezept Fiji Amoxil and levitra Lexapro generic fedex Avelox with no presciption Cheap kamagra oral jelly NO RX cephalexin generic name Cod Avodart For Saturday

Anonymous said...

Prograf Pharmacy Cod Saturday Delivery in use provera woman cephalexin and bladder infection online order buy alesse Lipitor ups c.o.d. by alesse online online meds cialis Order Premarin in Coto Laurel Cheap drug Flagyl ER delivery levitra tv fix

Anonymous said...

free shipping on kamagra oral jelly Lexapro with overnight fedex cialis comparison levitra Prograf for sale no prescription Buy prescription pills online buy drug Lipitor provera provera buying Levitra Plus online buy omnicef c o d cheap non prescription avelox

Anonymous said...

purchase Amoxil in New Brunswick recreational lipitor dosage oxcarbazepine with lexapro interaction UK Kamagra prices tadalafil cheapest cost purchase diflucan one order kamagra oral jelly without prescription buy in online uk levitra want to buy ditropan in malaysia buy overnight cheap Levitra

Anonymous said...

buy generic Augmentin (Amoxicillin/Clavulanate) buy brandGeneric Boniva usa online pharmacy Buy Cephalexin Antibiotic Only Clomid (Serophene) Free Consult buy cheap Avelox no prescription subaction showcomments cialis optional watch Buy Avodart online same day shipping cialis free trial in canada buy Amoxil generic Avodart overnight US

Anonymous said...

Purchasing Cephalexin Pharmacy Without Prescription buy Clomid fed ex cialis canada health canada avodart overnight purchase cheap cephalexin online Order Online Clomid (Serophene) mouth dissolving generic Amoxil Augmentin without prescription canada Find Flagyl ER online purchase buy diflucan order cod

Anonymous said...

buy Flagyl in New Jersey Cephalexin Prices g postmessage cialis smiley remember Clomid treatment compare cialis to viagra breastfeeding and diflucan Flomax (Tamsulosin) drug effects natural alternatives to avodart out of date diflucan *Pills Augmentin

Anonymous said...

cialis low priced Buy Brand Cephalexin Online Pharmacy buy cialis soft Generic Augmentin Brand Online generic cialis from india amoxil clav mircette diflucan order cialis no prescription BUYING Avelox 10MG X 90 PILLS bula amoxil bd