India Gets New Islamic Equity Fund But Debt Market Still Off-Limits

(Reuters) - Mumbai-based SBI Funds Management will launch an Islamic equity mutual fund next month to tap into India's large but underserved Muslim population, although the country still lags in developing sharia-compliant debt alternatives. India's 175 million Muslims, the largest Muslim minority population in the world, are unable to use Islamic banks because of laws requiring banks to charge interest, which is forbidden in Islam.