National Spot Exchange Limited (NSEL) has launched Shariah compliant E-series products like E-Gold and E-Silver.
Under this the retail investors can buy a minimum of 1 unit of gold equivalent to 1 gram of gold and 1 unit of silver equivalent to 100 grams of silver in demat form at real-time Indian prices.
TASIS (Taqwaa Advisory and Shariah Investment Solutions (P) Ltd), the premier Shariah Advisory Institution in the field of finance in India, granted Shariah certification to NSEL?s commodity investment products in gold, silver and copper called „e-Series? after a thorough study and scrutiny of NSEL systems and procedures. Thus NSEL is the first from India to offer e trading in compliance of Shariah.
Shariah investment is investing with conscience, choosing investment that reflects your values and beliefs. The investments which are in accordance with the Islamic principals are called Shariah compliant. E-Series investment products are investment vehicles which are fully compliant with the principles of Shariah law. The underlining objective of Shariah is the happiness and well being of human beings and achieving this with an equitable balance between wealth creation and consumption.
“NSEL E-product is the perfect thing for Shariah-compliant investors. There are lot of people who want to invest in gold and silver but stay away from speculative futures market. Spot exchange is an amazing platform for such investors, as it gives them full control over their assets. They also have convenience of demat account and other overheads are also taken care of” maintained one of the officials of NSEL.
Dr. Shariq Nisar, CEO, TASIS commented, “After a thorough study and scrutiny of NSEL’s systems and procedures we found that the ‘E-series’ instruments are ethical and conform to all the standards of Islamic Investment. Hence, we have certified these instruments as Shariah compliant. We recommend to our Shariah conscious investors to make use of these products for preservation of wealth as well as for wealth appreciation. We congratulate NSEL for launching an investor friendly instrument, which will go a long way to reach out to our large Muslim population who have hitherto been bereft of such an opportunity. It is to note that there is no other commodity backed instrument in India, which is certified as Shariah compliant.”
Maulana Ubaidur Rahman Qasmi, editor of ‘Muallim’ India’s only Muslim lifestyle magazine, and who has sound knowledge of Islamic finance knowledge said” Most of the popular investment avenues, such as listed equity stocks, not fully Shariah compliant but have been permitted for investment by Shariah scholars out of necessity (due to sarcity of workable investment options for the common man), on the other hand demat trading of gold, silver and copper on NSEL can be fully Shariah compliant and does not suffer from similar Shariah reservations”.
Courtesy – Blossom Media Pvt. Ltd. – (India’s only research, advisory and media firm on emerging Muslim consumer market)