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?

Saturday, February 28, 2009

Taurus Mutual Fund launches Shariah Compliant Taurus Ethical Fund

Taurus Mutual Fund has launched a new open-ended equity oriented scheme Taurus Ethical Fund. Taurus Ethical Fund will actively manage investment in companies which are in compliance with the Shariah norms. The scheme will primarily invest in Equity and Equity related instruments.

The New Fund Offer opens on 19th February 2009 and closes on 20th March 2009.

The scheme re-opens for redemption and continues offer at a date not later than 30 days from the date of close of New Fund Offer. The New Fund Offer is priced at Rs 10 per unit + applicable load.

The Minimum Application Amount during NFO is Rs 5000 and in multiple of Rs 1 there of.

The entry load is 2.25% and exit load is 1% upto 6 months. The exit load will be 0.50% from 6 months to 1 year and no exit load after 1 year. Under SIP, there is no entry load. But, there is an exit load of 2.25% if redeemed within 1 year from the date of allotment - applicable to each allotment.

The scheme offers different choices of investment like Growth, Dividend Option - Dividend Payout & Dividend Re-investment option, Bonus option.

The Benchmark for the scheme will be S&P CNX 500 Shariah Index.
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