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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.”


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