Taurus launches equity oriented Shariah compliant fund

HYDERABAD: Taurus Mutual Fund launched 'Taurus Ethical Fund', India's first actively managed Equity Oriented Shariah compliant fund.

The New Fund Officer (NFO) opened on February 19,2009 and closes on March 20.

The scheme seeks to appreciate capital based on the Islamic Shariah principles. These principles advocate abstinence from investing in speculative businesses and business that entail a high amount of debt, interest, income and trading on current assets/liabilities, Waqar Naqvi, Chief Executive Officer of The Taurus Mutual Fund said.

The scheme has been certified by an independent Shariah Board, Taqwaa Advisory and Shariah Investment Solutions (TASIS). The role of this board is to regularly monitor stock picks and certify their Shariah compliance on a quarterly basis.

TASIS Shariah Board comprises eminent Shariah Scholar Mufti Barkatuallh Abdul Kadir, who is on the Shariah Board to reputed UK based Banks, Naqvi said.