Shariah tag for e-series instruments

To attract the huge pool of investments that generally stays away from financial instruments which give returns not acceptable under Islamic traditions, the National Spot Exchange Ltd has applied and received certificate from Taqwaa Advisory and Shariah Investments Solutions (Private) Ltd (TASIS) for its e-series products in gold, silver and copper.

Addressing a press conference here on Saturday, Mr Anjani Sinha, Managing Director and Chief Executive Officer of NSEL, said the spot exchange products conform to Shariah rules as there was no element of interest income and no scope for gambling. “There is no element of alcohol or trade in pork. It is not illegal too,” he said.

Replying to a question on the sanctity of TASIS's certification, Dr Shariq Nisar, Chief Executive Officer, said they studied the products well and discussed the same with senior religions leaders. “After a thorough study and scrutiny of NSEL's systems and procedures we found that the e-series instruments conform to all the standards of Islamic investment,” he said.

In order to tap the Islamic financial resources, NSEL would hold seminars in all the major cities and towns with sizeable Muslim population. “We have established places to physical conversion of the commodities in cities like Mumbai, New Delhi, Ahmedabad, Kolkata, Chennai, Hyderabad and Jaipur,” he said.

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