By Manzar Bilal, TwoCircles.net,
Patna: In today’s world stock market is an easy way to make money. There are a lot of companies across the world working in this field where people invest their money and get financial gain. Though Muslims in other countries are investing in stock markets but Indian Muslims have not shown much interest for reasons: in India most of the companies in this field are violating Islamic laws and norms of banking; most Muslims have little knowledge about stock market.
But in last few years several Shariah based investment companies came into field in India which promised to provide pure and Halal benefits to investors. These companies got good response from Muslims as well as others.
Ethical WealthCity & Investment Services is one of them. It was started last year in Chennai with the goal to provide Muslim community financial solutions and protections without compromising Islamic laws and ethics and now it will make entry markets practically in some other cities of the country after upcoming Ramadhan.
Talking to TwoCircles.net Mr. Abrar, Media Relations of Ethical WealthCity & Investment Services said: “Though we have launched it last year in Chennai but now we have plan to make entry into markets in some other cities of the country after Ramadhan. In these periods we have been investigating companies who are not violating Islamic laws and finally we have tied up with many companies in this category” he said. “Firstly we will establish its branches in Hyderabad, Bangalore and Kerala as Muslims are in sizable number there than other places.”
Asked whose brain is behind this project he said: “Mohamed Ajmal, Managing Director of WealthCity who is also a specialist in Islamic banking and finance, and a team of qualified people who are expert in stock market as well as Islamic law of commerce initiated to provide Muslims with a platform to get pure benefits from stock market” he said.
“Being the first company in whole South India to provide Shariah Compatible Investment Services, we have received positive and good response from people of the state and also across the country by the virtue of our reliable and Shariah based services” said Mr. Abrar.
Asked what is the difference between WealthCity and other Shariah based companies he told: “Actually our aim is to be the most trusted investment company and to combine the strength and our firm with the insight and experience of our associates to give our clients objective to help them achieve their long-term financial goals and to assist them in creating wealth, ethically, in financial markets” he said.
“We maintain the realistic communication with our clients. All of our recommendations are made with our clients’ best interests in mind. We believe that our clients’ success is our success” he added.
WealthCity claims to provide a complete financial suite to investors to pursue their investment goals with a dedicated team of advisors and an advanced e-trading portal which enables investors to buy and sell shares with ease, anywhere, anytime.
WealthCity has its Advisory Board which comprises Scholars, products of well-known Islamic universities such as Madina University, Deoband, Jamia Dar us Salam etc, who are well versed in the concept of Islamic Finance and people of high eminence giving exemplary service in the field of Islamic Finance. They provide Islamic guidelines on Stock Selection and on other financial matters.
“We have a team of experts who conduct in-depth research into nearly 6000 stocks listed in stock market, applying various Shariah Screening norms, like on the company’s Business activity and checking the company’s balance sheet for various complex financial ratios (for eg Debt,Equity & Recievables ratios), to weed out all companies not conforming to Islamic Standards” says Shams Tabraze Research Head of WealthCity.
WealthCity has tie up with Religare, a Ranbaxy promoter group company, is one of India’s leading integrated financial service institutions.
“Keeping in mind, the Muslim’s dilemma and the need to be guided properly for investing in a Shariah Compliant and Profitable Way, WealthCity has teamed up with Religare and come up with a list of companies, which is well researched by financial specialists and screened for Islamic Parameters by Shariah scholars,” said Mohamed Ajmal, Managing Director of WealthCity.
WealthCity launched its website www.wealthcity.in with the aims to inform all users through the web about their products and services along with the reason for their participation in Islamic Stocks and finance. Information regarding why people tend to choose only Halal companies and what other religious scriptures say about investing the money in the right place.
The website also carries information about current trends in stock and financial market for its users.
For more information one can visit: www.wealthcity.in