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Bonanza–Pragmatic Shariah fund is intended to give an alternative investment opportunity to 150 million Indian Muslims
Bonanza Portfolio Ltd with Pragmatic Wealth Management Pvt Ltd has launched India's premier Shariah Portfolio Management Services. The service is titled as Bonanza-Pragmatic Shariah fund and is intended to give an alternative investment opportunity to 150 million Indian Muslims.
The fund would only invest in permissible sectors like automobiles, construction & reality, healthcare, metal & mines, power & utility, consumer goods & services, capital goods & industrials, information technology & oil & gas. The Shariah forbids the use of interest or speculation. This move would enable the Muslims in India to participate in the stock market.
The fund will be managed by investment expert Imtiaz Merchant as per Shariah guidelines mandate by Shariah Board, Islamic Investment & Finance Board (IIFB).
Imtiaz Merchant, fund manager, Bonanza Shariah PMS said, "The stocks invested in equity will be selected from Shariah compliant stock universe comprising companies, spread over nine Islamically permissible sectors."
The fund will be 100% equity based and will not comprise any debt instruments. Adhering to Shariah Law, the fund will totally refrain from day's trading. The Shariah Fund will be benchmark against Sensex, Nifty and S&P Shariah Index. The fund would target the HNIs, corporate and retail investors with the minimum ticket size Rs5 lakh.