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BSE to launch Shariah-compliant index

MUMBAI: The Bombay Stock Exchange and Taqwaa Advisory and Shariah Investment Solutions (TASIS) will launch the BSE TASIS Shariah 50 index from Monday.

The Index will be the first Shariah Index created in India utilising the strict guidelines and local expertise of a domestic, India-based Shariah advisory board. The BSE TASIS Shariah 50 index consists of the 50 largest and most liquid Shariah compliant stocks within the BSE 500, an exchange release said here. The creation of the index will help promote financial inclusion of the Muslim population in India and attract investment flows from international funds that must adhere to Shariah norms. “The introduction of the BSE TASIS Shariah 50 Index will give Islamic and other socially responsible investors another means to access the Indian market and will help attract pools of capital to India from the Gulf, Europe, and Southeast Asia,” BSE MD & CEO, Madhu Kannan said. — PTI

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