Kolkata, Jan 6: Muslims from the city and nearby areas attended a conference here Sunday to figure out ways to invest that did not violate their religious tenets.
The conference, aimed at educating and sensitising Muslims on Islamic investments that follow Sharia laws, saw eager participation of hundreds, including women. Shariah scholar Mufti Arshad Kandhalvi said: “We tried to inform the people and clear their doubts about how to invest keeping in mind Sharia laws.”
The meeting also discussed the Islamic equity index, which includes 41 scrips from the top 100 companies listed on the stock exchanges. Information was passed on what stocks were excluded in view of the Sharia laws.
According to the Islamic tradition, wealth generation through interest is prohibited.
Officials from Moneycontrol.com, CNBC Awaz and Parsoli Corp Ltd, the organisers of the event, tried to assist and explain different aspects to potential investors in the stock market without violating religious laws.