Pragmatic Equities (India) Pvt. Ltd. founded by Mr.Imtiaz Merchant in the year 2009 is a Shariah, Broking, Wealth Management & Advisory company with clear focus on Islamic Investments. It aims to tap the hugely unexplored market of Shariah Compliant Investment (Known for Ethical & Socially Responsible Investing). The company PEI is registered with Registrars of Companies (ROC). The company also has approval from SEBI to run the stock broking business as a channel partner. PEI is of one of the pioneers of Shariah Investment Services equipped with strong experts having technical expertise as well. PWM endeavors to create awareness about investments in the “Islamic Way”, with a clear mission to popularize the investments through social responsibility and ethics. In order to create awareness knowledge of Islamic Finance, PMW has developed a first of its kind Quarterly Magazine in English focusing on Islamic Finance, called ‘IslamiTijara’.


Shariah Broking Services:

PEI has received the Stock Broking license from SEBI vide SEBI REG.NO. INB071490636 in July 2013,and company is A.P. (Authorized Person)of Choice capital .The clients can trade in both BSE & NSE. The company is focused on research of the Shariah compliant companies and unlike other brokers, PEI strictly discourages Day’s trading and Derivatives trading. Where research is concern the past performances have demonstrated the outperformance in terms of Returns on Investments (ROI) The company also provide online trading facilities to their members and as a broker advise clients what to buy and when to buy and sell.

Shariah Index:

PWM has successfully created 14 Shariah indices, that includes 5 Sized based and 9 Sector based indices in the year 2009. These Indices comprise of Shariah compliant stocks only that successfully have passed the Shariah Screening Norms on Industry and Financial Ratio filters. PWM have created a unique methodology to create these indices. All these indices are backtracked to 2006. The indices are under the copyright of PWM (For more details and live index prices, visit

Shariah Compliant Stock Universe:

PEI, since its inception, h4as screened for Shariah compliant stocks on Indian equity market. As on March 2021, 1108 companies in Bombay Stock Exchange (BSE) are Shariah compliant, based on the norms approved by the Shariah board (IIFB) and its total market capitalization is 58.00 percent of the total BSE market capitalization. Out of these 1108 Shariah compliant stocks, PWM has selected 211 top companies and created a parent index. The market capitalization of these top 211 Shariah compliant Stocks is 55 percent of the total BSE total market capitalization.

Stock Universe for July – Sept 2022

Compliant Status

No. of

Percentage of Total  companies

Total Market


Percentage of Total Market Capitalization

Shariah Compliant Stocks





Ratio Based Shariah Non –Compliant





Industry Based Non- Compliant





Total Traded Stocks





*Rs in Crore


Islamic Investment Finance Board (IIFB):

Pragmatic Equities (India) Pvt. Ltd initiated IIFB in 2010 comprises of learned Islamic scholar. PWM receives approval of Islamic investment products from Islamic Investment Finance Board (IIFB), an independent Shariah Board. It is also a non-profit organization governed under the adept leadership of Maulana Mohammad Wali Rahmani, the General Secretary of All India Muslim Personal Law Board and heads emirates Shariah. IIFB comprises of eminent Muftis and Aalims from across the country, namely, Maulana Mohammad Wali Rahmani, Maulana Khalid Saifullah Rahmani, Mufti Shoibullah Khan and others. The primary responsibilities of the IIFB to issue Shariah certificate, and ensure that all the Islamic investments done by PEI are Shariah compliant.