INTERVIEW-Octaware’s successful IPO lights a path for Shariah-compliant equity options in India
Photo: The Bombay Stock Exchange (BSE) logo is seen at the BSE building in Mumbai, India, January 25, 2017. REUTERS/Shailesh Andrade
In March this year, software development company Octaware Technologies Ltd. raised funds from a 148 percent oversubscribed initial public offering (IPO) in the Indian financial market, pointing to healthy investor interest in Shariah-compliant equities in the country. But it wasn’t domestic funds that was channeled into the company.
“More than 80 percent of our current investment is from non-Indians, primarily from the Middle East,” Aslam Khan, chairman and managing director of the Mumbai-based company told Salaam Gateway.
“Compliance with Shariah helped us get investment from Muslims and from investors in the Middle East,” added Khan.
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Syed Ameen Kader, White Paper Media