Anil Dhirubhai Ambani Group company Reliance Money has joined hands with Parsoli Corporation to launch its first Islamic Sharia-compliant portfolio management schemes for investors in India and West Asia , says a media report.
"A significant part of India's population has not been offered appropriate financial products in compliance with the relevant religious sentiments," Sudip Bandyopadhyay, Director and CEO of Reliance Money told the Gulf News.
"Sharia-compliant PMS by Reliance Money along with Parsoli Corporation, would enable us to tap this sector and reach out to a large section of such investors," he said
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 to 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.
Reliance Money is expanding its presence in West Asia. It has presence in the UAE and Oman and plans to expand its distribution network into other West Asian and African countries, which have significant non-resident Indian population.
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