SBI Mutual Fund will be launching a Shariah-compliant diversified equity fund next week, which is aimed at attracting investments from the country’s large Muslim population.
The leading asset management firm will become the fourth fund house in India to have an Islamic equity fund after Goldman Sachs MF, Taurus MF and Tata MF.
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“We will be launching the SBI Shariah Equity Fund on December 1. The open—ended scheme will be a diversified equity fund, including large, mid and small cap companies,” SBI MF Chief Marketing Officer D. P. Singh told PTI. The stocks to be chosen for the fund will be from the Shariah-compliant firms, which number over 170 now. Proceeds from the fund will be invested in Shariah-compliant equity and equity-related securities, Mr. Singh said.
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