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20 Feb 2009

Taurus Launches Shriah Compliant Mutual Fund

India hedge fund manager, Taurus Mutual Fund, launched India’s first actively managed Equity Oriented Shariah compliant fund, the ‘Taurus Ethical Fund’.

With a minimum investment of INR 5000 ($100K), the open-ended actively managed mutual fund opens on February 19, 2009 and closes on March 20, 2009.

Launching in Mumbai, the fund has been certified by an independent Shariah Board named TASIS (Taqwaa Advisory and Shariah Investment Solutions).

“It’s all about investing in the right businesses and Shariah compliance ensures that," Waqar Naqvi, CEO, Taurus Mutual Fund said, "The need to pick businesses that foster wealth creation over the long term and distribute it equitably forms the basis of Shariah investing. It also provides an effective filter to identify and avoid speculative businesses. No wonder, Shariah compliant businesses have weathered the sub prime crisis”.

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