Did you know India has an official Islamic version of Nifty?

The National Stock exchange offers an exclusive "Nifty Sharia Index" which includes only companies in line with Islamic principles, suitable for Islamic investor sentiment & excludes companies deemed Haram.

A thread🧵

NSE Indices Limited, the subsidiary of the National Stock Exchange of India has contracted & pays a Sharia Advisory firm 'Taqwaa' to design the Nifty Sharia index & help identify companies suitable for Islamic investors & filter out Halal non-compliant companies in the market.

Taqwaa as NSE's partner firm has in its Board members, Sharia experts & a founding member of Muslim Law Board. Imagine the outrage if India's primary stock exchange engaged Hindu scholars to create an Index consisting only Hindu owned firms or those appealing to Hindu sentiments.

There is a Shariah screening process done to identify companies deemed to do Halal non-compliant business like Financial institutions & banks as they charge interest on their financial instruments & institutions selling Halal products containing Pork, Alcohol, Tobacco, etc.

Also excluded from the Shariah Index are companies involved in music & movies, as they are deemed to promote vulgarity & promiscuity as per Shariah. And Hotels & restaurants providing non-Halal food are kept out. Composition of the Index is entirely guided by Islamic principles.