DigitEye India Fact Checkers
SBI has been under scanner ever since the Electoral Bonds scheme was cancelled by the Supreme Court on February 15, 2024. While the rancour over the identification of bonds and recipients is still fresh, here’s another claim that appeared on the State Bank of India’s scheme called Sharia Fund, floated in compliance with Islamic rules of investment.
What’s happening @TheOfficialSBI? When did you start accepting Sharia Fund? This is happening in the Islamic stronghold of Malappuram in Kerala. @nsitharamanoffc @nsitharaman @RBI pic.twitter.com/FXiyx9QErd
— Suresh Kochattil (@kochattil) March 12, 2024
The post on Twitter (X) has claimed that the SBI started the scheme in compliance with Sharia law in Malappuram, Kerala. The message has gone viral with comments on the need for such a fund and stating that Malappuram is an “Islamic stronghold” and that could be the reason start the scheme there, with a clear communal angle to the issue. See some reactions here and here.
Now let’s know who are the people behind Sharia fund donors https://t.co/QHAd8NhwHp pic.twitter.com/lhjzwbSdIF
— Rajesh Sharma (@rajesh1005) March 11, 2024
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The narrative is to paint Kerala as becoming an Islamic state in India with the introduction of the SBI Shariah Equity Fund scheme.
FACT CHECK
When Digiteye India searched for news reports on Google, we found that the SBI Sharia Equity Fund was announced in 2014 and launched in December 2014. These Funds are designed for investing based on the Shariah or Shariat law of Muslim religion. The Shariah-compliant fund excludes sectors from investment which are against Islamic beliefs sucah as alcohol, gambling etc. As of now, SBI Sharia Fund is a pan-India scheme, not confined only to Malappuram in Kerala, according to a report in Mint published in 2023.
Hence, the claim that Kerala SBI alone accepts Shariah Fund and that the state is becoming a Muslim state is false.
Claim: SBI Malappuram branch accepts Shariah Fund, indicative of Kerala state going Islamic.
Conclusion: False. SBI’s Sharia Fund is a pan-India scheme, not confined merely to Kerala.
Rating: Misrepresentation — 
