Srinagar: Ahmedabad-based Parsoli Corporation, which claims to have developed a “Shariat-compliant” interest-free investment model, is opening its first branch in Kashmir tomorrow.
By setting up a branch in Srinagar, the company, which describes itself as an Islamic investment group, plans to attract those who treat usury as a forbidden activity and are averse to depositing money in banks and investing in equities, its promoter Zaffar Sureshwala said here.
The Srinagar branch would be the fourth after Ahmedabad, Mumbai and Aurangabad.
Sureshwala said an eminent panel of scholars and investment experts discussed “Shariat-complaint opportunities for Muslim investors in the Indian stock market”.
“The booming stock market is now attracting Shariat-compliant Islamic investments, which is being seen as a sign that India is becoming the next hub for Islamic investment in South Asia,” he said.
Parsoli is a Sebi-registered stock broker and a corporate member of the NSE and BSE, providing stock-broking and portfolio advisory services, Sureshwala said.
“The group has also launched Parsoli Islamic Equity Index, enabling investors to invest in equities conforming to the principles of Shariat,” he said.
Sureshwala said a leading securities firm in Germany and Oman banking houses were large equity shareholders in Parsoli.
He said his group organised a get-together here last evening aimed at creating awareness among Islamic investors who have reservations over investing in usury-based stock markets and financial institutions.