Taurus Mutual Fund has announced the launch of ‘Taurus Ethical Fund’, India’s first actively managed Equity Oriented Shariah compliant fund.
The NFO for the open-ended diversified equity fund opens on February 19, 2009 and closes on March 20, 2009.
The scheme seeks to appreciate capital based on the Islamic Shariah principles. These principles advocate abstinence from investing in speculative businesses and business that entail a high amount of debt, interest income and trading on current assets/liabilities.
The scheme has been certified by an independent Shariah Board named TASIS (Taqwaa Advisory and Shariah Investment Solutions). The role of this board is to regularly monitor stock picks and certify their Shariah compliance on a quarterly basis. TASIS Shariah Board comprises of the eminent Shariah Scholar Mufti Barkatullah Abdul Kadir, who is on the Shariah Board of reputed UK based Banks.
Launching the NFO in Mumbai, Waqar Naqvi, CEO,Taurus Mutual Fund said “It’s all about investing in the right businesses and Shariah compliance ensures that. The need to pick businesses that foster wealth creation over the long term and distribute it equitably forms the basis of Shariah investing. It also provides an effective filter to identify and avoid speculative businesses. No wonder, Shariah compliant businesses have weathered the sub prime crisis”.
The scheme is benchmarked against S&P CNX 500 Shariah index. Taurus MF would advise purification of income generated in cases of any aberration such as non compliance of Shariah principles.
The scheme offers growth, dividend and bonus option. The dividend option shall have dividend payout and reinvestment facility.
The minimum investment in the NFO is Rs. 5000 and in multiple of Re. 1 thereof.
The scheme will charge an entry load of 2.25%. Exit load of 1% if redeemed upto 6 months from the date of allotment, 0.5% for redemptions after 6 months and up to one year from the date of allotment.
The scheme will invest up to 80% in Equity & Equity related instruments and up to 20% in money market instruments.
The NFO for the open-ended diversified equity fund opens on February 19, 2009 and closes on March 20, 2009.
The scheme seeks to appreciate capital based on the Islamic Shariah principles. These principles advocate abstinence from investing in speculative businesses and business that entail a high amount of debt, interest income and trading on current assets/liabilities.
The scheme has been certified by an independent Shariah Board named TASIS (Taqwaa Advisory and Shariah Investment Solutions). The role of this board is to regularly monitor stock picks and certify their Shariah compliance on a quarterly basis. TASIS Shariah Board comprises of the eminent Shariah Scholar Mufti Barkatullah Abdul Kadir, who is on the Shariah Board of reputed UK based Banks.
Launching the NFO in Mumbai, Waqar Naqvi, CEO,Taurus Mutual Fund said “It’s all about investing in the right businesses and Shariah compliance ensures that. The need to pick businesses that foster wealth creation over the long term and distribute it equitably forms the basis of Shariah investing. It also provides an effective filter to identify and avoid speculative businesses. No wonder, Shariah compliant businesses have weathered the sub prime crisis”.
The scheme is benchmarked against S&P CNX 500 Shariah index. Taurus MF would advise purification of income generated in cases of any aberration such as non compliance of Shariah principles.
The scheme offers growth, dividend and bonus option. The dividend option shall have dividend payout and reinvestment facility.
The minimum investment in the NFO is Rs. 5000 and in multiple of Re. 1 thereof.
The scheme will charge an entry load of 2.25%. Exit load of 1% if redeemed upto 6 months from the date of allotment, 0.5% for redemptions after 6 months and up to one year from the date of allotment.
The scheme will invest up to 80% in Equity & Equity related instruments and up to 20% in money market instruments.
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