View more on these topics

Firm offers pension to Muslims

Pension provider Parsoli is setting up what it claims is the first pension plan to comply with Islamic sharia law.

It says the Islamic self-invested personal pension&#39s investment strategy complies with stringent criteria set out by the Koran and sharia which forbid investment in fixed-interest securities and in areas such as gambling and alcohol.

Parsoli says that until now every British Muslim with an existing pension has been forced to compromise on their beliefs, as even ethical funds do not comply with the strict standards.

It says the market for Muslim-designed investment products is fast-growing, with the community enjoying fast population growth and having many high-net-worth individuals and professionals.

Director Habib Akudi says: “Some Muslims have been willing to invest in ethical funds but these include unacceptable ratios of borrowing on fixed-interest securities.

“There is an increasing need for Islamic pension funds as the new generation are less required to send money home and the Muslim population grows. We see the move to provide Islamic products as a further diversification of the ethical investments sector.”

Recommended

CML sees potential for equity release

The equity-release market has huge potential for growth, according to research released this week by the CML.The Market for Equity Release Schemes says with pressure on resources to provide adequate pensions and care for the elderly, the time is right to develop the market.But the report sounds a note of caution, saying a concerted effort […]

FSA pension table goes live

The FSA pension information table has gone live, offering consumers information on personal pension and stakeholder pension products.The table covers the effect of charges and deductions over the lifetime of a pension, the cost of stopping paying early and the number of free switches allowed each year.FSA consumer director Christine Farnish says: “There is no […]

Gerrard – Millennium Global Portfolio Service

Wednesday, November 7, 2001.Aim: Income or growth by investing in UK unit trusts, Oeics and investment trusts.Minimum investment: £30,000.Investment split: 100 per cent in UK unit trusts, Oeics and investment trusts.Income facility: Monthly.Charges: Initial up to 3 per cent, annual 1.25 per cent.Commission: Initial up to 3 per cent, renewal 0.5 per cent.Tel: 0845 0700122.

Inside Edge

N2 is less than a month away. N3 and mortgage regulation follow next year and, who knows, maybe N4, 5 and 6. Therefore, IFAs are currently facing a bigger compliance burden than ever before.In theory, N2 creates a single statutory regulator for the financial services industry. However, in reality, there are many others, including some […]

The Natixis Solution: H2O MultiReturns Fund

A product designed to bring some unique attributes to the crowded absolute return global macro space With diversification and risk management top of investors’ wish lists when it comes to alternatives, step forward the H2O MultiReturns Fund. H2O Asset Management is an independent boutique backed by Natixis Global Asset Management and has a 14-year track […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com