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

An Islamic wealth management system

The Milli Gazette Online

Parsoli Corporation, an Ahmedabad-based public limited company which was completely wiped out from Gujarat during the 2002 riots, on Wednesday relaunched the company. 

The company also announced its unique and specially designed 'Islamic Wealth Management System'. 

"This unique system has Islamic Stock Broking, Insurance (Takaful), Islamic Equity Index as some of the tools for wealth maximisation for Muslim investors which is strictly in line with Islamic beliefs," Zafar Sareshwala, CEO, Parsoli Corporation said on 14 April. 

Established in 1991 in Ahmedabad, the company had lost its entire client base during the post-Godhra riots, Sareshwala said. 

Ahmedabad has been chosen to launch its unique wealth management system because Muslims in Gujarat have the highest per capita income and are among the most educated as compared to other states of the country, he said. Moreover, India has about 200 million Muslims and a lot of untapped Muslim wealth is a huge market for our company, he said. "Our company would open similar centres in Mumbai, Chennai, Kolkata, Hyderabad, Delhi, Kanpur, Lucknow and other cities of India having Muslim population of over three lakh," he added.

Under the IWMS, Parsoli offers its clients the option to trade in listed 'Shariah' compliant stocks through Islamic stock broking, Sareshwala said. 

"We also intend to provide insurance products to vast majority of Muslims who do have these products," he said adding, the company proposes to have a strategic alliance with some insurance companies and tailor-made schemes that are 'Shariah' compliant. 

Our company is listed on Mumbai and Ahmedabad Stock Exchanges and is also an RBI registered full-fledged money changer, he said adding, Parsoli UK is a 100 per cent subsidiary of this company, which conducts similar business in European countries.

Parsoli, in collaboration with IBF-Net, has compiled Parsoli-IBF.Net Equity Index, India's first and only Islamic Equity Index, comprising the most liquid stocks of 'Shariah' compliant companies that are registered on the National Stock Exchange and Bombay Stock Exchange.

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