For all those people interested in investing in the Islamic Finance products in India, We have a Shariah ETF in India now.
More authentic info: http://www.sebi.gov.in/mfdp/shariahbees.pdf
The liquidity of this fund is not that great these days. I have checked lately to invest in ETFs such as these to diversify my portfolio. The trading mainly happens on NSE (National Stock Exchange). The BSE trading of this fund is minimal.
Basically, the Shariah compliant funds don't invest in business which are not accepted by Islam (Anything related to Alcohol, Habit forming substances, Casino/Gambling). Interestingly, they also don't prefer investing in companies/stocks which have too much debt.
For more info on Islamic Banking: http://en.wikipedia.org/wiki/Islamic_banking
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