Mumbai: Ambit Corporate Finance Pvt Ltd, a Mumbai-based investment bank, and QInvest, a Qatar-based investment bank, have joined hands to launch an Islamic law (Sharia) compliant fund focused on Indian equities.
Ambit Qinvest India Fund is the region’s first and India’s largest Sharia Compliant equity fund with an investment strategy that will combine dynamic equity allocation to generate returns, Qinvest said in a release.
Qinvest”s CEO, Shahzad Shahbaz, said: “The Indian equity market provides investors with a highly attractive opportunity to invest in a diversified range of Shari’s a compliant equities. The market capitalization of Sharia’a compliant companies within the nifty, stock market index is nearly 60%”.
“ Key Sharia a compliant growth sectors in the Indian economy are likely to witness significant activity including power, roads, automotive, pharmaceutical and consumer staple and non-staple