Taqwaa Advisory And Shariah Investment Solutions (TASIS) has approved only two Sharia-compliant mutual funds in India: Tata Ethical Fund and Taurus Ethical Fund.
The schemes will invest in only securities which are Shariah compliant and follow principles of Shariah in the selection of portfolio stocks it is dealing for investors keen to invest in a diversified equity fund without banking and finance exposure or any business, sector which is prohibited in Islam. Besides these two, Reliance Shariah Bees ETF is also considered as Sharia compliant ETF.
Below are the main highlights of two Shariah compliantmutual funds which are available in the Indian Financial Market.