At a time when the proposal for an Islamic banking entity is doing the rounds in Kerala, a single-window Shariah-oriented business and investment consultancy provider has launched its operations in the State.
Zirva Business Solutions, based in Malappuram district, focuses on three distinct verticals of business, investment and educational services. In the area of business vertical, the company offers financial, legal, marketing and sales, human resources and IT services, all in an integrated single-window format.
Mr P.A. Shameel Sajjad, Chief Executive Officer, said that the investment services of the company covered stocks, commodities, portfolio management, mutual funds, insurance products and realty. But, all the activities will be in Shariah-compliant domain and, at the same time, promising financial benefits.
Investment parameters
He explained that investments in stocks would be made based on certain parameters. For one, companies that are into non-Shariah compliant businesses, such as alcohol and gambling, will be screened out.
At the financial level, companies are screened on factors such as debt, liquid assets and the percentage interest income accruing to it. India had the largest number of Shariah-compliant stocks in the world, he said.
The third vertical is into Islamic finance and banking education. Under the Certified Islamic Financial Advisor course offered by the company, the candidate will receive a certificate both from the National Institute of Securities Markets of SEBI and the Zirva Institute of Management Sciences.
Mr. Sajjad said that the future road map of Zirva included the setting up of an asset management company, which would roll out Shariah-compliant investment products. Another plan is to establish a venture capital arm that will fund Shariah-compliant projects.
The company would also be looking at establishing strong distribution network in the rural areas of Kerala and other states, he said.