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Religion, Investments, and the Internet
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Was just browsing MoneyControl for some quotes on a few Internet Companies, I came across something which at the time seemed out of the ordinary.
They had a separate portal (microsite sponsored by Parsoli who is also running a campaign on the CNBC TV Channels) for news and investment opportunities for an Islamic audience. While I understand that it is a clear case of market segmentation, it seems extremely lopsided if you look at it objectively in terms of relevance.
This quite clearly is a full-fledged marketing gimmick. (A few notes on the Financial Media)
As a marketer it seems like the perfect strategy but as a blogger – I just have one question – Does your money perform differently if you are a Hindu or a Muslim?
I know this is not a political blog but it really does indicate a sad state of affairs in this country – society is in such a state that Muslims are actually feeling discriminated with respect to their money matters (obviously some market research and insight has prompted them to come up with this kind of a product).
Without writing an essay on this – I just think this shows an singular trend. The way the Internet is consumed in India will be very different from the way the rest of the World consumes the Internet. This will intensify as more ‘real’ Indians come onto the Internet (average Indians who are not particularly Westernized).
Offline Topics will be translated online. Cultural nuances and problems will also manifest themselves online.
Key topics will be Cricket (check out the Impact of the IPL), Religion, Characteristic Indian Nuances (Jokes on Husbands and Wives, Family Issues), Astrology, Television, Casteism. All this will be integrated into categories such as consumer products, finance etc.
How will Rural India Interact with the Internet?
Update: Islam has separate rules related to Investments and Finance. So again the portal is culturally tuned. I still feel that money has no religion (although in our country that’s debatable) - This fund and portal helps Muslims earn Halal Profits. Having said that there is no clear outlined way as to how the fund earns money. One may never know if the fund earns a profit in a way that is beyond the stated laws of Islam. True, the fund explicitly states that it will invest in only Shari’ah law approved companies.
What do the readers think? Is it correct to get religion in the public domain and intermingle it with Financial Products?
This post does not intend to harm any sentiments.
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Hi Harshil
I think there are several such funds overseas that are for islamic community.
There are also banking norms which confirm to sharia laws in some countries.
Hi Sameer - thanks for the Info. Yep - im pretty sure there are. If its an Islamic country it makes sense right? But whats your opinon, should it be the same for a secular country?
Whats the fuss all about , I have not seen the content but i am sure this offering is for particular community that has its own way of descipline for investments .
Harshil,
I don’t think it’s a case of religious discrimination. On the contrary I think it’s a good initiative. Muslims usually don’t invest in stock market because they did not know by investing in which company they will have halal profit. Now, Moneycontrol has taken initiative with a Islamic broking firm to educate Muslim investors, so they do not feel left out of bullish(?) Indian Stock Market.
dude, islamic investment opportunities are special funds tailored to muslims to invest in Shariah compliant companies
Its not a gimmick but specialty funds tailored to muslims keeping in mind of there religious sentiments and its been there from donkey years.
plz do check b4 ranting
Shariah way of investment is popular investment strategy among a “class of investors”. Look at it this way.
Its a separate branch in banking thats kicking off big time, even in European countries (which are very secular). Its got nothing to do with any religionism. Go here http://en.wikipedia.org/wiki/Islamic_banking and read more about this - its been on for years and is gaining more credence now, even amongst large banks, as a separate branch of study on account of various additional laws involved here.
@ Rajiv (both) - thanks for the updates and points of view. I agree.
@ Sudhir & sane man - i agree as well.
From the point of view of looking at society as it is currently structured, my views stand corrected. From an objective perspective - a perspective that negates the presence of religion - im not so sure. However, im aware that the way things currently stand, and with the boundaries that have been developed for all of us, my view holds no significance. Here is a paper that lends some criticism - http://www.jstor.org/pss/194707
Here is something from Wikipedia -
Its popularity notwithstanding, critics of Islamic economics have not been sparing. It has been attacked for its alleged “incoherence, incompleteness, impracticality, and irrelevance;” driven by “cultural identity” rather than problem solving. Others have dismissed it as “a hodgepodge of populist and socialist ideas,” in theory and “nothing more than inefficient state control of the economy and some almost equally ineffective redistribution policies,” in practice.
In a political and regional context where Islamist and ulema claim to have an opinion about everything, it is striking how little they have to say about this most central of human activities, beyond repetitious pieties about how their model is neither capitalist nor socialist.