IslamicFinance.de

Two successful investment funds have facilitated the Secura Investment Management, the first SEBI registered and Shariah compliant venture capital fund, to come out with a third fund – Realty AIF – with a target to raise 200 crore. The first scheme Secura India Real Estate fund Domestic Scheme 1 has completed with a pay back record of 18%, while the second fund is in the investment stage and its tenure will be over next year. Managing Director M.A.Mahaboob said funds will be invested in equity modes, quasi-equity and equity related instruments, investment in a co-investment capacity with development companies and other promoters. The minimum investment under the scheme is 1 crore which is to be paid in instalments in three years with a down payment of 10% of the capital commitment.

Bank Asya is eager to achieve bilateral trade between the Indian and Turkish economies worth $15 billion over the next five years. Officials of the Turkish Islamic lender Bank Asya were in Mumbai to discuss the rapidly growing business ties between India and Turkey. The proximity of financial institutes between the two economies would benefit business and trade, according to Cenk Karacaoglu, Vice President, Bank Asya, Turkey. The rapidly growing Indian economy presents huge potential for business and trade with Turkey, he added. The bank will further expand business with Indian companies. Bank Asya has agreed to offer Shariah compliant banking facilities in India and was awaiting the regulator's nod.

The Reserve Bank of India (RBI) has taken a positive approach to the suggestion of an alternative banking system for Muslims after K. Rahman Khan, Minister for Minority Affairs, emphasized that it was the duty of the State to facilitate every citizen to practice and follow his/her religion. The RBI Governor pointed to the need for certain amendments to the laws concerned. The Minister said, in India the biggest issue was who should regulate the proposed alternative system, as it needed a strong monitoring mechanism. He added that concrete efforts should be made, such as setting up an expert committee to draw up a framework of an alternative banking system, along with a strong legal system to back it.