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Jio-BlackRock mutual fund venture approved by SEBI JioFinance app leads digital financial revolution

Jio-BlackRock mutual fund venture approved by SEBI JioFinance app leads digital financial revolution

The Securities and Exchange Board of India (SEBI) has given the green light to the joint venture between Jio Financial Services and BlackRock. This strategic alliance brings together Jio’s vast customer base of 450 million users and BlackRock’s expertise in managing assets worth over $10 trillion, to make investing more accessible to Indian customers. The partnership will offer a range of investment products tailored to different financial needs, simplifying the investment process.

Mukesh Ambani’s Jio Financial Services holds a 50% stake in the venture, while BlackRock owns the remaining 50%. The partnership was announced in July 2023, with both companies committing to invest $150 million each, totalling $300 million, to transform India’s mutual fund sector.

The Indian mutual fund industry has witnessed remarkable growth, with assets under management reaching INR53.40 lakh crore in March 2024, a staggering 35.46% increase compared to the previous year. With only 44 mutual fund companies currently operating in India, this venture aims to capture a significant market share through innovative, technology-driven solutions and focus on digital-first services, enhancing customer reach and accessibility.

Read the original article here: https://tradebrains.in/jio-blackrock-mutual-fund-venture-approved-by-sebi-jiofinance-app-leads-digital-financial-revolution/

Mwalimu Nyerere Day: Tanzania

Mwalimu Nyerere Day: Tanzania

Mwalimu Nyerere Day, honours Julius Nyerere, the founding father and first president of Tanzania. Nyerere was instrumental in securing the country’s independence and shaping its post-independence policies. Known affectionately as “Mwalimu,” which means “teacher” in Swahili, he is celebrated for his visionary approach to socialism, self-reliance, and dedication to education and unity among Tanzania’s diverse ethnic groups.

This significant day serves as a time for reflection on Nyerere’s enduring contributions to Tanzania, particularly his impactful policies in education, health, and agriculture. Mwalimu Nyerere Day also encourages meaningful discussions about his legacy and its relevance to Tanzania’s development. Celebrations include various events such as ceremonies, speeches, and community gatherings, all emphasising Nyerere’s ideals and their importance in contemporary Tanzania.

Durga Puja

Durga Puja

The festival commemorates Durga’s battle against the buffalo demon Mahishasura, signifying the triumph of righteousness. Over the years, it has evolved into a cultural extravaganza, encompassing art, music, dance, and drama.

The festivities usually begin with Mahalaya, a day dedicated to invoking the goddess. This marks the onset of Durga Puja, with elaborate rituals performed to welcome her. Throughout the festival, beautifully crafted idols of Durga are worshipped in intricately designed pandals (temporary structures), each showcasing unique themes and artistic expressions.

The festival culminates in Vijayadashami when devotees bid farewell to the goddess. The immersion of the idols in rivers or seas symbolises her return to her celestial abode, marking a poignant end to the festivities. In recent years, Durga Puja has gained international recognition, with celebrations extending beyond India to various parts of the world. It remains a vibrant display of art, culture, and spirituality, reflecting the essence of Bengali heritage and community spirit.

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How does Sharia banking work?

How does Sharia banking work?

The Commonwealth’s Muslim caucus is over 730,000,000 strong, around 40% of the world’s Muslim population – here’s an overview as to how Sharia banking works! The Commonwealth is projected to have a Muslim population of nearly 900 million by 2030 and Islamic Finance...