The Bombay Stock Exchange has unveiled a new index of companies that conforms with the Islamic legal requirements, allowing the country's 140 million Muslims to play the stock market. Sharia law prohibits Muslims from holding an investment portfolio whose stock picks include companies that sell alcohol or tobacco, or businesses that make a substantial portion of their revenues from interest.
The exchange has teamed up with a Mumbai-based Islamic finance company, Tasis, to create the BSE Tasis Sharia 50 index, consisting of the 50 largest and Sharia-observant companies in the BSE 500 including Reliance Industries – a gas, oil and food conglomerate.
It is called the BSE TASIS Shariah 50 index.read more
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