IslamicFinance.de

Investigation authorities are probing complaints that a Bengaluru-based company, which promised to route investors’ savings into halal investments, cheated them of 2000 crore. India does not recognise Islamic banking, but there are investment options for those who do not want to violate religious laws while investing their savings. Researcher Shafeeq Rahman says that Muslims have an unmet need for Shariah-compliant investments. Because they are more likely to run their own businesses, Muslims have more need for credit and go to groups that offer halal financial services. The problem is that these institutions use the claim of Shariah investments to lure depositors, but these groups are not regulated by government agencies.