“Taqwa Finance is empowering in to Financial Services and Commercial Activities soon in India and announces commencement of its first registered/head office in Bhatkal (later in Bangalore) with an initial paid-up capital Rs. 2 Cr. (two crores i.e. 20,000 shares, the value of each share is Rs. 1000) that will be increased to no limit subject to demand from public.” Says Dr. Saeed Shingeri, who is behind the launch of Taqwa Finance limited in India.
According to Dr. Shingeri “I am no more with Abu Dhabi Islamic Bank (ADIB) in UAE but still holding visa from them. I am in the process of establishing in India an Islamic Finance major company by the name “Taqwa Finance limited”.”
An in-depth research on various aspects of Shariah pertaining to Islamic finance was conducted, and discussed with thirty renowned scholars of India.
A brief detail of the Company is as follows:
A Viable Islamic Financial Solution for the Benefit and Good of Society in India
To build up a Strong Islamic Bank for delivering valuable Financial Products and Services to Our Valued Customers
Very transparent, Appealing to customers, Legitimate, Utility for mutual benefits, Excellence hospitality, Simple and sensible
The founders of Taqwa Finance Ltd hold 100% of its equities; 25% will be offered through the IPOs (initial public offering) once legal formalities are completed and 20% equities will be offered immediately to selected shareholders. Minimum subscription of 50 shares (ie Rs 50,000) is essential to become a shareholder of the Company. The founding shareholders are:
- Members of the Shingeri Family
- Prominent Indian Citizens
Our vision is to mark our presence across India, therefore all communities irrespective of cast and creed, are invited to establish TFL ‘offices’ or ‘branches’ in their home cities, towns, etc., under the umbrella of ‘Taqwa Finance’ (i.e. franchisor and franchisee basis) who will be provided with full guidance both professional and legal. In fact, the funds raised by a community will preliminary be invested in the same community or managed by them under the strict terms and conditions of Taqwa Finance. Therefore, all such communities desiring for Islamic Banking and Finance services in India are requested to approach ‘Taqwa Finance Ltd, Head Office, Bhatkal for establishment of TFL “Office” or “Branch”. A service legal agreement (SLA) is to be signed with Taqwa Finance’ to avail its franchisee. For more detail, browse www.taqwafinance.com or contact us directly.