Friday, May 2, 2008

Reliance Money starts Islamic portfolio management scheme

Reliance Money has launched a sharia-compliant portfolio management scheme in partnership with Islamic investment service Parsoli Corporation Ltd.

Reliance Money director Sudip Bandyopadhyay said at a news conference the two firms would jointly offer financial products to encourage Muslims to make investments in Indian markets.

Islamic law bans the receipt of interest and operates on the principle of sharing risk and reward among those involved in a business venture. Investing in sectors such as alcohol, gambling and pornography is prohibited.