Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Tuesday, February 3, 2009

HSBC launches Amanah India Shariah Portfolio

MUMBAI: The portfolio management services division of HSBC Asset Management has launched HSBC Amanah India Shariah Portfolio and is now open for subscription.
The scheme is an actively managed, open-ended equity offering wherein investors can contribute their funds for investment in conformity with Islamic Shariah principles. This is one of the first Shariah compliant offerings in the Indian market and will provide investors with an opportunity to benefit from returns through Shariah-compliant equity investment in Indian companies. 
HSBC Amanah, the global Islamic financial services division of the HSBC Group, is the advisor to the HSBC Amanah India Shariah Portfolio. The portfolio will be benchmarked against the Dow Jones Islamic Market India Index and the BSE 500. 
"We are pleased to be one of the first players to bring a Shariah-compliant product offering to the Indian market. With our local investment knowledge and the global expertise of HSBC Amanah in managing Islamic funds, we aim to make investing a rewarding experience for our investors," said HSBC Asset Management CEO Vikramaaditya. 
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