In the future they plan to build alliances with Mutual Fund companies , Housing finance companies and car finance companies. Through the website they plan to educate Indian Muslims in relation to Stock Market investments which are Shari’ah Compliant
The website provides details on any stock registered on the BSE and NSE and provides information whether the stock is Shariah compliant or not(along with a reason) based on the following guidelines -
- Exclude companies if Total Debt divided by Trailing 12-Month Average Market Capitalization is greater than or equal to 33%.
- Exclude companies if the sum of Cash and Interest Bearing Securities divided by Trailing 12-Month Average Market Capitalization is greater than or equal to 33%.
- Exclude companies if Accounts Receivables divided by Total Assets is greater than or equal to 45%.
For example a user could search for the "Zee" stock on the website. The results show that although Zee news is compliant with Shariah laws , Zee Entertainment Enterprises is not and the results will state the reason for non compliance.I think this is a great start for millions of Indian muslims and muslims worldwide who are looking to invest in the Indian Stock Market based on Islamic law.