Companies like Wipro and Infosys, among others, are now listed in the app as being non-compliant due to their services in the BFSI sector.
We were aware earlier, but since some people believe that Technology as A Service is open to everyone, hence we were Mute on it However, after extensive discussion with our Shariah Team, they advised treating income from these industries (BFSI) as non permissible
Then we added the earnings from the BFSI sector which were available in the latest annual report and that is why most of the stocks have become non-compliant.
Our Shariah team also said that “if one has invested in such stock, he should immediately sell it (whether at a profit or loss) and donate the profit to charity, because that company was essentially non-Shariah.” But we were considering it as Shariah based on our lack of knowledge or understanding.
And the ruling on any issue in Islam depends on the halal or haram of the issue per se, even if our thinking or understanding is contrary to it.”
ALLAH KNOWS BEST.