INDIA: Local advisory firmInfinity Consultants has launched the Shariah compliant Zayd Chit Fund.
Chit funds comprise a savings plan allowing individuals to subscribe to funds over a period of time and receive returns determined in a manner specified in a chit agreement. Under the Zayd Chit Fund, members must wait for their names to be drawn from lots every month before receiving returns, or the chit value.
Infinity Consultants plans to launch six chit groups for the fund with a monthly subscription of INR5,000 (US$91) to INR15,000 (US$273).