Wednesday, November 26, 2014

List Of Shariah Compliant Mutual Funds In India

What is mean of the Shariah-compliant mutual fund?
Islamic law is known as Shariah, and Shariah prohibits interest for Muslims. 
So according to Shariah Muslims also not buy Shares of companies which linked to alcohol, tobacco, gambling and casinos and financial institutions that earn interest. 
BSE launch first Indian Shariah index in may 2013. 
Near about 700-800 companies of the indian stock market are Shariah compliant. 
So today I give you a list of Shariah-compliant mutual funds in India. 
List of Indian Mutual funds and ETF which compliant shariah
There are 2 running mutual fund, one upcoming mutual fund, and 1 ETF in India which name include Shariah but it fact sheet show that this ETF not compliant to Shariah  
1. Goldman Sachs CNX Nifty Shariah Index Exchange Traded Scheme (ETF):- (Not Recommended): - if you read the fact sheet of Goldman Sachs, it clearly states the fund is not Sharia Compliant in Page 8 from the fact sheet: "Investors to note that GS Shariah BeES is not a Shariah compliant scheme."
The link of this .pdf file:
http://www.benchmarkfunds.com/gs/Documents/Factsheet.pdf
The fact sheet is available on the top right corner from following web page.
Source URI:  http://www.goldmansachs.com/gsam/in/advisors/products/exchange-traded-funds/equity/shariah-bees/
2.Tata Ethical Fund 
3.Taurus Ethical Fund 
4.SBI Shariah Equity Fund ( will be launch in December 2014 ) SBI Shariah Equity Fund will be launch from 1 December 2014.
SBI Shariah Equity Fund has got the approval of the All India Muslim Personal Law Board, All India Muslim Personal Law Board is an authority which oversees the observance of Muslim civil laws in India.
Compare Shariah Mutual Funds and ETF in India: - We recommended Tata Ethical Fund (D) among all of these shariah compliant ETF and mutual funds due to largest corpus size and good dividend history. 
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