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Dubai: Reliance Money, the financial distribution company of Reliance Anil Dhirubhai Ambani Group, on Saturday announced the launch of its first Sharia- compliant portfolio management schemes for investors in India and the Middle East.
Reliance Money has launched the scheme in association with Parsoli Corporation, a pioneer of Islamic Investment services in India.
"A significant part of India's population has not been offered appropriate financial products in compliance with the relevant religious sentiments," said Sudip Bandyopadhyay, director and chief executive officer of Reliance Money.
"Sharia-compliant PMS, proposed by Reliance Money with Parsoli Corporation, would enable us to tap this sector and reach out to a large section of such investors."
As per the understanding, Parsoli would work with Reliance Money to ensure compliance with Sharia for the relevant schemes being launched by Reliance Money. Parsoli would also market other financial products and services being introduced by Reliance Money from time to time.
"Sharia-compliant investment products need to follow a stringent code of investment guidelines, in line with the religious sentiments. This partnership will enable Parsoli Corporation ensure that the compliance criterion are adhered to and help Reliance Money market its Sharia-compliant investment products to investors", said Zafar Sareshwala, managing director and chief executive of Parsoli.
The company will offer this PMS for as low as Rs500,000 (Dh50,000) and replicating the charges as applicable to other customers in the existing PMS portfolio.
The company also plans to market these schemes extensively in India and Middle Eastern countries.
"Currently we offer PMS for as low as Rs500,000 and follow an aggressive and competitive fee structure. We do not charge any fee for returns up to eight per cent, charge 10 per cent fee for returns up to 20 per cent and charge 20 per cent fee for returns over 20 per cent. We would replicate the same model for the Sharia-compliant schemes as well," said Bandyopadhyay.
Expansion
Reliance Money, a comprehensive financial services and solutions provider in India, is expanding its presence in the Middle East. Currently, it has presence in the UAE and Oman and plans to expand its distribution network into other Middle East and African countries, which have significant non-resident Indian population.
The introduction of Sharia-based portfolio management services is expected to attract significant investment from the region into India.
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