The first fund had a corpus of R50 crore and was launched in 2009. Under the first scheme, Secura implemented four real estate projects.
India’s first fully Sharia-compliant and Sebi-registered venture capital fund has completed its five-year tenure with an annualised return of 18 %.
The fund’s investments and operations were in compliance with the Islamic finance rules, as audited by the Shariah advisor, Taqwa Advisory & Shariah Investment Solutions (TASIS), Mumbai.
Promoted by Secura Investment Management (India), the fund had invested in privately negotiated equity of commercial developers and realty companies in Kozhikode.
The first fund had a corpus of Rs 50 crore and was launched in 2009. Under the first scheme, Secura successfully implemented four real estate projects. “The profit distributed by Secura at 18% p.a. is highest in the industry. Secura has been catering to the needs of the masses, interested in interest-free Islamic finance. Investment in Secura Funds delivers ethical returns,” managing director of Secura Investment Management, MA Mehaboob said.
Islamic teaching encourages trading, investment and charitable giving, but frowns on the giving or receiving of interest, or riba, which it categorizes as usury. Sharia stipulates against earning fixed returns such as interest, warns against excessive speculation and shares the risk of the business.