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Now Muslims to cheer bull run
Published on Sun, Dec 03, 2006 at 17:05, Updated on Thu, Jun 21, 2007 at 07:10 in Money » Tax section
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Ahmedabad: While Islamic law does not allow Muslims to make investments that bring in income through interest, there are ways to earn money from the stock market without violating religious tenets.
Meet Mohammed Salim Memon, an advocate by profession has come all the way from Himmatnagar to Ahmedabad. The reason – he wants to know how he can earn money from the stock market and still not violate laws of the Shariah.
And like Memon, there are several others who want to know what they should do to make money dabbling in stocks.
“In Islam, money earned through interest is ‘haraam', and not permitted. I have come here to see what these people are saying about investing in the stock market." Memon says.
For the first time Parsoli Corporation in Ahmedabad has got Islamic Shariah scholars and fund managers together to inform and help members of the Muslim community.
Parsoli Corporation Limited MD Zafar Sareshwala says, “The level of Muslims investing in stock markets or mutual funds is very low in number too and also compared to the wealth they have. But the paradox is that the easiest available option to them is the stock market."
Muslims can now put their money in investments that follow Shariah laws.
"We have looked at the filters and even with the strictest of filters, more than half of the market capitalisation of the stock market is available for the Muslim investor, “Fund Manager Anand Tandon says.
Where there's a will there's a way and even the clergy agrees.
Advisor to India Islamic Fund Mufti Abdul Qayyum says, “Interest is forbidden by Islam and so that is out of question. But scholars have laid down guidelines and even Dow Jones is looking to implement these."
So many more Muslims are now likely to cheer the bull run.
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