Shari'ah compliant VC real estate fund in India.Byline: news@cpifinancial.net (Staff Writer) Indian capital market regulator Securities and Exchange Board of India Securities and Exchange Board of India (SEBI) is a board (autonomous body) created by the Government of India in 1988 and given statutory form in 1992 with the SEBI Act 1992. Its head office is in Mumbai, and other offices in Chennai, Kolkatta and Delhi. (SEBI), after permitting the entry of Shari'ah-compliant mutual funds, has now also given the nod to India's first Shari'ah-compliant venture capital fund in the real estate sector. The fund is promoted by Kerala-based real estate development company, High-lite Builders. The fund will be managed by Secura Investment Management Company (SIMCO) and the scheme will be called Secura India Real Estate Domestic Scheme. Initially the scheme is targeting INR 500 million ($10.27 million) with a green shoe option of another INR 250 million. Two-year old TASIS was previously associated with India's first Shari'ah-compliant mutual fund scheme. TASIS' three member Shari'ah Board consists of: Mufti Barkatulla a graduate of Darul Uloom Deoband The Darul Uloom (Urdu: dārul ulūm devband) is an Islamic madrassa (seminary), where Deobandi Islamic movement was started. It is located at Deoband, a town in Uttar Pradesh, India. , currently based in London and advising a number of institutions such as Islamic Bank of Britain The Islamic Bank of Britain plc (LSE: IBB) is a commercial bank in the United Kingdom, established in August 2004 to offer Sharia compliant financial service products to British Muslims. The bank has 8 branches in London, Birmingham, Manchester and Leicester. , Lloyds TSB. He has also been judge of Shari'ah Council UK. Mufti Barkatulla has been commended by the UK parliament for his contribution to the Islamic Finance industry in the country. Dr. Iqbal Masood Alnadvi received a doctorate in Shari'ah law from Ummul Qura University Madina, after his initial education from Nadwa in Lucknow. Dr Nadvi is currently based in Canada, where he advises a number of Islamic Finance institutions. Dr Nadvi has been invited to participate in Islamic Finance discourses organized by Harvard Law School Harvard Law School (colloquially, Harvard Law or HLS) is one of the professional graduate schools of Harvard University. Located in Cambridge, Massachusetts, Harvard Law is considered one of the most prestigious law schools in the United States. and London School of Economics The School is a member of the Russell Group, the European University Association, Association of Commonwealth Universities, the Community of European Management Schools and International Companies, The Association of Professional Schools of International Affairs as well as the Golden . Mufti Khalid Saifullah Rehmani is Secretary of India-based Islamic Fiqh Academy and also a founding member of All India Muslim Personal Law Board The All India Muslim Personal Law Board (AIMPLB) is an organisation constituted in 1973 to adopt suitable strategies for the protection and continued applicability of Muslim Personal Law in India, most importantly, the The Muslim Personal Law (Shariat) Application Act, 1937, . He is also Chief Qazi of Imarat-e-Shariah, Andhra Pradesh where he has delivered over two thousand judgments related to shariah matters of the Muslim community in India. He has authored over two dozen books on Islamic Fiqh Fiqh (Arabic: فقه) is Islamic jurisprudence. It is an expansion of Islamic law, complemented by the rulings of Islamic jurists to direct the lives of Muslims. . 2009 CPI Financial. All rights reserved. Provided by Syndigate.info an Albawaba.com company |
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