INDIA: Bonanza Portfolio and Pragmatic Wealth Management have launched the Bonanza Pragmatic Shariah Fund, India’s first Islamic portfolio management service.
Shiv Kumar Goel, the director of Bonanza Portfolio, said that the initial aim of the fund is to have an asset base of INR1 billion (US$22.64 million). He added that the fund is expected to be marketed in the Middle East and Europe as well.
The fund is aimed at securing long-term gains from the investments of large and medium-sized Shariah compliant companies. It will be managed under the guidelines of the Islamic Investment and Finance Board while Bonanza Portfolio will be in charge of the fund’s marketing and operational activities.