Here is the structural fact that shapes every halal investment decision in India: no regulator checks anyone's Shariah claims. SEBI regulates the advisers and fund houses, RBI the banks and NBFCs, IRDAI the insurers, and none of them operates a Shariah framework. Certification is therefore a private, reputational market, and one firm dominates it: Taqwaa Advisory and Shariah Investment Solutions (TASIS), operating from the Khatau Building on Bank Street in Mumbai's Fort district. This guide maps who actually certifies what in India, how to verify a claim yourself, and why TASIS's public denials matter as much as its approvals. Verified by full crawl of tasis.in on 2026-08-06.
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What TASIS is
TASIS provides Shariah advisory, stock screening, product structuring, Shariah audit, purging (purification) calculation and zakat calculation. It screens stocks listed on the major Indian exchanges on an ongoing basis and supplies compliant lists to fund managers, brokers and platforms. Its printed statistics at our crawl: 5,908 listed companies screened, of which 1,908 are Shariah-compliant, representing Rs 155,059 billion of compliant market capitalisation out of Rs 480,993 billion total. Operations are led by M.H. Khatkhatay (B.Tech from IIT Bombay), with the scholarly authority resting on a three-member Shariah board: Mufti Abdul Kadir Barkatulla, a London-based Shariah judge with an economics background; Mufti Khalid Saifullah Rahmani, General Secretary of the Islamic Fiqh Academy, India; and Dr Hafiz Mohammed Iqbal Masood Al-Nadwi, Nadwatul Ulema trained with a doctorate in Islamic jurisprudence from Ummul Qura University, Makkah. This bench-plus-technocrat structure is why TASIS certificates carry weight: nationally recognised scholars, finance professionals running the screens.
The screens: India's strictest mainstream thresholds
TASIS's financial norms, as printed in the NSE Indices methodology: interest-based debt at or below 25% of total assets, interest income at or below 2.5% of total income, and receivables plus cash at or below 90% of total assets, plus business exclusions covering conventional finance, alcohol, tobacco, non-halal food, vulgar entertainment, gambling and narcotics. The methodology describes these as deliberately more conservative than peer standards, and they are: AAOIFI-style screens used by global apps run 5% impure income and around 30% debt. A stock can be halal on Musaffa or Zoya and non-compliant under TASIS. When verdicts disagree, this thresholds gap is usually why.
The certified-clients ledger: verification you can do yourself
TASIS's most valuable public artifact is its certified-clients page (tasis.in/CClient), which lists certificates by client and year. At our crawl it showed: Tata Ethical Fund and the Tata Indian Shariah Equity Fund certified for 2020-21 through 2025-26; GIC Re from 2009-10 through 2024-25, a sixteen-year run that documents the quiet retakaful line inside India's state reinsurer; Motilal Oswal for 2022-23 through 2025; a UTI Nifty 500 Shariah Index Fund for 2025-26; the Geojit Ethical Portfolio PMS for 2025; and Vivekam Financial Services for 2025. Geojit and Vivekam complete two-way verification loops: each names TASIS on its own site and appears on TASIS's ledger, which is the strongest evidence pattern available in India. One nuance: no UTI Nifty 500 Shariah Index Fund exists on UTI Mutual Fund's domestic shelf at our crawl; the reference likely concerns an offshore UTI International product.
The denials: negative certification as a public service
Rarer and arguably more important, TASIS publicly states what it does not certify. Its homepage prints that the Tata AIA Super Select Equity Fund and Taurus Ethical Fund are NOT certified as Shariah-compliant by TASIS, and that Tata Ethical and the UTI fund are its only certified mutual funds. In a market with no regulator, the leading certifier explicitly disowning specific well-known products is the closest thing India has to enforcement. Taurus Ethical Fund historically marketed TASIS screening; the current disclaimer teaches the market's most important lesson: past certification does not survive an engagement lapse. Always check the ledger for the current year.
The purification infrastructure
TASIS also operates the only institutionalised, fund-specific purification tooling in Indian retail investing: public purging calculators for Tata Ethical Fund, the Tata Indian Shariah Equity Fund and the UTI product, plus lists of Shariah-compliant gold and silver ETFs and fund-of-funds, the only screening of Indian commodity ETFs we found anywhere. Its printed position is blunt: purging is mandatory; an investor has to purge out impure income (interest) accrued from investments. Our dividend purification guide walks through the mechanics.
The rest of the certification landscape
Beyond TASIS, the market thins out fast. The Islamic Investment and Finance Board (IIFB), formed in 2010 by Pragmatic Wealth Management under Maulana Mohammad Wali Rahmani with a senior scholar bench, survives mainly as the vetting board of Pragmatic Equities; it publishes no certified-client ledger. Islamicly acts as a certifier-by-screening for Green Portfolio's ethical products, providing compliance monitoring and purification notifications under its own named board (chaired by Dr. Mohamed A. Elgari) rather than classical certificates. Zamzam Capital publishes the only named in-house investment Shariah board we verified, with three scholars signing its halal stocks list. And SenSage references a Shariah board it does not name, a pattern we flag on its pages. One scholar, Khalid Saifullah Rahmani, sits in both the TASIS and IIFB ecosystems, which in practice keeps Indian certification doctrinally aligned.
How to verify any Shariah claim in India
The method we use, and which any investor can copy: first, check tasis.in/CClient for a current-year listing. Second, if the product is absent, demand the certifier's name and a dated certificate; an unnamed advisor or a scanned, unreadable certificate is a gap, not an answer. Third, treat pre-2020 TASIS references as expired unless re-verified. Fourth, remember that a certifier being private means its incentives matter: TASIS is a company whose board members' other engagements span the institutions it screens, standard in Shariah advisory worldwide but worth knowing. With those caveats, TASIS's thresholds are the most conservative in mainstream Indian use, its screens power the official index family, and its certify-and-deny statements give Indian investors an auditable reference point that no other body provides. Verified 2026-08-06.
The GIC Re run: the ledger's quietest revelation
The single most surprising line in TASIS's certified-clients ledger is not a fund at all: GIC Re, India's state-owned reinsurer, shows certification years from 2009-10 through 2024-25, a sixteen-year continuous engagement that documents the retakaful line operating inside a government financial institution. The IFN Annual Guide 2026 confirms the arrangement from the other side, noting that retakaful business in India is underwritten by the General Insurance Corporation of India. For investors this is context rather than a product (retail cannot buy retakaful), but it demolishes a common assumption: Indian state institutions can and do maintain long-running, formally certified Shariah operations when the commercial logic supports it. The banking door is closed by legal architecture, not by any institutional allergy to Shariah certification itself.
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Frequently asked questions
Is TASIS a government body? No. It is a private Mumbai company, and that is the point of this guide: India has no official certifier, so the de facto standard is whoever earns the market's trust, and TASIS has the scholars, the index contract and the public ledger. Can a product be halal without TASIS? Certainly: TASIS is a certifier, not the definition of compliance. Zamzam Capital's named in-house board, Islamicly's Elgari-chaired platform board and Musaffa's Amanah Advisors chain are legitimate alternative governance models, each covered in our reviews. What TASIS uniquely offers is public, dated, checkable certification records. What does certification actually involve? Per TASIS's published service menu: screening against its thresholds, structuring advice, ongoing Shariah audit, and purification calculation, renewed by engagement year, which is why the ledger shows year ranges and why lapses matter. How do I check a claim right now? Open tasis.in/CClient, find the product, read the years. If it is not there and the provider claims TASIS certification, ask the provider for the dated certificate and treat hesitation as an answer. Sixty seconds, no expertise required: the rare case where halal diligence in India is genuinely easy. Verified 2026-08-06.