Leading Sebi registered Portfolio Manager in India, Equity Intelligence, today launched portfolio management services 'Shariah PMS' for Islamic investors, targeting 500 customers in the first year.
Equity Intelligence is looking at an asset base of Rs 100 crore, CEO Porinju Veliyath told reporters here. The company would soon embark on marketing of the product in the Middle- East and US, he said.
It is also studying the possibility of launching a 'Vatican Fund', which would adhere to the investment norms prescribed by the church, he said.
Islam represents 25 per cent of the world population and India has the second largest Muslim population in the world.
Many NRI investors from the Gulf have been asking for such a product. This was the right time to launch the product for this segment, Veliyath said.
Explaining Shariah investing, he said it is about investing strictly in ethical businesses and avoiding investments, which are against the spirit of Islamic law.
Citing an example, he said, investing in a company, which is involved in the business of alcohol, banking, tobacco and gambling, which are banned under Shariah.
Investing in financial sound companies from sectors like technology, healthcare, telecommunication, education, infrastructure are in accordance with Shariah law, he said.
"Our Shariah PMS is an opportunity for Islamic investors to employ high quality managers generate superior returns, compared to conventional investing," he said adding, most of the booming sectors are Shariah compliant.
The company also launched a new logo and there are plans to initiate marketing in selective markets Manager(Business Development) John Anthraper, said.