The Hindu Business Line : Reliance Money, Parsoli tie up for Shariah-compliant investments

Ahmedabad, May 3 Reliance Money, the financial distribution company of Reliance Anil Dhirubhai Ambani Group, has announced its first-of-its-kind partnership with the Ahmedabad-based ParsoliCorporation Ltd.

It is expected to benefit the Indian economy by attracting investments from the West Asian economies on the lookout for new investment destinations, nearer home, the two partners maintained.

“We do not believe in various reports that say the Muslims in India are poor. They have as much wealth as any other Indians and are ready to invest in Shariah-compliant shares,” said Mr Zafar Sareshwala, Managing Director and CEO of Parsoli, after the tie-up was announced by Mr Sudip Bandyopadhyay, Director and CEO of Reliance Money.

“The Shariah-compliant investments have no religious connotations and non-Muslims could also make investments. However, these would be monitored by scholars of Shariah to ensure that socially-responsible investments were made,” Mr Sareshwala said.

Under the agreement, Parsoli would ensure compliance of PMS schemes with Shariah Laws and also market other financial products being launched by Reliance Money. The PMS to be offered would be for a minimum of Rs 5 lakh with competitive fee structure. Reliance Money will market these Shariah-compliant schemes in India and West Asia.