Portfolio manager Taurus Asset Management today said it would provide customers advisory services for Shariah-compliant investments.
Taurus Asset Management under its portfolio management services (PMS) umbrella, in association with Multigain Shariah Investment Services, has launched its Shariah compliant PMS strategy branded as 'TM Shariah Strategy', Taurus said in a statement.
"The aim of launching TM Shariah Strategy is to bring Shariah compliant investment opportunities in the Indian stock market to Muslim investors as well as to those who are seeking ethical investment in India and abroad," it added.
The services provided by Taurus would be certified by Taqwaa Advisory and Shariah Investment Solutions (TASIS). This would be the first Shariah strategy under PMS to be certified by TASIS, the statement added.
Under the services, Taurus AMC would appoint an independent Sebi-approved custodian and Fund Accountant to ensure that there is no conflict of interest.
It would also provide a log-in facility to clients to view their portfolios on a day-to-day basis. Scrips for investment under TM Shariah Strategy would be selected from the stock universe provided by TASIS on monthly basis.
In December last year, the Bombay Stock Exchange (BSE) and TASIS together launched the BSE TASIS Shariah 50 index, consisting of the 50 largest and most liquid Shariah compliant stocks within the BSE 500.
Two years back Taurus AMC, as the investment manager of Taurus Mutual Fund, had launched a Shariah compliant Mutual Fund scheme.