Ahmedabad, May 1 (UNI) Reliance Money, the financial distribution company of Anil Dhirubhai Ambani Group, in partnership with Parsoli Corporation Limited today launched its first Shariah compliant Portfolio Management Schemes for investors in India and West Asia.
The tie-up was announced by Reliance Money Director and CEO Sudip Bandyopadhyay and Parsoli Corporation Managing Director and CEO Zafar Sareshwala in a function held here today.
Mr Bandyopadhyay said a significant part of India's population has not been offered appropriate financial products in compliance with the relevent religious sentiments. Shariah compliant PMS would enable us to tap this sector and reach out to a large section of such investors.
He said as per the understanding, Parsoli Corporation would work with Reliance Money to ensure compliance with Shariah laws for the relevant schemes and would also market other financial products, introduced by Reliance Money, from time to time.
Mr Bandyopadhyay said ''Currently, we offer PMS for as low as Rs 5 lakh and follow an aggressive and competitive fee structure. We do not charge any fee for returns upto 8 per cent and charge only ten per cent fee for returns upto 20 per cent and twenty per cent fee for returns over 20 per cent. We would replicate the same model for the Shariah compliant schemes as well, he said.
Mr Sareshwala said India, with a 13 per cent Muslim population, the highest in a non-Islamic country, had enough funds to invest in Shariah compliant portfolio management schems, which will bring in greater competition and enhanced returns to the investors who will have alternative investment opportunities.
This partnership would enable Parsoli Corporation to ensure that the compliance criterion was adhered to and it would help Reliance Money to market its Shariah compliant investment products to investors, he said, adding, it would also be highly beneficial for the Indian economy to attract more investments.
Parsoli Corporation is the pioneer of Islamic investment services in India, providing Shariah compliant equity broking services, mutual funds, advisory services and insurance products. In its efforts to increase awareness about Islamic investment opportunities in India, it had organized various conferences across the country in the recent past, he added.
UNI PVN SSS SKB1710