Q: I want to invest in equity shares. Kindly send me a list of the stocks (companies names) which conform to Shariah in their trade and transactions. Any other info in this context will help me.
Dear Mr. Sulaiman We have no original knowledge and information in this regard. We contacted TASIS (Taqwa Advisory and Shariah Investment Solutions) in MumbaiI which prepares a list of 50 top shariah compliant companies in India. TASIS website says: Islamic law does not permit investors to invest in companies that derive significant benefit from interest or the sale of other goods/ services deemed sinful within the Islamic faith (e.g. alcohol, tobacco, firearms, etc.) Shariah compliant companies included in the BSE TASIS Shariah 50 have been screened by TASIS, to ensure compliance with Islamic canonical law. TASIS claims that it specializes in Shariah advisory, product structuring, monitoring and Shariah certification. Currently it advises Indian companies, including government owned enterprises and those from the private corporate sector, in matters related to the application of Shariah law in business matters. It also claims that its shariah board has scholars based in North America, Europe and India. For the list of the 50 major Shariah compliant companies, you can click on the following link for basic info in this regard : http://www.tasis.co.in/sharaiah_ stocklist.html. You may have to correspond with the company in this regard.