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INVESTING IN SHARIAH COMPLIANT STOCKS IN INDIA

Ayub Khan

By: Md. Ayub Khan

 

Islamic finance industry has undergone a transformation in the last few years. Today it has started asserting itself as an alternate system of finance. This industry has made a mark by its rapid growth not only in Muslim countries but also in other secular and developed nations as well. Diverse Shariah compliant financial products, which include banking products like savings and current accounts (based on Wadia and Qard), (Mudarabah based) investment accounts, financing products such as Home financing and Ijarah, insurance products and capital market products like Mutual Funds, Portfolio Management Services and Stock broking, are being offered in both Muslim and secular countries.

One may perhaps wonder what a Shariah compliant product is and how it is different from conventional products. Shariah compliant products are based on the principles of Shariah. Shariah means Islamic law, but that does not imply that a Shariah-compliant product is restricted for persons professing a particular religious faith. According to Shariah principles, dealing in interest-based transactions, investing in harmful and unethical sectors like Alcohol, Tobacco, Firearms, Pornography and Gambling, etc are prohibited. Hence Shariah compliant products are designed in such a way that they are free from involvement in the above areas. Under Shariah compliant schemes, funds are invested only in “Shariah compliant stocks or assets”. This article focuses on Shariah compliant stocks in India.

What are Shariah Compliant Stocks?

As mentioned above Shariah prohibits investments in companies which indulge in business activities prohibited by Shariah. So, Shariah compliant stocks are those stocks whose income is not derived from prohibited activities. Stocks are screened for Shariah compliance by using certain Shariah screening norms. There are two steps involved in Shariah screening of stocks, Firstly, screening on the basis of activity and secondly, financial screening. Stocks or companies which pass both the criteria are known as Shariah compliant stocks or companies. Investment in Shariah compliant stocks is not meant only for Muslims; socially responsible investors of any faith could invest in these stocks as, in effect, the process of Shariah screening removes companies deemed to be socially harmful.

There are several Shariah screening institutions which have formulated their own Shariah screening norms under the guidance of their respective Shariah Boards. The better known screening norms in use around the world are those of AAOIFI, Dow Jones, MSCI, S&P and TASIS. As the article relates to Shariah compliant stocks in India, our discussion will be confined to screening norms used in India. “Taqwaa Advisory and Shariah Investment Solutions (TASIS) Pvt Ltd” is the leading Shariah advisory institution in India; it has formulated norms for Shariah screening of Indian stocks, which are widely acknowledged and accepted in the country.

TASIS Screening Norms

In the first step of the screening process, companies which are involved in prohibited business activities are screened out. The prohibited sectors include interest based financial institutions such as banking, insurance, brokerage financial products and provision of fund based financial services, manufacture, distribution and sale of potable alcoholic beverages and narcotics, processing, distribution and sale of pork and pork related products, meat and products of other animals killed in a non-halal manner, gambling and tobacco.

The companies which pass the business screening test are termed as “Business compliant” and they are put through financial screening by further applying the following norms:

  1. Their total interest-bearing debt (including from banks, financial institutions, public deposits and inter-corporate deposits) and issued preference capital should not be greater than 25% of their total assets,
  2. Their interest income from all sources and 8% of interest-based investments should not exceed 3% of their total income,
  3. Their receivables and cash & bank balance should not be greater than 90% of their total assets

The business compliant companies or stocks which qualify on the above three financial screening criteria are termed as Shariah compliant companies. Investment in such Shariah compliant stocks is called Shariah compliant investment.

India: A Large Universe of Shariah Compliant Stocks

More than 6,000 stocks are listed on the various stock exchanges in India; out of these, around 5,000 stocks are listed on BSE alone and around 1,500 stocks on the NSE.  BSE and NSE are the two major stock exchanges of India, as on September 2012 market cap of BSE-listed stocks was Rs 66,250 billion and that of NSE-listed stocks was Rs 65,567 billion. Due to its large number of listed companies, India provides a huge universe for Shariah compliant stocks. In India every year many new companies gets listed on stock exchanges.

 

In the year 2008 (as at December end) there were 6,545 listed companies and by Year 2011(as at December end) the number had increased to 6,710, showing an increment of 2.5% over the 3 years. Our study shows that with the increase in the number of listed stocks the number of Shariah compliant stocks has in fact increased more than proportionately over the same period. In 2008 there were 1,049 Shariah compliant stocks and by 2011 the number had increased to 1,285. Thus over the same 3 years, the Shariah compliant stocks have increased by 22.5%, or an average annualized increase of 7.0%, a healthy increase. This can be seen from the graph below which shows the number of total listed stocks, the business compliant stocks and the Shariah compliant stocks at the end of each of the four years.

Shariah compliant stocks four years

Figure 1: Shariah compliant stocks as at end of December

An appraisal of the data for the past four years illustrates that on an average 3,569 stocks are business compliant, which number accounts for 53% of the average number of listed stocks in those four years. The study also shows that on an average 33% of Business compliant stocks are Shariah compliant. Thus over 18% of the total listed stocks are Shariah compliant. More the number of Shariah compliant stocks, more the number of options available for building a Shariah compliant portfolio.  The Indian stock market provides a large universe of Shariah compliant stocks to choose from for Fund Managers, Brokers and individual investors who are Shariah-conscious. The Table below provides the details of the calculations for the results quoted above.

Particulars

2008

2009

2010

2011

 

Nos.

Incr %

Nos.

Incr %

Nos.

Incr %

Nos.

Av Ann Incr %

Tot Incr %

Total Listed Cos

Nos

   6,545

0.70%

   6,591

1.12%

   6,665

0.68%

   6,710

0.83%

2.52%

% of Tot Listed

100.0%

100.0%

100.0%

100.0%

Business Compliant Cos

Nos

   3,105

12.79%

   3,502

7.34%

   3,759

4.10%

   3,913

8.01%

26.02%

% of Tot Listed

47.4%

53.1%

56.4%

58.3%

Shariah Compliant Cos

Nos

   1,049

12.87%

   1,184

9.88%

   1,301

1.23%

   1,285

7.00%

22.50%

% of Tot Listed

16.0%

18.0%

19.5%

19.2%

% of Bus Compl

33.8%

33.8%

34.6%

32.8%

 

 

A majority of the Muslim population are isolated from the Capital Market and the main reason for this is absence of information on availability of Shariah compliant investment options. Equity investment is quite close to Shariah investment principles, but till recently, there were no Mutual Fund schemes in India which invested only in Shariah compliant stocks. The acceptance of (indeed even preference for) equity investment under Shariah and the availability of a considerable number of Shariah compliant stocks for inclusion in portfolios are definite advantages for Mutual Funds in India intending to offer Shariah compliant mutual fund options.

Besides the availability of a large number of Shariah compliant stocks, an investor or Fund Manager would also like to evaluate the feasibility of Shariah compliant investment in equities on other factors as well before making an investment. Questions may arise as to the profitability of Shariah compliant stocks and regarding the volume of the Shariah compliant sector. Market cap is one of the major determinants of the size of the sector. The potential availability and popularity of a stock is determined by its market cap. The market cap of the entire Shariah compliant sector captures a substantial portion of the total market cap of listed stocks.

This can be observed from the graph presented below. The research shows that an average of 30% of the market cap of all listed stocks is captured by Shariah compliant stocks. So, apart from the large universe, the size of the Shariah compliant sector is also large in terms of potential value of trades.

proportionate Shariah compliant Mkt Cap

Figure 2: Proportionate Shariah compliant stocks market cap

Volatility of Shariah Compliance

As Shariah Screening involves screening on business as well as financial parameters, there is a possibility that a company which is compliant in the current financial year on the basis of its latest financial report could become non-compliant when its next financial results come into the public domain. Once a company becomes Shariah compliant (or non-compliant, for that matter) its status generally remains unchanged for at least a year. It could happen that in the next financial year any one or more of the different variables: Debt, Interest Income, Cash, Receivables, Interest bearing Investments, Total Assets, Total Income could change in such a manner that the company’s Shariah compliance status gets changed.

If overall Shariah compliance volatility is high, this could be a serious disadvantage, for every time a stock held in a portfolio becomes non-compliant, it would need to be exited at short notice – and possibly at a disadvantageous price. However, the volatility is low. Studies show that volatility rate of Shariah compliance (status of Shariah compliance of a stock changing from one year to the next) is of the order of 22% per annum.

Research done on the data of the latest five years reveals that there are more than 200 companies which have remained consistently Shariah compliant over the past five years. In the table given below, the top (on the basis of market cap) 50 consistently Shariah compliant companies out of those 200 are mentioned. For an investor who is looking for Shariah compliant stocks for long-term investment, these could be beneficial. He could build a Shariah compliant portfolio out of them for the long term with minimum risk of having to exit from any of the selected stocks at short notice except for an underlying economic reason.

Top 50* Consistently Shariah Compliant Companies over Past Five Years
S.No Company Name

Market Cap (Rs Million)

S.No Company Name

Market Cap (Rs Million)

1 Tata Consultancy Services Ltd.  26,36,964 26 Havells India Ltd.        68,108
2 Hindustan Unilever Ltd.  11,20,398 27 Atlas Copco (India) Ltd.        61,384
3 Bharti Airtel Ltd.     9,33,053 28 Thermax Ltd.        57,809
4 Wipro Ltd.     9,04,941 29 Bata India Ltd.        56,973
5 Nestle India Ltd.     4,49,018 30 Kansai Nerolac Paints Ltd.        48,328
6 G A I L (India) Ltd.     4,45,997 31 Berger Paints India Ltd.        47,944
7 Asian Paints Ltd.     3,50,429 32 Astrazeneca Pharma India Ltd.        47,319
8 Maruti Suzuki India Ltd.     3,28,939 33 Blue Dart Express Ltd.        46,958
9 Cipla Ltd.     3,03,625 34 3M India Ltd.        45,773
10 Ambuja Cements Ltd.     2,85,491 35 Nirma Ltd.        40,685
11 A C C Ltd.     2,46,406 36 Bayer Cropscience Ltd.        39,906
12 Hindustan Copper Ltd.     2,40,418 37 Gujarat Gas Co. Ltd.        37,821
13 Siemens Ltd.     2,30,924 38 Voltas Ltd.        36,563
14 Dabur India Ltd.     2,15,251 39 T T K Prestige Ltd.        35,746
15 Titan Industries Ltd.     1,96,733 40 Indraprastha Gas Ltd.        34,384
16 Colgate-Palmolive (India) Ltd.     1,65,592 41 National Fertilizers Ltd.        34,291
17 A B B Ltd.     1,51,589 42 Mcleod Russel India Ltd.        34,095
18 Castrol India Ltd.     1,47,491 43 Abbott India Ltd.        34,037
19 Cummins India Ltd.     1,26,459 44 S K F India Ltd.        32,251
20 Glaxosmithkline Consumer Healthcare Ltd.     1,23,269 45 A I A Engineering Ltd.        31,536
21 Mangalore Refinery & Petrochemicals Ltd.     1,08,661 46 C M C Ltd.        29,268
22 Tech Mahindra Ltd.     1,01,830 47 Jagran Prakashan Ltd.        28,986
23 Apollo Hospitals Enterprise Ltd.        87,614 48 Gujarat State Fertilizers & Chemicals Ltd.        28,547
24 Procter & Gamble Hygiene & Health Care Ltd.        78,714 49 B A S F India Ltd.        27,240
25 Crompton Greaves Ltd.        69,121 50 Mindtree Ltd.        26,952

*by Market Cap

Table 2: Top 50 Consistently Shariah Compliant Companies over Past Five Years

Shariah Compliant Stocks – Diverse Nature

Diversification is a very important aspect of portfolio management. Investing incurs risks because it is impossible to correctly predict future returns of any investment. Asset values do not move up and down in perfect synchronisation. Portfolio diversification reduces investment risk by eliminating such possibilities through investing in assets of different classes – and in the stock market by investing in different industry segments and in companies of varying market cap. The risk of a diversified portfolio is less than the weighted average risk of its constituent assets, and often less than that of its least risky constituents. Therefore smart Fund Manager generally diversifies his portfolio to reduce the risk factor. Shariah compliant portfolios too need to fulfil this requirement of investors and Fund Managers.

There is enough diversity of Shariah compliant stocks in the Indian stock market in terms of size and sectors. Since the Fund Manager generally does not include in his portfolio stocks having market cap of less than Rs 5000 million, the analysis is restricted to stocks having market cap of Rs 500 million and more. According to the September 2012 TASIS Shariah Compliant Stocks list, there were 204 Shariah compliant stocks which had a market cap of more than Rs 5000 million. It is evident from the graph below that there is a range of Shariah compliant stocks (in terms of market cap) available for investment, with more than 70% falling in the range of Rs 5000 million to Rs 49,999 million of market cap.

Breakup

Figure 3: Shariah complaints stocks break-up in terms of market cap

Efficient portfolio manager would generally imply diversification of the investment portfolio into between 20 and 35 scrips at any given time. Allowing for a selection option of 1 out of 5 eligible stocks, would require availability of a total universe of 100 to 175 Shariah compliant stocks. Clearly, there are sufficient numbers of available Shariah compliant stocks satisfying the minimum market cap criteria of portfolio managers.

Sometimes, as a marketing ploy, Fund Managers or Portfolio Managers offer investment strategies to investors which require investment only in scrips falling in certain ranges of market cap, such as small cap, mid cap and high cap, though the economic rationale for such strategies is open to question.  With investment restricted to shares exclusively belonging to such segments, a Shariah compliant portfolio will need to be restricted only to the small cap segment.

Diversification is required not only in terms of market cap but also in terms of sector or Industry. Shariah compliant stocks encompass stocks from different sectors (though by primary design, as has been earlier clarified, Shariah investing excludes stocks from a few sectors). Major contributing sectors in the list of Shariah compliant stocks are Computer Software, Petroleum Refinery, Drugs and Pharmaceuticals, Cement, Cosmetics & Toiletries, Telecommunication, Automobiles, Steel, (considering only scrips with market cap of more than Rs 5000 million). Half of the Shariah compliant market cap is constituted by Computer Software, Cosmetics & Toiletries, Petroleum Refining and Drugs and Pharmaceuticals; another 28% of total Shariah compliant market cap Is made up by industries like Cement, Telecommunication, Automobiles, Steel, LNG Storage & Distribution, Paints & Varnishes, General purpose Machinery, etc. The others, comprising stocks from industries like Abrasives, Automobile ancillaries, Business consultancy, Commercial complexes, Engines, Industrial Construction, Media, Metal Products, Polymers, etc., account for the remaining 22% of the total Shariah compliant market cap.

In terms of numbers too, the Shariah compliant stocks show diversification. The stocks from Computer Software and Drugs and Pharmaceuticals dominate in numbers too, followed by stocks from Trading, General Purpose machinery, Cosmetics, Automobiles, Paints & Varnishes, Cement and Steel. Computer software and Drugs and Pharmaceuticals together constitute 17.6% of the total number of Shariah compliant stocks. Another 12 industry groups contribute a further 25% of the Shariah compliant stocks. The balance is spread over diverse industries.

sectoral

Figure 4: Sectoral distribution of shariah compliant market cap %age

However, as in case of narrowly defined investment strategies based on specific market cap segments, so in case of investment strategies concentrating investment only in specific industry segments, is not possible with Shariah investing unless the criteria of minimum market cap for selection is diluted below Rs 5000 million. But then the wisdom of defining investment strategies so narrowly is itself doubtful.

distribution

Figure 5: Sectoral distribution of Nos. Of shariah compliant stocks

Are Shariah Compliant Stocks Profitable?

In the above paragraphs we discussed about the large universe of Shariah compliant stocks and also its diverse nature, enabling one to build diversified portfolios to reduce risk and enhance return. Apart from these, the profitability of the universe of Shariah compliant stocks also requires to be analysed, since the motive of any investor is profit. Is investing in Shariah compliant stocks profitable? If it is profitable it will yield a double benefit for investors: they will obtain good returns along with Shariah assurance. As mentioned above, the analysis is restricted to stocks having market cap above Rs 5000 million, since most of the Fund Managers would want to invest only in stocks with market cap above Rs 5000 million.

From all listed stocks, there are 674 companies having Market Cap of more than Rs 5000 million, whereas in case of Shariah compliant stocks there are 204 such stocks.

The ratio of Profit After Tax (PAT) to Total Income is one of the closely followed ratios in finance. It gives an idea of how efficient the company is in converting its revenues into Profit available for the Shareholders. So, Investors or Fund managers would like to include in their portfolios, stocks having higher profit margins. This could presumably make their portfolios more profitable.

Generally, as a thumb rule a minimum profit margin of 10% is considered good in business. However this ratio depends on the nature of the industry in which the company is operating. Generally more capital intensive industries tend to yield a higher margin with a lower turnover ratio, whereas with less capital intensive lines of business such as trading and FMCG the reverse is the case. Another factor that affects the ratio is the level of gearing.

Companies with higher levels of gearing are likely to show higher PAT/Total Income ratios. This is dramatically demonstrated when we separately work out the Aggregate Debt: Equity ratio for the total universe, for the business non-compliant, the business compliant, the business compliant but financially non-compliant and the fully Shariah compliant groups of companies. The corresponding ratios work out as 3.25, 11.08, 0.61, 0.78 and 0.30 respectively. The bulk of the business non-compliant companies are banks and financial institutions and therefore this group of companies is expected to have a high aggregate gearing ratio. Not surprisingly, they show an aggregate debt:equity ratio of 11.08 and an aggregate PAT:Total Income ratio of 11.3% whereas the two ratios for the entire universe including the business non-compliant companies are 3.25 and 7.5% respectively.

Coming to the fully compliant companies, we find the corresponding figures as 0.30 and 8.7% respectively. The comparatively low debt:equity figure is not surprising given that the maximum cut-off limit for Shariah compliance in case of the Debt:Total Assets ratio has been specified as 25%. However the aggregate profitability ratio for the fully compliant stocks at 8.7% as against 6.8% for the entire universe (excluding mainly the finance companies, which are not comparable on this parameter) shows that the Shariah compliant stocks are, in aggregate, not only as profitable but about 30% more profitable than the (financially) Shariah non-compatible ones. According to financial management theory the debt to equity ratio should neither be high nor low. The ideal range for the debt to equity ratio is between 1.0 and 2.0. We have seen above the aggregate debt to equity ratio for all listed stocks in the study is 3.25 which is much too high, whereas the aggregate debt to equity ratio for Shariah compliant stocks is 0.30. The latter is lower than the ratio which conventional financial wisdom prescribes. However one can claim that at worse it errs on the side of caution and conservatism in a market which is by definition risky. Leverage is a doule-edged sword which cuts both ways. While it can enhance earnings, it can accentuate losses too in a bad market. Add to that the swings in valuation of stocks inherent in the share market and choosing stocks with a low debt to equity ratio definitely appears a better strategy.

The second ratio used for comparison is PAT to Net Worth ratio. This ratio is actually a compound of the above (Net Margin) ratio and the Income Turnover (Total Income to Net Worth) ratio. The Turnover ratio as the name suggests measures the intensity of utilisation of the shareholders’ funds to deliver sales. So the PAT to Net Worth ratio is neutral to the intensity of capitalisation required for a particular type of industry and therefore more comparable across industries. Hence, the PAT to Net Worth ratio is actually a more comprehensive measure of the profitability of a company. Multiplied by the Book Value of the share, it yields the Earnings per Share (or EPS), another key indicator that investors look at.

Around 68% of all listed stocks have a Total Income to Net Worth ratio more than 1, compared to 86% for Shariah compliant stocks (i.e 26% higher); similarly only about 38% of all listed stocks have a Total Income to Net Worth ratio more than 2, compared to almost 52% of Shariah compliant stocks (i.e. 37% higher). For ratios higher values of the ratio too, the proportion of Shariah compliant stocks exceeding a given ratio is higher than for all listed stocks. The chart below exhibits the information in a graphical format.

TI to Net Worth

 Figure 6: Total Income to Net worth ratio

The PAT to Net Worth ratio indicates the return that shareholders could receive on their investment in a company, if all of the profit earned were to be passed through directly to them. The ratio is useful as a measure of how well a company is utilizing the shareholders’ investment to create returns for them. The higher the ratio the more efficient is the company in utilizing shareholders’ funds.

Here we find Shariah compliant stocks enjoying a clear lead over non-compliant stocks. The aggregate PAT to Net Worth ratios for the total universe, for the business non-compliant, the business compliant, the business compliant but financially non-compliant and the fully Shariah compliant groups of companies are respectively 13.4%,13.7%, 13.4%, 11.5% and 16.9%. Thus we see that in aggregate the Shariah compliant stocks are about 25% more profitable than the entire universe and almost 50% more profitable than the non-compliant stocks from the business compliant universe.

There are only 45% of all listed stocks whose PAT to Net Worth ratio is more than 15%, compared to around 62% of Shariah compliant stocks exceeding a similar PAT to Net Worth ratio (i.e. 37% higher). Similarly only about 28% of all listed stocks have a PAT to Net Worth ratio more than 20%, compared to almost 42% of Shariah compliant stocks (i.e. 50% higher). For higher values of the ratio too, the proportion of Shariah compliant stocks exceeding a given ratio is higher than for all listed stocks. The chart below exhibits the information in a graphical format.

PAT NW

 Figure 7: PAT to Net worth ratio

Thus the universe of Shariah compliant stocks is proportionately much richer in profitable stocks as compared to the universe of all listed stocks.  This reduces the risk during selection of stocks for a portfolio. In case of Shariah compliant stocks the universe is smaller but the proportion of profitable stocks is much larger. It appears that the process of financial screening for Shariah compliance also tends to simultaneously weed out the weaker stocks. Here we get the answer to our question whether investing in Shariah compliant stocks is profitable.

The above findings could also be validated by the comparative performance of BSE TASIS Shariah 50 Index against those of BSE Sensex and BSE 500. BSE TASIS Shariah 50 Index consists of top 50 Shariah compliant stocks and was launched in December 2010 jointly by BSE and TASIS. For better comparison of the performance of each index, the value of the above mentioned three indices were rebased to 1000 on 1 Jan 2008. It was found that BSE TASIS Shariah 50 Index outperformed the other two indices which can be seen from the chart below. The absolute return of BSE TASIS Shariah 50 Index from January 2008 to September 2012 is 21.70% as compared to that of -7.58% and -16.79% of Sensex and BSE 500 respectively. The average daily returns are 0.0279%, 0.0106% and 0.0001% for BSE TASIS Shariah 50 Index, Sensex and BSE 500 respectively.  Here too, the BSE TASIS Shariah 50 index which comprises of Shariah compliant stocks, performed much better than the other two indices.

compar

 Figure 8: Comparative performance of indices

Conclusion

In the end it could be concluded that there are adequate number of Shariah compliant stocks available in the Indian market offering better return on investment. The aggregate PAT to Total Income ratio of the all listed stocks is 7.5% as compared to 8.7% for Shariah compliant stocks. It clearly proves that although the universe of all listed stocks is large as compared to that of Shariah compliant stocks, but in terms of profitability it ranks below the Shariah compliant stocks. Similar findings were given when all the listed stocks and Shariah compliant stocks were on the analysed on the basis of PAT to Net worth ratio.

Financial institutions like Mutual Funds, Insurance, Portfolio management services, etc can use these Shariah compliant stocks to build profitable Shariah compliant investment portfolios and offer Shariah compliant investment products to Shariah conscious investors. They can attract the large segment of Muslim investors who have kept themselves away from the financial market till date. Besides they can also attract investors from other sections of society who do not wish their funds to be invested in companies involved in alcohol production, meat Industry, tobacco and other socially harmful activities, as companies engaged in these activities are removed during the Shariah screening process.

 

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34 comments

  1. I WANT TO GET INFORMATION ABOUT SHARIAH INVESTMENT IN SHARE MARKET. SEND IT SHARE LIST FOR ME.

  2. Farhathullah Khan

    Useful insights.

  3. This is a very good article by Brother Md. Ayub Khan . I would like to know more about it from him

  4. I want to know the fatwa were it allows in Shariah and plz mentioned the name of Mufti

  5. Dear Sir,
    We are Unity Care & Health Services Pvt. Ltd. a 250 bed hospital established in 1978. A well recognized health care provider in Mangalore & Northern parts of Kerala in India.
    As part of Unity’s expansion and growth strategy, it has proposed to expand the set up in Mangalore hospital. As a result the management is looking forward for investors to fund to replace the RIBA based bank finance and modernize the existing hospital. Unity is looking for strategic partners and investors believing in Shariah compliance fund provider interested in RIBA free projects.
    Kindly provide names of investors and institutions in this category for us to communicate with them.

    Thanks,
    Dr. C. P. Habeeb Rahman
    Chairman
    Unity Care & Health Services Pvt. Ltd.
    P.B. No.: 535 | Kankanady| Falnir Road
    Mangalore -575002 | India

    Tel:+91-824-4245555
    Fax:+91-824-2432691

    • Is these shares still available to invest? please provide your email address so the i can contact you on convenient time as i am out of country.

  6. Dear Sir,
    We are Unity Care & Health Services Pvt. Ltd. a 250 bed hospital established in 1978. A well recognized health care provider in Mangalore & Northern parts of Kerala in India.
    As part of Unity’s expansion and growth strategy, it has proposed to expand the set up in Mangalore hospital. As a result the management is looking forward for investors to fund to replace the RIBA based bank finance and modernize the existing hospital. Unity is looking for strategic partners and investors believing in Shariah compliance fund provider interested in RIBA free projects.
    Kindly provide names of investors and institutions in this category for us to communicate with them.

    Thanks,
    Thanks,
    Dr. C. P. Habeeb Rahman
    Chairman
    Unity Care & Health Services Pvt. Ltd.

  7. Unity Hospital is looking for strategic partners and investors believing in Shariah compliance fund provider interested in RIBA free projects.
    Kindly provide names of investors and institutions in this category for us to communicate with them.

  8. Unity Hospital is looking for strategic partners and investors believing in Shariah compliance fund provider interested in RIBA free projects.Please provide names of investors.

  9. AS SALAAM ALAIKUM,

    CAN ANYBODY HELP ME PROVIDING THE LATEST/UPDATED LIST OF “SHAIRAH COMPLIANTS COMPANIES LIST” UNDER BSE/NSE INDEXES?

  10. Dear Brothers & Sisters,

    Like many others, I am also struggling to find some Halal Tax saving Investment options (tax saving instruments available under section 80C) for salaried people that not only offers me Halal returns but the investments are also tax exempted.

    Regards,

    Mudassir Khan

  11. Munaf Irshad Shaikh

    Please send me a list of halal shares…

  12. Is there any website , such that you enter the name of the company and it let us know if the company is sharia compliant.

  13. How can I start… Contact me soon

  14. How I can start? Please contact me soon

  15. Dear All,
    I have reviewed few companies balance sheet , they barrow money from the bank. so it is not Halal.
    Best Regards

  16. I’m in the field of Shari’ah Compliant Investments since more than two decades. You may get in touch with me on +91 9821232224 / 02223472118 for details on Equity Investments in Shari’ah Compliant stocks. Our website is http://www.Idafa.com

  17. Where can I find a list of shariah compliant stocks as on date.

    Regards
    Wasim
    9940460829

  18. How can I start investing in shariah based cos. Kindly send details

  19. Where can I find a list of shariah compliant stocks as on date.

    Regards
    Ahmed Patel

  20. Assalamualaikum.
    Pls get in touch with Idafa Investments for your shariah compliant investment needs. Call me on 9821232224 or 022-26773848 or visit http://www.idafa.com.
    Wassalam,
    Ashraf Mohamedy
    9821232224

  21. As salamuo alikum

    I wanna know about Sharia Mutual fund present in Indian Market.

  22. juzer harianawala

    i want a list of name of the companies which are shariah complaint, which are listed on bse. it would be very neddfull.thanks.

  23. How TCS can be a Sharia Compliant if it is deriving more than 40% of its revenue from Banking and Insurance sector? They are indirectly earning from Banks and their interest based business model…
    Can anyone clarify please?

  24. asslamo alaikum

  25. want to know about shariya stocks

  26. will you plz send me latest shariyah stocks list in indian share market ?

  27. i want to invest in shaiyah stocks

  28. plz send me latest shariya stock list in indian share markets. tnx

  29. Syed Aijaz Hussain

    Please send the latest updated list of BSE & NSE Sharia Compliance stocks.

  30. is thyssenkrupp shares are halal

  31. I want to know the entire information about shariya stocks as I want to make investment which is safe nd has good returns monthly.

  32. I want to know the latest list of Shariah Complaint socks.

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