Seminar on Islamic investment held at CSE
Star Business Report
With less than two weeks before launch of the first mutual fund based on Islamic Shariah the Chittagong Stock Exchange (CSE) organised seminar on an Islamic investment on Sunday to prepare its members to brace the new capital market instrument.The Investment Corporation of Bangladesh (ICB) has invited public subscription to its AMCL Islamic Mutual Fund from October 12 to 17, 2004. Speaking at the seminar Company Secretary and General Manager (Finance) of CSE AB Siddique said a huge amount of fund remains idle with country's banks and other financial institutions that are not willing to participate in the existing interest-bearing bonds and money markets. "Therefore, the Islamic mutual fund is the perfect instrument for these institutions who believes in Islamic Shariah for investing their fund," he added. He said mutual funds are presently one of the fastest growing sectors throughout the world. "In Bangladesh, ICB is the first initiator of mutual funds. ICB Asset Management Company Ltd has decided to float a fund, which will select its portfolio according to the Shariah Law."
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