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Scottish Widows launches Islamic equity fund |
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UK -
Islamic Equity
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Source: Shariabanking.net
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Thursday, 31 August 2006 |
 Scottish Widows Islamic Fund
The SWIP
Islamic Global Equity Fund will be run by Suhail Arain, global equities
investment director at the Edinburgh-based fund management group.
The
fund will exclude firms that operate in areas such as the production of
alcohol, weapons and financial businesses that breach Islamic
prohibitions on paying or charging interest.
A number of
financial institutions have moved to roll out products that meet
Islamic law in recent years, tapping demand from about 2 million
British Muslims.
In March this year, the European Islamic
Investment Bank became the first investment bank compliant with Sharia
law to get authorisation from Britain's national regulator to invest
and take deposits in Britain.
There are, however, relatively few
mutual funds that are suitable for Britain's Muslim investors, Andy
Frepp, director of sales and marketing at SWIP, said.
"The fund
has been made available to UK retail investors to cater for this need
and we believe there will be a growing demand for more tailored
investment services of this type," he said.
As part of its
structure, the SWIP fund's total debt, as divided by assets, cannot
exceed 33 percent and non-operating interest income must be less than
10 percent.
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Last Updated ( Sunday, 07 January 2007 )
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