GIH launches ''Islamic Securities Account'' (ISA) in collaboration with Capital Trust Securities.
The participation of Muslims in the Colombo Stock Exchange (CSE) was minimal due to the lack of guidance on the permissible shares a Muslim could invest in. Although investments in equities were generally permissible, the lack of clear guidance made it difficult for Muslim investors to identify shares that were deemed permissible from the Shariah perspective.
ISA will provide the much needed breakthrough for Sri Lankan Muslim investors to participate meaningfully in the CSE in the future. GIH under the guidance of its Shariah Advisory & Supervisory Board (SASB) provides investors with a list of Shariah compliant shares (White List), excluding shares of companies involved in activities containing non-permissible elements such as riba (interest), gambling and gaming, non-halal food and liquor related activities. GIH’s collaboration with CTS will enable GIH to scrutinize, supervise and monitor all ISA related activities closely and thereby provide the Muslims a truly dedicated Shariah compliant trading platform.