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Virendra Pandit

Tapping the potential of Islamic investments

Ahmedabad , Dec. 3

Germany's Baader Bank will take a 30 per cent stake in Mumbai-based public limited company Parsoli Corporation Ltd, which opened its state-of-the-art trading terminal centre and has organised the First Islamic Investment Conference. However, the deal-makers declined to elaborate further.

Dr Uto Baader, Chairman of Baader Wertpapierhandelsbank AG, the largest securities trading firm in Germany, and President of Munich Stock Exchange, told a news conference here that his bank was coming to India for long-term investments and predicted that fast-growing Chinese and Indian economies may leave the US behind in the next few decades.

He demanded that the US and European Union tear down their tariff barriers and subsidy regimes on farm products.

Unethical investments

Meanwhile, Mr Zafar Sareshwala, CEO and Managing Director of Parsoli, said efforts were being made to discourage unethical investmentsAnnouncing expansion plans across India for their present activities in halal or permissible investment and services, he said two branch offices had already been opened in Ahmedabad.

Parsoli has been promoted to tap the potential of Muslim investments in the country, by offering a range of services tailored to the investor's individual needs like scrips search, ongoing fund monitoring, an asset class strategy study or full services consulting, as per the norms of the Sharia. The company provides retail stock broking and other financial services that are compliant with the Sharia.

The Indian equity market is an excellent avenue for investments acceptable by the guidelines of Islam. It offers the only alternative to the Indian Muslim investors who would like to conform to Sharia in the matter of personal finance, he added.

Portal for investors

An Islamic financial portal, www.islamicequity.co.in, which is meant specifically for investors interested in the Sharia-compliant equities, was also launched at the occasion. Islamic financial solutions, future trends of stock markets and the scope of investment for Islamic investors are also provided in it.

Apart from Dr Baader and Mr Sareshwala, those who participated in the "First Conference on Opportunities in Islamic Investment", included Mufti Abdulallah Patel (Islamic Sharia scholar and Sharia advisor of the First India Islamic Fund to be launched in Germany), Dr Hateem Al-Shanfari, Professor of Economics of Sultan Qaboos University, Muscat, and Mr Anand Tandon, Chairman of Gulf Investment Services and Co-founder of Gryffon Investment Advisor, .

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