By TCN News,
Mumbai: National Spot Exchange Ltd (NSEL), for the first time in India, has launched ethical E-series products like E-Gold and E-Silver, which complaint according to the Shariah law.
Taqwaa Advisory and Shariah Investment Solutions (TASIS), the Shariah Advisory Institution in the field of finance in India, studied and examined NSEL’s systems and procedures. TASIS granted Shariah certification to NSEL’s commodity investment products in gold, silver after a thorough inspection.
Now investors who want to have an investment options in the line and according to Shariah law 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.
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 are not fully Shariah compliant but have been permitted for investment by Shariah scholars out of necessity (due to scarcity of workable investment options for the common man), on the other hand demat trading of gold, silver on NSEL can be fully Shariah compliant and does not suffer from similar Shariah reservations”.
“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.
NSEL has been pioneer in offering commodity based investment instruments with the launch of E series Products. NSEL is recognized by Ministry of Consumer Affairs, Food & Public Distribution, and Government of India. The Exchange, provides delivery based trading in bullions and metals across the country.
Courtesy – Blossom Media Pvt. Ltd. – (India’s only research, advisory and media firm on emerging Muslim consumer market)