TASIS appointed as Shariah Advisor for Tata Group Shariah Mutual #Funds

Taqwaa Advisory and Shariah Investment Solutions (TASIS) has been appointed as Shariah Advisor for Tata Group Shariah Mutual Funds. They include Tata Ethical Fund (TEF), which is a domestic fund and Tata Indian Shariah Equity Fund (TISEF), which is an offshore fund. TASIS claimed that TEF was the only Shariah compliant fund in which charitable trusts are allowed to invest without attracting tax. Under the current agreement, TASIS is supposed to ensure that the investment and operations of TEF and TISEF are Shariah compliant. In India there is low awareness about investment in securities. The availability of options such as TEF would help this section of the society to become part of the mainstream financial system and hence contribute to the goal of financial inclusion.