14 Feb '11, 12am

India woos Muslim investors with new stock index: MUMBAI : India's stock market has traditionally been dominated...

India woos Muslim investors with new stock index: MUMBAI : India's stock market has traditionally been dominated...

MUMBAI : India's stock market has traditionally been dominated by Hindu investors but the country has taken a step towards financial inclusion with the creation of a new index compliant with Islamic law. The Bombay Stock Exchange, Asia's oldest stock market, has launched the TASIS Shariah 50 in an attempt to open stock-trading to more of the country's vast Muslim population. "The intention is to reach out to the Muslim community which has historically been less involved in India's equities," James Shapiro, head of market development at the Bombay Stock Exchange (BSE), told AFP. "To grow your business, the stock exchange has to be more inclusive. One cannot keep growing on a very thin layer of very rich people trading," added Shapiro, a former New York Stock Exchange head of foreign listings. Experts have blamed a lack of political will in Hindu-majority India for the failu...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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