The market for Shariah funds is set to grow with Benchmark Mutual Fund launching the first-ever Shariah Benchmark Exchange-traded scheme in India. It’s an open-ended listed index scheme.
The scheme will be benchmarked against the S&P CNX Shariah index, an index that was launched by Standard & Poor’s and India Index Services & Products. Each unit is priced at 1/10th of the S&P CNX Nifty.
Name of Fund: Shariah BeES
Type: Open-ended listed index scheme ( ETF )
New Offer period: 04-February-2009 to 25-February-2009
Offer price: Offer for Units of Rs. 10/- per unit for cash at the premium approximately equal to the difference between the face value of Rs. 10/- and 1/10th of the value of S&P CNX Nifty Shariah Index during the New Fund Offer Period and at NAV based prices upon re-opening.
On the Exchange: The units of Shariah BeES would be listed on the Capital Market Segment of the National Stock Exchange of India Ltd. (NSE). On NSE, the units of Shariah BeES can be purchased/sold in minimum lot of 1 unit and in multiples thereof.
Fund Manager: Vishal Jain
Minimum Investment: Rs. 10,000 per application
Hello,
ReplyDeleteTaurus Mutual Fund has launched a New Fund named Taurus
The New Fund Offer has already open now and will close on 20 March 2009.
The Fund is particularly targetted at Investors who want to put their money in a Shariah-compliant instrument. The fund will make investments only in the shares of companies that are compliant with the dictates of the Shariah, which forbids ties with companies involved in banking, alcohol, tobacco, gambling, non-halal meat or pornography. As interest cannot be earned on investments made as per Shariah laws, the fund will not invest in debt either.
COMMENTS AND ANALYSIS :
New Funds are a strict no-no for me. And coming from a Fund House with a pathetic trackrecord, it is better to avoid the New fund Offer. The fact that Fund's stock universe is limited may also restrict its potential to deliver high returns. Better to stick to an existing Diversified Fund.
Best of luck,
srikanth shankar Matrubai