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Published in the 1-15 July 2005 print edition of MG; send me the print edition

List of Shariah-compliant companies released

The Milli Gazette Online

Idafa Investment Pvt. Ltd., a shariah compliant stocks investment firm, has released a list of shariah compliant companies based on the BSE 500 Index. The list was released by Mr. Ahmad Randeree, Chairman of DCD Group, promoters of Islamic Bank of Britain and Bank al-Islami of Pakistan.

The list was released at an “Investors’ Education Programme” organised by Idafa Investments Pvt. Ltd. at Islam Gymkhana in Mumbai on 21st of May 2005. In the programme Mr. Samir Mistry of the Tata Mutual Fund (TMF) spoke on “The Art of Picking Stocks” and Mr. Imtiyaz Merchant, a Market Analyst spoke on “The Science of Timing the Markets”. Both sessions were followed by a question and answer sessions.

Mr. Samir Mistry is a Fund Manager with TMF which had floated the only shariah compliant Mutual Fund in India, called the Tata Select Equity Fund. Mr. Imtiyaz Merchant is an expert market analyst who advises the investment wing of the Larsen and Toubro and several share brokers.

Mr. Ahmad Randeree, an NRI from Gujarat, in his valedictory note appreciated the pioneering effort by Idafa investment and said that stockbrokers in other countries should emulate such efforts as well. He also explored the possibilities of multinational Islamic financial institutions coming to India.

For more information visit, MG website or contact Mr Ashraf Abdul-Haq Mohamedy at

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