Mumbai:
German investment bank Baader Wertpapierhandelsbank
AG has taken a 25-per cent stake in Parsoli Corporation,
the only Indian firm involved in Islamic investments.
Parsoli
Corporation Ltd, which has an office in Mumbai, has also
opened two more offices in Ahmedabad even as Germany's
third largest investment bank assumed the role of an investor
in the company.
"Parsoli
is keen to tap and promote the vast and untapped potential
of Muslim investors in India. As of now very few Muslims
contribute to the growth in stock exchange but we foresee
a change in that with the introduction of Shariat-compliant
stocks," Sareshwala, CEO and managing director of
Parsoli, said.
Muslims,
who avoided investing in the stock markets due to charging
of interest being proscribed by Islam, will now be able
to buy Shariat-compliant stocks, he said. Shariat-compliant
stocks refer to investments in those companies in which
a Muslim is not forbidden to invest as per the Shariat.
Zafar
Sareshwala's affluent Gujarati Muslim family had distributed
lakhs of rupees to the poor in Islam-mandated zaqat
donations
before the Gujarat riots made him eligible to receive
alms himself. Today, his financial services and travel
company is valued at Rs70 crore.
|