Islamic financial services group iHilal is set to launch one of the world's first Muslim-focused fund supermarkets into the UK next month.
iHilal will operate principally as a b2b platform for IFAs with Muslim clients although it says it also hopes to appeal to advisers with ethical investors.
The platform will only carry funds which are compliant with Islamic law, Shari'ah, which does not permit interest-based or speculative investing and prohibits investment in certain industries such as pornography, gambling or alcohol production. It will also offer Shari'ah compliant mortgages and pensions.
There are currently a very limited range of Shari'ah funds in the UK and the platform will offer just two funds at launch.
However, it has been in talks with the FSA and many of the UK's major fund management names to encourage further launches in the sector. iHilal says that from its discussions, it is confident that there will be more products set up soon.
The platform will offer education and guidance about Islamic law and will also have a live news feed from Dow Jones.
The home office estimates that there are more than 2.5 million Muslims in the UK, of which around 300,000 are high-net-worth individuals.
Executive director Roger Sanders says: “The message to IFAs is that we want them to see the market, to understand that it is there, to help them to grow their businesses to take advantage of this incredible potential.”