India: Muslims to get online trading portal on Diwali

Click here: LiveMint.com – Muslims to get online trading portal on Diwali

Muslims in the country will get their first online trading platform this week during Diwali. Parsoli Corp. Ltd, an Ahmedabad-based brokerage that caters to a Muslim clientele, is all set to launch Stockmultiplier.co.in, the first-of-its-kind Islamic online trading facility to be available for Muslims in India.

…While internationally Islamic investment products are among the fastest growing in the world, Indian Muslims largely stay away from formal investing. This is because members of the community in India have lacked Islamic investment products.

Parsoli already has an Islamic investment index, which is a guide for Muslim investors, and recommends the companies that Muslims are allowed to invest in. The guide also has constructed a model portfolio. According Sareshwala, this portfolio has outperformed the BSE’s 30-share benchmark index, the Sensex, by 16% since January. The online trading platform also will lead Muslim investors to Islamicequity.co.in, where Muslim scholars will answer Shariah-related queries of investors. Parsoli will have at least two Muslim scholars answering investors’ questions at any given time.

“Through the Internet, we usually get questions from first-time investors,’ says Mufti Abdul Qayoom, a judge at an Ahmedabad Islamic court and a panel member of the brokerage that answers online questions. “Typically, they ask what kind of companies they can invest in, whether they can do futures and options trading or even intra-day trading.”

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