Islamic investment index launched in Delhi

New Delhi, June 26 (PTI) - An Islamic index that
provides platform for investment under Shariah law was
launched here Wednesday, a move that is expected to encourage
investors from oil-rich Gulf countries.

The 'India Islamic Index' will be used by
institutional and individual investor around the world for
portfolio management and benchmarking purposes.

Launching the index in presence of former Chief
Justice of India Justice A.M. Ahmadi and diplomats from many
Gulf countries, Delhi Chief Minister Sheila Dikshit said
Shariah-compliant investment can open up a "clean and
transparent investment".

"It can also ensure ethical utilisation of funding and
thereby encourage inclusive growth," she said.

An investment is considered a Shariah compliant
investment if it is made in accordance with Islamic teachings.
Investment in manufacture or trade of prohibited items like
alcohol, pork, pornography and hotel business is not permitted
by the Shariah.

The index has been developed by Indo Arab Economic
Cooperation Forum and Institute of Objective Studies in
collaboration with Eastwind Capital Advisors Private Limited.

Eastwind Capital M.D. and C.E.O. Sailendra Kumar said
the index will be used by institutional and individual
investors around the world for portfolio management and
benchmarking purposes, as well as to serve as the basis for
structured products and other index linked investment
vehicles.

The Indian capital market, now ranked among top 10 in
the world, has the potential to absorb huge investments of the
Islamic countries, he said. PTI