Pointon York has launched a range of Sharia compliant Sipp products in response to demand from Muslim clients for suitable investment vehicles.
The Sipp specialist will make Sharia compliant investments available through four products: the e-Sipp, the single investment Sipp, the individual Sipp and the corporate Sipp.
Pointon York says it is the first provider to receive Sharia compliant accreditation by the Islamic Bank of Britain for its full range of Sipps.
Managing director Jo French says: “The launch of our Sharia compliant Sipps is significant for IFAs with Muslim clients. It will finally allow them to include pensions into their retirement planning service without the concern that it may compromise the clients’ beliefs.
“This is the first time UK IFAs will have access to Sipps accredited by the Islamic Bank of Britain.”
The IBB will monitor the Sipps to ensure they do not invest in non-compliant markets such as pornography, gambling and tobacco.
IBB commercial director Sultan Choudhury says: “British Muslims in particular have had very limited choices of Sharia compliant product to invest within their pensions.
“Retirement planning has therefore been neglected because, amongst other reasons, the specific needs of Muslims have not been addressed.”